Morningstar•February 10, 2021

Under Armour, Inc.: No-Moat Under Armour Closes Difficult 2020 With Unexpected Profit in Q4; Shares Overvalued

Symbols

Sector(s)

Consumer Cyclical

Rating

Current Price

$18.42

Fair Value

Economic Moat

Stewardship

Summary

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America and other territories. Consumers of its apparel include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through wholesale and direct-to-consumer channels, including e-commerce and nearly 400 total factory house and brand house stores. Under Armour also operates digital fitness apps with more than 200 million users. The Baltimore-based company was founded in 1996.

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Analyst Profile

David Swartz

Equity Analyst

David Swartz is an equity analyst in the consumer sector research group for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers consumer-focused companies in retail and apparel.Before joining Morningstar in 2018, Swartz worked as a money manager and equity analyst for a family office in the Seattle area. He also worked as an analyst and fund manager for three equity hedge funds in the San Francisco Bay Area.Swartz holds a bachelor’s degree in economics from the University of California at Berkeley and a master’s degree in economics from Yale University. He also holds a certificate in finance (investment management specialization) from UC Berkeley Extension.