UAA
Under Armour, Inc.
Is UAA Halal?
Designer and marketer of athletic apparel, footwear, and accessories — a permissible consumer-products business, with leverage as the primary financial-screen consideration.
What You Should Know
Under Armour designs and markets performance apparel, footwear and accessories through wholesale, direct-to-consumer and digital channels. Its March 31, 2026 Form 10-K reports $4,415.694 million of assets, $1,190.444 million of interest-bearing debt, $309.168 million of cash, $605.396 million of restricted investments and $681.861 million of receivables against $4,966.370 million of fiscal-year revenue. Debt/assets is 26.96%, liquidity/assets is 20.71%, receivables-plus-cash/assets is 22.44% and disclosed investment interest income is 0.28%; the examined asset-based financial ratios pass while activity remains qualitative.
⚠️ Concerns
- •Debt/assets is 26.96% and the filing includes $605.396 million of restricted investments in the liquidity proxy; market-cap screens are not calculated
- •Senior notes and revolving credit are conventional, interest-bearing instruments — investors who object to such issuance should weigh this even where the asset-based ratios pass
- •The filing discloses $13.9 million of investment interest income (0.28% of fiscal-year revenue); purification treatment remains scholar-dependent
- •As an athletic brand undergoing a turnaround, revenue and margins remain sensitive to consumer demand, promotions and inventory cycles
Current quantitative Sharia screen
Based on 10-K figures for the period ended 2026-03-31; calculated 2026-07-15.
1,190.444 / 4,415.694
914.564 / 4,415.694
991.029 / 4,415.694
13.9 / 4,966.37
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 26.96%, liquidity/assets is 20.71%, receivables-plus-cash/assets is 22.44% and disclosed interest income is 0.28%; known ratios pass while activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios are below the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed historical market-cap series is not stored.
Business-activity disclosure
Under Armour designs, develops and markets performance apparel, footwear and accessories. Consumer athletic products are generally permissible, but the filing does not reduce every product, endorsement, license, marketing practice or end use to a universal prohibited-revenue numerator.
Limitation: The filing does not classify every product, material, licensee, marketing practice or customer end use by a universal Sharia category; activity remains qualitative.
Purification
Under Armour discloses $13.9 million of investment interest income, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Under Armour's March 31, 2026 Form 10-K.
- Interest-bearing debt is current maturities of $599.835 million plus noncurrent debt of $590.609 million; operating lease liabilities are excluded.
- Cash and cash equivalents are $309.168 million. Restricted investments of $605.396 million are included as an interest-bearing-securities proxy because the filing presents them as investments held for collateral or other restricted purposes.
- Accounts receivable, net is $681.861 million and fiscal-year revenue is $4,966.370 million.
- The filing separately discloses $13.9 million of investment interest income; net interest expense is not used as an income numerator.
- Athletic apparel, footwear and accessories are generally permissible, while product materials, endorsements and end-use activity remain qualitative.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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