23/06/2026
In 2015, Under Armour hit $53.78 a share and Wall Street called it the next Nike.
Today it's $5.90.
Here's how a brand worth $22 billion lost the plot.
Kevin Plank had everything going for him.
Twenty consecutive quarters of 20%+ revenue growth. Stephen Curry as the face of the brand. Legitimate momentum in a market Nike and Adidas had owned forever.
Then came the big swing.
Between 2013 and 2015, he spent $710 million buying three fitness apps:
• MapMyFitness: $150M
• MyFitnessPal: $475M
• Endomondo: $85M
The vision was to turn Under Armour into a tech company. A data platform. The connected fitness future.
No baby.
There was no hardware. No ecosystem. No real path to revenue. Just a massive bet on vibes and user data that never became a business.
The retreat started quietly.
Under Armour sold MyFitnessPal in 2020 for $345M. They paid $475M for it five years earlier. That's $130 million gone, and the market barely blinked because the accounting headlines were already rolling in.
In 2021, the SEC charged Under Armour with misleading investors about what was actually driving revenue growth. The settlement was $9 million.
Then came the shareholder lawsuit.
In 2024, Under Armour agreed to pay $434 million to settle a class action over those same sales disclosure issues. That's not a fine. That's a company paying nearly HALF A BILLION DOLLARS because investors got misled.
And the Curry chapter just closed too.
After more than a decade together, Under Armour and Stephen Curry are parting ways. The last co-branded shoe released in February 2026 as the company takes fresh restructuring charges and refocuses on its core brand.
From a $22 billion company to a $2.5 billion company.
That's roughly $19 billion in market value gone.
This isn't a story about bad luck. It's a story about chasing a pivot that the company was never built to execute.
