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Under Armour Will Most Likely Join the Fortune 500 for the First Time This Year

MBS Staff
Under Armour 3D logo in Baltimore, Maryland at Flagship Store in Harbor East.

Under Armour 3D logo in Baltimore, Maryland at Flagship Store in Harbor East.

Baltimore-based Under Armour (NYSE: UA, UAA) could finally make the Fortune 500 list after years of flirting with the possibility. The company has grown to become one of the world’s most popular producers of performance apparel, footwear, and related accessories. In recent years, Under Armour has made significant changes to the company’s structure to ensure future growth.

Founder, Executive Chairman and Brand Chief Kevin Plank grew up in the Kensington area of Montgomery County where his mother was mayor at a point in time. Plank then graduated from the State's flagship institution — the University of Maryland, College Park. Out of frustration that cotton T-shirts were unable to keep him dry and comfortable while playing football there, Plank developed his own material that resist sweat and moisture, soon after Under Armour was launched.

Under Armour reported over $5.6 billion in annual revenues for 2021, and if those revenues were counted last year on the 2021 Fortune 500, the company would rank as No. 476 on the list.

The pandemic has certainly changed the game and shuffled the rankings. some companies have moved significantly higher on the list, while others are moving down as their revenues were seen cut in half or more depending on the industry.

Competitor PVH (NYSE: PVH), whose brands include Calvin Klien, Tommy Hilfiger and IZOD, saw its rank drop -82 levels compared with the 2020 list due to revenues dropping 28 percent.

Last year, Maryland added three Fortune 500 companies simultaneously, and they include hedge fund and financial giant T. Rowe Price (NASDAQ: TROW), Sinclair Broadcast Group (NASDAQ: SBGI), and the world's largest spice maker McCormick & Company (NYSE: MKC), all from the Baltimore area.

Maryland’s additions to the list had nothing to do with the state government luring a company from outside the state but all the efforts of homegrown companies finally bringing in enough revenues (whether through acquisitions, sales, or both). 2021, also marked the return of Baltimore to the Fortune 500 in almost 10 years.

Ten years ago, is also around the time Constellation Energy (which was Baltimore's last and largest Fortune 500) was purchased by Chicago-based Exelon Corp. Exelon acquired Baltimore Gas and Electric (BGE which was a subsidiary of Constellation) and former D.C.-based Potomac Electric Power Company (Pepco) back in 2012 and 2016, respectively.

In a rare occurrence, Constellation Energy (NASDAQ: CEG) has moved its headquarters back to the City of Baltimore and will return to the Fortune 500 as that area’s biggest publicly traded company. Constellation was spun-off from Chicago-based Exelon Corp. (Nasdaq: EXC) and confirmed the move back to Baltimore earlier this year.

Maryland’s Fortune 500 list could grow to seven with the addition of Under Armour and Constellation Energy, which is a step in the right direction as the state has underperformed for decades compared with competing states. It still has a long way to go though, considering Virginia and Pennsylvania contain over 20 Fortune 500 companies, Massachusetts 17 and even Connecticut holding 14.

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