In today's world, most companies span several regions and sell across the world. As Foolish colleague Morgan Housel notes, 10 years ago, less than a third of S&P 500 revenue came from abroad. Today, that makes up half the S&P's sales and continues to grow.

And that number is growing. The truth is, investors regularly underestimate how much demand comes from abroad. More important, for large, multinational corporations that have already established a presence in their home markets, much of their future growth comes from abroad.

With that in mind, today we're looking at Under Armour (NYSE: UA). We'll examine not only where its sales and earnings come from, but how its sales abroad have changed over time.

Where Under Armour's sales were five years ago
Five years ago, Under Armour collected 98% of its sales from the United States and Canada. At the time, sales to other countries totaled just $5.5 million.

Source: S&P Capital IQ.

Where Under Armour's sales are today
Today, Under Armour still collects 94% of its sales within North America, but its overseas exposure is growing quickly.

Segment

5-Year Sales Growth

North America

262%

Other Foreign Countries

1101%

Source: S&P Capital IQ.

True, the 1,000%+ growth rate seen in Under Armour's foreign segment was driven by its growing off such a small base -- just $5.5 million in sales a half-decade ago -- but the growth rate is still impressive. As with other consumer brands, Under Armour's greatest opportunity is moving beyond the U.S. to the growing middle class across the globe.

Competitor checkup
One last point to check is how Under Armour's footprint compares with some of its peers and industry rivals:

Company

Geography With Most Sales

Percent of Sales

Under Armour

North America

94%

Lululemon athletica (Nasdaq: LULU)

Canada

52%

Nike (NYSE: NKE)

North America

36%

Gap (NYSE: GPS)

United States

80%*

Source: S&P Capital IQ. *Gap's largest segment includes Puerto Rico.

Of the companies listed above, Nike has the largest geographic reach, with consumers across the globe paying for its branded gear. Interestingly, Lululemon's largest market as of its last fiscal year is still its home Canadian market. With the company gaining more traction in the United States, it has a long runway for growth in the years ahead.

Keep searching
If you're looking to stay updated on Under Armour or any other companies listed above, make sure to add them to our watchlist service, My Watchlist. It's free, and it helps you constantly stay updated on news and analysis on your favorite companies.