UAUnder Armour, Inc.

Apparel & Other Finishd Prods Of Fabrics & Similar Matl

Revenue: $5.0B; 3.8% YoY
Operating margin: -3.3%; 8.4% YoY
EBITDA: −$53M; 8.3% YoY
Market cap: $2.1B
Employees: —
Net debt / EBITDA: —; $195M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 6 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$225M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	—	$5.9B	$5.7B	$5.2B	$5.0B	3.8%
Operating income	—	$264M	$230M	−$185M	−$163M	12%
Net income	−$63M	$374M	$232M	−$201M	−$496M	146%
Operating cash flow	—	−$40M	$354M	−$59M	−$75M	27%
Capex	—	$158M	$150M	$169M	$87M	48%
Stock-based comp	—	$37M	$43M	$53M	$46M	14%
Buybacks	—	$125M	$75M	$90M	$25M	72%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 15, 2026	FAIRFAX FINANCIAL HOLDINGS LTD/ CAN	SCHEDULE 13D/A	24.0%	Passive
Jan 5, 2026	FAIRFAX FINANCIAL HOLDINGS LTD/ CAN	SCHEDULE 13D	22.2%	Passive
Jun 2, 2023	Plank Kevin A	SC 13D/A	15.6%	Passive

Insider trading

Open-market buys, 12 mo: $225M · 27
Open-market sells, 12 mo: $0 · 0
Net: $225M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	34	52
FY2025	—	—	29	42
FY2024	—	—	34	46
FY2023	—	—	44	55
FY2022	—	—	79	79