URBNURBAN OUTFITTERS INC

Retail-Family Clothing Stores

Revenue: $6.2B; 11% YoY
Operating margin: 9.8%; 15% YoY
EBITDA: $734M; 25% YoY
Market cap: $7.8B
Employees: 31,000; $199K revenue each
Net debt / EBITDA: -0.7×; −$479M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
124% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$199K · 56th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$346M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$4.5B	$4.8B	$5.2B	$5.6B	$6.2B	11%
Operating income	$409M	$227M	$370M	$474M	$606M	28%
Net income	$311M	$160M	$288M	$402M	$465M	16%
Operating cash flow	$359M	$143M	$509M	$503M	$575M	14%
Capex	$262M	$200M	$200M	$183M	$260M	42%
Stock-based comp	$26M	$29M	$31M	$31M	$30M	2.0%
Buybacks	$56M	$112M	$0	$52M	$154M	195%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 18, 2026	HAYNE DAVID	SCHEDULE 13D	5.0%	Passive
Feb 14, 2024	HAYNE DAVID	SC 13D/A	4.9%	Passive
Aug 16, 2022	CHERKEN HARRY S JR	SC 13D/A	10.2%	Passive
Aug 16, 2022	HAYNE RICHARD A	SC 13D/A	20.3%	Passive
Feb 15, 2022	HAYNE DAVID	SC 13D/A	6.1%	Passive
Feb 15, 2022	HAYNE RICHARD A	SC 13D/A	18.0%	Passive
Feb 16, 2021	HAYNE RICHARD A	SC 13D/A	17.0%	Passive
Jul 31, 2020	HAYNE DAVID	SC 13D	6.8%	Passive
Feb 14, 2020	HAYNE RICHARD A	SC 13D	19.9%	Passive
Feb 14, 2020	CHERKEN HARRY S JR	SC 13D	8.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $346M · 417
Net: −$346M

Pay vs performance

No pay-versus-performance disclosure yet.