UNDER ARMOUR INC (UAA-N)

Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
7.21 (USD) 6.7M 13.05 8.4 -- 20.8% 9.8% 7.9%
2023 November 07 Market Cap (Consol) 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NEW YORK Exchange
3.1B 6.29 13.7 -- 5.9B 73.9% -6.6%

AVERAGE SCORE
POSITIVE OUTLOOK: UAA's current score of 8 Score Averages
places it among the top quartile of stocks scored. Textiles & Apparel Group: 6.0 Small Market Cap: 5.5
Cyclical Consumer Products Sector: 6.2 S&P 500 Index: 6.6

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive UAA 4 8 7 9 8
GIII 4 5 7 6 7
Neutral LEVI 5 7 6 6 5
HBI 3 4 5 5 4
Negative
DLTH 2 3 2 1 1
2020-11 2021-11 2022-11 2023-11

HIGHLIGHTS I/B/E/S MEAN

- The score for Under Armour Inc dropped slightly this week from
9 to 8. Buy Mean recommendation from all analysts covering
26 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to a
decline in the Earnings and Price Momentum component
scores. Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: -12.7% 5-Year Return: -68.5%

BUSINESS SUMMARY
Under Armour, Inc. is a marketer and distributor of branded athletic performance apparel, footwear, and accessories. It is engaged in developing,
marketing, and distributing branded athletic performance apparel, footwear and accessories for men, women, and youth. It operates in four geographic
segments: North America, comprising the United States and Canada; Europe, the Middle East and Africa, Asia-Pacific, and Latin America. North
America segment sells apparel, footwear, and accessories in North America through its wholesale and direct-to-consumer channels. EMEA sells
apparel, footwear and accessories through wholesale customers and independent distributors, along with e-commerce websites and Brand and Factory
House stores. Asia-Pacific sells apparel, footwear and accessories products in China, South Korea, Australia, Singapore, Malaysia, and Thailand
through stores operated by its distribution and wholesale partners, along with e-commerce websites and Brand and Factory House stores.

Page 1 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an Optimized Score
of 9 have tended to significantly outperform the
market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine an
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2023-11-07) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
9 PVH 76.73 4.1% -11.9% 45.4% 4.7B 26.1 6.9 0.20% 2.0% 12.4% Buy 18

10 RL 112.86 -0.70% -14.3% 19.3% 4.7B 14.4 11.8 2.7% 8.2% 13.3% Buy 19

6 KTB 49.88 15.5% 4.9% 33.7% 2.7B 13.3 9.6 4.0% 7.8% -- Buy 7

4 HBI 4.41 14.8% -15.4% -37.6% 1.6B -- 8.9 -- -6.6% -- Hold 9

5 LEVI 14.50 10.7% 0.35% -5.5% 1.5B 21.0 11.0 3.3% 4.5% -- Buy 12

8 UAA 7.21 7.9% -6.6% -12.7% 1.4B 8.4 13.7 -- 6.6% 9.8% Buy 26

7 GIII 27.41 17.0% 29.5% 45.3% 1.2B -- 8.6 -- -5.6% 11.0% Hold 6

1 DLTH 5.00 -9.1% -33.8% -44.1% 157M 71.4 -- -- -0.7% -- Hold 3

6 LAKE 14.80 -3.2% -1.3% 16.6% 108M 20.9 14.1 0.81% 4.5% 20.0% Buy 2

3 DLA 8.28 -4.1% 1.3% -45.0% 57M 3.0 -- -- -3.9% -- -- --

5 RENT 0.50 -26.7% -69.0% -70.5% 33M -- -- -- -39.4% -- Buy 10

5.8 Average 29.23 2.4% -10.6% -5.0% 1.6B 22.3 10.6 2.2% -2.1% 13.3% Buy 11.2

PEER COMPANIES
DLA Delta Apparel Inc LAKE Lakeland Industries Inc
DLTH Duluth Holdings Inc LEVI Levi Strauss & Co
GIII G-III Apparel Group PVH PVH Corp
HBI HanesBrands Inc RENT Rent the Runway Inc
KTB Kontoor Brands Inc RL Ralph Lauren Corp

Page 2 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

EARNINGS Currency in USD

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Textiles & Apparel Group: 6.2 Small Market Cap: 5.4
surpassing consensus estimates. Cyclical Consumer Products Sector: 5.9 S&P 500 Index: 6.3

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive HBI 2 5 8 10 9
UAA 5 7 7 10 9
Neutral GIII 3 5 10 7 7
LEVI 3 6 3 4 4
Negative
DLTH 4 3 2 2 2
2020-11 2021-11 2022-11 2023-11

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

UAA
HBI
LEVI

DLTH
GIII
GIII
HBI
UAA

DLTH LEVI

DLTH
GIII
HBI
LEVI
UAA
Last 4 Quarters Last 4 Weeks Last 120 Days
# Positive Surprises (>2%) 4 # Up Revisions 1 # Broker Upgrades 0
# Negative Surprises (<-2%) 0 # Down Revisions 3 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 3.8%
Avg Surprise 36.5% Avg Down Revisions -11.5%

HIGHLIGHTS PRICE TARGET

- Under Armour Inc currently has an Earnings Rating of 9, which is The chart indicates where analysts predict the stock price will be within
significantly more bullish than the Apparel & Accessories industry the next 12 months, as compared to the current price.
average of 6.3.
16.00 12-Month Price Target
- UAA's current quarter consensus estimate has remained relatively HIGH
Mean (USD) 9.74
unchanged over the past 90 days at 0.21. Estimates within its industry 14.00
High 15.00
have moved an average of -8.0% during the same time period. 12.00
Low 6.00
- During the past four weeks, analysts covering UAA have made 1 10.00 MEAN Target vs. Current 35.1%
upward and 3 downward EPS estimate revisions for the current 7.21
8.00 # of Analysts 19
quarter.
6.00 LOW
Current Price Price Target
(USD)

Page 3 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

EARNINGS PER SHARE

Actuals Estimates
0.500

Earnings per share (EPS) is calculated 0.400 Quarterly 23-09 23-12

by dividing a company's earnings by the Mean 0.208 0.166
number of shares outstanding. Analysts 0.300
0.200 High 0.230 0.190
tend to interpret a pattern of increasing 0.160
0.180
HIGH
0.200
earnings as a sign of strength and flat MEAN Low 0.197 0.130
or falling earnings as a sign of 0.100
LOW
# of Analysts 20 20
weakness. 0.020

0.000
The charts provide a comparison 22-09 22-12 23-03 23-06 23-09 23-12
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 0.900

0.800 HIGH Annual 2024 2025

0.680 Mean 0.500 0.636
0.700
0.580 MEAN
High 0.580 0.800
0.600 Low 0.450 0.460
0.500 # of Analysts 24 24
LOW
0.400
2022 2023 2024 2025

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (26 Analysts)
23-09 23-12 2024 2025 Target
Strong Buy 5
Current 0.208 0.166 0.500 0.636 9.74
30 Days Ago 0.209 0.169 0.505 0.646 9.94 Buy 5
90 Days Ago 0.209 0.169 0.505 0.646 10.30 Hold 15
% Change (90 Days) -0.50% -1.8% -1.0% -1.5% -5.4%
Sell 1
Current Fiscal Year End: 24-03
Strong Sell 0
Next Expected Report Date: 2023-11-08

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2023-08-08 2023-06-30 0.020 -0.022 190.9%
Positive 2023-05-09 2023-03-31 0.180 0.148 21.6%
Surprise Type Amount Percent
Positive 2023-02-08 2022-12-31 0.160 0.092 73.9%
Positive Quarters (> 2%) 10 83.3%
Positive 2022-11-03 2022-09-30 0.200 0.161 24.2%
Negative Quarters (< -2%) 2 16.7%
Negative 2022-08-03 2022-06-30 0.030 0.031 -3.2%
In-Line Quarters (within 2%) 0 --
Negative 2022-05-06 2022-03-31 -0.010 0.057 -117.5%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 7.2B
2024 2025
flat or falling sales and faltering 6.9B
earnings may explain a sell Mean 6.0B 6.2B
HIGH
recommendation. A rising EPS with flat 6.6B High 6.2B 6.7B
or falling sales may result from
increased cost efficiency and margins, 6.3B
Low 5.8B 6.0B
MEAN
rather than market expansion. This 5.9B
Forecasted Growth 0.80% 5.5%
chart shows the sales forecast trend of 6.0B LOW
# of Analysts 25 25
5.7B
all analysts and the highest and lowest
projections for the current and next 5.7B
2022 2023 2024 2025
fiscal year.

Page 4 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Textiles & Apparel Group: 5.0 Small Market Cap: 5.9
growing dividends. Cyclical Consumer Products Sector: 5.4 S&P 500 Index: 6.2

Q4 Q1 Q2 Q3
Fundamental Score Trend Peers 2022 2023 2023 2023 Current 3Y Trend
UAA 1 1 7 7 8
Positive
GIII 1 2 2 2 3
Neutral LEVI 7 6 6 6 2

Negative DLTH 4 1 1 1 1

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 HBI 1 1 1 1 1
2021 2022 2023

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

UAA UAA

LEVI GIII
GIII LEVI
GIII HBI

LEVI DLTH
DLTH
DLTH LEVI HBI
HBI
HBI UAA

DLTH
GIII
UAA

Revenue Growth 13.4% Current Ratio 2.0 Oper. Cash Yield -102.6% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2023-03 ending 2023-06 ending -- ending --
Gross Margin 44.7% Debt-to-Capital 25.2% Accruals 32.8% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2023-06 ending 2023-03 ending 2023-03 ending --
Return On Equity 20.8% Interest Funding 2.4% Days Sales In Inv. 117.9 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2023-06 ending 2023-06 ending 2023-03 ending --
Net Margin 6.6% Interest Coverage 8.9 Days Sales In Rec. 45.2 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2023-06 ending 2023-06 ending 2023-03 ending --

HIGHLIGHTS
- The Fundamental Rating for Under Armour Inc improved significantly
over the last quarter from 1 to 8. The current rating is considerably
more bullish than the Apparel & Accessories industry average of 4.7.
- The gross margin for the company is at its five-year high.
- The current ratio for the company is at its five-year high.
- The operating cash yield for UAA is the lowest within its Apparel &
Accessories industry.
- Under Armour Inc does not currently pay a dividend. Of 29 firms within
the Apparel & Accessories industry, it is among the 17 companies
without a dividend.

Page 5 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

RELATIVE VALUATION
POSITIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
below the market or the stock's historic norms. Textiles & Apparel Group: 7.1 Small Market Cap: 5.5
Cyclical Consumer Products Sector: 7.2 S&P 500 Index: 4.7

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GIII 10 10 9 9 9
HBI 9 8 9 9 9
Neutral UAA 7 9 9 9 9
LEVI 8 8 8 7 7
Negative
DLTH 5 4 5 5 6
2020-11 2021-11 2022-11 2023-11

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(33.3% weight) (33.3% weight) (33.3% weight)

DLTH
HBI GIII
UAA UAA HBI
LEVI LEVI
GIII

LEVI UAA

DLTH

GIII DLTH
HBI

Price to Sales 0.2 Trailing PE 8.4 Forward PE 13.7

5-Yr Average 0.6 5-Yr Average 47.3 5-Yr Average 44.6
Rel. to 5-Yr Avg. 60% Discount Rel. to 5-Yr Avg. 82% Discount Rel. to 5-Yr Avg. 69% Discount
S&P 500 Index 2.3 S&P 500 Index 24.2 S&P 500 Index 18.9
Rel. to S&P 500 90% Discount Rel. to S&P 500 65% Discount Rel. to S&P 500 28% Discount

HIGHLIGHTS
- Under Armour Inc currently has a Relative Valuation Rating of 9 which - UAA's current Trailing P/E of 8.4 represents a 83% Discount to its
is significantly above the S&P 500 index average rating of 4.7. Apparel & Accessories industry average.
- UAA's Trailing P/E, Forward P/E, and Forward PEG multiples are all - Based on Forward P/E, UAA currently trades at a 22% Discount to its
significantly below (less expensive than) their 5-year averages. Apparel & Accessories industry peers. On average, the company has
traded at a >100% Premium over the past five years.
- Based on Forward PEG, UAA currently trades at a 12% Premium to its
Apparel & Accessories industry peers. On average, the company has
traded at a 74% Premium over the past five years.

Page 6 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 0.2 Trailing PE: 8.4
5-Year Average: 0.6 5-Year Average: 47.3
S&P 500 Index Average: 2.3 S&P 500 Index Average: 24.2
Apparel & Accessories Industry Average: 1.1 Apparel & Accessories Industry Average: 50.3
1.20 >50
5-Yr Average
1.10 45
1.00 40
0.90 35
0.80 30
0.70 25
0.60 5-Yr Average 20
0.50 15
0.40 10
0.30 5
0.20 0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 13.7 Forward PEG: 1.4
5-Year Average: 44.6 5-Year Average: 2.4
S&P 500 Index Average: 18.9 S&P 500 Index Average: 1.8
Apparel & Accessories Industry Average: 17.4 Apparel & Accessories Industry Average: 1.2
>50 >5.0
45 5-Yr Average 4.5
40 4.0
35 3.5
30 3.0
25 2.5 5-Yr Average
20 2.0
15 1.5
10 1.0
5 0.5
0 0.0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Page 7 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Textiles & Apparel Group: 5.8 Small Market Cap: 5.9
Cyclical Consumer Products Sector: 5.7 S&P 500 Index: 8.7

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive LEVI 6 8 8 8 8
HBI 7 7 6 6 6
Neutral UAA 6 6 5 5 5
DLTH 5 5 3 4 4
Negative
GIII 6 4 3 4 4
2020-11 2021-11 2022-11 2023-11

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

LEVI
LEVI
UAA

LEVI
HBI GIII HBI GIII
UAA HBI DLTH HBI
DLTH UAA LEVI DLTH
DLTH

GIII
GIII
UAA

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.71 Correlation vs. S&P 500
Best 5.9% Last 90 Days 2.59 Positive Days Only 1.90 Last 90 Days 34%
Worst -9.8% Last 60 Months 14.67 Negative Days Only 1.38 Last 60 Months 60%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.43 Correlation vs. Group
Best 34.2% Average 3.4% Positive Days Only 1.34 Last 90 Days 69%
Worst -35.1% Largest 11.6% Negative Days Only 1.27 Last 60 Months 76%

HIGHLIGHTS RISK ANALYSIS

- Under Armour Inc currently has a Risk Rating of 5, which is Last 90 Days Last 60 Months
significantly below the S&P 500 index average rating of 8.7. Best Worst # # Largest Best Worst
- On days when the market is up, UAA shares tends to Daily Daily Days Days Intra-Day Monthly Monthly
outperform the S&P 500 index. However, on days when the Peers Return Return Up Down Swing Return Return
market is down, the shares generally decrease by more than UAA 5.9% -9.8% 31 32 11.6% 34.2% -35.1%
the index.
- In the short term, UAA has shown average correlation (>= 0.2 DLTH 4.5% -13.5% 24 39 17.1% 62.3% -41.6%
and < 0.4) with the S&P 500 index. The stock has, however, GIII 24.3% -4.5% 32 33 14.1% 51.1% -65.6%
shown high correlation (>= 0.4) with the market in the long
term. HBI 10.0% -6.7% 27 35 10.1% 32.7% -40.6%
- Over the last 90 days, UAA shares have been more volatile LEVI 3.9% -4.6% 32 33 7.5% 20.7% -26.8%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 94% of S&P 500 index firms. S&P 500 1.9% -1.6% 32 32 2.4% 12.7% -12.5%

Page 8 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

PRICE MOMENTUM Currency in USD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Textiles & Apparel Group: 4.8 Small Market Cap: 5.3
seasonal period. Cyclical Consumer Products Sector: 5.5 S&P 500 Index: 5.7

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GIII 2 5 10 10 10
LEVI 2 4 7 8 6
Neutral UAA 3 3 3 4 3
DLTH 2 6 4 3 1
Negative
HBI 2 2 2 2 1
2020-11 2021-11 2022-11 2023-11

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(50% weight) (50% weight)

GIII GIII

LEVI
LEVI
UAA

DLTH
DLTH
UAA
HBI
HBI

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
UAA Industry Avg Nov Dec Jan
Last 10 Days 56 52 Company Avg 6.8% -1.3% 2.9%
Last 50 Days 49 47 Industry Avg 5.4% -1.1% 0.81%
Last 200 Days 45 47 Industry Rank 28 of 128 107 of 128 96 of 128

PRICE PERFORMANCE
Daily close prices are used to calculate the UAA UAA S&P Mid
performance of the stock as compared to a
S&P Mid Close Price (2023-11-07) 7.21 2,447
relevant index over five time periods.
52-Week High 13.05 2,728
5.3%
1-Week 52-Week Low 6.29 2,327
3.4%

1-Month
7.9% - Under Armour Inc has a Price Momentum Rating of 3, which is
-0.3% significantly below the S&P 500 index average rating of 5.7.
- On 2023-11-07, UAA closed at 7.21, 44.7% below its 52-week
-6.6% high and 14.6% above its 52-week low.
3-Month
-9.5%
- UAA shares are currently trading 2.4% above their 50-day
-29% moving average of 7.04, and 11.3% below their 200-day
YTD moving average of 8.13.
0.7%

-12.7%
1-Year
0.9%

Page 9 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

INSIDER TRADING Currency in USD

This company does not currently meet the data Insider Trading Score Averages
requirements to calculate a score for this Textiles & Apparel Group: 5.2 Small Market Cap: 4.8
component. Cyclical Consumer Products Sector: 4.8 S&P 500 Index: 4.4

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive LEVI 7 8 7 5 5
HBI 4 5 5 4 4
Neutral GIII 7 3 3 3 3
DLTH 5 5 5 NR NR
Negative
UAA NR NR NR NR NR
2020-11 2021-11 2022-11 2023-11

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

LEVI
GIII

GIII
HBI
LEVI

DLTH DLTH
HBI UAA
UAA

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired --
Total Shares Disposed --
There are no insider transactions during this time period. Net Shares --
Sector Average -157,945

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Executives at Under Armour Inc have not purchased or sold any BUYS $ Market Value
100
shares thus far this quarter. Over the past five years, the average No insider activity during the past year
purchase and sell totals for Q4 have been $0 and $3,479 respectively. 50
Excludes
- Due to a lack of recent insider activity, no Insider Trading Rating can 0 derivative
be calculated for Under Armour Inc. However, the average rating for and option
the Apparel & Accessories industry is 4.65, compared to the S&P 500 50 exercises
index average of 4.37. 100
SELLS
D J F M A M J J A S O N

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
The Vanguard Group Inc Inv Mgmt 8.9% 16.9M 2023-06-30 Stanton, John Patrick GC 40,799 0.30M 2021-12-01
BlackRock Institutional Inv Mgmt 7.8% 14.7M 2023-06-30 Shadman, Mehri O 1,570 11,508 2022-10-31
State Street Global Inv Mgmt 5.6% 10.6M 2023-06-30 Updated monthly as of 2023-09-17
Disciplined Growth Inv Mgmt 2.7% 5.17M 2023-06-30
Loomis, Sayles & Company Inv Mgmt 2.5% 4.79M 2023-06-30
Updated daily as of 2023-11-07

Page 10 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories
DETAILED STOCK REPORT TIPS
The Stock Report from LSEG is a comprehensive, company-specific analysis that
includes a proprietary Stock Rating along with underlying component indicators and
supportive data elements. The report is updated daily, although some of the data
elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of six
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is
negative. These six factors may be evaluated differently using alternative
methodologies, and the importance of individual factors varies across groups,
market capitalization and investment styles. Additional criteria should always be
used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the Average Score, the Stock Report includes an Optimized
Score generated by independent research firm Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive an
'NR' for No Rating if the required data elements or criteria are not met. A detailed
section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from LSEG creates highlights summarizing
the most noteworthy data. The bullets will vary by company and will change from
week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1 to
10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Page 11 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.
DETAILED STOCK REPORT
Report Date: 2023-Nov-08
● Earnings Surprises - The number of positive and negative surprises within the last
4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from LSEG. The
recommendations are presented on a five-point standardized scale: strong buy, buy,
hold, sell, and strong sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent must
be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive surprise,
negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
Profitability
● Revenue Growth: (Net Sales - Previous Net Sales) / Previous Net Sales
● Gross Margin: Gross Profit / Net Sales
● Return on Equity: Net Income / Total Equity
● Net Margin: Net Profit / Net Sales
Debt
● Current Ratio: Current Assets / Current Liabilities
● Debt-to-Capital: Total Debt / Total Capital
● Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) / Funds
from Operations
● Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
Earnings Quality
● Operating Cash Yield: (Operating Cash Flow - Net Income) / Net Income
● Accruals: (Net Income - Operating Cash Flow - Investing Cash Flow) / Average
Net Operating Assets
● Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
● Days Sales in Receivables: 365 / (Net Sales / Receivables)
Dividend
The company must have a current dividend yield.
● Dividend Growth Rate: (Dividends per Share - Previous Dividends per Share) /
Previous Dividends per Share
● Dividend Funding: Dividends / Operating Cash Flow
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense +
Dividends)
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
UNDER ARMOUR INC (UAA-N)
Cyclical Consumer Products / Textiles & Apparel / Apparel & Accessories DETAILED STOCK REPORT
Report Date: 2023-Nov-08

Relative Valuation Monthly Buys and Sells

The Relative Valuation Rating is based on a combination of three factors: Price to The total market value of open-market buying and selling is displayed by month in
Sales, Trailing P/E, and Forward P/E. Each factor is equally weighted. After the the chart for easy comparison. Transactions by trusts and corporations are
individual factors are combined, equal deciles are used to rank each stock across excluded, along with buys greater than $10 million and sales greater than $50
the market on a scale of 1 to 10, with 10 being most favorable. These common million. Transactions for the exercise of derivatives and option exercises are
valuation metrics are evaluated against the overall market, the index, and the excluded from the totals.
company's own historic 5-year averages. A stock needs to have at least one of the
Institutional Holders
three relative valuation factors in order to receive a score.
The top five institutional holders of the company are listed in descending order,
● Price to Sales: Close Price / (Sales for 4 Quarters / Shares Outstanding) based on their total share holdings. Possible values for the institution type include
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings Brokerage, Funds, Inv Mgmt, or Strategic.
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
Executive Holders
Valuation Averages
The top five executive insiders of the company are listed in descending order, based
Negative values are excluded when calculating the averages. A maximum value of on their total direct common share holdings (options are not considered). Indirect
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on holdings are excluded, as the owner may not actually have investment discretion
Forward PEG, and a maximum value of 20 is placed on Price to Sales when over these shares. This table is updated monthly. Insiders who have not filed any
calculating the averages. Higher values are rounded down to the maximum for the transactions or holdings over the past two years are excluded as this may indicate
averages. that the individual is no longer associated with the company. Additionally, direct
Valuation Multiples shares held must be greater than 1,000 to be considered.
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and Insider Roles
Price to Sales for the company and the S&P 500 index average. In addition, a These role codes may appear in the data for recent insider buys and sells or top
comparison of the current company's values to its 5-year average and an industry executive holders:
average are presented. A discount occurs when the company's ratio is valued more
favorably (lower) than that to which it is compared. AF - Affiliate IA - Investment Advisor
AI - Affiliate of Advisor MC - Member of Committee
Risk
B - Beneficial Owner MD - Managing Director
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
C - Controller O - Officer
least risky stocks. It is derived by looking at a series of long-term (5-year) and short-
CB - Chairman OB - Officer / Beneficial Owner
term (90-day) stock performance measures including volatility, magnitude of returns,
beta, and correlation. Each factor is equally weighted. Then, equal deciles are used CEO - Chief Executive Officer OD - Officer / Director
to rank each stock across the market. A stock needs to have at least two of the four CFO - Chief Financial Officer OE - Other Executive
risk factors in order to receive a score. CI - Chief Investment Officer OS - Officer of Subsidiary
● Magnitude of Returns - The best / worst daily returns in the past 90 days and the CO - Chief Operating Officer OT - Officer / Treasurer
best / worst monthly returns in the past 60 months. CT - Chief Technology Officer OX - Divisional Officer
● Volatility - The standard deviation of the stock price over the last 90 days and last D - Director P - President
60 months, along with the average and largest intra-day stock swing.
●
DO - Director / Beneficial Owner R - Retired
Beta - Measures the tendency of a security's returns to respond to swings in the
market, based on the beta of the company versus the relevant index. DS - Indirect Shareholder S - Secretary
● Correlation - Determines how closely the returns of the stock and the relevant EC - Member of Exec Committee SH - Shareholder
index move together, measured over the last 90 days and last 60 months. EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President
Price Momentum
The Price Momentum Rating is based on a combination of two technical
DISCLAIMER
performance factors: relative strength and seasonality. The factors are equally
weighted. Equal deciles are then used to rank each stock across the market on a © 2023 Refinitiv, an LSEG business. All rights reserved. Republication or
scale of 1 to 10, with 10 being most favorable. A stock needs to have data for the redistribution of Refinitiv content, including by framing or similar means, is prohibited
relative strength factor in order to receive a score. without the prior written consent of Refinitiv. All information in this report is assumed
● Relative Strength - The relative strength of the company for the last 10 days, 50 to be accurate to the best of our ability. Refinitiv is not liable for any errors or delays
days, and 200 days on a scale of 1 to 100. in Refinitiv content, or for any actions taken in reliance on such content.
● Seasonality - The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years. A Any forward-looking statements included in the Refinitiv content are based on
lower industry rank indicates a higher return. certain assumptions and are subject to a number of risks and uncertainties that
Price Performance could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison. The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
Insider Trading
guarantee of future results. Investors should consider this report as only a single
The Insider Trading Rating is based on short-term (70% weight) and long-term (30% factor when making an investment decision.
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
● Short-Term Insider - Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from LSEG
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
● Long-Term Insider - Looks at buying, selling and option exercise decisions over
the past six months relative to other stocks within the same business sector. The
net shares are presented alongside the business sector average as a means of
comparison.

Page 12 of 12
© 2023 Refinitiv, an LSEG business. All rights reserved.