UAAMEDIUM SIGNALFINANCIAL10-K

Under Armour shows meaningful cash position deterioration with cash reserves dropping 42% to $501.4M while current assets declined 19%.

The substantial reduction in cash combined with declining current assets suggests potential liquidity pressures or significant cash deployment for operations or strategic initiatives. While debt decreased modestly, the overall balance sheet shows signs of financial tightening that investors should monitor closely.

Comparing 2025-05-22 vs 2024-05-29View on EDGAR →
FINANCIAL ANALYSIS

UAA's balance sheet reflects a concerning liquidity picture with cash reserves falling significantly to $501.4M alongside an 19% decline in current assets to $2.3B. The company reduced total debt by 12% to $595.1M and increased share buybacks to $90M, but stockholders' equity still contracted 12% to $1.9B. The financial profile suggests either aggressive cash deployment or operational headwinds requiring attention.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-41.6%
$858.7M$501.4M

Cash declined 41.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Share Buybacks
Cash Flow
+20%
$75.0M$90.0M

Share repurchases increased 20% — management returning capital, signals confidence in intrinsic value.

Current Assets
Balance Sheet
-18.7%
$2.9B$2.3B

Current assets declined 18.7% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-12.2%
$2.2B$1.9B

Equity decreased 12.2% — buybacks or losses reducing book value, monitor solvency ratios.

Total Debt
Balance Sheet
-11.9%
$675.8M$595.1M

Debt reduced 11.9% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
-10.8%
$757.3M$675.8M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2025-05-22
PRIOR — 2024-05-29
ADDED
As of May 15, 2025 there were 188,822,726 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 202,847,601 shares of Class C Common Stock outstanding.
Throughout this Annual Report on Form 10-K: (i) the term "Fiscal 2026" means our fiscal year beginning on April 1, 2025 and ending March 31, 2026; (ii) the term "Fiscal 2025" means our fiscal year beginning on April 1, 2024 and ended March 31, 2025; (iii) the term "Fiscal 2024" means our fiscal year beginning on April 1, 2023 and ended March 31, 2024; and (iv) the term "Fiscal 2023" means our fiscal year beginning on April 1, 2022 and ended March 31, 2023.
Achieving these long-term growth objectives depends, in part, on our ability to successfully execute strategic initiatives across key areas of the business, including within our North America region.
In support of these long-term growth objectives, our digital strategy is designed to enhance consumer engagement and strengthen brand connectivity through multiple digital touchpoints.
Products Our product offerings consist of apparel, footwear and accessories for men, women and youth.
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REMOVED
As of May 15, 2024 there were 188,802,043 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 213,245,598 shares of Class C Common Stock outstanding.
(1) Refer to Part III, Item 11 of this Annual Report on Form 10-K for additional information.
Throughout this Annual Report on Form 10-K: (i) the term "Fiscal 2025" means our fiscal year beginning on April 1, 2024 and ending March 31, 2025; (ii) the term "Fiscal 2024" means our fiscal year beginning on April 1, 2023 and ended March 31, 2024; (iii) the term "Fiscal 2023" means our fiscal year beginning on April 1, 2022 and ended March 31, 2023; (iv) the term "Transition Period" means the period beginning on January 1, 2022 and ended March 31, 2022; and (v) the term "Fiscal 2021" means our fiscal year beginning on January 1, 2021 and ended December 31, 2021.
We believe that achievement of our long-term growth objectives depends, in part, on our ability to execute strategic initiatives in key areas including our wholesale, footwear, women s and direct-to-consumer businesses.
Additionally, our digital strategy is focused on supporting these long-term objectives, emphasizing connection and engagement with our consumers.
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