Under Armour Inc (UAA.N): Expect 1Q EPS In-Line But Few Signs of NAM Inflection

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Under Armour Inc (UAA.N): Expect 1Q EPS In-Line But Few Signs of NAM Inflection

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21 Jul 2026 06:00:00 ET │ 19 pages

Under Armour Inc (UAA.N)

Expect 1Q EPS In-Line But Few Signs of NAM Inflection

CITI'S TAKE

We anticipate an in-line 1Q27 EPS (BMO estimated 8/6) based on slightly

stronger sales but lower GM vs cons. We believe NAM trends remain weak

(guided to -HSD in 1Q) as wholesale has yet to stabilize following a multi- Sell

year decline, though Similarweb data suggests DTC traffic trends Price (20 Jul 26 16:00) US$7.28

accelerating sequentially. We believe store traffic remains weak globally. We

Target price US$4.75raise our 1Q27 EPS and F27 EPS to reflect a tariff refund benefit of ~600bps

(our previous ests excluded this benefit). EMEA has trended relatively better Expected share price return -34.8%

than NAM and we expect this to continue in 1Q. We expect mgmt to reiterate Expected dividend yield 0.0%

F27 guidance. We maintain our TP at $4.75, and we believe the risk-reward

Expected total return -34.8%still skews to the downside with few tangible signs of a NAM inflection.

Market Cap US$3,073M

Our Ests: We are raising our 1Q27E to $0.02 from -$0.05, vs cons $0.01 and

guidance of $0.02. We raise our 1Q27 estimate as we now reflect the 600bps benefit

from IEEPA tariff refunds in our GM estimate and slightly raise our NAM sales

estimate driven by slightly better DTC trends as suggested by Similarweb traffic Price Performance

data. We are raising our F27E/F28E to $0.08/0.22 from $0.04/0.15 (vs cons (RIC: UAA.N, BB: UAA US)

$0.11/0.23) to reflect our increase in 1Q27 estimates (and flowthrough to F28). We

maintain our TP at $4.75 which implies an F27/F28 EV/EBITDA multiple of

~11.5x/10.0x and believe risk-reward still skews to the downside as a NAM