Core Thesis - Under Armour, Inc. is experiencing renewed investor interest due to significant insider activity and a turnaround strategy under CEO Mr. Liedtke, which mirrors successful tactics from his time at Adidas [2][5]. Company Performance - As of September 16th, Under Armour's share price was $4.8600, with trailing and forward P/E ratios of 22.09 and 81.30 respectively [1]. - The brand maintains strong resonance in North America and is gaining traction in EMEA, while competitors like Nike may face spending constraints, allowing Under Armour to capitalize on emerging trends [3]. Insider Activity - All board members accepted RSU grants without selling shares, and key members made outright purchases, indicating strong insider confidence in the company's future [2]. - Notably, Mohamed El-Erian purchased shares for the first time since becoming Chairman, further emphasizing insider alignment with the company's strategy [2][5]. Strategic Initiatives - Under Armour is selectively expanding its retail presence through boutiques to preserve brand value and is underrepresented in specialty running retailers, presenting opportunities for enhanced exposure, particularly with the Halo shoe line [3]. - Current guidance for EPS ranges from $0.05 to $0.25, suggesting potential upside if operational execution improves [3]. Financial Considerations - Tariffs are expected to pressure North American gross margins by approximately 200 basis points in 2Q26, but this does not fully account for the significant EBIT margin compression indicated by guidance [4]. - A $27 million insurance benefit in 2Q25 was disclosed but not factored into adjustments, highlighting conservative accounting practices [4]. Investment Narrative - With strong brand equity, strategic flexibility, and insider alignment, Under Armour presents a compelling investment narrative with multiple catalysts for upside if operational execution and market recognition accelerate [5][6].