Under Armour (UA) reported Q4 2024 revenue of $1.332 billion, up 1.15% year over year but down 10.36% quarter over quarter. The quarter delivered a gross profit of $599.3 million with a gross margin of 45.0%, but the company posted a small operating loss of $6.46 million and a net loss of $0.26 million (EPS -$0.0006). EBITDA stood at $29.45 million, indicating some operating efficiency benefits, but the bottom line remains pressured by operating expenses and working capital dynamics. Free cash flow was negative at $(156.7) million, and cash flow from operations was $(139.1) million, contributing to a net cash outflow for the quarter. Balance sheet liquidity remains solid with cash and cash equivalents of $858.7 million and a total debt load of $1.4428 billion, yielding a net debt position of $584.1 million. The company closed the quarter with a high inventory level and a stretched working capital cycle, reflected in a cash conversion cycle of approximately 109 days and inventory days around 118 days. Management commentary in the quarter (where available) emphasizes ongoing cost discipline, a continued focus on direct-to-consumer and digital initiatives, and a plan to optimize inventory and channel mix to support profitability over time. Investors should monitor margin recovery signals, inventory normalization, and cash flow trajectory as near-term catalysts for reassessment of the risk/reward in UA stock.