Use these financial statements to answer the requirements.

Required

a. Compute net operating profit after tax (NOPAT) for 2015. Assume that the combined federal and state statutory tax rate is 37%.

b. Compute net operating assets (NOA) for 2015 and 2014.

c. Compute RNOA and disaggregate it into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2015. Comment on the drivers of RNOA.

d. Compute return on equity (ROE) for 2015.

e. Comment on the difference between ROE and RNOA. What does this relation suggest about Under Armour’s use of debt?