LULU
Lululemon Athletica Inc.$124.92
LiveJun 04, 2026
Market cap
$14.93B
52w range
116.63 – 338.49
P / E
—
EPS
—
Volume
6.06M
Revenue · FY
$11.1B
+4.86% YoY
Explain this page
Arphra AIPlain-English read on Lululemon Athletica Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $50.77B | $21.31B | — | — | — | — |
| Enterprise value | — | — | — | $50.36B | $21.3B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 4.76 | 1.92 | — | — | — | — |
| EV / FCF | — | — | — | 31.80 | 23.11 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +3.57% | +7.41% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.12% | +4.33% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +57.68% | +55.39% | +58.31% | +59.22% | +56.60% | +58.05% | +56.81% | +57.65% | +59.60% |
| Operating margin | +21.31% | +16.38% | +22.17% | +23.67% | +19.91% | +21.26% | +21.61% | +22.38% | +21.33% |
| EBITDA margin | +25.56% | +24.88% | +26.89% | +27.88% | +24.64% | +26.55% | +26.51% | +26.99% | +25.79% |
| EBIT margin | +21.97% | +21.28% | +22.95% | +23.67% | +20.17% | +22.46% | +22.29% | +22.16% | +21.74% |
| Pre-tax margin | +21.32% | +16.43% | +22.62% | +24.33% | +20.17% | +22.34% | +22.92% | +22.19% | +23.00% |
| Net margin | +15.59% | +10.54% | +16.12% | +17.14% | +14.22% | +15.90% | +16.04% | +15.81% | +15.92% |
| Cost structure | |||||||||
| Cost of revenue / sales | +42.32% | +44.61% | +41.69% | +40.78% | +43.40% | +40.93% | +41.94% | +42.41% | +42.96% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +35.56% | +34.00% | +35.32% | +35.53% | +36.63% | +36.22% | +36.34% | +34.95% | +36.39% |
| Effective tax rate | +26.88% | +35.85% | +28.75% | +29.56% | +29.47% | +28.79% | +28.06% | +30.15% | +29.02% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +35.60% | +27.15% | +36.63% | +41.97% | +31.83% | +36.73% | +38.16% | +37.23% | +37.01% |
| Return on assets (ROA) | +19.73% | +15.25% | +21.86% | +23.87% | +18.67% | +21.15% | +22.00% | +21.88% | +22.16% |
| Return on capital (ROC) | +36.82% | +31.49% | +37.84% | +42.47% | +32.70% | +36.15% | +38.03% | +38.53% | +36.59% |
| Return on invested capital (ROIC) | +26.93% | +20.26% | +27.51% | +30.76% | +23.36% | +27.05% | +28.22% | +27.21% | +27.31% |
| Asset turnover | +126.59% | +144.65% | +135.64% | +139.26% | +131.29% | +133.01% | +137.17% | +138.41% | +139.23% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +15.59% | +10.54% | +16.12% | +17.14% | +14.22% | +15.90% | +16.04% | +15.81% | +15.92% |
| Asset turnover (× revenue / assets) | +126.59% | +144.65% | +135.64% | +139.26% | +131.29% | +133.01% | +137.17% | +138.41% | +139.23% |
| Equity multiplier (× assets / equity) | +180.38% | +178.07% | +167.58% | +175.84% | +170.44% | +173.64% | +173.43% | +170.17% | +167.00% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.27 | 1.45 | 1.36 | 1.39 | 1.31 | 1.33 | 1.37 | 1.38 | 1.39 |
| Fixed-asset turnover | 3.61 | 3.62 | 3.42 | 3.31 | 3.03 | — | — | — | — |
| Inventory turnover | 2.74 | 2.50 | 3.03 | 2.99 | 2.83 | — | — | — | — |
| Receivables turnover | 31.93 | 25.46 | 31.18 | 35.01 | 58.23 | — | — | — | — |
| Payables turnover | 9.14 | 20.95 | 11.51 | 15.91 | 14.54 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 11.43 | 14.34 | 11.71 | 10.43 | 6.27 | — | — | — | — |
| Days inventory outstanding (DIO) | 133.22 | 146.01 | 120.48 | 121.92 | 128.83 | — | — | — | — |
| Days payables outstanding (DPO) | 39.94 | 17.43 | 31.72 | 22.95 | 25.11 | — | — | — | — |
| Cash conversion cycle | 104.71 | 142.92 | 100.47 | 109.40 | 110.00 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.42 | 1.13 | 1.48 | 1.25 | 1.01 | 1.26 | 1.27 | 1.29 | 1.23 |
| FCF / Net income | 1.02 | 0.38 | 1.06 | 0.87 | 0.58 | 0.84 | 0.82 | 0.86 | 0.86 |
| FCF margin | +15.90% | +4.04% | +17.09% | +14.96% | +8.30% | +13.30% | +13.19% | +13.62% | +13.69% |
| OCF margin | +22.20% | +11.92% | +23.87% | +21.46% | +14.43% | +20.00% | +20.42% | +20.40% | +19.51% |
| CapEx / Revenue | +6.31% | +7.87% | +6.78% | +6.51% | +6.13% | +6.60% | +6.32% | +6.31% | +6.45% |
| CapEx / D&A | 1.76 | 2.19 | 1.72 | 1.54 | 1.37 | — | — | — | — |
| Stock-based comp / Revenue | +1.11% | +0.96% | +0.97% | +0.85% | +0.56% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 7.49 | 6.68 | 12.20 | 14.64 | 13.26 | 12.27 | 13.22 | 14.36 | 15.56 |
| EPS · basic | 7.52 | 6.70 | 12.23 | 14.67 | 13.27 | 12.29 | 13.27 | 14.20 | 15.46 |
| Book value / share | 21.03 | 24.60 | 33.31 | 34.89 | 41.67 | 41.75 | 41.89 | 44.92 | 48.10 |
| Tangible BV / share | 17.51 | 24.24 | 33.12 | 33.51 | 40.07 | 41.75 | 41.89 | 44.92 | 48.10 |
| Sales / share | 48.02 | 63.36 | 75.71 | 85.43 | 93.25 | 96.43 | 99.66 | 105.80 | 111.83 |
| Operating CF / share | 10.66 | 7.55 | 18.07 | 18.34 | 13.46 | 19.28 | 20.35 | 21.59 | 21.81 |
| Free cash flow / share | 7.63 | 2.56 | 12.94 | 12.78 | 7.74 | 12.82 | 13.15 | 14.41 | 15.31 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +29.63% | +18.60% | +10.07% | +4.86% | +3.33% | +4.43% | +5.40% | +5.90% | +9.96% |
| Gross profit · YoY | — | +24.49% | +24.87% | +11.79% | +0.21% | +5.99% | +2.19% | +6.97% | +9.48% | +10.41% |
| Profit | ||||||||||
| Operating income · YoY | — | -0.37% | +60.54% | +17.49% | -11.78% | +10.34% | +6.16% | +9.16% | +0.90% | +9.97% |
| EBITDA · YoY | — | +26.20% | +28.18% | +14.14% | -7.35% | +11.38% | +4.25% | +7.30% | +1.20% | +10.08% |
| Net income · YoY | — | -12.36% | +81.35% | +17.06% | -12.97% | +15.55% | +5.32% | +3.87% | +6.65% | +10.25% |
| Operating | ||||||||||
| EBIT · YoY | — | +25.56% | +27.87% | +13.52% | -10.64% | +15.11% | +3.63% | +4.78% | +3.86% | +9.81% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -10.81% | +82.63% | +20.00% | -9.43% | -7.45% | +7.68% | +8.68% | +8.33% | +9.57% |
| EPS · basic · YoY | — | -10.90% | +82.54% | +19.95% | -9.54% | -7.39% | +8.00% | +7.02% | +8.88% | +9.43% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $881.05M | $1.07B | $1.4B | $1.58B | $1.8B | $1.78B | $1.77B | $1.97B | $2.04B |
| Net debt | -$378.82M | -$84.53M | -$840.69M | -$408.55M | -$8.76M | -$432.66M | -$504.13M | -$551.01M | -$522.71M |
| Net debt / EBITDA | -0.24 | -0.04 | -0.33 | -0.14 | -0.00 | -0.14 | -0.16 | -0.16 | -0.15 |
| Debt / equity | 0.32 | 0.34 | 0.33 | 0.36 | 0.36 | 0.36 | 0.35 | 0.37 | 0.36 |
| Debt / assets | +17.83% | +19.09% | +19.79% | +20.73% | +21.27% | +20.62% | +20.30% | +21.65% | +21.26% |
| Equity / assets | +55.44% | +56.16% | +59.67% | +56.87% | +58.67% | +57.59% | +57.66% | +58.77% | +59.88% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | — | — | — | — | — |
| Operating income / interest | — | — | — | — | — | — | — | — | — |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | |||||||||
| Current ratio | 1.86 | 2.12 | 2.49 | 2.16 | 2.26 | — | — | — | — |
| Quick ratio | 1.04 | 0.99 | 1.56 | 1.24 | 1.06 | — | — | — | — |
| Cash ratio | 0.90 | 0.77 | 1.38 | 1.08 | 0.96 | — | — | — | — |
| Working capital | $1.21B | $1.67B | $2.43B | $2.14B | $2.38B | — | — | — | — |
| Working capital / revenue | +19.33% | +20.56% | +25.25% | +20.22% | +21.39% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2026 | FY 2025 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 1.92x | 4.76x |
| Earnings yield | 7.4% | 3.6% |
| FCF yield | 4.3% | 3.1% |
Returns
| Metric | FY 2026 | FY 2025 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 31.8% | 42.0% |
| ROA | 18.7% | 23.9% |
| ROIC | 22.7% | 29.2% |
Leverage & liquidity
| Metric | FY 2026 | FY 2025 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.00 | -0.14 |
| Interest coverage | — | — |
| Current ratio | 2.26x | 2.16x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).