Tearsheet

Lululemon Athletica (LULU)

Market Price (12/5/2025): $184.38 | Market Cap: $22.1 Bil
Sector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods

Lululemon Athletica (LULU)

Market Price (12/5/2025): $184.38
Market Cap: $22.1 Bil
Sector: Consumer Discretionary
Industry: Apparel, Accessories & Luxury Goods

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%	Weak multi-year price returns 2Y Excs Rtn is -109%, 3Y Excs Rtn is -123%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -109%, 3Y Excs Rtn is -123%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022
Share Price CYE	$184.38	$382.41	$511.29	$320.38
Market Cap CYE ($ Bil)	22.1	46.9	64.7	40.9
Total Debt ($ Bil)	1.8	1.6	1.4	1.1
Total Cash ($ Bil)	1.2	2.0	2.2	1.2
Enterprise Value ($ Bil)	22.7	48.5	66.1	42.0
Valuation Ratios
P/S TTM	2.6	4.5	6.7	5.0
P/EBIT TTM	11.4	18.9	29.4	23.7
P/E TTM	16.0	26.1	41.8	47.9
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4

	12/5/25	2024
Share Price CYE	$184.38	$382.41
Market Cap CYE ($ Bil)	22.1	46.9
Total Debt ($ Bil)	1.8	1.6
Total Cash ($ Bil)	1.2	2.0
Enterprise Value ($ Bil)	22.7	48.5
Valuation Ratios
P/S TTM	2.6	4.5
P/EBIT TTM	11.4	18.9
P/E TTM	16.0	26.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8
P/EBIT TTM (Sector)	7.6	8.0
P/E TTM (Sector)	10.4	11.1

	LULU	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	10.9
Rev Chg Q	6.5%	7.1%
Rev Chg LTM	9.2%	6.1%
Rev Chg 3Y Avg	15.8%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	2.5
CFO LTM ($ Bil)	1.9
Net Inc LTM ($ Bil)	1.8
Op Mgn LTM	22.9%	18.8%
CFO/Rev LTM	17.5%	20.5%
Net Inc Mgn	16.4%	13.1%
VALUATION	MODERATE
P/S	2.6	3.2
P/CFO	14.9	15.8
P/FCF	24.4	20.5
P/E	16.0	23.5
STABILITY	VERY GOOD
Debt/Equity	0.06	0.20
Cash/Assets	0.15	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Company-Operated Stores	767	3272025	Link
Customer Retention Rate	0.76	9052025	Link
Essentials Membership Program Members	17000000	3212024	Link
Digital Sales as Percentage of Total Revenue	0.41	6102024	Link
Percentage of Customers Who Feel Connected Due to Community Events	0.65	9072024	Link
Loyalty Program Participation Rate	0.45	9072024	Link

Upcoming
12/04/2025	Earnings Release	Rev: $2.0 Bil (E) EPS: $2.25 (E)
3/25/2026	Earnings Release	Rev: - EPS: -

LULU Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Disappointing Q2 Fiscal 2025 Results and Reduced Full-Year Guidance: Lululemon announced its second-quarter fiscal 2025 financial results on September 4, 2025, which included a decrease in diluted earnings per share to $3.10 from $3.15 in the prior year's second quarter, and a gross margin decrease of 110 basis points to 58.5%. The company also reported a meager 1% year-over-year net revenue growth. Following these results, Lululemon cut its full-year revenue expectations to a range of $10.850 billion to $11.000 billion and significantly reduced its diluted earnings per share forecast to $12.77 to $12.97. This guidance cut led to an immediate drop of over 13% in the stock price after hours.

2. Weakness in North American Business: The company acknowledged disappointment with its U.S. business performance, with comparable store sales in the Americas region decreasing by 4%. North America, Lululemon's largest market, has been contracting due to cautious consumer spending amidst higher interest rates and inflation fears.

3. Significant Impact from Tariffs: The removal of the de minimis exemption by the U.S. government is projected to have a substantial negative effect on Lululemon's margins, with an estimated $240 million hit in fiscal 2025. This is expected to result in a 300-basis-point decline in gross margin for fiscal 2025.

4. Intensifying Competition: Lululemon is facing increasing competition from several new digitally native brands, as well as improved "athleisure" offerings from established lifestyle brands like Nike.

5. Numerous Analyst Downgrades and Price Target Reductions: Multiple analyst firms downgraded Lululemon and lowered their price targets around late August and early September 2025, reflecting a reevaluation of the brand's performance and future potential. For instance, on September 5, 2025, Telsey Advisory Group downgraded LULU from "Outperform" to "Market Perform" and significantly reduced its price target from $360.00 to $200.00.

Show less

Stock Movement Drivers

Fundamental Drivers

The -10.9% change in LULU stock from 9/4/2025 to 12/4/2025 was primarily driven by a -10.9% change in the company's P/E Multiple.

	9042025	12042025	Change
Stock Price ($)	206.09	183.60	-10.91%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10904.04	10904.04	0.00%
Net Income Margin (%)	16.38%	16.38%	0.00%
P/E Multiple	13.80	12.30	-10.91%
Shares Outstanding (Mil)	119.60	119.60	0.00%
Cumulative Contribution			-10.91%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
LULU	-10.9%
Market (SPY)	5.4%	40.4%
Sector (XLY)	-49.4%	4.1%

Fundamental Drivers

The -44.5% change in LULU stock from 6/5/2025 to 12/4/2025 was primarily driven by a -44.3% change in the company's P/E Multiple.

	6052025	12042025	Change
Stock Price ($)	330.78	183.60	-44.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10749.90	10904.04	1.43%
Net Income Margin (%)	16.82%	16.38%	-2.61%
P/E Multiple	22.07	12.30	-44.29%
Shares Outstanding (Mil)	120.63	119.60	0.86%
Cumulative Contribution			-44.50%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
LULU	-44.5%
Market (SPY)	15.7%	33.2%
Sector (XLY)	-43.0%	5.0%

Fundamental Drivers

The -46.4% change in LULU stock from 12/4/2024 to 12/4/2025 was primarily driven by a -53.0% change in the company's P/E Multiple.

	12042024	12042025	Change
Stock Price ($)	342.27	183.60	-46.36%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9989.29	10904.04	9.16%
Net Income Margin (%)	16.34%	16.38%	0.21%
P/E Multiple	26.15	12.30	-52.97%
Shares Outstanding (Mil)	124.72	119.60	4.11%
Cumulative Contribution			-46.45%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
LULU	-46.4%
Market (SPY)	13.7%	45.0%
Sector (XLY)	-47.0%	20.7%

Fundamental Drivers

The -51.8% change in LULU stock from 12/5/2022 to 12/4/2025 was primarily driven by a -72.1% change in the company's P/E Multiple.

	12052022	12042025	Change
Stock Price ($)	381.13	183.60	-51.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7061.32	10904.04	54.42%
Net Income Margin (%)	15.60%	16.38%	4.96%
P/E Multiple	44.14	12.30	-72.15%
Shares Outstanding (Mil)	127.62	119.60	6.28%
Cumulative Contribution			-52.02%

LTM = Last Twelve Months as of date shown

Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
LULU	-59.8%
Market (SPY)	53.3%	42.8%
Sector (XLY)	-29.2%	23.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LULU Return	50%	12%	-18%	60%	-25%	-52%	-21%
Peers Return	6%	13%	-27%	-4%	-13%	-20%	-41%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
LULU Win Rate	58%	42%	33%	83%	50%	30%
Peers Win Rate	36%	36%	22%	36%	58%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
LULU Max Drawdown	-40%	-18%	-34%	-9%	-54%	-58%
Peers Max Drawdown	-34%	-4%	-39%	-19%	-20%	-33%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NKE, UA, LB, AGIE, JPO. See LULU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	LULU	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	85.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	563 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	89.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	66 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-31.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	45.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	191 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-92.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1191.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	640 days	1480 days

Compare to NKE, UA, LB, AGIE, JPO

In The Past

Lululemon Athletica's stock fell -46.1% during the 2022 Inflation Shock from a high on 11/16/2021. A -46.1% loss requires a 85.6% gain to breakeven.

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About Lululemon Athletica (LULU)

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits. It also provides fitness-related accessories and footwear. The company sells its products through a chain of company-operated stores; outlets and warehouse sales; interactive workout platform; a network of wholesale accounts, such as yoga studios, health clubs, and fitness centers; temporary locations; and license and supply arrangements, as well as directly to consumer through mobile apps and lululemon.com e-commerce website. As of January 30, 2022, it operated 574 company-operated stores under the lululemon brand in the United States, Canada, the People's Republic of China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Lululemon Athletica (LULU):

The Apple of activewear.
Nike for high-end yoga and athleisure.
Patagonia for active and wellness apparel.

AI Generated Analysis | Feedback

Athletic Apparel (Women's): High-performance clothing for yoga, running, training, and lifestyle wear, including leggings, tops, and bras.
Athletic Apparel (Men's): Performance-focused clothing for active pursuits and casual wear, such as shorts, pants, and shirts.
Accessories: Functional items like bags, yoga mats, and water bottles designed to complement an active lifestyle.
Footwear: Athletic shoes engineered for comfort and performance across various activities.
Lululemon Studio: A connected fitness platform offering interactive home workouts and personalized fitness content through a subscription service.

AI Generated Analysis | Feedback

Lululemon Athletica (symbol: LULU) primarily sells its products directly to **individuals** through its company-operated stores and e-commerce platforms, rather than to other businesses.

The company serves the following categories of customers:

Active Lifestyle Enthusiasts: This core demographic comprises individuals who actively participate in fitness activities such as yoga, running, training, and other sports. They seek high-performance athletic apparel that offers comfort, durability, and style, supporting their active lifestyles.
Athleisure & Everyday Wearers: A significant portion of Lululemon's customers purchase its products for their comfort, versatility, and fashion appeal in everyday settings. These consumers wear Lululemon for casual outings, errands, work-from-home attire, and general leisure, appreciating the blend of athletic comfort with casual style.
Affluent & Brand-Conscious Consumers: Lululemon targets a customer base that values premium quality, innovative design, and a strong brand image. These consumers are often affluent and are willing to invest in higher-priced apparel for its perceived value, durability, and the aspirational lifestyle associated with the Lululemon brand.

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Calvin McDonald, Chief Executive Officer

Calvin McDonald became CEO of Lululemon Athletica in August 2018. He is a growth-oriented leader known for scaling organizations and integrating how brands engage with customers across various channels. Prior to Lululemon, he served for five years as President and CEO of Sephora Americas, a division of LVMH. Earlier in his career, Mr. McDonald spent two years as President and CEO of Sears Canada and 17 years at Loblaw Companies Limited, Canada's largest retailer.

Meghan Frank, Chief Financial Officer

Meghan Frank was promoted to Chief Financial Officer of Lululemon Athletica in November 2020, becoming the company's first female CFO. She joined Lululemon in 2016 as Senior Vice President of Financial Planning and Analysis. Ms. Frank has over 20 years of experience in the retail industry, having previously held senior roles at Ross Stores and J. Crew for nearly a decade.

Celeste Burgoyne, President, Americas and Global Guest Innovation

Celeste Burgoyne has been with Lululemon since 2006, leading the U.S. expansion and holding various leadership positions. Her roles have included Executive Vice President, Americas and Global Guest Innovation, Senior Vice President, Retail, North America, Vice President of Store Operations, and General Manager of U.S. Operations. Before joining Lululemon, she spent ten years at Abercrombie & Fitch in various roles, including Senior Director of Stores.

André Maestrini, Executive Vice President, International

André Maestrini joined Lululemon in January 2021 to lead the company's international expansion. He previously spent 14 years at Adidas in various senior roles across global offices, most recently as Senior Vice President, Global General Manager, Sports Business Units. Prior to Adidas, Mr. Maestrini held marketing positions at The Coca-Cola Company, Danone, and Kraft Jacobs Suchard.

AI Generated Analysis | Feedback

The rapid emergence and expansion of premium athleisure competitors such as Vuori and Alo Yoga pose a clear emerging threat. These brands are gaining significant market share, expanding their retail footprints, and building strong brand loyalty by directly targeting Lululemon's core customer base with similar high-quality products and lifestyle positioning. Their aggressive growth challenges Lululemon's long-held dominance in the premium activewear segment.

AI Generated Analysis | Feedback

Lululemon Athletica Inc. (LULU) operates in the global athletic apparel and accessories market, with its main products and services falling under athleisure wear, specialized yoga clothing, footwear, and various accessories. The addressable markets for its key product categories are detailed below:

Athleisure/Athletic Apparel

Global Market: The global athleisure market was valued at approximately USD 389.47 billion in 2024. It is projected to grow to USD 941.65 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.2% from 2025 to 2034. Other estimates for the global athleisure market include USD 338.48 billion in 2024, projected to reach USD 716.05 billion by 2032 (CAGR of 9.82%). The global sportswear market, which encompasses athleisure, was valued at USD 395.03 billion in 2023 and is expected to reach USD 579.96 billion by 2029, growing at a CAGR of 6.61% from 2023 to 2029.
U.S. Market: The North American athleisure market was valued at USD 126.19 billion in 2024. The U.S. athleisure market is a significant contributor, accounting for over 89.30% of the North American athleisure market in 2024 and was valued at USD 93,494.7 million in 2022. It is expected to reach USD 176,520.2 million by 2030, with a CAGR of 8.6% from 2025 to 2030.

Yoga Clothing

Global Market: The global yoga clothing market size was valued at USD 31.03 billion in 2024 and is estimated to reach USD 53.59 billion by 2030, growing at a CAGR of 9.7% from 2025 to 2030. Another report indicated the global yoga apparel market surpassed USD 40 billion in 2024 and is projected to exceed USD 60 billion by 2028.
U.S. Market: The United States yoga clothing market was valued at USD 8.47 billion in 2024 and is expected to reach USD 13.76 billion by 2030, with a CAGR of 5.87%. The North America yoga clothing market was valued at USD 9.84 billion in 2024.

Footwear

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Accessories

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Expected Drivers of Future Revenue Growth for Lululemon Athletica (LULU)

Over the next 2-3 years, Lululemon Athletica (LULU) is expected to drive future revenue growth through several key strategic initiatives, primarily centered around its "Power of Three x2" growth plan. These drivers include aggressive international expansion, sustained product innovation and diversification, and continued growth in its digital and e-commerce channels.

International Expansion: Lululemon aims to significantly grow its international presence, with a target to quadruple international revenue from 2021 levels by the end of 2026. A major focus of this expansion is on markets like China, which has shown substantial revenue growth, and further penetration into European countries. The company plans to open 40 to 45 net new company-operated stores in 2025, with a considerable emphasis on these international markets. New franchise markets such as Denmark, Belgium, Turkey, and the Czech Republic are also part of this global growth strategy.
Product Innovation and Diversification: A core component of Lululemon's growth strategy involves consistent product innovation and diversification into new categories. The company plans to double its men's revenue by 2026 and continues to expand its offerings for women and accessories. This includes venturing into new product categories such as footwear, tennis, golf, and personal care. Lululemon is also focusing on refreshing its core product lines and introducing new designs, aiming for new styles to constitute 35% of its assortment by Spring 2026. The "Science of Feel" platform and AI-driven design are being leveraged to accelerate product development and respond to consumer trends.
Digital and E-commerce Growth: Lululemon is committed to strengthening its direct-to-consumer e-commerce platform and enhancing omnichannel capabilities. The "Power of Three x2" strategy includes a goal to double digital revenues by 2026. Investments in developing robust e-commerce sites, transactional omni functionality, and increased fulfillment capabilities are key. The company is also enhancing its mobile app and implementing features like curbside pickups, same-day deliveries, and buy online pick up in-store (BOPUS) to improve the guest experience and capture growing online demand.

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Share Repurchases

As of August 29, 2025, Lululemon completed the repurchase of 7,559,307 shares for $2,211.59 million under a buyback plan announced on December 7, 2023.
The company repurchased $1.6 billion worth of shares in 2024, including 0.9 million shares in Q4 2024.
Lululemon announced plans to add $1 billion to its stock repurchase program.

Share Issuance

Lululemon Athletica's issuance of common stock averaged $21.481 million annually for fiscal years ending January 2021 to 2025.
The issuance of common stock peaked at $42.43 million in January 2024.
The latest twelve months issuance of common stock was $16.641 million.

Outbound Investments

Lululemon acquired Mirror, an interactive home fitness platform, for $500 million in 2020.

Capital Expenditures

Lululemon's capital expenditures averaged $520.7 million annually for fiscal years ending January 2021 to 2025, peaking at $743.6 million in August 2025.
Capital expenditures were $689.2 million in 2025 and $651.9 million in 2024, demonstrating consistent investment.
The primary focus of capital expenditures includes increasing the store footprint with plans to open 40 to 45 new stores and upgrade about 40 existing stores in 2025, with a significant number of new international stores.

Interactive Breakdown

Lululemon Athletica Interactive Breakdown Analysis

Better Bets than Lululemon Athletica (LULU)

	LULU	Better Performance than LULU
Metric	Value	INDUSTRY: Apparel, Accessories & Luxury Goods
Rev Chg LTM	9.2%	ELA (23.2%), REAL (12.7%), RL (12.3%), LEVI (11.2%), KTB (9.9%)
Rev Chg 3Y Avg	15.8%	LAKE (20.3%)
Op Mgn LTM	22.9%
CFO/Rev LTM	17.5%
FCF/Rev LTM	10.7%	TPR (15.0%), GOOS (14.8%), GIII (11.3%)
Total Yield	6.3%	GIII (19.0%), PVH (14.4%), HBI (14.1%), COLM (8.9%), LEVI (8.3%)
P/S	2.6	VFC (0.6), LEVI (1.4), NKE (2.2), RL (2.5), GIL (2.6)
P/Op Inc	11.4	GIII (3.5), HBI (5.1), PVH (5.1), CRI (5.8), COLM (11.1)

	LULU	Better Performance than LULU
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	9.2%	MELI (36.9%), DASH (24.5%), BKNG (13.0%), AMZN (10.9%), ABNB (10.2%)
Rev Chg 3Y Avg	15.8%	MELI (39.5%), RCL (37.7%), DASH (27.8%), CPNG (18.4%), BKNG (17.8%)
Op Mgn LTM	22.9%	MCD (46.1%), BKNG (34.5%), YUM (30.8%), RCL (26.4%), LVS (23.0%)
CFO/Rev LTM	17.5%	MCD (39.9%), MELI (37.5%), BKNG (33.2%), DASH (20.0%), AMZN (18.1%)
FCF/Rev LTM	10.7%	ABNB (38.4%), MELI (32.9%), BKNG (31.9%), MCD (28.1%), DASH (15.8%)
Total Yield	6.3%	F (13.6%), DHI (11.3%), LOW (7.6%), HD (6.5%), GM (6.4%)
P/S	2.6	GM (0.3), LOW (1.5), HD (2.2), NKE (2.2), TJX (2.4)
P/Op Inc	11.4	GM (7.1), PHM (7.6), DHI (8.0), CCL (8.6), LEN (9.3)

	LULU	Better Performance than LULU
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	9.2%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	15.8%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), BRK-B (19.8%), META (17.3%)
Op Mgn LTM	22.9%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	17.5%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	10.7%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.3%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), KO (7.5%), JPM (6.7%)
P/S	2.6	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	11.4	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Consumer Discretionary Sector
	LULU	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH	YUM
What You Pay
P/E	15.9	28.2	34.7	25.7	36.2	28.8	10.2	30.2	19.7	18.1	29.2
P/EBIT	11.4	27.4	20.8	17.7	15.9	19.2	7.5	26.7	17.2	10.6	16.9
What You Get
Rev Chg Q	6.5%	9.7%	12.7%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%	8.4%
Rev Chg LTM	9.2%	10.2%	13.0%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%	11.6%
Rev Chg 3Y Avg	15.8%	14.2%	17.8%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%	6.4%
FCF/Rev 3Y Avg	12.9%	40.2%	35.6%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Lululemon Athletica Stock at Support Zone - Bargain or Trap?	Actionable
2	With Lululemon Athletica Stock Surging, Have You Considered The Downside?	Return
3	LULU Dips 20% In One Week: Does It Lead the Pack?
4	Time To Buy Lululemon Athletica Stock?	Buy or Fear
5	Better Bet Than LULU Stock: Pay Less Than Lululemon Athletica To Get More From CCL, IBKR
6	Better Bet Than LULU Stock: Pay Less Than Lululemon Athletica To Get More From CCL
7	Is The 20.1% Decline In Lululemon Athletica (LULU) Stock A Dip Buying Opportunity?	Actionable
8	This Is the Kind of Cash Yield You Usually Look For, So Why Not LULU?	Actionable
9	Is The 17.6% Decline In Lululemon Athletica (LULU) Stock A Dip Buying Opportunity?	Actionable
10	LULU Dip Buy Analysis
11	ARTICLES
12	TPR, LULU Look Smarter Buy Than Nike Stock		December 3rd, 2025
13	Better Value & Growth: TPR, LULU Lead Nike Stock		December 3rd, 2025
14	Why TPR, LULU Could Outperform Nike Stock		November 4th, 2025
15	Lululemon Athletica Stock at Support Zone – Bargain or Trap?		October 28th, 2025
16	Better Value & Growth: TPR, LULU Lead Nike Stock		October 23rd, 2025

	Title
0	DASHBOARDS
1	Lululemon Athletica Stock at Support Zone - Bargain or Trap?
2	With Lululemon Athletica Stock Surging, Have You Considered The Downside?
3	LULU Dips 20% In One Week: Does It Lead the Pack?
4	Time To Buy Lululemon Athletica Stock?
5	Better Bet Than LULU Stock: Pay Less Than Lululemon Athletica To Get More From CCL, IBKR
6	Better Bet Than LULU Stock: Pay Less Than Lululemon Athletica To Get More From CCL
7	Is The 20.1% Decline In Lululemon Athletica (LULU) Stock A Dip Buying Opportunity?
8	This Is the Kind of Cash Yield You Usually Look For, So Why Not LULU?
9	Is The 17.6% Decline In Lululemon Athletica (LULU) Stock A Dip Buying Opportunity?
10	LULU Dip Buy Analysis
11	ARTICLES
12	TPR, LULU Look Smarter Buy Than Nike Stock
13	Better Value & Growth: TPR, LULU Lead Nike Stock
14	Why TPR, LULU Could Outperform Nike Stock
15	Lululemon Athletica Stock at Support Zone – Bargain or Trap?
16	Better Value & Growth: TPR, LULU Lead Nike Stock

Trade Ideas

Select past ideas related to LULU. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.2%	9.2%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.4%	2.4%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.1%	-4.1%	-4.1%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-1.6%
LULU_6302025_Dip_Buyer_ValueBuy	06302025	LULU	Lululemon Athletica	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-23.3%	-23.3%	-32.7%
LULU_11302024_Dip_Buyer_ValueBuy	11302024	LULU	Lululemon Athletica	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.2%	-42.6%	-50.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.2%	9.2%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.4%	2.4%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.1%	-4.1%	-4.1%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-1.6%
LULU_6302025_Dip_Buyer_ValueBuy	06302025	LULU	Lululemon Athletica	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-23.3%	-23.3%	-32.7%
LULU_11302024_Dip_Buyer_ValueBuy	11302024	LULU	Lululemon Athletica	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.2%	-42.6%	-50.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for Lululemon Athletica

Peers to compare with:

Financials

	LULU	NKE	UA	LB	AGIE	JPO	Median
Name	Lululemo.	Nike	Under Ar.	LandBrid.	Angie	JP Outfi.
Mkt Price	183.60	65.69	4.35	59.35	-	-	62.52
Mkt Cap	22.0	97.0	1.9	1.4	-	-	11.9
Rev LTM	10,904	46,440	5,049	156	-	-	7,977
Op Inc LTM	2,495	3,420	36	75	-	-	1,285
FCF LTM	1,168	3,009	-45	86	-	-	627
FCF 3Y Avg	1,279	4,893	-68	-	-	-	1,279
CFO LTM	1,912	3,526	88	88	-	-	1,000
CFO 3Y Avg	1,964	5,611	79	-	-	-	1,964

Growth & Margins

	LULU	NKE	UA	LB	AGIE	JPO	Median
Name	Lululemo.	Nike	Under Ar.	LandBrid.	Angie	JP Outfi.
Rev Chg LTM	9.2%	-7.1%	-6.5%	95.0%	-	-	1.3%
Rev Chg 3Y Avg	15.8%	-0.3%	-4.2%	-	-	-	-0.3%
Rev Chg Q	6.5%	1.1%	-4.7%	83.2%	-	-	3.8%
QoQ Delta Rev Chg LTM	1.4%	0.3%	-1.3%	16.0%	-	-	0.9%
Op Mgn LTM	22.9%	7.4%	0.7%	47.8%	-	-	15.1%
Op Mgn 3Y Avg	22.7%	10.2%	1.6%	-	-	-	10.2%
QoQ Delta Op Mgn LTM	-0.5%	-0.6%	-2.5%	51.5%	-	-	-0.6%
CFO/Rev LTM	17.5%	7.6%	1.7%	56.0%	-	-	12.6%
CFO/Rev 3Y Avg	19.8%	11.3%	1.5%	-	-	-	11.3%
FCF/Rev LTM	10.7%	6.5%	-0.9%	54.8%	-	-	8.6%
FCF/Rev 3Y Avg	12.9%	9.9%	-1.2%	-	-	-	9.9%

Valuation

	LULU	NKE	UA	LB	AGIE	JPO	Median
Name	Lululemo.	Nike	Under Ar.	LandBrid.	Angie	JP Outfi.
Mkt Cap	22.0	97.0	1.9	1.4	-	-	11.9
P/S	2.6	2.2	0.4	10.4	-	-	2.4
P/EBIT	11.4	30.1	57.1	21.7	-	-	25.9
P/E	15.9	35.6	-23.6	85.3	-	-	25.7
P/CFO	14.9	29.2	23.5	18.6	-	-	21.0
Total Yield	6.3%	2.8%	-4.2%	14.5%	-	-	4.5%
Dividend Yield	0.0%	0.0%	0.0%	13.3%	-	-	0.0%
FCF Yield 3Y Avg	3.6%	3.8%	-2.5%	-	-	-	3.6%
D/E	0.1	0.1	0.9	0.2	-	-	0.2
Net D/E	0.0	0.0	0.7	0.2	-	-	0.1

Returns

	LULU	NKE	UA	LB	AGIE	JPO	Median
Name	Lululemo.	Nike	Under Ar.	LandBrid.	Angie	JP Outfi.
1M Rtn	14.3%	8.0%	1.2%	0.8%	-	-	4.6%
3M Rtn	-10.9%	-12.3%	-14.7%	9.8%	-	-	-11.6%
6M Rtn	-44.5%	6.0%	-29.4%	-17.2%	-	-	-23.3%
12M Rtn	-46.4%	-14.2%	-52.0%	-15.2%	-	-	-30.8%
3Y Rtn	-51.8%	-36.8%	-49.0%	-	-	-	-49.0%
1M Excs Rtn	13.0%	6.7%	-0.1%	-0.5%	-	-	3.3%
3M Excs Rtn	3.6%	-16.3%	-18.3%	8.4%	-	-	-6.4%
6M Excs Rtn	-59.9%	-9.4%	-44.8%	-32.6%	-	-	-38.7%
12M Excs Rtn	-58.5%	-28.4%	-65.7%	-31.2%	-	-	-44.9%
3Y Excs Rtn	-122.7%	-107.9%	-122.4%	-	-	-	-122.4%

Financials

Annual
Quarterly

$ Mil \| FY: 2/2	LTM	2025	2024	2023	2022	2021	2020
Period End	8/3/2025	2/2/2025	1/28/2024	1/29/2023	1/30/2022	1/31/2021	2/2/2020
Filing Date	9/4/2025	3/27/2025	3/21/2024	3/28/2023	3/29/2022	3/30/2021	3/26/2020
Key Financials
Total Revenue	10,904	10,588	9,619	8,111	6,257	4,402	3,979
EBITDA	2,977	2,952	2,587	2,018	1,599	1,035	1,051
Operating Income	2,495	2,506	2,207	1,726	1,375	850	889
Net Income	1,786	1,815	1,550	855	975	589	646
EPS	14.73	14.67	12.23	6.70	7.52	4.52	4.95
Growth Rates
Total Revenue Growth	9.2%	10.1%	18.6%	29.6%	42.1%	10.6%	21.0%
EBITDA Growth	10.2%	14.1%	28.2%	26.2%	54.4%	-1.5%	26.9%
Operating Income Growth	8.5%	13.5%	27.9%	25.6%	61.8%	-4.4%	26.0%
Net Income Growth	9.4%	17.1%	81.4%	-12.4%	65.6%	-8.8%	33.4%
Margins
EBITDA Margin	27.3%	27.9%	26.9%	24.9%	25.6%	23.5%	26.4%
Operating Income Margin	22.9%	23.7%	22.9%	21.3%	22.0%	19.3%	22.3%
Net Income Margin	16.4%	17.1%	16.1%	10.5%	15.6%	13.4%	16.2%
Cash & Debt
Total Cash	1,156	1,984	2,244	1,155	1,260	1,151	1,094
Total Debt	1,763	1,576	1,403	1,070	881	799	740
Net Debt / (Cash)	607	-409	-841	-85	-379	-352	-354
Cash Flows
Net Cash from Operations	1,912	2,273	2,296	966	1,389	803	669
Free Cash from Operations	1,168	1,583	1,644	328	995	574	386
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1,464	1,637	559	444	813	64	173

$ Mil \| FY: 2/2	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	8/3/2025	5/4/2025	2/2/2025	10/27/2024	7/28/2024	4/28/2024	1/28/2024	10/29/2023	7/30/2023	4/30/2023	1/29/2023	10/30/2022
Filing Date	9/4/2025	6/5/2025	3/27/2025	12/5/2024	8/29/2024	6/5/2024	3/21/2024	12/7/2023	8/31/2023	6/1/2023	3/28/2023	12/8/2022
Key Financials Quarterly
Total Revenue	2,525	2,371	3,611	2,397	2,371	2,209	3,205	2,204	2,209	2,001	2,772	1,857
Ebitda	644	553	1,176	604	644	528	1,017	511	573	486	803	432
Operating Income	524	439	1,042	491	540	433	914	413	479	401	722	352
Net Income	371	315	748	352	393	321	669	249	342	290	120	255
EPS	3.10	2.61	6.15	2.87	3.15	2.55	5.29	1.97	2.69	2.28	0.94	2.00
Key Financials TTM
Total Revenue TTM	10,904	10,750	10,588	10,182	9,989	9,827	9,619	9,186	8,839	8,498	8,111	7,468
Ebitda TTM	2,977	2,977	2,952	2,794	2,700	2,629	2,587	2,372	2,293	2,179	2,018	1,870
Operating Income TTM	2,495	2,512	2,506	2,377	2,299	2,238	2,207	2,016	1,955	1,867	1,726	1,596
Net Income TTM	1,786	1,808	1,815	1,736	1,633	1,581	1,550	1,001	1,007	955	855	1,169
Growth Rates Quarterly
Total Revenue Growth	6.5%	7.3%	12.7%	8.7%	7.3%	10.4%	15.6%	18.7%	18.2%	24.0%	30.2%	28.0%
EBITDA Growth	-0.0%	4.7%	15.6%	18.3%	12.3%	8.8%	26.8%	18.3%	24.9%	49.5%	22.7%	26.9%
Operating Income Growth	-3.0%	1.4%	14.0%	18.9%	12.7%	7.8%	26.5%	17.1%	22.6%	54.2%	22.0%	24.9%
Net Income Growth	-5.6%	-2.1%	11.8%	41.5%	15.0%	10.7%	458.8%	-2.6%	18.0%	52.8%	-72.4%	36.0%
Margins Quarterly
EBITDA Margin	25.5%	23.3%	32.6%	25.2%	27.2%	23.9%	31.7%	23.2%	25.9%	24.3%	29.0%	23.2%
Operating Income Margin	20.7%	18.5%	28.9%	20.5%	22.8%	19.6%	28.5%	18.7%	21.7%	20.1%	26.1%	19.0%
Net Income Margin	14.7%	13.3%	20.7%	14.7%	16.6%	14.6%	20.9%	11.3%	15.5%	14.5%	4.3%	13.8%
Cash & Debt
Total Cash	1,156	1,325	1,984	1,188	1,610	1,901	2,244	1,091	1,108	951	1,155	353
Total Debt	1,763	1,707	1,576	1,514	1,459	1,402	1,403	1,168	1,194	1,099	1,070	1,038
Net Debt / (Cash)	607	382	-409	326	-151	-499	-841	77	86	148	-85	686
Cash Flows Quarterly
FCF from Operations	329	-119	1,401	301	443	128	1,384	390	477	46	1,046	66
Cash Flows TTM
FCF from Operations TTM	1,912	2,026	2,273	2,255	2,345	2,378	2,296	1,958	1,634	1,255	966	651
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	281	434	335	413	589	299	54	213	194	98	69	17
Return on Invested Capital (ROIC) Quarterly
ROIC	160.3%	180.8%	-	221.9%	1181.7%	-	-	395.7%	382.4%	325.4%	787.7%	120.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	192.6%	260.6%	-	273.0%	1271.4%	-	-	433.0%	357.2%	344.0%	801.6%	136.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Women's product	6,147	5,260	4,172
Men's product	2,253	1,957	1,536
Other categories	1,219	894	549
Company-operated stores				1,659	2,501
Direct to consumer				2,284	1,138
Other				459	340
Total	9,619	8,111	6,257	4,402	3,979

Price Behavior

Price Behavior

Market Price	$183.60
Market Cap ($ Bil)	22.0
First Trading Date	07/27/2007
Distance from 52W High	-56.4%
	50 Days	200 Days
DMA Price	$172.87	$236.97
DMA Trend	down	down
Distance from DMA	6.2%	-22.5%
	3M	1YR
Volatility	50.1%	51.1%
Downside Capture	259.43	185.12
Upside Capture	138.88	100.09
Correlation (SPY)	41.3%	44.9%

LULU Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.66	1.45	1.70	1.57	1.16	1.17
Up Beta	1.38	2.12	2.25	1.61	1.07	1.14
Down Beta	0.92	1.50	0.75	1.19	0.81	0.92
Up Capture	267%	127%	149%	52%	113%	109%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	19	30	58	124	386
Down Capture	140%	124%	228%	236%	138%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	22	32	66	123	363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of LULU With Other Asset Classes (Last 1Y)
	LULU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-42.7%	-46.1%	14.6%	57.6%	4.7%	-5.6%	-3.5%
Annualized Volatility	51.0%	55.9%	19.6%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.91	-0.77	0.57	2.22	0.10	-0.47	0.03
Correlation With Other Assets		20.8%	44.9%	-5.6%	8.7%	25.5%	25.3%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of LULU With Other Asset Classes (Last 5Y)
	LULU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.5%	-4.8%	15.1%	18.0%	11.7%	4.8%	40.5%
Annualized Volatility	40.9%	32.7%	17.1%	15.5%	18.8%	19.0%	49.0%
Sharpe Ratio	-0.20	-0.04	0.71	0.93	0.51	0.17	0.68
Correlation With Other Assets		40.9%	53.4%	3.4%	9.1%	34.4%	23.1%

Based On 10-Year Data

		Comparison of LULU With Other Asset Classes (Last 10Y)
	LULU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.2%	5.0%	14.5%	14.2%	5.7%	5.3%	76.1%
Annualized Volatility	40.2%	27.1%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.45	0.24	0.69	0.79	0.25	0.23	0.94
Correlation With Other Assets		45.3%	51.3%	1.9%	13.3%	36.9%	17.8%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,954,532
Short Interest: % Change Since 10312025	-5.3%
Average Daily Volume	3,196,799
Days-to-Cover Short Interest	2.18
Basic Shares Quantity	119,600,000
Short % of Basic Shares	5.8%

Returns Analyses

	Title
0	With Lululemon Athletica Stock Surging, Have You Considered The Downside?
1	Lululemon Athletica Stock Return Comparison
2	[10/7/2021] lululemon athletica (LULU) Stock Price Forecast: AI Forecasts LULU Stock Price To Be Around $410 In A Month (Up 2.5%)
3	lululemon athletica (LULU) Stock Return: AI Predicts LULU Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
7312025	9042025	10-Q 8/3/2025
4302025	6052025	10-Q 5/4/2025
1312025	3272025	10-K 2/2/2025
10312024	12052024	10-Q 10/27/2024
7312024	8292024	10-Q 7/28/2024
4302024	6052024	10-Q 4/28/2024
1312024	3212024	10-K 1/28/2024
10312023	12072023	10-Q 10/29/2023
7312023	8312023	10-Q 7/30/2023
4302023	6012023	10-Q 4/30/2023
1312023	3282023	10-K 1/29/2023
10312022	12082022	10-Q 10/30/2022
7312022	9012022	10-Q 7/31/2022
4302022	6022022	10-Q 5/1/2022
1312022	3292022	10-K 1/30/2022
10312021	12092021	10-Q 10/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	NEUBURGER NICOLE	Chief Brand Officer	10022025	Sell	178.00	615	109,470	1,600,754	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Lululemon Athletica (LULU)

Market Price (12/5/2025): $184.38 | Market Cap: $22.1 BilSector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods

Lululemon Athletica (LULU)

Market Price (12/5/2025): $184.38Market Cap: $22.1 BilSector: Consumer DiscretionaryIndustry: Apparel, Accessories & Luxury Goods

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LULU Stock

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About Lululemon Athletica (LULU)

Athleisure/Athletic Apparel

Yoga Clothing

Footwear

Accessories

Expected Drivers of Future Revenue Growth for Lululemon Athletica (LULU)

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Market Price (12/5/2025): $184.38 | Market Cap: $22.1 Bil
Sector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods

Market Price (12/5/2025): $184.38
Market Cap: $22.1 Bil
Sector: Consumer Discretionary
Industry: Apparel, Accessories & Luxury Goods