Lululemon Athletica Inc. (LULU) 10-Year Financial Performance & Capital Metrics

LULU • • Industrial / General

Consumer CyclicalApparel RetailFootwear-Focused RetailersAthletic & Performance Footwear Brands

Aboutlululemon 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.Show more

Revenue $10.59B +10.1%
EBITDA $2.95B +17.5%
Net Income $1.81B +17.1%
EPS (Diluted) 14.64 +20.0%
Gross Margin 59.22% +1.6%
EBITDA Margin 27.88% +6.8%
Operating Margin 23.67% +6.7%
Net Margin 17.14% +6.3%
ROE 42.42% +1.0%
ROIC 51.44% +3.8%
Debt/Equity 0.36 +9.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.8%
✓Strong 5Y profit CAGR of 23.0%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 21.6%
✓Share count reduced 2.5% through buybacks

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.4%

5Y21.62%

3Y19.17%

TTM9.16%

Profit (Net Income) CAGR

10Y22.47%

5Y22.96%

3Y22.99%

TTM9.39%

EPS CAGR

10Y24.32%

5Y24.32%

3Y25.03%

TTM13.68%

ROCE

10Y Avg37.12%

5Y Avg38.08%

3Y Avg41.3%

Latest44.65%

Peer Comparison

Athletic & Performance Footwear Brands

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ONONOn Holding AG	13.65B	46.00	64.79	29.36%	7.8%	14.55%	3.27%	0.25
LULULululemon Athletica Inc.	23B	205.01	14.00	10.07%	16.38%	40.7%	6.88%	0.36
BIRDAllbirds, Inc.	23.7M	4.18	-0.35	-25.31%	-51.9%	-160.55%		0.53

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Sales/Revenue+	2.06B	2.34B	2.65B	3.29B	3.98B	4.4B	6.26B	8.11B	9.62B	10.59B
Revenue Growth %	0.15%	0.14%	0.13%	0.24%	0.21%	0.11%	0.42%	0.3%	0.19%	0.1%
Cost of Goods Sold+	1.06B	1.14B	1.25B	1.47B	1.76B	1.94B	2.65B	3.62B	4.01B	4.32B
COGS % of Revenue	0.52%	0.49%	0.47%	0.45%	0.44%	0.44%	0.42%	0.45%	0.42%	0.41%
Gross Profit+	997.17M	1.2B	1.4B	1.82B	2.22B	2.46B	3.61B	4.49B	5.61B	6.27B
Gross Margin %	0.48%	0.51%	0.53%	0.55%	0.56%	0.56%	0.58%	0.55%	0.58%	0.59%
Gross Profit Growth %	0.09%	0.2%	0.17%	0.3%	0.22%	0.11%	0.46%	0.24%	0.25%	0.12%
Operating Expenses+	628.09M	778.47M	942.79M	1.11B	1.33B	1.64B	2.28B	3.16B	3.48B	3.77B
OpEx % of Revenue	0.3%	0.33%	0.36%	0.34%	0.34%	0.37%	0.36%	0.39%	0.36%	0.36%
Selling, General & Admin	628.09M	778.47M	904.26M	1.11B	1.33B	1.61B	2.23B	2.76B	3.4B	3.76B
SG&A % of Revenue	0.3%	0.33%	0.34%	0.34%	0.34%	0.37%	0.36%	0.34%	0.35%	0.36%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	38.52M	72K	29K	35M	50.18M	406.49M	79.51M	2.73M
Operating Income+	369.08M	421.15M	456M	705.84M	889.11M	819.99M	1.33B	1.33B	2.13B	2.51B
Operating Margin %	0.18%	0.18%	0.17%	0.21%	0.22%	0.19%	0.21%	0.16%	0.22%	0.24%
Operating Income Growth %	-0.02%	0.14%	0.08%	0.55%	0.26%	-0.08%	0.63%	-0%	0.61%	0.17%
EBITDA+	442.46M	508.85M	564.24M	828.32M	1.05B	1.01B	1.56B	1.62B	2.51B	2.95B
EBITDA Margin %	0.21%	0.22%	0.21%	0.25%	0.26%	0.23%	0.25%	0.2%	0.26%	0.28%
EBITDA Growth %	0.02%	0.15%	0.11%	0.47%	0.27%	-0.04%	0.55%	0.04%	0.55%	0.18%
D&A (Non-Cash Add-back)	73.38M	87.7M	108.23M	122.48M	161.93M	185.48M	224.21M	291.79M	379.38M	446.52M
EBIT	369.08M	421.15M	494.53M	705.84M	889.11M	849.83M	1.37B	1.73B	2.21B	2.51B
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-581K	1.58M	4M	9.41M	8.28M	-636K	514K	4.16M	43.06M	70.38M
Pretax Income+	368.5M	422.73M	460M	715.25M	897.39M	819.35M	1.33B	1.33B	2.18B	2.58B
Pretax Margin %	0.18%	0.18%	0.17%	0.22%	0.23%	0.19%	0.21%	0.16%	0.23%	0.24%
Income Tax+	102.45M	119.35M	201.34M	231.45M	251.8M	230.44M	358.55M	477.77M	625.54M	761.46M
Effective Tax Rate %	0.72%	0.72%	0.56%	0.68%	0.72%	0.72%	0.73%	0.64%	0.71%	0.7%
Net Income+	266.05M	303.38M	258.66M	483.8M	645.6M	588.91M	975.32M	854.8M	1.55B	1.81B
Net Margin %	0.13%	0.13%	0.1%	0.15%	0.16%	0.13%	0.16%	0.11%	0.16%	0.17%
Net Income Growth %	0.11%	0.14%	-0.15%	0.87%	0.33%	-0.09%	0.66%	-0.12%	0.81%	0.17%
Net Income (Continuing)	266.05M	303.38M	258.66M	483.8M	645.6M	588.91M	975.32M	854.8M	1.55B	1.81B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.89	2.21	1.90	3.61	4.93	4.50	7.49	6.68	12.20	14.64
EPS Growth %	0.14%	0.17%	-0.14%	0.9%	0.37%	-0.09%	0.66%	-0.11%	0.83%	0.2%
EPS (Basic)	1.90	2.21	1.90	3.63	4.95	4.52	7.52	6.70	12.23	14.67
Diluted Shares Outstanding	140.61M	137.3M	136.2M	133.97M	130.96M	130.87M	130.29M	128.02M	127.06M	123.94M
Basic Shares Outstanding	140.37M	137.09M	135.99M	133.41M	130.39M	130.29M	129.77M	127.67M	126.73M	123.73M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Total Current Assets+	917.04M	1.16B	1.44B	1.43B	1.81B	2.12B	2.61B	3.16B	4.06B	3.98B
Cash & Short-Term Investments	501.48M	734.85M	990.5M	881.32M	1.09B	1.15B	1.26B	1.15B	2.24B	1.98B
Cash Only	501.48M	734.85M	990.5M	881.32M	1.09B	1.15B	1.26B	1.15B	2.24B	1.98B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	104.56M	90.39M	68.12M	85.17M	125.38M	75.71M	195.93M	318.55M	308.5M	302.43M
Days Sales Outstanding	18.52	14.07	9.39	9.45	11.5	6.28	11.43	14.34	11.71	10.43
Inventory	284.01M	298.43M	329.56M	404.84M	518.51M	647.23M	966.48M	1.45B	1.32B	1.44B
Days Inventory Outstanding	97.49	95.15	96.2	100.38	107.78	121.91	133.22	146.01	120.48	121.92
Other Current Assets	-64.47M	-42.12M	-850K	8.56M	5.97M	168.76M	51.63M	96.67M	47.3M	103.78M
Total Non-Current Assets+	397.04M	494.8M	562.2M	655.43M	1.47B	2.06B	2.33B	2.45B	3.03B	3.62B
Property, Plant & Equipment	349.61M	423.5M	473.64M	567.24M	1.36B	1.48B	1.73B	2.24B	2.81B	3.2B
Fixed Asset Turnover	5.89x	5.54x	5.59x	5.80x	2.92x	2.97x	3.61x	3.62x	3.42x	3.31x
Goodwill	23.83M	24.23M	24.61M	24.24M	24.18M	386.88M	386.88M	24.14M	24.08M	159.52M
Intangible Assets	947K	324K	73K	0	241K	80.08M	71.3M	21.96M	0	11.67M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	10.85M	20.49M	31.39M	37.4M	56.2M	106.63M	132.1M	156.04M	186.68M	237.84M
Total Assets+	1.31B	1.66B	2B	2.08B	3.28B	4.19B	4.94B	5.61B	7.09B	7.6B
Asset Turnover	1.57x	1.41x	1.33x	1.58x	1.21x	1.05x	1.27x	1.45x	1.36x	1.39x
Asset Growth %	0.01%	0.26%	0.21%	0.04%	0.57%	0.28%	0.18%	0.13%	0.26%	0.07%
Total Current Liabilities+	225.5M	241.45M	292.6M	500.48M	620.42M	883.18M	1.41B	1.49B	1.63B	1.84B
Accounts Payable	10.38M	24.85M	24.65M	95.53M	80M	172.25M	289.73M	172.73M	348.44M	271.41M
Days Payables Outstanding	3.56	7.92	7.19	23.69	16.63	32.44	39.94	17.43	31.72	22.95
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	51.61M	64.58M	95.81M	129.17M	168.15M	218.48M	330.75M	381.51M	453.15M	419.31M
Current Ratio	4.07x	4.82x	4.91x	2.86x	2.91x	2.41x	1.86x	2.12x	2.49x	2.16x
Quick Ratio	2.81x	3.58x	3.78x	2.05x	2.08x	1.67x	1.17x	1.15x	1.68x	1.38x
Cash Conversion Cycle	112.45	101.3	98.39	86.15	102.65	95.74	104.71	142.92	100.47	109.4
Total Non-Current Liabilities+	61.09M	56.12M	108.92M	138.26M	708.72M	743.47M	797.1M	966.04M	1.23B	1.44B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	611.46M	632.59M	692.06M	862.36M	1.15B	1.3B
Deferred Tax Liabilities	10.76M	7.26M	1.34M	14.25M	43.43M	58.76M	53.35M	55.08M	29.52M	98.19M
Other Non-Current Liabilities	50.33M	48.32M	107.59M	124.01M	53.82M	52.13M	51.69M	48.59M	45.06M	40.79M
Total Liabilities	286.6M	297.57M	401.52M	638.74M	1.33B	1.63B	2.2B	2.46B	2.86B	3.28B
Total Debt+	0	0	6.43M	0	739.96M	798.68M	881.05M	1.07B	1.4B	1.58B
Net Debt	-501.48M	-734.85M	-990.5M	-881.32M	-353.54M	-351.84M	-378.82M	-84.53M	-840.69M	-408.55M
Debt / Equity	-	-	0.00x	-	0.38x	0.31x	0.32x	0.34x	0.33x	0.36x
Debt / EBITDA	-	-	0.01x	-	0.70x	0.79x	0.57x	0.66x	0.56x	0.53x
Net Debt / EBITDA	-1.13x	-1.44x	-1.76x	-1.06x	-0.34x	-0.35x	-0.24x	-0.05x	-0.33x	-0.14x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	1.03B	1.36B	1.6B	1.45B	1.95B	2.56B	2.74B	3.15B	4.23B	4.32B
Equity Growth %	-0.06%	0.32%	0.17%	-0.09%	0.35%	0.31%	0.07%	0.15%	0.34%	0.02%
Book Value per Share	7.31	9.90	11.73	10.79	14.91	19.55	21.03	24.60	33.31	34.89
Total Shareholders' Equity	1.03B	1.36B	1.6B	1.45B	1.95B	2.56B	2.74B	3.15B	4.23B	4.32B
Common Stock	637K	637K	628K	608K	621K	626K	616K	611K	606K	581K
Retained Earnings	1.02B	1.29B	1.46B	1.35B	1.82B	2.35B	2.51B	2.93B	3.92B	4.11B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-238.2M	-201.5M	-142.92M	-216.81M	-224.58M	-177.16M	-195.92M	-252.58M	-264.26M	-424.44M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Feb 2025
Cash from Operations+	297.54M	386.39M	489.34M	742.78M	669.32M	803.34M	1.39B	966.46M	2.3B	2.27B
Operating CF Margin %	0.14%	0.16%	0.18%	0.23%	0.17%	0.18%	0.22%	0.12%	0.24%	0.21%
Operating CF Growth %	-0.05%	0.3%	0.27%	0.52%	-0.1%	0.2%	0.73%	-0.3%	1.38%	-0.01%
Net Income	266.05M	303.38M	258.66M	483.8M	645.6M	588.91M	975.32M	854.8M	1.55B	1.81B
Depreciation & Amortization	73.38M	87.7M	108.23M	122.48M	161.93M	185.48M	224.21M	291.79M	379.38M	446.52M
Stock-Based Compensation	10.36M	16.82M	17.61M	28.57M	45.59M	50.8M	69.14M	78.08M	93.56M	90.01M
Deferred Taxes	11.14M	-17.56M	-11.42M	16.79M	24.13M	34.91M	-5.18M	3.04M	-28.38M	57.45M
Other Non-Cash Items	-3.65M	-4.55M	11.62M	-21.73M	-13.86M	-9.21M	-3.51M	398.68M	102.19M	-83.99M
Working Capital Changes	-59.74M	603K	104.63M	112.88M	-194.07M	-47.55M	129.13M	-659.92M	199.22M	-51.9M
Change in Receivables	0	0	0	0	0	0	0	-58.99M	6.58M	1.63M
Change in Inventory	-83.29M	-5.4M	-21.18M	-85.94M	-117.59M	-96.55M	-323.61M	-573.44M	66.58M	-156.09M
Change in Payables	1.25M	14.08M	-1.55M	71.96M	-14.81M	82.66M	117.66M	-107.28M	177.37M	-57.04M
Cash from Investing+	-143.49M	-149.51M	-173.39M	-242.79M	-278.41M	-695.53M	-427.89M	-569.94M	-654.13M	-798.17M
Capital Expenditures	-143.49M	-149.51M	-157.86M	-225.81M	-283.05M	-229.23M	-394.5M	-638.66M	-651.87M	-689.23M
CapEx % of Revenue	0.07%	0.06%	0.06%	0.07%	0.07%	0.05%	0.06%	0.08%	0.07%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	-8.32M	-771K	4.29M	882K	-10M	68.72M	-2.27M	45.2M
Cash from Financing+	-272.49M	-26.61M	-97.86M	-590.21M	-177.17M	-80.79M	-844.99M	-467.49M	-548.83M	-1.65B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.7M	2.72M	2.4M	8.13M	-3.77M	-17.13M	-32.38M	-23.49M	9.82M	-15.63M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	154.05M	236.88M	331.47M	516.97M	386.27M	574.11M	994.61M	327.81M	1.64B	1.58B
FCF Margin %	0.07%	0.1%	0.13%	0.16%	0.1%	0.13%	0.16%	0.04%	0.17%	0.15%
FCF Growth %	-0.21%	0.54%	0.4%	0.56%	-0.25%	0.49%	0.73%	-0.67%	4.02%	-0.04%
FCF per Share	1.10	1.73	2.43	3.86	2.95	4.39	7.63	2.56	12.94	12.78
FCF Conversion (FCF/Net Income)	1.12x	1.27x	1.89x	1.54x	1.04x	1.36x	1.42x	1.13x	1.48x	1.25x
Interest Paid	52K	5.18M	8K	1.39M	325K	0	12K	116K	234K	478K
Taxes Paid	113.53M	132.42M	137.83M	177.04M	305.49M	0	245.21M	502.14M	824.21M	579.18M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	25.13%	25.41%	17.5%	31.8%	38%	26.11%	36.81%	29.03%	42.01%	42.42%
Return on Invested Capital (ROIC)	58.21%	54.88%	55.25%	89.91%	61.65%	32.32%	43.78%	36.73%	49.55%	51.44%
Gross Margin	48.39%	51.17%	52.8%	55.23%	55.87%	55.98%	57.68%	55.39%	58.31%	59.22%
Net Margin	12.91%	12.94%	9.76%	14.71%	16.22%	13.38%	15.59%	10.54%	16.12%	17.14%
Debt / Equity	-	-	0.00x	-	0.38x	0.31x	0.32x	0.34x	0.33x	0.36x
FCF Conversion	1.12x	1.27x	1.89x	1.54x	1.04x	1.36x	1.42x	1.13x	1.48x	1.25x
Revenue Growth	14.65%	13.78%	13%	24.13%	21.01%	10.62%	42.14%	29.63%	18.6%	10.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Women's Product	-	-	-	-	2.79B	3.05B	4.17B	5.26B	6.15B	6.69B
Women's Product Growth	-	-	-	-	-	9.28%	36.78%	26.08%	16.87%	8.87%
Men's Product	-	-	-	-	933.77M	953.18M	1.54B	1.96B	2.25B	2.56B
Men's Product Growth	-	-	-	-	-	2.08%	61.13%	27.40%	15.14%	13.57%
Others	142.68M	186.75M	234.53M	303.1M	254.53M	398.79M	549M	894.11M	1.22B	1.34B
Others Growth	-	30.89%	25.58%	29.24%	-16.02%	56.68%	37.67%	62.86%	36.35%	9.68%
Corporate Owned Stores	1.52B	1.7B	1.84B	2.13B	-	-	-	-	-	-
Corporate Owned Stores Growth	-	12.40%	7.79%	15.75%	-	-	-	-	-	-
Direct To Consumer	401.52M	453.29M	577.59M	858.86M	-	-	-	-	-	-
Direct To Consumer Growth	-	12.89%	27.42%	48.70%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.51B	1.73B	1.91B	2.36B	2.85B	3.11B	4.35B	5.65B	6.35B	6.48B
UNITED STATES Growth	-	14.40%	10.76%	23.62%	20.77%	8.79%	39.95%	30.11%	12.24%	2.16%
People's Republic of China	-	-	-	-	-	-	-	681.63M	1.13B	1.54B
People's Republic of China Growth	-	-	-	-	-	-	-	-	66.41%	35.89%
CANADA	416.52M	447.17M	491.78M	565.11M	649.11M	672.61M	954.22M	1.16B	1.29B	1.41B
CANADA Growth	-	7.36%	9.98%	14.91%	14.87%	3.62%	41.87%	21.89%	10.50%	9.84%
Outside Of North America	135.16M	171.15M	245.64M	359.84M	475.82M	624.14M	956.71M	611.43M	853.34M	1.12B
Outside Of North America Growth	-	26.63%	43.52%	46.49%	32.23%	31.17%	53.28%	-36.09%	39.56%	31.08%
MEXICO	-	-	-	-	-	-	-	-	-	33.3M
MEXICO Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Lululemon Athletica Inc. (LULU) has a price-to-earnings (P/E) ratio of 14.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Lululemon Athletica Inc. (LULU) reported $10.90B in revenue for fiscal year 2024. This represents a 989% increase from $1.00B in 2011.

Lululemon Athletica Inc. (LULU) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Lululemon Athletica Inc. (LULU) is profitable, generating $1.79B in net income for fiscal year 2024 (17.1% net margin).

Dividend & Returns

Lululemon Athletica Inc. (LULU) has a return on equity (ROE) of 42.4%. This is excellent, indicating efficient use of shareholder capital.

Lululemon Athletica Inc. (LULU) generated $1.17B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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