Lululemon Athletica vs VF
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The short version
- Lululemon Athletica is the larger business, with $11.1B of revenue in fiscal 2025 against $9.6B for VF.
- Lululemon Athletica grew revenue faster (4.9%, against 1.1%).
- Lululemon Athletica kept more of each dollar of sales as operating profit (19.9% operating margin, against 6.0%).
- Lululemon Athletica turned more of its sales into free cash flow (8.3% FCF margin, against 5.8%).
- Lululemon Athletica earned a higher return on the capital invested in it (56.8%, against 9.0%).
| Latest fiscal year | LULU · FY25 | VFC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $11.2B | $6.8B |
| Revenue | $11.1B | $9.6B |
| Free cash flow | $922M | $557M |
| Net income | $1.6B | $255M |
| Growth | ||
| Revenue growth | 4.9% | 1.1% |
| 5-year growth | 20.3% | 0.8% |
| Share count change | −3.9% | 0.8% |
| Profitability | ||
| Gross margin | 56.6% | 54.8% |
| Operating margin | 19.9% | 6.0% |
| Net margin | 14.2% | 2.7% |
| FCF margin | 8.3% | 5.8% |
| Return on capital | 56.8% | 9.0% |
| Return on equity | 34.0% | 15.3% |
| Balance sheet | ||
| Net debt | −$1.8B | $2.7B |
| Net debt / EBITDA | −0.7x | 3.2x |
| Dividends and buybacks | $1.2B | $141M |
| Valuation & quality | ||
| P/E | 8.1x | — |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
LULU $2.6B
VFC $8.4B
FY18
LULU $3.3B
VFC —
FY19
LULU $4.0B
VFC $10.3B
FY20
LULU $4.4B
VFC $10.5B
FY21
LULU $6.3B
VFC $9.2B
FY22
LULU $8.1B
VFC $11.8B
FY23
LULU $9.6B
VFC $11.1B
FY24
LULU $10.6B
VFC $9.9B
FY25
LULU $11.1B
VFC $9.5B
FY26
LULU —
VFC $9.6B
LULU
VFC
Operating margin
FY17
LULU 17.2%
VFC 10.5%
FY18
LULU 21.5%
VFC —
FY19
LULU 22.3%
VFC 11.6%
FY20
LULU 18.6%
VFC 8.9%
FY21
LULU 21.3%
VFC 6.6%
FY22
LULU 16.4%
VFC 13.8%
FY23
LULU 22.2%
VFC 9.0%
FY24
LULU 23.7%
VFC −1.5%
FY25
LULU 19.9%
VFC 3.2%
FY26
LULU —
VFC 6.0%
LULU
VFC
Free cash flow
FY17
LULU $331M
VFC $1.3B
FY18
LULU $517M
VFC —
FY19
LULU $386M
VFC $1.4B
FY20
LULU $574M
VFC $586M
FY21
LULU $995M
VFC $1.1B
FY22
LULU $328M
VFC $619M
FY23
LULU $1.6B
VFC −$808M
FY24
LULU $1.6B
VFC $879M
FY25
LULU $922M
VFC $379M
FY26
LULU —
VFC $557M
LULU
VFC
Return on capital
FY17
LULU 41.6%
VFC 7.3%
FY18
LULU 81.5%
VFC —
FY19
LULU 89.9%
VFC —
FY20
LULU 52.0%
VFC 12.8%
FY21
LULU 67.5%
VFC 7.2%
FY22
LULU 49.1%
VFC 17.3%
FY23
LULU 76.3%
VFC 12.2%
FY24
LULU 81.6%
VFC −1.5%
FY25
LULU 56.8%
VFC 2.5%
FY26
LULU —
VFC 9.0%
LULU
VFC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.