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Lululemon Athletica

LULU Nasdaq Apparel, Accessories & Luxury Goods Financials FY2016–FY2025

Lululemon Athletica's revenue rose 4.9% to $11.1 billion in fiscal 2025. Its operating margin was 19.9%, down from 23.7% a year earlier. Free cash flow was $922 million, down 41.8%. It paid out $1.2 billion in dividends and buybacks, 128% of free cash flow. The diluted share count fell 3.9%.

Last close · Oct 23, 2026

$99.01

4.9%
Value it Compare
Revenue Total sales reported in the income statement.
$11.1B
4.9% vs prior year
Operating margin Operating income as a share of revenue.
19.9%
3.8 pts
Net income Profit after all expenses, interest and tax.
$1.6B
13.0%
Free cash flow Cash from operations minus capital spending.
$922M
41.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
56.8%
24.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
8.1x
On $12.17 EPS (TTM)

About these figures. Lululemon reports no borrowings, so debt is counted as zero.

What Lululemon Athletica does

Lululemon designs and sells athletic clothing, shoes and accessories, such as leggings, shorts, tops and jackets for yoga, running and training, under the lululemon name. It sells mainly through its own stores, websites and apps, and operates in 30 countries. In the year to February 2026, women's clothing made up 63% of revenue, men's 24% and accessories and other products 13%.

It reports three regional segments. The Americas, where it opened its first store in Vancouver in 1998, brought in 71% of revenue in 2025. China Mainland brought in 16%, and the Rest of World segment covers the rest of Asia Pacific, Europe and the Middle East. Lululemon says it competes on brand, quality, style and price with global and local makers and sellers of athletic clothing and shoes, including established companies and new brands.

Lululemon had 811 company-run stores and about 39,000 employees in early 2026. Outside manufacturers make its products: it works with about 51 of them, and 40% of them were made in Vietnam in 2025, with most of the rest from Cambodia, Sri Lanka, Indonesia and Bangladesh.

Legal name
lululemon athletica inc.
Fiscal year ends
February 1, 2026
Latest annual report
10-K · Mar 17, 2026
Accession · CIK
0001397187-26-000020
0001397187

Revenue and margins

Lululemon Athletica had $11.1B of revenue in fiscal 2025, up 4.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $922M in fiscal 2025, 8.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lululemon Athletica returned $1.2B to shareholders in fiscal 2025, 128% of free cash flow. The diluted share count fell 3.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Lululemon Athletica yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.8B and divides by 119.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 8.1x · peers 23.8x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Lululemon Athletica can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$1.2B$2.2B$2.0B$1.8B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −0.8x−0.7x−0.9x−0.7x−0.7x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 111,112.9x11,451.8x9,114.0x5,242.0x2,150.4x
Current ratio 1.9x2.1x2.5x2.2x2.3x
Quick ratio 1.2x1.2x1.7x1.4x1.4x
Total assets $4.9B$5.6B$7.1B$7.6B$8.5B
Total liabilities $2.2B$2.5B$2.9B$3.3B$3.5B
Shareholders' equity $2.7B$3.1B$4.2B$4.3B$5.0B
Net debt (− = net cash) −$1.3B−$1.2B−$2.2B−$2.0B−$1.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.0M

2 insiders

Sold, 12 months

$3.4M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 15, 2026 Charles Bergh VDirector Bought 4,275 $117.05 $0.5M Form 4
Apr 8, 2026 Nicole NeuburgerChief Brand Officer Sold 622 $161.00 $0.1M Form 4
Apr 1, 2026 Andre MaestriniPres, CCO & Interim Co-CEO Bought 3,275 $151.02 $0.5M Form 4
Mar 20, 2026 Charles Bergh VDirector Bought 6,090 $164.20 $1.0M Form 4
Dec 30, 2025 Meghan FrankChief Financial Officer Sold 2,658 $211.37 $0.6M Form 4
Dec 16, 2025 Celeste BurgoynePres Americas & Global Guest Sold 13,511 $204.00 $2.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 95 / 95 / 9
Accruals ratio −11.8%−6.2%−0.3%
Altman Z'' 7.627.216.83

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Lululemon Athletica LULU $11.2B 4.9% 19.9% 8.3% 56.8% 8.1x 5
VF VFC $6.8B 1.1% 6.0% 5.8% 9.0% 27.0x 7 Compare →
PVH PVH $3.9B 3.4% 2.6% 6.0% 1.8% — 6 Compare →
Ralph Lauren RL $23.1B 14.6% 14.5% 9.2% 45.4% 23.8x 8 Compare →
Tapestry TPR $23.2B 14.2% 23.9% 22.6% 77.9% 15.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $2.6B $3.3B $4.0B $4.4B $6.3B $8.1B $9.6B $10.6B $11.1B
Gross profit $1.2B $1.4B $1.8B $2.2B $2.5B $3.6B $4.5B $5.6B $6.3B $6.3B
Operating income $421M $456M $706M $889M $820M $1.3B $1.3B $2.1B $2.5B $2.2B
Interest expense $5.2M $0.0M $1.4M $0.3M $0.1M $0.0M $0.1M $0.2M $0.5M $1.0M
Pretax income $423M $460M $715M $897M $819M $1.3B $1.3B $2.2B $2.6B $2.2B
Income tax $119M $201M $231M $252M $230M $359M $478M $626M $762M $660M
Net income $303M $259M $484M $646M $589M $975M $855M $1.6B $1.8B $1.6B
Diluted EPS $2.21 $1.90 $3.61 $4.93 $4.50 $7.49 $6.68 $12.20 $14.64 $13.26
Diluted shares 0.14B 0.14B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.12B 0.12B
Cash flow
Cash from operations $386M $489M $743M $669M $803M $1.4B $967M $2.3B $2.3B $1.6B
Capital expenditure $150M $158M $226M $283M $229M $395M $639M $652M $689M $681M
Free cash flow $237M $331M $517M $386M $574M $995M $328M $1.6B $1.6B $922M
Depreciation and amortization $87.7M $108M $123M $162M $186M $224M $292M $379M $447M $496M
Stock-based compensation $16.8M $17.6M $28.6M $45.6M $50.8M $69.1M $78.1M $93.6M $90.0M $62.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $453M $0.0M $0.0M $0.0M $154M $0.0M
Share buybacks $29.3M $100M $598M $173M $63.7M $813M $444M $559M $1.6B $1.2B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $29.3M $100M $598M $173M $63.7M $813M $444M $559M $1.6B $1.2B
Balance sheet
Cash and short-term investments $735M $991M $881M $1.1B $1.2B $1.3B $1.2B $2.2B $2.0B $1.8B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.2B $1.4B $1.4B $1.8B $2.1B $2.6B $3.2B $4.1B $4.0B $4.3B
Current liabilities $242M $293M $501M $620M $883M $1.4B $1.5B $1.6B $1.8B $1.9B
Inventory $298M $330M $405M $519M $647M $967M $1.4B $1.3B $1.4B $1.7B
Property and equipment, net $424M $474M $567M $672M $746M $928M $1.3B $1.5B $1.8B $2.0B
Total assets $1.7B $2.0B $2.1B $3.3B $4.2B $4.9B $5.6B $7.1B $7.6B $8.5B
Total liabilities $298M $402M $639M $1.3B $1.6B $2.2B $2.5B $2.9B $3.3B $3.5B
Shareholders' equity $1.4B $1.6B $1.4B $2.0B $2.6B $2.7B $3.1B $4.2B $4.3B $5.0B
Margins
Gross margin 51.2% 52.8% 55.2% 55.9% 56.0% 57.7% 55.4% 58.3% 59.2% 56.6%
Operating margin 18.0% 17.2% 21.5% 22.3% 18.6% 21.3% 16.4% 22.2% 23.7% 19.9%
EBITDA margin 21.7% 21.3% 25.2% 26.4% 22.8% 24.9% 20.0% 26.1% 27.9% 24.4%
Net margin 12.9% 9.8% 14.7% 16.2% 13.4% 15.6% 10.5% 16.1% 17.1% 14.2%
FCF margin 10.1% 12.5% 15.7% 9.7% 13.0% 15.9% 4.0% 17.1% 15.0% 8.3%
Returns
Return on capital 52.5% 41.6% 81.5% 89.9% 52.0% 67.5% 49.1% 76.3% 81.6% 56.8%
Return on capital employed 33.6% 29.2% 42.9% 41.9% 27.5% 39.0% 34.7% 44.5% 44.7% 35.9%
Return on equity 25.4% 17.5% 31.8% 38.0% 26.1% 36.8% 29.0% 42.0% 42.4% 34.0%
Return on assets 20.4% 14.2% 23.7% 24.1% 15.8% 21.4% 16.2% 24.4% 24.7% 19.7%
Growth
Revenue growth 13.8% 13.0% 24.1% 21.0% 10.6% 42.1% 29.6% 18.6% 10.1% 4.9%
Net income growth 14.0% −14.7% 87.0% 33.4% −8.8% 65.6% −12.4% 81.4% 17.1% −13.0%
EPS growth 16.9% −14.0% 90.0% 36.6% −8.7% 66.4% −10.8% 82.6% 20.0% −9.4%
FCF growth 53.8% 39.9% 56.0% −25.3% 48.6% 73.2% −67.0% 401.6% −3.7% −41.8%
Share count change −2.4% −0.8% −1.6% −2.3% −0.1% −0.4% −1.8% −0.8% −2.5% −3.9%
Financial health
Net debt / EBITDA −1.4x −1.8x −1.1x −1.0x −1.1x −0.8x −0.7x −0.9x −0.7x −0.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 81.3x 57,000.1x 506.3x 2,735.7x 7,454.4x 111,112.9x 11,451.8x 9,114.0x 5,242.0x 2,150.4x
Current ratio 4.8x 4.9x 2.9x 2.9x 2.4x 1.9x 2.1x 2.5x 2.2x 2.3x
Quick ratio 3.6x 3.8x 2.1x 2.1x 1.7x 1.2x 1.2x 1.7x 1.4x 1.4x
Capital allocation
Capex / revenue 6.4% 6.0% 6.9% 7.1% 5.2% 6.3% 7.9% 6.8% 6.5% 6.1%
Stock comp / revenue 0.7% 0.7% 0.9% 1.2% 1.2% 1.1% 1.0% 1.0% 0.9% 0.6%
Payouts / FCF 12.4% 30.3% 115.7% 44.9% 11.1% 81.7% 135.5% 34.0% 103.4% 127.9%
Quality scores
Piotroski F-score 8.0 6.0 7.0 8.0 5.0 7.0 6.0 8.0 5.0 5.0
Altman Z'' 12.7 11.8 9.7 7.6 6.7 6.4 6.6 7.6 7.2 6.8
Accruals ratio −5.6% −12.6% −12.7% −0.9% −5.7% −9.1% −2.1% −11.8% −6.2% −0.3%

Source: SEC EDGAR XBRL filings (CIK 0001397187). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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