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Monday 9 November 2026
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lululemon athletica inc.
LULUConsumer Cyclical Apparel Retail
lululemon athletica inc.’s revenue for fiscal 2026 (year ended January 2026) was $11.1 billion, up 4.86% from fiscal 2025.
- Revenue
- −4.34%
- EPS
- −5.81%
- Free cash flow
- +49.3%
Quarter to July 2026, against a year earlier
110.79
0.98
−0.88%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,344 | 2,649 | 3,288 | 3,979 | 4,402 | 6,257 | 8,111 | 9,619 | 10,588 | 11,103 | 11,094 | +18.9% | 10,468 | 10,342 | 10,645 | (1.4%) | |
| Gross margin, % | 51.17 | 52.80 | 55.23 | 55.87 | 55.98 | 57.68 | 55.39 | 58.31 | 59.22 | 56.60 | 56.11 | +5.4 pt | ||||||
| EBT | 423 | 460 | 715 | 897 | 819 | 1,334 | 1,333 | 2,176 | 2,576 | 2,239 | 2,008 | +20.3% | ||||||
| EBT margin, % | 18.03 | 17.36 | 21.75 | 22.55 | 18.61 | 21.32 | 16.43 | 22.62 | 24.33 | 20.17 | 18.10 | +2.1 pt | ||||||
| Net income | 303 | 259 | 484 | 646 | 589 | 975 | 855 | 1,550 | 1,815 | 1,579 | 1,418 | +20.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 17.10 | 19.48 | 24.65 | 30.52 | 33.79 | 48.21 | 63.53 | 75.91 | 85.57 | 93.31 | 98.27 | +20.7% | |||||
| Earnings | 2.21 | 1.90 | 3.63 | 4.95 | 4.52 | 7.52 | 6.70 | 12.23 | 14.67 | 13.27 | 12.21 | +22.0% | ||||||
| Cash flow | 2.82 | 3.60 | 5.57 | 5.13 | 6.17 | 10.70 | 7.57 | 18.12 | 18.37 | 13.47 | 17.56 | +19.0% | ||||||
| Capex | (1.09) | (1.16) | (1.69) | (2.17) | (1.76) | (3.04) | (5.00) | (5.14) | (5.57) | (5.72) | (5.56) | +20.2% | ||||||
| Free cash flow | 1.73 | 2.44 | 3.88 | 2.96 | 4.41 | 7.66 | 2.57 | 12.98 | 12.80 | 7.75 | 12.00 | +18.1% | ||||||
| Book value | 9.92 | 11.74 | 10.84 | 14.97 | 19.64 | 21.12 | 24.66 | 33.40 | 34.95 | 41.70 | 42.44 | +17.3% | ||||||
| Shares, m | 137 | 136 | 133 | 130 | 130 | 130 | 128 | 127 | 124 | 119 | 116 | (1.6%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 30.55 | 40.95 | 40.72 | 48.26 | 73.78 | 44.32 | 45.87 | 37.08 | 28.14 | 13.45 | 9.07 | 40.3 | |||||
| P/S | 3.95 | 4.01 | 6.00 | 7.84 | 8.93 | 6.68 | 4.83 | 5.98 | 4.84 | 1.92 | 1.13 | 5.5 | ||||||
| P/B | 6.81 | 6.66 | 13.64 | 15.99 | 16.98 | 15.81 | 12.44 | 13.59 | 11.85 | 4.29 | 2.61 | 11.8 | ||||||
| EV/Sales | 3.63 | 3.64 | 5.76 | 7.59 | 8.71 | 6.50 | 4.70 | 5.76 | 4.66 | 1.77 | 1.01 | 5.3 | ||||||
| EV/FCF | 35.97 | 29.10 | 36.63 | 78.24 | 73.85 | 42.38 | 116.30 | 33.67 | 31.18 | 21.27 | 8.28 | 49.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 386 | 489 | 743 | 669 | 803 | 1,389 | 966 | 2,296 | 2,273 | 1,602 | 1,982 | +17.1% | |||||
| Capex | (150) | (158) | (226) | (283) | (229) | (395) | (639) | (652) | (689) | (681) | (628) | +18.3% | ||||||
| Free cash flow | 237 | 331 | 517 | 386 | 574 | 995 | 328 | 1,644 | 1,583 | 922 | 1,354 | +16.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 921 | 1,144 | 929 | 1,188 | 1,241 | 1,210 | 1,667 | 2,429 | 2,141 | 2,375 | 2,144 | +11.1% | |||||
| Net debt | (735) | (991) | (881) | (1,094) | (1,151) | (1,260) | (1,155) | (2,244) | (1,984) | (1,807) | (1,390) | +10.5% | ||||||
| Shareholders’ equity | 1,360 | 1,597 | 1,446 | 1,952 | 2,559 | 2,740 | 3,149 | 4,232 | 4,324 | 4,962 | 4,791 | +15.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 20.42 | 14.15 | 23.70 | 24.06 | 15.77 | 21.37 | 16.21 | 24.41 | 24.70 | 19.67 | 17.72 | (0.7) pt | |||||
| ROIC | 42.11 | 46.99 | 78.13 | 64.71 | 36.40 | 56.30 | 41.64 | 67.04 | 66.93 | 43.80 | 36.36 | +1.7 pt | ||||||
| ROE | 25.41 | 17.50 | 31.80 | 38.00 | 26.11 | 36.81 | 29.03 | 42.01 | 42.42 | 34.01 | 30.90 | +8.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 12,500 | 13,400 | 15,700 | 19,000 | 25,000 | 29,000 | 34,000 | 38,000 | 39,000 | 39,000 | — | +13.5% | |||||
| Revenue/emp, $m | 0.19 | 0.20 | 0.21 | 0.21 | 0.18 | 0.22 | 0.24 | 0.25 | 0.27 | 0.28 | — | +4.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Americas | 7,847 | 70.68% |
|---|---|---|
| China Mainland | 1,755 | 15.81% |
| Rest of World | 1,501 | 13.52% |
| Gross margin | 56.60% | |
| Operating margin | 19.91% | |
| Pre-tax margin | 20.17% |
lululemon athletica inc. vs peers in Apparel Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BURL Burlington Stores, Inc. | $15.5B | 22.2× | 21.5× | +10.99% (above 0%: growing) | +95.92% (above 0%: growing) | +31.74% (above 0%: growing) | 46.24% | 8.51% | Compare |
| LULU lululemon athletica inc. | $12.8B | 9.1× | 11.5× | −4.34% (below 0%: shrinking) | −5.81% (below 0%: shrinking) | +49.33% (above 0%: growing) | 60.52% | 18.78% | |
| VSXY Victoria's Secret & Co. | $8.6B | 24.3× | 21.1× | +10.42% (above 0%: growing) | +990.00% (above 0%: growing) | +272.73% (above 0%: growing) | 47.11% | 15.95% | Compare |
| GAP The Gap, Inc. | $7.6B | 6.3× | 5.8× | −1.99% (below 0%: shrinking) | +143.10% (above 0%: growing) | −47.71% (below 0%: shrinking) | 52.83% | 18.52% | Compare |
| URBN Urban Outfitters, Inc. | $7.3B | 13.0× | 11.9× | +10.44% (above 0%: growing) | +75.63% (above 0%: growing) | +92.47% (above 0%: growing) | 43.42% | 17.37% | Compare |
| ANF Abercrombie & Fitch Company | $6.4B | 12.6× | 11.1× | +4.81% (above 0%: growing) | +41.41% (above 0%: growing) | +296.59% (above 0%: growing) | 71.10% | 19.95% | Compare |
| BOOT Boot Barn Holdings, Inc. | $3.9B | 15.7× | 14.7× | +15.12% (above 0%: growing) | +25.80% (above 0%: growing) | +62.25% (above 0%: growing) | 37.21% | 12.07% | Compare |
| AEO American Eagle Outfitters, Inc. | $3.3B | 10.0× | 8.8× | +7.53% (above 0%: growing) | +77.78% (above 0%: growing) | +367.29% (above 0%: growing) | 48.69% | 15.32% | Compare |
| BKE Buckle, Inc. (The) | $2.2B | 9.6× | 9.8× | +4.60% (above 0%: growing) | −2.22% (below 0%: shrinking) | −63.66% (below 0%: shrinking) | 47.85% | 17.45% | Compare |
| Median of peers | $6.8B | 12.8× | 11.5× | +8.98% | +76.71% | +77.36% | 47.48% | 16.66% |
From the latest earnings call
- Interim Co-CEO Meghan Frank said negative media and social commentary hurt traffic, while some new products received a softer response than planned.
- Frank said lululemon is reordering styles that are working, increasing marketing investment and tightening expenses as it seeks to improve full-price sales.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
76.30%
Held by the ten largest
39.16%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 12.96m | 11.95% | −235.29k |
| BlackRock | 8.85m | 8.16% | −650.92k |
| State Street | 4.52m | 4.17% | −3.86k |
| FEDERATED HERMES, INC. | 3.63m | 3.34% | +622.44k |
| Geode Capital Management | 2.97m | 2.74% | −131.32k |
| Invesco | 2.33m | 2.15% | +515.08k |
| Fidelity International (FIL) | 2.03m | 1.87% | +2.02m |
| FLOSSBACH VON STORCH SE | 1.82m | 1.68% | −41.54k |
| UBS | 1.75m | 1.61% | +452.28k |
| Morgan Stanley | 1.62m | 1.49% | −209.28k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 April 2025
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.55m | 2.22m | 173.02 |
| 2024 | 16.49m | 46.83m | 199.69 |
| 2023 | 15.66m | 18.29m | 129.85 |
| 2022 | 13.27m | 18.83m | 131.96 |
| 2021 | 10.59m | 39.32m | 137.30 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group, Inc.
11.10%
FMR LLC
11.00%
Dennis J. Wilson
8.40%
BlackRock, Inc.
7.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
lululemon athletica inc. (LULU) Latest News
7 Nov
28 Oct
27 Oct
23 Oct
22 Oct
21 Oct
19 Oct
16 Oct
15 Oct
LULU metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
lululemon is a designer, distributor and retailer of technical athletic apparel, footwear and accessories sold under the lululemon brand. Its assortment includes pants, shorts, tops and jackets for yoga, running, training and other activities; apparel for everyday movement; and fitness-inspired accessories.
The company designs products around technical fabrics, fit and functional features. Its design and development teams include researchers, scientists, engineers and designers, and they use guest and ambassador feedback alongside market research. lululemon develops proprietary fabrics and works with fabric and trims suppliers on product specifications.