lululemon athletica inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Women's apparel was 63% and Men's apparel was 24% of revenue.

In the fiscal year to Jan 2026, Americas was 71% and China Mainland was 16% of revenue; Americas fell from 79% in the fiscal year to Jan 2024.

Quarters: lululemon athletica inc.'s SEC filings, named by the month they end. Fiscal years: lululemon athletica inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $14.2 ends up as net income. Net margin rose from 10.5% to 14.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: lululemon athletica inc.'s annual reports to the SEC; quarters: SEC filings.

Is inventory piling up?

lululemon athletica inc. held $1.7B of inventory at the end of Jul 2026, down 0.6% from a year earlier, while its revenue for the quarter fell 4.3% against the same quarter a year earlier. Inventory kept pace with sales. At the last four quarters' cost of sales, the inventory would last 128 days, against 141 a year earlier.

From lululemon athletica inc.'s SEC filings: inventory at each quarter end, against the same quarter end a year earlier, and the quarter's revenue against the same quarter a year earlier. Inventory days: inventory over the cost of sales of the four quarters to that date, times 365. Gross margin: gross profit over revenue, by quarter.

Customers and suppliers

In its latest annual report lululemon athletica inc. buys from Largest product manufacturer (unnamed), Largest fabric manufacturer (unnamed), Peloton.

Suppliers

Unnamed supplier 20%

Unnamed supplier 15%

Peloton PTON

 

LULUlululemon athletica inc.

Only the companies lululemon athletica inc. names in its 10-K filed Mar 17, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 8.6x, below the peer median of 22.6x, but earnings are expected to fall, so the discount may be deserved.

Priced 62% below the peer median of 22.6x.

At 8.6× trailing earnings LULU is below most of its five-year range; the five-year median is 28.9×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $104, 1% below the current price; 3% of 36 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 1 analysts (3%). Sell or Strong Sell: 6.

Over the past year the average of the analysts' latest price targets went from $210.52 to $104.95 (−50%), while LULU went from $169.66 to $104.46 (−38%). In the past three months targets were cut 17 times and never raised. 2 upgrades and 2 downgrades over the year; the latest: Truist Securities moved it to Sell from Hold on Jul 16, 2026.

The day after each of these reports the stock moved +9.2% (Oct 2025, beat); +3.4% (Jan 2026, beat); −9.4% (Apr 2026, beat); −16.2% (Jul 2026, beat).

For the quarter ending Oct 2026 (lululemon athletica inc. reports on Dec 10, 2026), analysts expect adjusted earnings of $1.03 a share, 60% less than the $2.59 of a year earlier, and revenue of $2.3B, down 10% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $9.64 a share, and revenue of $10.5B, down 6% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $1.4B in free cash flow over the year, of which $1.1B went back to shareholders (dividends plus buybacks), leaving $200M in the company.

lululemon athletica inc. had 113M diluted shares in the quarter ended Jul 2026, 5.6% fewer than a year earlier, and 2.3% fewer each year on average since Apr 2020. It spent $1.2B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 17.0% and its net income fell 20.6%: fewer shares added about 4 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.3, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held LULU at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 5 cut, 1 bought new and 4 sold all. The largest of them is Norges Bank, 1.03M shares worth $118M at Jun 30, 2026, 40.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LULU at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $2.0M and sold $3.4M of LULU on the open market in the 12 months to Nov 12, 2026. The largest was Celeste Burgoyne (Pres Americas & Global Guest), who sold $2.8M in 2 sales.

From the Form 4s filed with the SEC about lululemon athletica inc. (47 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 48 other transactions (grants, option exercises, shares withheld for tax and gifts).