Lululemon Athletica (LULU)
Forward P/E is 12.50x against a peer median of 19.79x, a ratio of 0.63x — below the fair range — with trailing P/E 8.60x and PEG not available (shown as n/a on the statistics page). Latest-quarter revenue fell 4.3% year over year (PRIMARY, EDGAR): revenue is shrinking, so the value-trap check moves the label from undervalued to fairly priced. Delivered demand check: the apparel & luxury group's median growth was 2.3% year over year — demand steady, while this company's revenue fell.
What would change this label: Move to UNDERVALUED if revenue growth returns to at least 2.3% year over year, the group median, for two quarters while the forward P/E stays at or below about 17.81x (0.90x the peer median). Move to OVERVALUED if the forward P/E rises above about 22.76x (1.15x the peer median) without revenue returning to growth, or if revenue falls by more than 8% year over year.
Lululemon sells athletic and yoga-inspired clothing. Its shares look cheap at about 13 times expected earnings, against similar companies at about 20 times, but its sales fell 4.3% in the latest quarter. A cheap price for a business that is currently shrinking reads as fair, not as a bargain.
Both lines start at 100 on 2020-09-01. Over the full window Lululemon Athletica returned -73.26% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Lululemon Athletica: -82.0% (2023-12-29 to 2026-10-07). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 12.50x against a peer median of 19.79x, a ratio of 0.63x — below the fair range — with trailing P/E 8.60x and PEG not available (shown as n/a on the statistics page). Latest-quarter revenue fell 4.3% year over year (PRIMARY, EDGAR): revenue is shrinking, so the value-trap check moves the label from undervalued to fairly priced. Delivered demand check: the apparel & luxury group's median growth was 2.3% year over year — demand steady, while this company's revenue fell. The company’s forward P/E is 12.5× against a peer median of 19.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Apparel & luxury group's median latest-quarter revenue growth was 2.3% year over year (SEC filings) — demand steady. Lululemon Athletica's revenue fell 4.3%, well below the group median. Latest-quarter sales growth was -4.3% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Lululemon Athletica (LULU) | $105.05 | 12.5× | 8.6× |
| TPR | — | 13.9× | 15.2× |
| RL | — | 19.8× | 24.4× |
| NKE | — | 28.9× | 17.9× |
| Peer median | 19.8× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Aug 2026 2026-08-02 | $2.4B | 60.5% | $329M | 2.92 | $225M |
| Q/E May 2026 2026-05-03 | $2.5B | 54.2% | $195M | 1.69 | $87M |
| Q/E Feb 2026 2026-02-01 | $3.6B | 54.9% | $587M | — | $960M |
| Q/E Nov 2025 2025-11-02 | $2.6B | 55.6% | $307M | 2.59 | $82M |
| Q/E Aug 2025 2025-08-03 | $2.5B | 58.5% | $371M | 3.10 | $151M |
| Q/E May 2025 2025-05-04 | $2.4B | 58.3% | $315M | 2.60 | $-271M |
| Q/E Feb 2025 2025-02-02 | $3.6B | 60.4% | $748M | — | $1.2B |
| Q/E Oct 2024 2024-10-27 | $2.4B | 58.5% | $352M | 2.87 | $122M |
| Q/E Jul 2024 2024-07-28 | $2.4B | 59.6% | $393M | 3.15 | $298M |
| Q/E Apr 2024 2024-04-28 | $2.2B | 57.7% | $321M | 2.54 | $-3M |
| Q/E Jan 2024 2024-01-28 | $3.2B | 59.4% | $669M | — | $1.2B |
| Q/E Oct 2023 2023-10-29 | $2.2B | 57.0% | $249M | 1.96 | $227M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | lululemon athletica inc. |
| Chief executive | Heidi O'Neill (source: https://wixx.com/2026/10/07/lululemon-puts-nike-veteran-in-charge-of-product-as-ceo-oneill-looks-to-right-ship/) |
| Sector | Consumer Discretionary — Apparel, Accessories & Luxury Goods — sells athletic and yoga-inspired clothing |
| Share price (Oct 28, 2026) | $105.05 |
| Market value (market cap) | $11.0B — share price times shares outstanding of 105,594,064 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $11.1B |
| Net income, last twelve months | $1.4B |
| Free cash flow, last twelve months | $1.4B |
| Latest reported quarter | Q/E Aug 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | -73.26% vs +118.28% |
| Worst peak-to-trough fall | -82.0% (2023-12-29 to 2026-10-07) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- The peer set has 3 names (TPR, RL, NKE) rather than 5; the peer median forward P/E of 19.79x is the median of those three from their statistics captures.
- PEG Ratio shown as n/a on statistics page
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001397187.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001397187.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/LULU/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.