# lululemon athletica inc. (LULU)

> Source: Nexqual · https://nexqual.com/LULU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, lululemon athletica inc. (LULU), nexqual.com/LULU" · informational, not investment advice.

**Price:** USD 104.06 (+7.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 96.53 · day 95.31–104.16 · 52w 90.38–225.98 · market cap $12.1B · NMS

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $11.1B, net income $1.42B (12.8% margin), free cash flow $1.35B (SEC filings).
- Valuation: P/E 8.5x (avg 25.4x at the last 3 fiscal year-ends).
- 4 of 80 tracked superinvestors hold LULU (13F, Q2 2026 (1 investor on Q3 2025, filed early)): 1 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $100K; 1 not under a Rule 10b5-1 plan ($100K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $500K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.17 on a 1–5 scale) (36 analysts), mean target USD 103.66 (range 44–255).
- Total return with dividends: 1Y -41.9% vs S&P 500 +14.9%; 5Y -75.3% vs S&P 500 +80.3%.
- Next earnings: 2026-09-03, EPS estimate USD 1.04, revenue estimate $2.32B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.26B | $8.11B | $9.62B | $10.6B | $11.1B | $11.1B |
| Gross profit | $3.61B | $4.49B | $5.61B | $6.27B | $6.28B | — |
| Operating income | $1.33B | $1.33B | $2.13B | $2.51B | $2.21B | $1.98B |
| Net income | $975M | $855M | $1.55B | $1.81B | $1.58B | $1.42B |
| EPS (diluted) | $7.49 | $6.68 | $12.20 | $14.64 | $13.26 | — |
| Free cash flow | $995M | $328M | $1.64B | $1.58B | $922M | $1.35B |
| Gross margin | 57.7% | 55.4% | 58.3% | 59.2% | 56.6% | — |
| Operating margin | 21.3% | 16.4% | 22.2% | 23.7% | 19.9% | 17.8% |
| Net margin | 15.6% | 10.5% | 16.1% | 17.1% | 14.2% | 12.8% |
| Revenue growth | +42.1% | +29.6% | +18.6% | +10.1% | +4.9% | — |
| Cash + short-term investments | $1.26B | $1.15B | $2.24B | $1.98B | $1.81B | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 8.5x · P/S 1.1x · P/FCF 8.9x · P/B 2.5x · FCF yield 11.24% · Earnings yield 11.76% · Buyback yield (TTM) 9.61%
P/E at fiscal year-ends: Feb 2026 14.0x, Feb 2025 25.0x, Jan 2024 37.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold LULU (1 investor on Q3 2025, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Michael Burry | Scion Asset Management | 26.11% | $17.8M | Added +100.0% | Q3 2025 |
| Francois Rochon | Giverny Capital | 0.49% | $14.7M | Reduced -9.7% | Q2 2026 |
| Tweedy Browne |  | 0.16% | $2.1M | New position | Q2 2026 |
| Prem Watsa | Fairfax Financial Holdings | 0.05% | $1.4M | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-08 | Neuburger Nicole | Chief Brand Officer | 622 | $100K | 3.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $500K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-15 | Bergh Charles V | Director | 4,275 | $500K | 117.05 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 36 analysts; mean target USD 103.66 (low 44, high 255).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Wolfe Research | Initiated | Underperform | $75 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $95 → $90 |
| 2026-09-14 | Argus Research | Reiterated | Hold |  |
| 2026-09-09 | Citigroup | Target lowered | Neutral | $130 → $117 |
| 2026-09-09 | BMO Capital | Initiated | Underperform | $70 |
| 2026-09-04 | Telsey Advisory Group | Target lowered | Market Perform | $122 → $110 |
| 2026-09-04 | Barclays | Target lowered | Equal-Weight | $113 → $95 |
| 2026-09-04 | BNP Paribas | Target lowered | Underperform | $88 → $44 |
| 2026-09-04 | Goldman Sachs | Target lowered | Neutral | $111 → $95 |
| 2026-09-04 | Piper Sandler | Target lowered | Neutral | $110 → $80 |
| 2026-09-04 | Stifel | Target lowered | Hold | $134 → $100 |
| 2026-09-04 | Truist Securities | Target lowered | Sell | $94 → $82 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -41.9% | -75.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -42.0% | -24.4% |
| Volatility (annualized) | 46.7% | 42.5% |
| Max drawdown | -57.4% (Jan 2026→Oct 2026) | -81.5% (Dec 2023→Sep 2026) |

## Peers (Apparel Retail)
BURL (Burlington Stores, Inc.) USD 252.62 +1.81% · GAP (Gap, Inc. (The)) USD 22.91 +0.97% · URBN (Urban Outfitters, Inc.) USD 88.29 +1.53% · VSXY (Victorias Secret & Co.) USD 88.42 -0.82% · ANF (Abercrombie & Fitch Company) USD 161.49 +1.16% · BOOT (Boot Barn Holdings, Inc.) USD 119.76 +3.16%

## More
Full page: https://nexqual.com/LULU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Americas | $1.62B | 66.9% | -8.0% | $594.4M | 36.8% |
| China Mainland | $407.1M | 16.9% | +3.6% | $151.3M | 37.2% |
| Rest of World | $391.8M | 16.2% | +4.7% | $75.0M | 19.1% |
| Corporate costs (not allocated) | — | — | — | -$367.0M | — |
| Total revenue | $2.42B | 100% | — | $453.7M | 18.8% |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Women's apparel | $1.49B | 61.6% | -3.8% |
| Men's apparel | $621.4M | 25.7% | -0.5% |
| Accessories and other categories | $306.0M | 12.7% | -13.4% |
| Total revenue | $2.42B | 100% | — |

## Revenue by region (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.62B | 66.9% | -8.0% |
| — United States (part of Americas) | $1.30B | 53.9% | -8.0% |
| — Canada (part of Americas) | $285.8M | 11.8% | -11.0% |
| — Mexico (part of Americas) | $28.9M | 1.2% | +31.8% |
| People's Republic of China | $458.5M | 19.0% | +4.1% |
| — China Mainland (part of People's Republic of China) | $407.1M | 16.9% | +3.6% |
| — Hong Kong SAR, Taiwan, and Macau SAR (part of People's Republic of China) | $51.4M | 2.1% | +7.9% |
| Other geographic areas | $340.3M | 14.1% | +4.3% |
| Total revenue | $2.42B | 100% | — |

## Company outlook (8-K filed 2026-09-03)

- "For the third quarter of 2026, the Company expects net revenue to be in the range of $2.290 billion to $2.320 billion, representing a decline of 10% to 11%."
- "Diluted earnings per share are expected to be in the range of $0.93 to $0.98 for the quarter."
- "This assumes a tax rate of approximately 30%."
- "For 2026, the Company now expects net revenue to be in the range of $10.350 billion to $10.500 billion, representing a decline of 5% to 7%."

Analysts expect $2.32B for the current quarter, +0.4% vs the guidance midpoint $2.31B. Source: https://www.sec.gov/Archives/edgar/data/1397187/000139718726000126/lulu-20260802xex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.04 | $2.52 | -58.7% | $2.32B | 20 |
| Next quarter (ends 2027-01-31) | $4.04 | $5.12 | -21.0% | $3.26B | 20 |
| Current fiscal year (ends 2027-01-31) | $9.64 | $11.12 | -13.3% | $10.47B | 24 |
| Next fiscal year (ends 2028-01-31) | $8.62 | $11.48 | -25.0% | $10.34B | 26 |