Lululemon Athletica

LULU

Apparel - Retail · Consumer Cyclical

Also trades as: LULU.NE · 0JVT.L

Price

$121.81

-3.80 (-3.03%)

Market Cap

$13.83B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through May 3, 2026

Share count falling — buybacks

−8.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 130.3M (2022) → 119.1M (2026)

Lululemon Athletica makes and sells athletic clothing, shoes, and accessories. Its most popular products are yoga pants, leggings, sports bras, and running gear, sold mainly to adults who exercise regularly or want comfortable everyday wear. The company is one of the largest specialty athletic apparel brands in North America and owns the Lululemon and MIRROR brands.

Lululemon makes money by selling products through its own stores and website, keeping tight control over pricing by avoiding third-party retailers for most of its business. It operates primarily in North America but has been expanding in China and Europe, with over 700 stores worldwide. The company's main competitive advantage is its loyal customer base and premium brand image, which supports a gross margin above 55%. The key risk is slowing growth in its core North American market, where consumer spending on discretionary items like premium athletic wear has become more cautious.

Winston Score History

Politician Trades

26 trades / 12mo

13 Congressional buys and 13 sells on LULU in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-19.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

8.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$1.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Lululemon Athletica is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

54.2%

Healthy — 54.2% gross margin

Operating Margin

11.2%

Modest — 11.2% operating margin

ROCE

5.7%

Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+4.2%

Slow sales growth (+4.2% YoY)

EPS YoY

-16.4%

Earnings shrinking (-16.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

133%

Turns 133% of profit into real cash

FCF Margin

11.4%

Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

9.9x

Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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