Lululemon Athletica key statistics and ratios

In fiscal 2026, Lululemon Athletica had return on equity of 34.0%, an operating margin of 19.9% and a current ratio of 2.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Lululemon Athletica: financial ratios, annual
Fiscal year	2010Jan 2010	2011Jan 2011	2012Jan 2012	2013Feb 2013	2014Feb 2014	2015Feb 2015	2016Jan 2016	2017Jan 2017	2018Jan 2018	2019Feb 2019	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Feb 2025	2026Feb 2026	LTMAug 2026
Gross margin	49.3%	55.5%	56.9%	55.7%	52.8%	50.9%	48.4%	51.2%	52.8%	55.2%	55.9%	56.0%	57.7%	55.4%	58.3%	59.2%	56.6%	56.1%
Operating margin	19.1%	25.3%	28.7%	27.5%	24.6%	20.9%	17.9%	18.0%	17.2%	21.5%	22.3%	18.6%	21.3%	16.4%	22.2%	23.7%	19.9%	17.8%
Net margin	12.9%	17.1%	18.4%	19.7%	17.6%	13.3%	12.9%	12.9%	9.8%	14.7%	16.2%	13.4%	15.6%	10.5%	16.1%	17.1%	14.2%	12.8%
Free-cash-flow margin	22.6%	21.0%	8.7%	13.6%	10.8%	10.8%	7.5%	10.1%	12.5%	15.7%	9.7%	13.0%	15.9%	4.0%	17.1%	15.0%	8.3%	12.2%
Return on equity	25.0%	39.1%	37.1%	36.3%	28.2%	21.9%	25.1%	25.4%	17.5%	31.8%	38.0%	26.1%	36.8%	29.0%	42.0%	42.4%	34.0%	29.1%
Return on assets	19.0%	30.2%	29.8%	30.3%	24.3%	18.8%	20.4%	20.4%	14.1%	23.7%	24.1%	15.8%	21.4%	16.2%	24.4%	24.7%	19.7%	16.7%
Asset turnover	1.47	1.76	1.62	1.53	1.38	1.41	1.58	1.58	1.45	1.61	1.48	1.18	1.37	1.54	1.51	1.44	1.38	1.31
Current ratio	3.69	4.56	5.10	5.90	8.14	5.95	4.07	4.80	4.91	2.86	2.91	2.41	1.86	2.12	2.49	2.16	2.26	2.19
Debt to equity	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	0.0%
Effective tax rate	32.8%	33.3%	36.1%	28.8%	29.6%	37.6%	27.8%	28.2%	43.8%	32.4%	28.1%	28.1%	26.9%	35.9%	28.8%	29.6%	29.5%	29.4%
SG&A as % of revenue	30.1%	30.1%	28.2%	28.2%	28.2%	29.9%	30.5%	33.2%	34.1%	33.8%	33.5%	36.6%	35.6%	34.0%	35.3%	35.5%	36.6%	38.2%
Capital spending as % of revenue	3.4%	4.3%	11.7%	6.8%	6.7%	6.7%	7.0%	6.4%	6.0%	6.9%	7.1%	5.2%	6.3%	7.9%	6.8%	6.5%	6.1%	5.7%
Free cash flow ÷ net income	175.8%	122.8%	47.2%	69.1%	61.5%	81.5%	57.9%	78.1%	128.1%	106.9%	59.8%	97.5%	102.0%	38.3%	106.1%	87.3%	58.4%	95.5%
Dividends and buybacks ÷ free cash flow	—	—	—	0.0%	0.0%	75.7%	178.0%	12.4%	30.2%	115.7%	44.9%	11.1%	81.7%	135.4%	34.0%	103.4%	127.8%	85.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Lululemon Athletica: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Feb 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	58.5%	60.4%	58.3%	58.5%	55.6%	54.9%	54.2%	60.5%
Operating margin	20.5%	28.9%	18.5%	20.7%	17.0%	22.3%	11.2%	18.8%
Net margin	14.7%	20.7%	13.3%	14.7%	12.0%	16.1%	7.9%	13.6%
Free-cash-flow margin	5.1%	32.3%	−11.4%	6.0%	3.2%	26.4%	3.5%	9.3%
Current ratio	2.00	2.16	2.28	2.27	2.13	2.26	2.23	2.19
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.0%
SG&A as % of revenue	38.0%	31.5%	39.8%	37.7%	38.5%	32.5%	42.9%	41.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · August 2, 2026

What it owns · $8.5bn

Short-term assets $3.9bnLonger-term assets $4.5bn

What it owes, and who funded it · $8.5bn

Short-term liabilities $1.8bnLonger-term liabilities $1.9bnShareholders' equity $4.8bn

Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $1.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities $3.9bn short-term assets against $1.9bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lululemon Athletica's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

86 /100

Strong moat

How hard Lululemon Athletica's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 30.3% of total assets over 10 years.
Pricing power 19 / 20

Gross margin has been a median 56.3%, moving by 2.0 percentage points (standard deviation) across 10 years.
Durability 16 / 20

Operating margin has been a median 20.3%; its worst year was 16.6%.
Cash conversion 16 / 20

Free cash flow was positive in 10 of 10 years, at a median 11.0% of revenue.
Discipline 20 / 20

The diluted share count fell 11.3% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Lululemon Athletica's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lululemon Athletica.