Strativest CapitalSTRATIVEST RESEARCH
Independent research · Est. October 2026
← All X-Rays
Stock X-Ray · Consumer Discretionary · S&P 500 Full Coverage — Phase 1

Lululemon Athletica (LULU)

X-Ray dated Oct 28, 2026 · Share price as of Oct 28, 2026 intraday, when the valuation snapshot was captured · Financials from SEC filings (EDGAR) · Valuation multiples from a labelled secondary source
The verdict — valuation label: FAIRLY PRICED

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.

12.5×
Forward P/E — price vs next year’s expected earnings (secondary source)
19.8×
Peer median forward P/E — closest comparable companies
8.6×
Trailing P/E — price vs the last twelve months of earnings
1.1×
Price / sales

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.

In simple words

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.

Words we use, in plain English: P/E ratio — the share price divided by earnings per share; how many dollars you pay for one dollar of yearly profit. Forward P/E — the same, using next year’s expected earnings. Free cash flow — cash a company has left after running the business and buying equipment. TTM — the last twelve months. Drawdown — the worst fall from a peak to the low after it.
The share price vs the market — six years
Lululemon Athletica (LULU)S&P 500 (SPY)
9651221792362021202220232024202520262020-09-012026-10-27

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).

CompanyPrice (Oct 28, 2026)Forward P/ETrailing P/E
Lululemon Athletica (LULU)$105.0512.5×8.6×
TPR—13.9×15.2×
RL—19.8×24.4×
NKE—28.9×17.9×
Peer median19.8×

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

Sales each quarter, and the gross margin
SalesGross margin (right axis)
$0B$1B$3B$4B0%36%73%Nov 2020Oct 2021Oct 2022Oct 2023Oct 2024Nov 2025Aug 2026

Gross margin = gross profit divided by sales, from SEC filings.

Cash left over each quarter (free cash flow)
PositiveNegative
$-1B$0B$1BNov 2020Oct 2021Oct 2022Oct 2023Oct 2024Nov 2025Aug 2026

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.

QuarterSalesGross marginNet incomeEPS (GAAP, diluted)Free cash flow
Q/E Aug 2026
2026-08-02
$2.4B60.5%$329M2.92$225M
Q/E May 2026
2026-05-03
$2.5B54.2%$195M1.69$87M
Q/E Feb 2026
2026-02-01
$3.6B54.9%$587M—$960M
Q/E Nov 2025
2025-11-02
$2.6B55.6%$307M2.59$82M
Q/E Aug 2025
2025-08-03
$2.5B58.5%$371M3.10$151M
Q/E May 2025
2025-05-04
$2.4B58.3%$315M2.60$-271M
Q/E Feb 2025
2025-02-02
$3.6B60.4%$748M—$1.2B
Q/E Oct 2024
2024-10-27
$2.4B58.5%$352M2.87$122M
Q/E Jul 2024
2024-07-28
$2.4B59.6%$393M3.15$298M
Q/E Apr 2024
2024-04-28
$2.2B57.7%$321M2.54$-3M
Q/E Jan 2024
2024-01-28
$3.2B59.4%$669M—$1.2B
Q/E Oct 2023
2023-10-29
$2.2B57.0%$249M1.96$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.

Oct 2022
2.00
Jan 2023
—
Apr 2023
2.28
Jul 2023
2.68
Oct 2023
1.96
Jan 2024
—
Apr 2024
2.54
Jul 2024
3.15
Oct 2024
2.87
Feb 2025
—
May 2025
2.60
Aug 2025
3.10
Nov 2025
2.59
Feb 2026
—
May 2026
1.69
Aug 2026
2.92

Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.

Key facts

ItemValue
Company (legal name in filings)lululemon athletica inc.
Chief executiveHeidi O'Neill (source: https://wixx.com/2026/10/07/lululemon-puts-nike-veteran-in-charge-of-product-as-ceo-oneill-looks-to-right-ship/)
SectorConsumer 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 quarterQ/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.

← All X-RaysS&P 500 Full Coverage — Phase 1 · Oct 28, 2026