LululemonLULU

LululemonLULU

Revenue: is the business selling more than it used to?

$9.6B+19% YoYFY 2023

→Revenue reached $9.6B in 2023, compounding +30% a year since 2020 and the pace is picking up. The trailing twelve months are already running at $11.1B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Net income: how much of that revenue becomes profit?

$1.6B+81% YoYFY 2023

→Net income was $1.6B in 2023, compounding +38% a year over three years. Trailing twelve-month profit stands at $1.4B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

How fast is it growing, year by year?

+18.6%revenue growth, FY 2023

→Revenue grew +19% in 2023 against a five-year average of +34%. Earnings grew faster (+81%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Revenue per share: is your slice growing as fast as the company?

$75.71revenue per share, FY 2023

→Revenue per share reached $75.71 in 2023, compounding +31% a year against +30% for LULU as a whole. Buybacks added roughly 1.3 points to your per-share result. Free cash flow per share stands at $12.94.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Free cash flow: what is left in real cash after everything?

$1.6B+402% YoYFY 2023

→Free cash flow was $1.6B in 2023, compounding +42% a year since 2020. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $1.4B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Where does each dollar of revenue actually go?

→Of $9.6B in 2023 sales, $1.6B reaches net profit - 16 cents on the dollar. The largest single deduction is producing the product ($4.0B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

How much of every sales dollar ends up as free cash?

→17 cents of every sales dollar became free cash in 2023, up 4 points since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 7% of revenue (stock compensation 1%). That share has risen since 2020, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +61% against +19%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 4 points to 22% since 2020. After everything, 16 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

What does it earn on the money it uses?

→ROE of 30% and ROCE of 39% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

What has the market paid for LULU over time?

9.0xP/E today

→At 9.0x earnings, the market is paying 72% less than LULU's own 7-year median of 32.6x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

What cash return does the business throw off per dollar of market value?

12.7%FCF yield today

→Every dollar of market value currently buys 12.7% of annual free cash flow, more than its 7-year median of 2.1% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Could it handle its debt if things went wrong?

→The company holds $1.4B in cash against $0.00 of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Is the company's own capital growing?

→The company's own capital grew from $4.2B in 2023 to $4.8B (+13%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

How much goes back, and how much leaks out as stock comp?

→Shareholders received $1.2B in buybacks in 2025. Stock compensation issued $94M of new shares in the same year, offsetting 8% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

How fast is your ownership being diluted - or concentrated?

→The share count shrank 0.7% in 2023, averaging 1.0% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Does LULU earn more on its capital than that capital costs?

→LULU earns 39.1% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 24.8% in 2020, so the trend is up, though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

LULU has issued or retired shares - did shareholders end up better off?

→LULU has shrunk its share count -10% from 2009 to 2023, so each remaining share owns more of the business. Revenue per share is +2272% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02

LululemonLULU

Are the people running it buying or selling?

→Insiders bought $2M and sold $661,963 on the open market, a net purchase of $1M. A further 41 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-02