LULUlululemon athletica inc.
Apparel & Other Finishd Prods Of Fabrics & Similar Matl
- Revenue
- $11.1B
- 4.9% YoY
- Operating margin
- 19.9%
- 16% YoY
- EBITDA
- $2.7B
- 8.3% YoY
- Market cap
- $11.4B
- Employees
- 39,000
- $285K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 4.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo101% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo74% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentYes63% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$285K per employeeBottom quartile of its SIC industry
- Quiet on AINo4.8 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$11.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes11 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.3B | $8.1B | $9.6B | $10.6B | $11.1B | 4.9% |
| Operating income | $1.3B | $1.3B | $2.1B | $2.5B | $2.2B | 12% |
| Net income | $975M | $855M | $1.6B | $1.8B | $1.6B | 13% |
| Operating cash flow | $1.4B | $966M | $2.3B | $2.3B | $1.6B | 29% |
| Capex | $395M | $639M | $652M | $689M | $681M | 1.2% |
| Stock-based comp | $69M | $78M | $94M | $90M | $62M | 31% |
| Buybacks | $813M | $444M | $559M | $1.6B | $1.2B | 28% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 3, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Passive |
| Aug 3, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.4% | Passive |
| Jul 20, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Active |
| May 28, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.7% | Active |
| May 20, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.7% | Passive |
| May 8, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Active |
| May 1, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Active |
| Apr 14, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Active |
| Mar 30, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.6% | Active |
| Mar 19, 2026 | Wilson Dennis J. | SCHEDULE 13D/A | 8.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $2M · 3
- Open-market sells, 12 mo
- $3M · 4
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 53 | 49 |
| FY2025 | — | — | 126 | 59 |
| FY2024 | — | — | 145 | 55 |
| FY2023 | — | — | 95 | 68 |
| FY2022 | — | — | 96 | 97 |