lululemon athletica Inc. (LULU) intrinsic value & 10-year financials
lululemon athletica Inc. (LULU) has a Graham intrinsic value of $440.44 per share. At $97.10 on Oct 17, 2026, the stock trades 78% below that value. Over the last 10 fiscal years revenue grew 18.9% a year to $11.1B, with an average return on invested capital of 36.9%.
- Graham intrinsic value
- $440.44
- Share price (Oct 17, 2026)
- $97.10
- Price vs Graham value
- 78% below
- Market cap
- $11.6B
- Revenue (FY2026)
- $11.1B
- Revenue growth (10-yr CAGR)
- 18.9%
- ROIC (10-yr avg)
- 36.9%
- Free cash flow (FY2026)
- $921.7M
LULU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $11.1B | $1.6B | $13.26 | $921.7M | 19.9% | 37.6% |
| FY2025 | $10.6B | $1.8B | $14.64 | $1.6B | 23.7% | 52.0% |
| FY2024 | $9.6B | $1.6B | $12.20 | $1.6B | 22.2% | 50.7% |
| FY2023 | $8.1B | $854.8M | $6.68 | $327.8M | 16.4% | 33.9% |
| FY2022 | $6.3B | $975.3M | $7.49 | $994.6M | 21.3% | 46.3% |
| FY2021 | $4.4B | $588.9M | $4.50 | $574.1M | 18.6% | 33.6% |
| FY2020 | $4.0B | $645.6M | $4.93 | $386.3M | 22.3% | 43.5% |
| FY2019 | $3.3B | $483.8M | $3.61 | $517.0M | 21.5% | 31.4% |
| FY2018 | $2.6B | $258.7M | $1.90 | $331.5M | 17.2% | 17.3% |
| FY2017 | $2.3B | $303.4M | $2.21 | $235.6M | 18.0% | 22.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lululemon Athletica is a consistent compounder, expanding top-line revenue at 18.9% annually over the past decade.
Lululemon Athletica has earned high returns on invested capital, averaging 36.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lululemon Athletica shows that management has aggressively returned capital to shareholders by retiring 13.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lululemon Athletica is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $440.44 per share.