Stock Analysis on Net
Stock Analysis on Net

lululemon athletica inc. (NASDAQ:LULU)

Common-Size Balance Sheet: Assets 

lululemon athletica inc., common-size consolidated balance sheet: assets

Microsoft Excel
Feb 2, 2025 Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020
Cash and cash equivalents 26.10 31.64 20.60 25.49 27.49 33.32
Accounts receivable, net 1.58 1.76 2.37 1.56 1.49 1.23
Inventories 18.97 18.66 25.81 19.55 15.46 15.80
Prepaid and receivable income taxes 2.40 2.59 3.31 2.41 3.32 2.60
Prepaid expenses 1.94 1.93 2.53 2.85 1.96 1.97
Forward currency contract assets 1.01 0.01 0.30 0.39 0.41 0.05
Other current assets 0.35 0.66 1.43 0.66 0.61 0.13
Prepaid expenses and other current assets 3.31% 2.60% 4.26% 3.90% 2.99% 2.15%
Current assets 52.35% 57.26% 56.35% 52.91% 50.76% 55.10%
Property and equipment, net 23.42 21.80 22.64 18.77 17.82 20.47
Right-of-use operating lease assets 18.63 17.85 17.29 16.26 17.56 21.02
Goodwill 2.10 0.34 0.43 7.83 9.24 0.74
Intangible assets, net 0.15 0.00 0.39 1.44 1.91 0.01
Deferred income tax assets 0.22 0.13 0.11 0.12 0.16 0.96
Cloud computing arrangement implementation costs 2.13 1.88 2.05 1.81 1.78 0.75
Security deposits 0.58 0.45 0.51 0.49 0.55 0.61
Other 0.42 0.30 0.23 0.38 0.21 0.36
Other non-current assets 3.13% 2.63% 2.78% 2.67% 2.55% 1.71%
Non-current assets 47.65% 42.74% 43.65% 47.09% 49.24% 44.90%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).

Cash and cash equivalents
There is a fluctuating trend in cash and cash equivalents as a percentage of total assets. The percentage decreased consistently from 33.32% in 2020 to a low of 20.6% in 2023, before rising sharply to 31.64% in 2024 and declining again to 26.1% in 2025.
Accounts receivable, net
Accounts receivable exhibits a gradual increase from 1.23% in 2020 to a peak of 2.37% in 2023, followed by a decrease to 1.58% in 2025. This suggests a temporary build-up of receivables around 2023, then a normalization thereafter.
Inventories
Inventories have notably increased over the period, from 15.8% in 2020 to a peak of 25.81% in 2023, before dropping considerably to 18.66% in 2024 and stabilizing near 19% in 2025. This indicates a significant inventory accumulation by 2023, potentially followed by improved inventory management.
Prepaid and receivable income taxes
The ratio oscillates moderately between 2.4% and 3.32% without a clear trend, suggesting relatively stable prepaid tax-related assets as a percentage of total assets.
Prepaid expenses
Prepaid expenses remain relatively stable around 2%, with a minor peak of 2.85% in 2022, followed by a slight decline and stabilization around 1.9% in the last two years.
Forward currency contract assets
There is an increase in forward currency contract assets in 2025 to 1.01% after low and stable values below 0.5% in prior years, possibly reflecting increased hedging activities or currency exposure.
Other current assets
Other current assets increase from 0.13% in 2020 to 1.43% in 2023, then decline to 0.35% in 2025. This pattern indicates variability in less significant current asset categories.
Prepaid expenses and other current assets
This combined category shows growth from 2.15% in 2020 to 4.26% in 2023, then a sharp decline to 2.6% in 2024 and a slight increase to 3.31% in 2025, mirroring the trends in underlying components.
Current assets
Current assets as a whole show a moderate decline from 55.1% in 2020 to 50.76% in 2021, then rise steadily to 57.26% in 2024 before decreasing again to 52.35% in 2025. This reflects shifting asset allocations between current and non-current categories.
Property and equipment, net
Net property and equipment increase from 20.47% in 2020 to 23.42% in 2025, with a dip in 2021 but otherwise showing an upward trend indicative of capital investment and fixed asset growth.
Right-of-use operating lease assets
Lease assets decline from 21.02% in 2020 to 16.26% in 2022, then gradually increase to 18.63% by 2025, suggesting changes in leasing arrangements and possibly lease renewals or additions.
Goodwill
Goodwill shows a significant increase from under 1% in 2020 to a peak of 9.24% in 2021, then a sharp reduction to under 1% in 2023, before rising again to 2.1% in 2025, indicating substantial acquisition activity in 2021 followed by impairment or divestiture and some later accumulation.
Intangible assets, net
Intangible assets peak at 1.91% in 2021, followed by a decline to 0.15% in 2025, implying amortization or disposals over time with limited reinvestment.
Deferred income tax assets
Deferred income tax assets are relatively minor and stable, fluctuating between 0.11% and 0.96%, with a clear decline after 2020 and a slight recovery towards 2025.
Cloud computing arrangement implementation costs
These costs increase moderately from 0.75% in 2020 to 2.13% in 2025, reflecting growing investments in cloud infrastructure or related technology.
Security deposits
Security deposits remain stable, fluctuating slightly around 0.5%, with no notable trend.
Other
The 'Other' asset category remains very low and fairly stable, around 0.2% to 0.4% of total assets.
Other non-current assets
Other non-current assets gradually increase from 1.71% in 2020 to 3.13% in 2025, indicating some growth in less prominent long-term asset accounts.
Non-current assets
Non-current assets as a percentage of total assets increased from 44.9% in 2020 to over 49% in 2021, then dipped to a low of 42.74% in 2024 before climbing back to 47.65% in 2025. This demonstrates variable investment and asset management strategies over the period with an overall stable long-term asset base.
Total assets
Remain constant at 100% by definition across all years, serving as the base for relative analysis of other components.