Price to Book Value (P/BV)
since 2008
Calculation
lululemon athletica inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 17, 2026 | 3.71 | = | 159.27 | ÷ | 42.92 | 42.92 | = | 4,961,840 | ÷ | 115,598,632 | |
| Mar 27, 2025 | 9.53 | = | 341.53 | ÷ | 35.84 | 35.84 | = | 4,324,047 | ÷ | 120,637,192 | |
| Mar 21, 2024 | 14.26 | = | 478.84 | ÷ | 33.59 | 33.59 | = | 4,232,081 | ÷ | 126,008,093 | |
| Mar 28, 2023 | 12.94 | = | 320.31 | ÷ | 24.76 | 24.76 | = | 3,148,799 | ÷ | 127,164,641 | |
| Mar 29, 2022 | 16.06 | = | 343.97 | ÷ | 21.42 | 21.42 | = | 2,740,046 | ÷ | 127,913,369 | |
| Mar 30, 2021 | 16.16 | = | 317.09 | ÷ | 19.63 | 19.63 | = | 2,558,566 | ÷ | 130,367,628 | |
| Mar 26, 2020 | 13.39 | = | 200.80 | ÷ | 15.00 | 15.00 | = | 1,952,218 | ÷ | 130,165,083 | |
| Mar 27, 2019 | 13.29 | = | 146.80 | ÷ | 11.04 | 11.04 | = | 1,445,975 | ÷ | 130,949,856 | |
| Mar 27, 2018 | 6.68 | = | 78.71 | ÷ | 11.79 | 11.79 | = | 1,596,960 | ÷ | 135,456,009 | |
| Mar 29, 2017 | 6.68 | = | 66.30 | ÷ | 9.92 | 9.92 | = | 1,359,973 | ÷ | 137,053,722 | |
| Mar 30, 2016 | 9.06 | = | 67.80 | ÷ | 7.48 | 7.48 | = | 1,027,482 | ÷ | 137,297,940 | |
| Mar 26, 2015 | 8.33 | = | 63.97 | ÷ | 7.67 | 7.67 | = | 1,089,568 | ÷ | 141,964,146 | |
| Mar 27, 2014 | 6.79 | = | 51.20 | ÷ | 7.55 | 7.55 | = | 1,096,682 | ÷ | 145,349,043 | |
| Mar 21, 2013 | 10.53 | = | 64.70 | ÷ | 6.14 | 6.14 | = | 887,299 | ÷ | 144,435,072 | |
| Mar 22, 2012 | 18.13 | = | 75.95 | ÷ | 4.19 | 4.19 | = | 601,376 | ÷ | 143,556,379 | |
| Mar 17, 2011 | 13.94 | = | 38.19 | ÷ | 2.74 | 2.74 | = | 390,389 | ÷ | 142,542,270 | |
| Mar 25, 2010 | 11.92 | = | 19.70 | ÷ | 1.65 | 1.65 | = | 233,108 | ÷ | 141,022,794 | |
| Mar 27, 2009 | 3.80 | = | 4.19 | ÷ | 1.10 | 1.10 | = | 154,842 | ÷ | 140,321,276 | |
| Apr 8, 2008 | 20.02 | = | 16.57 | ÷ | 0.83 | 0.83 | = | 112,034 | ÷ | 135,338,892 |
Based on: 10-K (reporting date: 2026-02-01), 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), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of lululemon athletica inc. Annual Report.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio was high at 20.02, then decreased significantly before stabilizing and increasing again. A detailed examination of the trend reveals distinct phases.
- Early Volatility (2008-2010)
- From 2008 to 2010, the P/BV ratio experienced substantial volatility. It declined sharply from 20.02 to 3.80, likely reflecting market conditions and investor sentiment during that period. A subsequent increase to 11.92 in 2010 suggests a partial recovery in valuation relative to book value.
- Mid-Period Stabilization (2011-2014)
- Between 2011 and 2014, the P/BV ratio demonstrated a period of relative stability, fluctuating between approximately 6.68 and 18.13. This suggests a more consistent valuation approach by the market during these years. A peak of 18.13 in 2012 was followed by a decline to 6.79 in 2014.
- Growth and Peak (2015-2019)
- From 2015 through 2019, the P/BV ratio generally trended upward, reaching a high of 13.29 in 2018. This increase coincided with a period of growth in the share price and book value per share. The ratio remained elevated at 13.39 in 2019.
- Recent Fluctuations (2020-2026)
- The period from 2020 to the projected 2026 shows increased volatility. The P/BV ratio rose to 16.16 in 2021, then decreased to 12.94 in 2022. A subsequent increase to 14.26 in 2023 was followed by a significant drop to 9.53 in 2024 and a further substantial decline to 3.71 in the projected 2026. This recent downward trend may indicate changing market perceptions or a potential undervaluation relative to book value, or a significant shift in investor expectations.
The book value per share consistently increased over the period, rising from 0.83 in 2008 to a projected 42.92 in 2026. However, the share price increases did not consistently outpace the growth in book value, as evidenced by the fluctuating P/BV ratio. The most dramatic divergence between share price growth and book value growth occurred in the most recent years, contributing to the observed decline in the P/BV ratio.
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Comparison to Competitors
lululemon athletica inc., P/BV, long-term trends, comparison to competitors
| lululemon athletica inc. | Nike Inc. | |
|---|---|---|
| Mar 17, 2026 | 3.71 | — |
| Mar 27, 2025 | 9.53 | 542.72 |
| Mar 21, 2024 | 14.26 | 697.13 |
| Mar 28, 2023 | 12.94 | 11.75 |
| Mar 29, 2022 | 16.06 | 11.46 |
| Mar 30, 2021 | 16.16 | 19.79 |
| Mar 26, 2020 | 13.39 | 19.06 |
| Mar 27, 2019 | 13.29 | 15.03 |
| Mar 27, 2018 | 6.68 | 12.59 |
| Mar 29, 2017 | 6.68 | 7.83 |
| Mar 30, 2016 | 9.06 | 7.80 |
| Mar 26, 2015 | 8.33 | 7.67 |
| Mar 27, 2014 | 6.79 | 6.23 |
| Mar 21, 2013 | 10.53 | 5.04 |
| Mar 22, 2012 | 18.13 | 4.08 |
| Mar 17, 2011 | 13.94 | 4.42 |
| Mar 25, 2010 | 11.92 | 3.46 |
| Mar 27, 2009 | 3.80 | 2.93 |
| Apr 8, 2008 | 20.02 | 3.59 |
Based on: 10-K (reporting date: 2026-02-01), 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), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03).
Comparison to Sector (Consumer Durables & Apparel)
lululemon athletica inc., P/BV, long-term trends, comparison to sector (consumer durables & apparel)
| lululemon athletica inc. | Consumer Durables & Apparel | |
|---|---|---|
| Mar 17, 2026 | 3.71 | — |
| Mar 27, 2025 | 9.53 | 411.25 |
| Mar 21, 2024 | 14.26 | 542.27 |
| Mar 28, 2023 | 12.94 | 11.97 |
| Mar 29, 2022 | 16.06 | 12.16 |
| Mar 30, 2021 | 16.16 | 19.18 |
| Mar 26, 2020 | 13.39 | 17.95 |
| Mar 27, 2019 | 13.29 | 14.79 |
| Mar 27, 2018 | 6.68 | 11.76 |
| Mar 29, 2017 | 6.68 | 7.71 |
| Mar 30, 2016 | 9.06 | 7.90 |
| Mar 26, 2015 | 8.33 | 7.73 |
| Mar 27, 2014 | 6.79 | 6.29 |
| Mar 21, 2013 | 10.53 | 5.45 |
| Mar 22, 2012 | 18.13 | 4.85 |
| Mar 17, 2011 | 13.94 | 4.79 |
| Mar 25, 2010 | 11.92 | 3.66 |
| Mar 27, 2009 | 3.80 | 2.94 |
| Apr 8, 2008 | 20.02 | 3.82 |
Based on: 10-K (reporting date: 2026-02-01), 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), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03).
Comparison to Industry (Consumer Discretionary)
lululemon athletica inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| lululemon athletica inc. | Consumer Discretionary | |
|---|---|---|
| Mar 17, 2026 | 3.71 | — |
| Mar 27, 2025 | 9.53 | 20.27 |
| Mar 21, 2024 | 14.26 | 31.67 |
| Mar 28, 2023 | 12.94 | 10.06 |
| Mar 29, 2022 | 16.06 | 9.41 |
| Mar 30, 2021 | 16.16 | 13.21 |
| Mar 26, 2020 | 13.39 | 17.99 |
| Mar 27, 2019 | 13.29 | 13.59 |
| Mar 27, 2018 | 6.68 | 11.35 |
| Mar 29, 2017 | 6.68 | 10.74 |
| Mar 30, 2016 | 9.06 | 8.39 |
| Mar 26, 2015 | 8.33 | 7.17 |
| Mar 27, 2014 | 6.79 | 5.83 |
| Mar 21, 2013 | 10.53 | 5.12 |
| Mar 22, 2012 | 18.13 | 4.39 |
| Mar 17, 2011 | 13.94 | 3.84 |
| Mar 25, 2010 | 11.92 | 4.04 |
| Mar 27, 2009 | 3.80 | 4.73 |
| Apr 8, 2008 | 20.02 | 4.98 |
Based on: 10-K (reporting date: 2026-02-01), 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), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03).