Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
lululemon athletica inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
The liquidity profile demonstrates a consistent ability to meet short-term obligations, characterized by a current ratio that remains comfortably above 1.0 throughout the analyzed period. While overall liquidity is stable, there is significant volatility in the more stringent measures of liquidity, suggesting periodic fluctuations in asset composition, particularly regarding inventory levels and cash reserves.
- Current Ratio Trends
- The current ratio maintained a generally strong position, starting at 2.34 and reaching a peak of 2.72 in April 2024. A period of relative decline occurred between May 2021 and January 2022, where the ratio dipped to 1.86. Subsequently, the ratio recovered and stabilized, fluctuating primarily between 2.00 and 2.49 through August 2026, ending at 2.19. This indicates a consistent buffer of current assets over current liabilities.
- Quick Ratio Volatility
- The quick ratio exhibits more pronounced instability compared to the current ratio. After starting at 1.28, a sharp downward trend was observed, reaching a minimum of 0.34 in October 2022. A significant recovery followed, peaking at 1.47 in January 2024, before another decline to 0.74 in October 2024. The ratio concluded the period at 0.87, reflecting a pattern of cyclical liquidity tightening and expansion.
- Cash Ratio Performance
- The cash ratio closely mirrors the movements of the quick ratio, starting at 1.22 and hitting a low of 0.27 in October 2022. Similar to the quick ratio, a peak occurred in January 2024 at 1.38. The ratio ended the period at 0.77. The tight correlation between the cash ratio and the quick ratio suggests that cash and cash equivalents constitute the vast majority of the company's quick assets.
- Comparative Liquidity Analysis
- A notable divergence is observed between the current ratio and the quick ratio, particularly during the October 2022 period where the current ratio stood at 1.99 while the quick ratio dropped to 0.34. This widening gap indicates a significant increase in inventory relative to other current assets during that interval. The recurring pattern of the current ratio remaining high while the quick and cash ratios dip suggests that short-term liquidity is frequently dependent on inventory turnover rather than immediate cash availability.
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Current Ratio
lululemon athletica inc., current ratio calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Current assets | 3,945,587) | 3,994,575) | 4,262,701) | 3,923,661) | 3,528,728) | 3,582,517) | 3,980,302) | 3,605,289) | 3,571,744) | 3,768,087) | 4,060,577) | 3,364,899) | 3,323,933) | 3,053,302) | 3,159,453) | 2,634,181) | 2,387,094) | 2,303,240) | 2,614,853) | 2,311,294) | 2,275,307) | 2,253,452) | |||||||
| Current liabilities | 1,801,651) | 1,794,316) | 1,887,548) | 1,842,179) | 1,557,346) | 1,572,385) | 1,839,630) | 1,803,533) | 1,468,651) | 1,383,571) | 1,631,261) | 1,448,114) | 1,386,370) | 1,256,771) | 1,492,198) | 1,322,835) | 1,207,210) | 1,206,891) | 1,405,334) | 1,118,020) | 981,354) | 964,814) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 2.19 | 2.23 | 2.26 | 2.13 | 2.27 | 2.28 | 2.16 | 2.00 | 2.43 | 2.72 | 2.49 | 2.32 | 2.40 | 2.43 | 2.12 | 1.99 | 1.98 | 1.91 | 1.86 | 2.07 | 2.32 | 2.34 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 1.96 | 2.14 | 2.06 | 2.19 | 2.21 | 2.19 | 2.22 | 2.36 | 2.40 | 2.74 | 2.74 | 2.87 | 2.72 | 2.73 | 2.69 | 2.64 | 2.63 | 3.06 | 3.07 | 3.19 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,945,587 ÷ 1,801,651 = 2.19
2 Click competitor name to see calculations.
The company maintains a strong liquidity position throughout the observed period, consistently keeping the current ratio well above 1.0. This indicates a sustained capacity to meet short-term obligations using current assets, with a significant cushion that suggests low short-term financial risk.
- Current Asset and Liability Trends
- Current assets exhibited a general upward trajectory, increasing from US$ 2.25 billion in May 2021 to US$ 3.95 billion by August 2026. While current liabilities also grew from US$ 964.8 million to US$ 1.80 billion over the same period, the growth in assets largely outpaced the growth in liabilities, supporting a healthy solvency margin.
- Current Ratio Fluctuations
- An initial downward trend in the current ratio was observed from May 2021 (2.34) to January 2022, where it reached a period low of 1.86. This was followed by a period of expansion in liquidity, peaking at 2.72 in April 2024, the highest point of short-term coverage in the dataset.
- Stability and Convergence
- From July 2024 through August 2026, the current ratio entered a phase of relative stabilization. During this interval, the ratio fluctuated between a minimum of 2.00 and a maximum of 2.28, suggesting a disciplined approach to working capital management and a balanced alignment between short-term asset accumulation and liability obligations.
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Quick Ratio
lululemon athletica inc., quick ratio calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,389,737) | 1,514,729) | 1,807,202) | 1,035,862) | 1,155,794) | 1,325,272) | 1,984,336) | 1,188,419) | 1,610,112) | 1,900,672) | 2,243,971) | 1,091,138) | 1,107,530) | 950,607) | 1,154,867) | 352,624) | 498,831) | 649,016) | 1,259,871) | 993,591) | 1,170,041) | 1,179,739) | |||||||
| Accounts receivable, net | 171,164) | 164,973) | 190,657) | 250,304) | 139,258) | 141,241) | 120,173) | 143,418) | 126,121) | 126,349) | 124,769) | 107,004) | 106,221) | 107,468) | 132,906) | 96,179) | 81,784) | 78,391) | 77,001) | 75,343) | 56,150) | 56,956) | |||||||
| Total quick assets | 1,560,901) | 1,679,702) | 1,997,859) | 1,286,166) | 1,295,052) | 1,466,513) | 2,104,509) | 1,331,837) | 1,736,233) | 2,027,021) | 2,368,740) | 1,198,142) | 1,213,751) | 1,058,075) | 1,287,773) | 448,803) | 580,615) | 727,407) | 1,336,872) | 1,068,934) | 1,226,191) | 1,236,695) | |||||||
| Current liabilities | 1,801,651) | 1,794,316) | 1,887,548) | 1,842,179) | 1,557,346) | 1,572,385) | 1,839,630) | 1,803,533) | 1,468,651) | 1,383,571) | 1,631,261) | 1,448,114) | 1,386,370) | 1,256,771) | 1,492,198) | 1,322,835) | 1,207,210) | 1,206,891) | 1,405,334) | 1,118,020) | 981,354) | 964,814) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.87 | 0.94 | 1.06 | 0.70 | 0.83 | 0.93 | 1.14 | 0.74 | 1.18 | 1.47 | 1.45 | 0.83 | 0.88 | 0.84 | 0.86 | 0.34 | 0.48 | 0.60 | 0.95 | 0.96 | 1.25 | 1.28 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 1.19 | 1.24 | 1.21 | 1.24 | 1.31 | 1.33 | 1.34 | 1.42 | 1.51 | 1.67 | 1.63 | 1.60 | 1.60 | 1.60 | 1.57 | 1.54 | 1.65 | 1.96 | 2.13 | 2.18 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,560,901 ÷ 1,801,651 = 0.87
2 Click competitor name to see calculations.
The liquidity position exhibits significant volatility over the analyzed period, characterized by three distinct phases: a sharp contraction, a rapid recovery to peak levels, and a subsequent period of fluctuation.
- Liquidity Contraction (May 2021 – October 2022)
- A pronounced downward trend in the quick ratio is observed, declining from 1.28 to a period low of 0.34. This deterioration was primarily driven by a substantial reduction in total quick assets, which fell from 1,236,695 thousand US$ to 448,803 thousand US$ during this window, while current liabilities steadily increased from 964,814 thousand US$ to 1,322,835 thousand US$.
- Recovery and Peak Liquidity (January 2023 – April 2024)
- A strong rebound occurred starting in early 2023, with the quick ratio returning to a range between 0.83 and 0.88. This trend culminated in a peak liquidity phase in early 2024, where the ratio reached 1.47. This improvement was underpinned by a surge in total quick assets, which peaked at 2,368,740 thousand US$ in January 2024, significantly outpacing the growth of current liabilities.
- Cyclical Volatility (July 2024 – August 2026)
- The final phase is marked by inconsistent liquidity levels, with the quick ratio oscillating between a low of 0.70 and a high of 1.14. Although quick assets remained higher than the 2022 lows, they failed to maintain the 2024 peak. The ratio closed at 0.87 in August 2026, reflecting a continuing pattern of fluctuation in the entity's ability to cover short-term obligations using only its most liquid assets.
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Cash Ratio
lululemon athletica inc., cash ratio calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,389,737) | 1,514,729) | 1,807,202) | 1,035,862) | 1,155,794) | 1,325,272) | 1,984,336) | 1,188,419) | 1,610,112) | 1,900,672) | 2,243,971) | 1,091,138) | 1,107,530) | 950,607) | 1,154,867) | 352,624) | 498,831) | 649,016) | 1,259,871) | 993,591) | 1,170,041) | 1,179,739) | |||||||
| Total cash assets | 1,389,737) | 1,514,729) | 1,807,202) | 1,035,862) | 1,155,794) | 1,325,272) | 1,984,336) | 1,188,419) | 1,610,112) | 1,900,672) | 2,243,971) | 1,091,138) | 1,107,530) | 950,607) | 1,154,867) | 352,624) | 498,831) | 649,016) | 1,259,871) | 993,591) | 1,170,041) | 1,179,739) | |||||||
| Current liabilities | 1,801,651) | 1,794,316) | 1,887,548) | 1,842,179) | 1,557,346) | 1,572,385) | 1,839,630) | 1,803,533) | 1,468,651) | 1,383,571) | 1,631,261) | 1,448,114) | 1,386,370) | 1,256,771) | 1,492,198) | 1,322,835) | 1,207,210) | 1,206,891) | 1,405,334) | 1,118,020) | 981,354) | 964,814) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.77 | 0.84 | 0.96 | 0.56 | 0.74 | 0.84 | 1.08 | 0.66 | 1.10 | 1.37 | 1.38 | 0.75 | 0.80 | 0.76 | 0.77 | 0.27 | 0.41 | 0.54 | 0.90 | 0.89 | 1.19 | 1.22 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.72 | 0.74 | 0.72 | 0.79 | 0.87 | 0.93 | 0.87 | 0.97 | 1.09 | 1.17 | 1.10 | 1.04 | 1.15 | 1.13 | 1.04 | 1.09 | 1.21 | 1.53 | 1.71 | 1.66 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,389,737 ÷ 1,801,651 = 0.77
2 Click competitor name to see calculations.
The cash ratio exhibits significant volatility throughout the observed period, alternating between phases of high liquidity and periods of relative constraint. The data reveals a cyclical pattern where cash positions are periodically accumulated and subsequently drawn down, reflecting fluctuating levels of immediate solvency relative to current obligations.
- Initial Liquidity Contraction (May 2021 – October 2022)
- A pronounced downward trend is observed during this interval, with the cash ratio declining from 1.22 to a period low of 0.27. This deterioration was driven by a substantial reduction in total cash assets, which fell from approximately 1.18 billion to 352.6 million, while current liabilities concurrently increased from 964.8 million to 1.32 billion.
- Recovery and Peak Liquidity (January 2023 – January 2024)
- A sharp recovery began in January 2023, as the ratio rebounded to 0.77. Liquidity continued to strengthen, culminating in a peak ratio of 1.38 in January 2024. This peak corresponds with a significant increase in total cash assets to 2.24 billion, ensuring that cash holdings comfortably exceeded all current liabilities.
- Cyclical Fluctuations (April 2024 – August 2026)
- The most recent period is characterized by recurring oscillations. A downward movement is noted between January 2024 and October 2024, where the ratio fell to 0.66. While a temporary recovery to 1.08 occurred in February 2025, another decline followed, reaching 0.56 by November 2025. The trajectory then shifted upward again, reaching 0.96 in February 2026 before settling at 0.77 by August 2026.
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