Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
lululemon athletica inc., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
- Debt to equity (including operating lease liability)
- The ratio shows a gradual decline from 0.43 in May 2020 to around 0.30 by May 2021, indicating a reduction in reliance on debt relative to equity. Following May 2021, the ratio remains relatively stable fluctuating slightly between 0.30 and 0.34 up to January 2024. From early 2024 onwards, there is a modest upward trend reaching approximately 0.40 by August 2025 before a slight decrease to 0.39 by November 2025. Overall, the company maintains a moderate level of debt relative to equity with some increase in leverage in the most recent periods.
- Debt to capital (including operating lease liability)
- This ratio illustrates a consistent decrease from 0.30 in May 2020 down to 0.23 by May 2021, reflecting a reduction in debt as a portion of total capital. After this point, the ratio stabilizes around 0.24 to 0.25 through early 2024. Beginning in 2024, a gradual increase occurs, reaching about 0.29 by August 2025 before slightly falling to 0.28 in the last reported period. This pattern suggests steady capital management with a slight uptick in debt proportion in recent quarters.
- Debt to assets (including operating lease liability)
- The debt to assets ratio decreases from 0.24 in May 2020 to 0.18 by May 2021, signaling an improvement in asset coverage of debt. The ratio then hovers near 0.19 to 0.20 for the subsequent periods until early 2024. Starting in 2024, there is a mild upward trend, peaking at around 0.23 in August and November 2025. This indicates a modest increase in asset-financed debt over time but still at relatively low levels, suggesting conservative asset-backed borrowing.
- Financial leverage
- The financial leverage ratio begins at 1.74 in May 2020, slightly rising and falling within a narrow range reaching peaks of 1.80 in early 2022 and 1.78 in early 2025. The metric shows some fluctuations but remains roughly between 1.6 and 1.8 throughout the period, implying consistent use of financial leverage. Notably, there is a small decline in mid-2024 to 1.62, followed by an increase again towards the end of the period to 1.77. This suggests relatively stable leverage practices with minor variations aligning with other debt-related ratios.
Debt Ratios
Debt to Equity
lululemon athletica inc., debt to equity calculation (quarterly data)
| 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 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Stockholders’ equity | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.57 | 0.59 | 0.60 | 0.64 | 0.64 | 0.65 | 0.62 | 0.63 | 0.63 | 0.64 | 0.64 | 0.65 | 0.62 | 0.60 | 0.62 | 0.64 | 0.63 | 0.66 | 0.74 | 0.79 | 0.89 | 1.03 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 4,502,023 = 0.00
2 Click competitor name to see calculations.
- Stockholders’ Equity
- Stockholders’ equity shows a clear upward trajectory from the initial recorded value of approximately 1.84 billion US dollars in early May 2020, reaching over 4.5 billion US dollars by November 2025. This more than doubling over the period indicates robust growth in the company's net assets available to shareholders. There is a consistent increase with minor fluctuations, suggesting ongoing value creation and retention within the business.
- Total Debt and Debt to Equity Ratio
- Both total debt and the debt to equity ratio lack numerical data throughout the period under review, preventing any assessment of financial leverage, debt management, or related risk factors. The absence of this information limits insights into the company's capital structure dynamics and risk profile associated with indebtedness.
- Overall Financial Trends
- The observable financial metric, stockholders’ equity, reflects continuous strengthening of the company's equity base, likely driven by retained earnings and possibly capital injections. The steady growth trend is indicative of sound financial health from an equity perspective. However, the lack of debt and leverage figures means the overall financial risk and capital structure balance cannot be fully evaluated.
Debt to Equity (including Operating Lease Liability)
lululemon athletica inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 317,482) | 297,919) | 281,837) | 275,154) | 290,368) | 278,067) | 254,443) | 249,270) | 217,138) | 216,837) | 210,506) | 207,972) | 188,110) | 196,259) | 178,273) | 188,996) | 175,445) | 150,087) | 168,145) | 166,091) | 138,082) | 147,941) | 144,646) | |||||||
| Non-current operating lease liabilities | 1,445,312) | 1,464,799) | 1,424,945) | 1,300,637) | 1,223,733) | 1,180,823) | 1,147,631) | 1,154,012) | 950,954) | 976,736) | 888,582) | 862,362) | 850,373) | 757,865) | 726,270) | 692,056) | 684,460) | 644,734) | 616,917) | 632,590) | 635,386) | 632,646) | 639,242) | |||||||
| Total debt (including operating lease liability) | 1,762,794) | 1,762,718) | 1,706,782) | 1,575,791) | 1,514,101) | 1,458,890) | 1,402,074) | 1,403,282) | 1,168,092) | 1,193,573) | 1,099,088) | 1,070,334) | 1,038,483) | 954,124) | 904,543) | 881,052) | 859,905) | 794,821) | 785,062) | 798,681) | 773,468) | 780,587) | 783,888) | |||||||
| Stockholders’ equity | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.39 | 0.40 | 0.40 | 0.36 | 0.38 | 0.36 | 0.33 | 0.33 | 0.33 | 0.34 | 0.33 | 0.34 | 0.34 | 0.33 | 0.34 | 0.32 | 0.32 | 0.30 | 0.30 | 0.31 | 0.36 | 0.39 | 0.43 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.80 | 0.82 | 0.83 | 0.85 | 0.86 | 0.87 | 0.83 | 0.85 | 0.86 | 0.87 | 0.87 | 0.86 | 0.82 | 0.80 | 0.83 | 0.85 | 0.85 | 0.89 | 1.00 | 1.08 | 1.20 | 1.41 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 1,762,794 ÷ 4,502,023 = 0.39
2 Click competitor name to see calculations.
The analysis of the financial data reveals several noticeable trends over the reported periods for the company. The total debt, including operating lease liability, demonstrates a fluctuating but generally increasing trajectory throughout the timeline. Starting at approximately $784 million, the level of debt rises gradually with periods of sharper increases, peaking beyond $1.7 billion towards the later dates in the series. This consistent upward movement suggests a growing reliance on debt financing or increased obligations under operating leases over time.
In contrast, stockholders’ equity shows a steady expanding trend from an initial amount of about $1.8 billion. The equity base grows almost continuously, reaching over $4.5 billion in the later periods. This indicates that the company has been successful in increasing its net worth, potentially through retained earnings and capital raising activities, which may support its growth and operational strategies.
The debt to equity ratio, which measures the proportion of total debt relative to shareholders’ equity, exhibits an overall declining pattern in the first part of the period but remains relatively stable with minor fluctuations thereafter. Initially recorded at approximately 0.43, it decreases to around 0.30–0.33 in several intermediary periods, reflecting an improved balance between debt and equity. However, in the final intervals, there is a slight upward movement of this ratio, approaching 0.40, indicating a relative increase in debt compared to equity towards the end of the timeline.
- Total Debt (Including Operating Lease Liability)
- Generally increasing trend from approximately $784 million to over $1.76 billion.
- Periods of sharper increases seen especially after mid-2023.
- Suggests increased leverage or higher lease obligations.
- Stockholders’ Equity
- Stable and steady growth from around $1.8 billion to $4.5 billion.
- Indicates accumulation of retained earnings and/or capital infusion.
- Debt to Equity Ratio
- Declines from 0.43 to near 0.30 in early periods, showing strengthening equity base relative to debt.
- Remains mostly stable around 0.33–0.34 during mid-periods.
- Increases slightly toward the end, nearing 0.40, reflecting a relative rise in debt load compared to equity.
Overall, the financial position depicts a company expanding its equity base significantly while also increasing total debt. The debt to equity ratio’s movement indicates prudent management with a generally balanced approach to financing, although some increase in leverage is observed in the latest reporting periods. This pattern may suggest strategic investments or operational expansions requiring additional debt while maintaining a strong equity foundation.
Debt to Capital
lululemon athletica inc., debt to capital calculation (quarterly data)
| Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Stockholders’ equity | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Total capital | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.36 | 0.37 | 0.38 | 0.39 | 0.39 | 0.39 | 0.38 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.38 | 0.37 | 0.38 | 0.39 | 0.39 | 0.40 | 0.42 | 0.44 | 0.47 | 0.51 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 4,502,023 = 0.00
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the capital structure over the periods presented. Total capital amounts are documented, while total debt and the debt to capital ratio remain unreported.
- Total Capital
- The total capital demonstrates a consistent upward trajectory from May 3, 2020, through November 2, 2025. Beginning at approximately $1.84 billion, total capital grows steadily, surpassing $4.5 billion by the final period. This represents a more than doubling in the capital base over the observed timeframe.
- Growth Pattern
- Growth in total capital appears relatively stable with periodic increments. Notable increases occur between July 2023 and January 2024, where total capital rises sharply from around $3.53 billion to $4.23 billion. Similarly, from October 2024 onwards, capital remains above $4 billion, indicating sustained expansion or substantial capital injections during later periods.
- Missing Debt and Leverage Data
- Absence of data on total debt and the debt to capital ratio restricts analysis of the company’s leverage or financing mix. Without these metrics, it is not possible to evaluate the extent to which capital growth is funded by debt versus equity or other sources.
- Implications
- The consistent increase in total capital suggests positive developments in funding capacity or retained earnings contributing to the capital base. However, lacking information on debt levels limits conclusions regarding financial risk, leverage trends, or the company’s capital structure strategy.
Debt to Capital (including Operating Lease Liability)
lululemon athletica inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 317,482) | 297,919) | 281,837) | 275,154) | 290,368) | 278,067) | 254,443) | 249,270) | 217,138) | 216,837) | 210,506) | 207,972) | 188,110) | 196,259) | 178,273) | 188,996) | 175,445) | 150,087) | 168,145) | 166,091) | 138,082) | 147,941) | 144,646) | |||||||
| Non-current operating lease liabilities | 1,445,312) | 1,464,799) | 1,424,945) | 1,300,637) | 1,223,733) | 1,180,823) | 1,147,631) | 1,154,012) | 950,954) | 976,736) | 888,582) | 862,362) | 850,373) | 757,865) | 726,270) | 692,056) | 684,460) | 644,734) | 616,917) | 632,590) | 635,386) | 632,646) | 639,242) | |||||||
| Total debt (including operating lease liability) | 1,762,794) | 1,762,718) | 1,706,782) | 1,575,791) | 1,514,101) | 1,458,890) | 1,402,074) | 1,403,282) | 1,168,092) | 1,193,573) | 1,099,088) | 1,070,334) | 1,038,483) | 954,124) | 904,543) | 881,052) | 859,905) | 794,821) | 785,062) | 798,681) | 773,468) | 780,587) | 783,888) | |||||||
| Stockholders’ equity | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Total capital (including operating lease liability) | 6,264,817) | 6,149,997) | 5,996,352) | 5,899,838) | 5,499,833) | 5,490,535) | 5,621,882) | 5,635,363) | 4,693,941) | 4,727,055) | 4,419,164) | 4,219,133) | 4,077,687) | 3,811,922) | 3,572,593) | 3,621,098) | 3,518,360) | 3,465,987) | 3,424,917) | 3,357,247) | 2,936,421) | 2,781,689) | 2,619,675) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.28 | 0.29 | 0.28 | 0.27 | 0.28 | 0.27 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.26 | 0.28 | 0.30 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.47 | 0.45 | 0.46 | 0.46 | 0.47 | 0.46 | 0.46 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.50 | 0.52 | 0.55 | 0.58 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,762,794 ÷ 6,264,817 = 0.28
2 Click competitor name to see calculations.
The financial data reveals evolving debt and capital structure trends over the analyzed quarters. Key observations emerge concerning total debt, total capital, and the debt-to-capital ratio, each illustrating distinct patterns.
- Total Debt
- Total debt, inclusive of operating lease liabilities, shows a general upward trajectory throughout the periods. Starting from approximately 783.9 million USD, the debt slightly fluctuated in the initial quarters but maintained a steady increase from early 2021 onward. Notable increments occurred especially after mid-2023, where debt levels rose from about 1.17 billion USD to over 1.76 billion USD by late 2025, indicating an increased reliance on debt financing or expansion of lease obligations.
- Total Capital
- Total capital, also including operating lease liabilities, exhibited consistent growth over the entire timeframe. Beginning near 2.62 billion USD, the capital base expanded steadily, reaching roughly 6.26 billion USD toward the end of the period. The progression suggests ongoing investments or accumulation of resources, with particularly significant jumps observed after early 2023, reflecting substantial capital build-up or equity injections alongside the rising debt levels.
- Debt to Capital Ratio
- The ratio of debt to capital started at 0.30 and initially trended downward through the early analysis period, declining to a low near 0.23 by mid-2021. This decline signifies a reduction in financial leverage relative to the company’s overall capital structure during that phase. From 2021 onward, the ratio stabilized around 0.25 for over a year, indicating a balanced leverage position. However, a gradual increase appears starting in 2023, elevating the ratio toward values around 0.28 to 0.29 by late 2025, which corresponds with the rising total debt relative to capital, signaling a modest shift toward higher leverage in recent quarters.
In summary, the company’s financial outlook over the reported intervals is characterized by sustained capital growth accompanied by a rising total debt level in recent years. The debt-to-capital ratio's stabilization and eventual uptick suggest a cautious but increasing use of debt financing as part of the overall capital strategy.
Debt to Assets
lululemon athletica inc., debt to assets calculation (quarterly data)
| 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 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total assets | 7,955,192) | 7,523,439) | 7,430,543) | 7,603,292) | 7,083,669) | 6,744,135) | 6,828,495) | 7,091,941) | 6,022,264) | 5,992,458) | 5,571,544) | 5,607,038) | 5,309,436) | 4,920,711) | 4,697,212) | 4,942,478) | 4,572,007) | 4,405,098) | 4,329,831) | 4,185,215) | 3,627,920) | 3,494,027) | 3,201,786) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.21 | 0.21 | 0.22 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.26 | 0.27 | 0.29 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 7,955,192 = 0.00
2 Click competitor name to see calculations.
The analysis of the available quarterly financial data reveals a clear upward trend in the total assets over the examined periods. Starting from approximately 3.2 billion US dollars, the total assets steadily increased to over 7.95 billion US dollars by the last reported quarter. This consistent growth suggests robust asset acquisition or valuation improvements within the company during this timeline.
However, the absence of reported data for total debt and the debt to assets ratio prevents a comprehensive evaluation of the company's financial leverage and capital structure trends. Without these figures, it is not possible to assess the extent to which the company has been utilizing debt to finance its asset growth or to gauge any shifts in financial risk related to leverage.
Focusing solely on the asset metric, the observed growth nearly doubles the asset base over the period, indicating either significant reinvestment, positive operating performance, or possibly asset revaluation effects. This expansion could position the company for higher operational capacity or market competitiveness, contingent on the corresponding liabilities structure and equity position which are not disclosed in the data.
- Total Assets
- Show a consistent increasing pattern from about 3.2 billion to nearly 8 billion US dollars, reflecting substantial asset growth over the period.
- Total Debt
- Not reported in the provided data, thus no trend analysis possible.
- Debt to Assets Ratio
- Not reported in the provided data, preventing assessment of leverage trends.
Debt to Assets (including Operating Lease Liability)
lululemon athletica inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 317,482) | 297,919) | 281,837) | 275,154) | 290,368) | 278,067) | 254,443) | 249,270) | 217,138) | 216,837) | 210,506) | 207,972) | 188,110) | 196,259) | 178,273) | 188,996) | 175,445) | 150,087) | 168,145) | 166,091) | 138,082) | 147,941) | 144,646) | |||||||
| Non-current operating lease liabilities | 1,445,312) | 1,464,799) | 1,424,945) | 1,300,637) | 1,223,733) | 1,180,823) | 1,147,631) | 1,154,012) | 950,954) | 976,736) | 888,582) | 862,362) | 850,373) | 757,865) | 726,270) | 692,056) | 684,460) | 644,734) | 616,917) | 632,590) | 635,386) | 632,646) | 639,242) | |||||||
| Total debt (including operating lease liability) | 1,762,794) | 1,762,718) | 1,706,782) | 1,575,791) | 1,514,101) | 1,458,890) | 1,402,074) | 1,403,282) | 1,168,092) | 1,193,573) | 1,099,088) | 1,070,334) | 1,038,483) | 954,124) | 904,543) | 881,052) | 859,905) | 794,821) | 785,062) | 798,681) | 773,468) | 780,587) | 783,888) | |||||||
| Total assets | 7,955,192) | 7,523,439) | 7,430,543) | 7,603,292) | 7,083,669) | 6,744,135) | 6,828,495) | 7,091,941) | 6,022,264) | 5,992,458) | 5,571,544) | 5,607,038) | 5,309,436) | 4,920,711) | 4,697,212) | 4,942,478) | 4,572,007) | 4,405,098) | 4,329,831) | 4,185,215) | 3,627,920) | 3,494,027) | 3,201,786) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.22 | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.21 | 0.20 | 0.19 | 0.20 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.18 | 0.19 | 0.18 | 0.18 | 0.19 | 0.21 | 0.22 | 0.24 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 0.30 | 0.30 | 0.30 | 0.32 | 0.32 | 0.32 | 0.31 | 0.32 | 0.33 | 0.33 | 0.32 | 0.33 | 0.32 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,762,794 ÷ 7,955,192 = 0.22
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- The total debt shows an overall upward trend over the periods analyzed. Starting at approximately $784 million, the debt levels experienced relatively modest fluctuations in the initial intervals but began to rise more sharply from early 2023 onwards. Specifically, after maintaining a range close to $780 million to $1.19 billion between 2020 and early 2023, total debt increased substantially in 2024 and 2025, reaching over $1.76 billion by late 2025. This rise suggests increased leverage or borrowing activity in the more recent periods.
- Total Assets
- Total assets exhibited a consistent growth pattern over the time frame. Beginning around $3.2 billion, assets expanded steadily and reached a peak of approximately $7.6 billion by early 2025. A minor decline is noticeable in some mid-2024 periods, yet the overall trajectory remains upward. This growth in asset base was particularly notable from 2021 onward, indicating possible acquisition of assets, business expansion, or appreciation in asset values.
- Debt to Assets Ratio (Including Operating Lease Liability)
- The debt to assets ratio demonstrated relative stability throughout the periods, fluctuating mostly between 0.18 and 0.24. It started at 0.24 in mid-2020 and showed a slight decline to about 0.18 by mid-2021, indicating a period where asset growth outpaced debt increase. Subsequently, the ratio exhibited minor oscillations around the 0.19 to 0.22 range, with a mild uptick towards the later periods, reaching approximately 0.23 by late 2025. This suggests that while debt and assets both increased, debt levels grew at a marginally faster rate in the most recent years.
- Summary
- The analysis reveals a pattern of increasing total assets accompanied by a rise in total debt over the examined intervals. Despite significant growth in asset value, debt levels have also escalated, especially in the later years, leading to a slight increase in the leverage ratio. The relatively stable debt to assets ratio throughout most periods indicates that asset growth has generally been sufficient to absorb the increased debt. However, the modest rise in leverage ratio towards the end of the dataset signals a cautious monitoring of debt management may be warranted going forward.
Financial Leverage
lululemon athletica inc., financial leverage calculation (quarterly data)
| 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 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Total assets | 7,955,192) | 7,523,439) | 7,430,543) | 7,603,292) | 7,083,669) | 6,744,135) | 6,828,495) | 7,091,941) | 6,022,264) | 5,992,458) | 5,571,544) | 5,607,038) | 5,309,436) | 4,920,711) | 4,697,212) | 4,942,478) | 4,572,007) | 4,405,098) | 4,329,831) | 4,185,215) | 3,627,920) | 3,494,027) | 3,201,786) | |||||||
| Stockholders’ equity | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | 1.77 | 1.71 | 1.73 | 1.76 | 1.78 | 1.67 | 1.62 | 1.68 | 1.71 | 1.70 | 1.68 | 1.78 | 1.75 | 1.72 | 1.76 | 1.80 | 1.72 | 1.65 | 1.64 | 1.64 | 1.68 | 1.75 | 1.74 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Nike Inc. | — | 2.68 | 2.77 | 2.77 | 2.70 | 2.70 | 2.72 | 2.64 | 2.63 | 2.63 | 2.63 | 2.68 | 2.64 | 2.60 | 2.60 | 2.64 | 2.67 | 2.61 | 2.64 | 2.96 | 3.03 | 3.27 | 3.61 | |||||||
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 7,955,192 ÷ 4,502,023 = 1.77
2 Click competitor name to see calculations.
- Total Assets
- The total assets demonstrate an overall upward trend across the evaluated periods, increasing from approximately $3.2 billion to nearly $8.0 billion. There are occasional fluctuations, such as a decrease observed around May 2022, followed by a recovery in subsequent quarters. The most significant growth appears in the later periods, particularly from January 2024 onward, indicating accelerated asset accumulation during this timeframe.
- Stockholders’ Equity
- Stockholders’ equity shows consistent growth from around $1.8 billion to $4.5 billion over the analyzed quarters. The increase is gradual with minor periods of stagnation or slight decline, notably during mid-2022 and mid-2024. The equity rose sharply in early 2024, reaching a peak before experiencing a modest decline and subsequent modest recovery by the last period reported. This suggests a strengthening capital base with some possible impacts from earnings or dividend events in certain quarters.
- Financial Leverage
- The financial leverage ratio fluctuates within a narrow range between approximately 1.6 and 1.8. Early periods start near 1.74, decline slightly until early 2021, and then exhibit moderate variability through the subsequent years. Notably, the leverage ratio increased around early 2022 and 2024, indicating a slight rise in debt relative to equity during those times. Despite these fluctuations, the ratio remains relatively stable overall, reflecting consistent capital structure management.
- Summary Insights
- The data reflects a company expanding its asset base significantly over time while maintaining steady growth in stockholders' equity, supporting a solid financial foundation. The relatively stable financial leverage suggests careful balance between debt and equity financing, with no excessive risk-taking visible in leverage levels. Periodic fluctuations in assets and equity may correspond to seasonal effects or strategic financial activities such as investments or share issuances. The marked growth in assets and equity in recent quarters indicates an aggressive expansion or increased capitalization efforts.