lululemon athletica inc. (NASDAQ:LULU)

Debt to equity (including operating lease liability)

Over the observed period, this ratio exhibited a declining trend from 0.49 in May 2019 to a low of 0.30 in mid-2021, indicating a reduction in leverage relative to equity. After this low point, the ratio stabilized around the 0.33–0.34 range with slight fluctuations, before increasing moderately toward the end of the period, reaching 0.40 by May 2025. This suggests a gradual increase in debt relative to equity in the most recent quarters.

Debt to capital (including operating lease liability)

This ratio declined from 0.33 in May 2019 to a trough of approximately 0.23 by May 2021, reflecting a lower proportion of debt in the company’s capital structure during this period. Following this, it maintained a relatively stable level close to 0.25, with minor variations, before experiencing a slight increase to 0.28 by May 2025. The stability indicates a consistent debt proportion in capital, with a slight upward adjustment recently.

Debt to assets (including operating lease liability)

The ratio decreased from 0.27 in May 2019 to a nadir of 0.18 in mid-2021, showing an improvement in asset financing with less reliance on debt. After remaining mostly steady around 0.19 to 0.20 for the subsequent periods, it edged higher towards 0.23 by May 2025. This pattern reflects moderate growth in leverage against total assets in the latest periods.

Financial leverage

Financial leverage started at 1.80 in May 2019 and trended downward to around 1.64 by early 2021, indicating a reduction in overall leverage or reliance on debt to finance assets. Subsequent to this decline, the ratio fluctuated modestly between 1.62 and 1.80, with no sustained upward or downward trend. By May 2025, the financial leverage figure stood at approximately 1.73, slightly higher than the lowest point but below the initial level, suggesting moderate leverage consistency with minor recent increases.

The financial data presents an analysis of the stockholders’ equity of the company across multiple quarterly periods from May 2019 through May 2025. The other provided financial items, total debt and debt to equity ratio, have no recorded values in the data, indicating that relevant debt figures either have not been reported or are zero for all periods.

Stockholders’ Equity Trends

The stockholders' equity demonstrates a consistent upward trajectory from May 2019 to May 2025. Starting at approximately $1.37 billion in May 2019, the equity value increased steadily each quarter, reaching its peak at around $4.29 billion by May 2025.

Notable increases were observed from early 2020 onward, with the equity rising more sharply particularly from January 2021 through April 2024. Despite minor fluctuations and slight decreases in certain quarters—for example, from May 2022 to July 2022, and from July 2024 to October 2024—the general long-term trend remains positive and robust.

This growth pattern indicates a strengthening equity base over the six-year period, which may reflect accumulated earnings, retained profits, or possibly new equity injections, although those specifics are not detailed here.

Total Debt and Debt to Equity Ratio

No data entries were available for total debt or debt to equity ratio across the periods under review. This absence suggests either a lack of outstanding debt or unreported figures. Consequently, leverage metrics cannot be evaluated or commented upon from the available dataset.

Overall Financial Position Implications

The steady increase in stockholders’ equity, coupled with the absence of debt data, could imply a conservative capital structure emphasizing equity financing over debt, potentially reducing financial risk from leverage. However, without definitive debt information, any conclusions regarding financial risk or capital structure remain speculative.

In summary, the equity growth trend suggests improved financial resilience and capacity for the company to support its operations and growth initiatives through internal financing or shareholder investment.

The analysis of the financial data reveals several key trends in the company's financial structure over the reported periods. The total debt, inclusive of operating lease liabilities, shows a generally increasing trend. Starting at approximately $665 million in May 2019, the debt levels rise steadily, with occasional minor fluctuations, reaching about $1.71 billion by May 2025. This signifies a growing leverage or financing through debt over time.

Stockholders' equity exhibits an overall upward trend across the same time frame. Beginning at around $1.37 billion in May 2019, equity increases with some variability, peaking at approximately $4.23 billion by April 2024 before showing some decline towards the later reported periods, finishing near $4.29 billion in May 2025. The trend suggests growth in the company’s net assets, although some decrease towards the end might indicate share repurchases, dividend distributions, or changes in retained earnings.

The debt to equity ratio, which provides insight into the company's leverage relative to its equity base, generally declines from 0.49 in May 2019 to a low near 0.30 between May 2021 and August 2021. This decrease suggests an improved balance between debt and equity, possibly due to equity growth outpacing debt accumulation or debt reduction relative to equity. However, following this period, the ratio trends upward again, reaching about 0.40 by May 2025, indicating a relative increase in leverage. This uptick in debt to equity may reflect increased borrowing or slower equity growth compared to debt.

Overall, the company demonstrates a pattern of increasing total debt usage alongside expanding equity, but with fluctuating leverage ratios. The initial reduction in leverage ratios implies strengthened equity positions or prudent debt management, while the later rise could imply strategic financing decisions or greater reliance on debt financing. These shifts necessitate monitoring to ensure that the company's capital structure maintains an optimal balance between risk and growth capacity.

The financial data reveals a persistent upward trend in total capital over the reported periods. Starting from a base of approximately 1.37 million thousand US dollars, the total capital shows consistent growth, reaching over 4.29 million thousand US dollars by the final observed quarter. This represents a significant increase in capital base over the time span, underscoring ongoing capital expansion efforts.

Observable fluctuations in the growth rate appear during certain intervals. For example, between February 2020 and May 2020, total capital slightly decreases from around 1.95 million thousand US dollars to approximately 1.84 million thousand US dollars, which may indicate a short-term contraction or adjustment period, possibly related to external economic conditions or company-specific events.

Following this dip, the data reflects renewed robust growth with total capital increasing steadily through subsequent quarters, surpassing previous highs. Particularly notable is the sharp acceleration in total capital after early 2023, where the increase in capital appears more pronounced and rapid, rising from approximately 3.33 million to over 4.29 million thousand US dollars by early 2025.

Due to the absence of data on total debt and the debt to capital ratio across all periods, it is not possible to analyze leverage or the company’s debt structure. The lack of these figures constrains insights into the company’s financing mix and risk profile concerning debt management.

In summary, the available data illustrates a clear and sustained strategy of capital growth over multiple years, punctuated by minor contraction during the early 2020 period. The absence of debt-related data precludes a comprehensive assessment of financial leverage, leaving total capital as the primary indicator of financial expansion during the analyzed timeframe.

Total Debt (including operating lease liability)

The total debt exhibits a general upward trend over the observed periods. Starting at approximately 665 million US dollars in early May 2019, it increased steadily with occasional minor fluctuations. A notable acceleration in debt accumulation occurs from mid-2023 onwards, reaching nearly 1.707 billion US dollars by May 2025. This suggests ongoing leverage expansion and possible increased borrowing or lease obligations in recent years.

Total Capital (including operating lease liability)

Total capital also increases consistently throughout the timeline, rising from around 2.03 billion US dollars in May 2019 to nearly 6 billion US dollars by May 2025. Growth in capital appears somewhat steady with more pronounced increments starting in late 2020 and continuing robustly beyond 2023. This steady expansion reflects an overall increase in the company's financial base, supported potentially by equity growth, retained earnings, or other capital inflows alongside the debt.

Debt to Capital Ratio (including operating lease liability)

The debt to capital ratio shows a decreasing trend in the early periods, moving from 0.33 in May 2019 down to a low of 0.23 by mid-2021, indicating a relatively lower proportion of debt in the capital structure at that time. From mid-2021 onwards, the ratio stabilizes around 0.24 to 0.25 until early 2024, signifying a balanced approach between debt and equity financing. However, a slight upward movement is observed thereafter, rising to approximately 0.28 by May 2025, corresponding with the increased absolute debt levels noted previously. This increase may suggest a more leveraged capital structure in the latest periods, despite the growth in total capital.

Summary of Financial Leverage and Capital Structure

Overall, the company has expanded both its total debt and total capital substantially over the analyzed timeline, reflecting growth and investment activities. The initial reduction in the debt to capital ratio followed by a period of stability and a slight recent increase suggests that the company managed to moderately deleverage before increasing leverage again in the most recent years. The increasing absolute debt level in combination with a growing capital base signifies a continuing strategy to support expansion and operations potentially through a mix of debt and equity, with a cautious but slightly increasing reliance on debt financing towards the end of the period.

The analysis of the available financial data shows a series of trends related to total assets over several quarters.

Total Assets (US$ in thousands)

Total assets have demonstrated a generally upward trend from May 2019 through May 2025. Starting at approximately 2.46 billion USD in May 2019, there was a gradual increase with some fluctuations, reaching around 3.2 billion USD by May 2020. Following that period, a consistent growth pattern is observed, with assets reaching a peak of approximately 7.6 billion USD by early 2025.

This growth suggests an expansion in the company’s asset base over time, which could be indicative of investments in property, equipment, inventory, or other asset categories contributing to the growing scale of operations or enhanced capacity.

Total Debt and Debt to Assets Ratio

Both total debt and debt to assets ratio data points are absent across the entire dataset provided. This absence limits the ability to analyze leverage, solvency, or risk trends relative to debt financing over the observed periods.

Overall, the data reflects a strong asset growth trajectory, with the company nearly tripling its total assets over the analyzed time frame. However, without corresponding data on liabilities or debt levels, conclusions on financial leverage or capital structure dynamics cannot be derived.

Total Debt (Including Operating Lease Liability)

The total debt exhibited an overall increasing trend over the observed periods. Starting at approximately $665 million in early May 2019, it experienced a steady rise with some fluctuations, reaching above $1.7 billion by May 2025. Notable increments occurred especially from mid-2022 onward, indicating a significant accumulation of debt in more recent quarters.

Total Assets

Total assets demonstrated considerable growth from approximately $2.46 billion in May 2019 to a peak above $7.6 billion around early 2025. The increase was generally consistent, with periodic accelerations, particularly noticeable from early 2021 through mid-2024. Some minor declines were seen around mid-2022 and mid-2024 but were followed by rebounds, reflecting overall asset base expansion.

Debt to Assets Ratio (Including Operating Lease Liability)

This ratio started at 0.27 in May 2019 and showed a declining trend through early 2021, hitting a low near 0.18. This suggests that, initially, liabilities increased at a slower pace than assets. From 2021 onwards, the ratio stabilized largely between 0.18 and 0.23, with slight fluctuations. The modest upward drift after mid-2023 indicates that debt levels grew somewhat faster relative to assets during this later phase, yet without substantial volatility.

Overall Insights

The company's financial structure over the period reflects substantial growth in asset base alongside an increasing but controlled use of debt. The decline and subsequent stabilization of the debt-to-assets ratio imply prudent management of leverage despite rising absolute debt levels. The gradual increase in total debt in recent quarters alongside increasing assets suggests strategic investments or operational expansions funded partially through debt.

Total assets

The total assets show a general upward trend over the examined periods. Starting from approximately $2.46 billion in early May 2019, the assets increased steadily to a peak of around $7.09 billion by late January 2024. There are minor fluctuations, including a slight decline around mid-2022 and early 2025, but the overall movement is strongly positive, indicating growth in the company's asset base over the five-year span.

Stockholders' equity

Stockholders’ equity also exhibits growth over time but with some volatility. Beginning at about $1.37 billion in May 2019, equity increased broadly to over $4.23 billion by early 2024, showing a consistent upward direction. However, in the later periods, especially post-January 2024, there is a minor decline and variability in equity values, suggesting some fluctuation in retained earnings or capital structure adjustments.

Financial leverage

The financial leverage ratio indicates how much debt the company is using relative to equity. Starting around 1.8 in May 2019, the ratio generally declined to near 1.64 by early 2021, reflecting a dilution in leverage or an increase in equity relative to debt. From 2021 onward, leverage has shown a pattern of modest oscillation, rising again to values close to 1.78 by early 2025. Overall, the leverage level remains relatively stable within a range of approximately 1.62 to 1.8, indicating controlled use of debt relative to equity throughout the period.