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: 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 solvency profile demonstrates a long-term trend of gradual increase in leverage, characterized by high stability during the initial three years followed by a more pronounced upward trajectory in the final period. While the ratios remain within conservative bounds, there is a clear shift toward a higher proportion of debt relative to equity, capital, and assets starting in late 2024.
- Debt to Equity (Including Operating Lease Liability)
- The ratio remained relatively stable between 0.30 and 0.34 from May 2021 through January 2024. A notable increase began in July 2024, where the ratio rose to 0.36, eventually peaking at 0.44 by May 2026. This indicates a growing reliance on debt and lease obligations relative to shareholder equity over the latter part of the observed period.
- Debt to Capital (Including Operating Lease Liability)
- This metric exhibited significant consistency, holding steady at 0.25 for nearly two years between May 2022 and January 2024. Following this period of stability, a gradual ascent is observed, with the ratio reaching 0.31 by May 2026. The trend suggests a moderate expansion of the company's debt burden as a percentage of its total capital structure.
- Debt to Assets (Including Operating Lease Liability)
- A steady upward trend is evident in the debt-to-assets ratio, which moved from 0.18 in May 2021 to 0.25 by May 2026. The growth was gradual through 2023, with more frequent increases observed from 2024 onward, indicating that a larger portion of the company's asset base is being financed through debt and lease liabilities.
- Financial Leverage
- Financial leverage exhibited higher volatility compared to the debt ratios, fluctuating within a range of 1.62 to 1.80. A peak of 1.80 was reached in January 2022, followed by a dip to 1.62 in April 2024. The ratio subsequently climbed back to 1.77 by May 2026, reflecting periodic shifts in the relationship between total assets and equity.
AI Ask an analyst for more
Debt Ratios
Debt to Equity
lululemon athletica inc., debt to equity calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Stockholders’ equity | 4,825,601) | 4,961,840) | 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) | |||||||
| 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.57 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 4,825,601 = 0.00
2 Click competitor name to see calculations.
The available financial information indicates a consistent long-term expansion of the company's capital base. An analysis of the solvency components reveals a steady upward trajectory in stockholders' equity, which serves as a primary indicator of the organization's net worth and financial stability over the period from May 2021 through May 2026.
- Stockholders' Equity Growth
- A significant and sustained increase in stockholders' equity is observed, rising from US$ 2,639,855 thousand on May 2, 2021, to US$ 4,825,601 thousand by May 3, 2026. A period of accelerated growth is evident between October 29, 2023, and January 28, 2024, during which equity increased from US$ 3,525,849 thousand to US$ 4,232,081 thousand. The equity reached its highest recorded point of US$ 4,961,840 thousand on February 1, 2026.
- Debt to Equity Analysis
- Due to the absence of reported total debt figures for all quarterly periods, a numerical debt-to-equity ratio cannot be established. However, the continuous growth in stockholders' equity suggests that the company has strengthened its solvency position by increasing its equity cushion. This trend implies an enhanced ability to fund operations through retained earnings or capital contributions rather than relying on external leverage.
AI Ask an analyst for more
Debt to Equity (including Operating Lease Liability)
lululemon athletica inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 357,204) | 298,724) | 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) | |||||||
| Non-current operating lease liabilities | 1,778,804) | 1,499,717) | 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) | |||||||
| Total debt (including operating lease liability) | 2,136,008) | 1,798,441) | 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) | |||||||
| Stockholders’ equity | 4,825,601) | 4,961,840) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.44 | 0.36 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.79 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 2,136,008 ÷ 4,825,601 = 0.44
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a gradual increase in financial leverage over the analyzed period from May 2021 to May 2026. While both total debt and stockholders' equity grew substantially, the pace of debt accumulation accelerated more rapidly in the latter half of the period, resulting in a steady rise in the debt-to-equity ratio.
- Total Debt and Operating Lease Liabilities
- Total debt, including operating lease liabilities, demonstrated a consistent upward trajectory, rising from 785,062 thousand USD in May 2021 to 2,136,008 thousand USD by May 2026. The growth was relatively linear until early 2024, after which the absolute increase in liabilities intensified. A significant spike is observed in the final quarter of the data set, where debt increased from approximately 1.8 billion USD to over 2.1 billion USD.
- Stockholders' Equity Growth
- Stockholders' equity expanded from 2,639,855 thousand USD in May 2021 to 4,825,601 thousand USD in May 2026. The equity base showed strong growth, particularly between October 2023 and January 2024, where it jumped from approximately 3.5 billion USD to 4.2 billion USD. This expansion provided a substantial buffer that initially mitigated the impact of rising lease liabilities on the overall solvency ratio.
- Debt to Equity Ratio Dynamics
- The debt-to-equity ratio remained highly stable between 0.30 and 0.34 from May 2021 through early 2024, indicating a balanced approach to financing and lease obligations relative to equity growth. However, starting in late 2024, a clear upward trend emerged. The ratio surpassed 0.38 in October 2024, reached 0.40 by mid-2025, and peaked at 0.44 by May 2026. This trend indicates that the growth in total liabilities has begun to outpace the growth in equity, leading to a higher reliance on debt-based financing or expanded lease commitments.
Overall, the financial structure transitioned from a period of high stability to one of increasing leverage. Although the ratio remains below 0.50, the trajectory suggests a strategic shift or an aggressive expansion of leased assets that has increased the organization's long-term financial obligations relative to its equity base.
AI Ask an analyst for more
Debt to Capital
lululemon athletica inc., debt to capital calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Stockholders’ equity | 4,825,601) | 4,961,840) | 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) | |||||||
| Total capital | 4,825,601) | 4,961,840) | 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) | |||||||
| 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.36 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 4,825,601 = 0.00
2 Click competitor name to see calculations.
An analysis of the available solvency data indicates a consistent long-term increase in total capital, although specific debt-related ratios cannot be established due to the absence of total debt figures.
- Total Capital Trajectory
- Total capital exhibited a significant upward trend over the analyzed period, growing from US$ 2,639,855 thousand on May 2, 2021, to US$ 4,825,601 thousand by May 3, 2026. This represents a substantial expansion of the organization's financial base.
- Growth Patterns and Fluctuations
- The growth in capital occurred in distinct phases. Between May 2021 and May 2022, figures remained relatively stable. A period of accelerated growth followed, with capital surpassing US$ 3 million thousand in October 2022 and reaching US$ 4,232,081 thousand by January 2024. Following a slight contraction in late 2024, the capital base resumed an upward trajectory, concluding the period at its peak value.
- Solvency Ratio Determination
- The debt to capital ratio cannot be calculated or interpreted because the total debt values are missing for all reported quarters. Due to this lack of data, the specific impact of debt on the total capital structure and the overall leverage profile cannot be assessed.
AI Ask an analyst for more
Debt to Capital (including Operating Lease Liability)
lululemon athletica inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 357,204) | 298,724) | 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) | |||||||
| Non-current operating lease liabilities | 1,778,804) | 1,499,717) | 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) | |||||||
| Total debt (including operating lease liability) | 2,136,008) | 1,798,441) | 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) | |||||||
| Stockholders’ equity | 4,825,601) | 4,961,840) | 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) | |||||||
| Total capital (including operating lease liability) | 6,961,609) | 6,760,281) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.31 | 0.27 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.44 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,136,008 ÷ 6,961,609 = 0.31
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a gradual increase in the proportion of debt relative to total capital over the analyzed period. The debt to capital ratio, which includes operating lease liabilities, moved from 0.23 in May 2021 to 0.31 by May 2026, indicating a modest shift toward higher leverage.
- Debt to Capital Ratio Progression
- For the first two years of the observed period, from May 2021 through January 2024, the ratio remained remarkably stable, fluctuating within a narrow range between 0.23 and 0.25. A pivot occurred starting in April 2024, where the ratio began a steady climb, reaching 0.31 by May 2026. This suggests that in the latter part of the period, debt accumulation began to outpace the growth of total capital.
- Total Debt Trends
- Total debt, including operating lease liabilities, experienced significant growth, rising from 785,062 thousand US dollars in May 2021 to 2,136,008 thousand US dollars in May 2026. This represents a substantial increase in absolute liabilities, with notable accelerations observed between October 2023 and January 2024, as well as in the final quarter ending May 2026.
- Total Capital Expansion
- Total capital, including operating lease liabilities, grew from 3,424,917 thousand US dollars to 6,961,609 thousand US dollars over the same timeframe. While the overall capital base more than doubled, the growth rate of the capital base was insufficient to offset the more aggressive increase in total debt toward the end of the period, leading to the observed increase in the solvency ratio.
- Solvency Implications
- The transition from a ratio of 0.23 to 0.31 reflects a higher dependency on debt and lease obligations to fund the capital structure. Although the ratio remains relatively low in absolute terms, the upward trajectory in the final quarters suggests a change in the financing strategy or an expansion in lease-backed operational scaling.
AI Ask an analyst for more
Debt to Assets
lululemon athletica inc., debt to assets calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total assets | 8,531,441) | 8,456,743) | 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) | |||||||
| 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.22 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 8,531,441 = 0.00
2 Click competitor name to see calculations.
A comprehensive evaluation of the solvency position, specifically regarding the debt to assets ratio, is precluded by the absence of reported total debt figures across the analyzed timeframe. Consequently, a quantitative assessment of the company's leverage and the proportion of assets financed by debt cannot be established.
- Total Asset Trajectory
- Total assets exhibited a consistent long-term upward trend, expanding from 4,329,831 thousand US dollars in May 2021 to 8,531,441 thousand US dollars by May 2026. This represents a significant increase in the overall asset base over the five-year period.
- Asset Growth Patterns
- The growth in total assets was characterized by steady quarterly increases, with notable expansions occurring between January 2024 and February 2026. Minor fluctuations were observed in early 2022 and early 2024, but these did not disrupt the broader growth trajectory.
- Solvency Ratio Determination
- Because the total debt values are missing for all reported quarters, the debt to assets ratio cannot be calculated or analyzed. The inability to contrast asset growth against debt obligations prevents a definitive conclusion regarding the company's solvency or financial risk profile during this period.
AI Ask an analyst for more
Debt to Assets (including Operating Lease Liability)
lululemon athletica inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current operating lease liabilities | 357,204) | 298,724) | 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) | |||||||
| Non-current operating lease liabilities | 1,778,804) | 1,499,717) | 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) | |||||||
| Total debt (including operating lease liability) | 2,136,008) | 1,798,441) | 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) | |||||||
| Total assets | 8,531,441) | 8,456,743) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.25 | 0.21 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 0.30 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,136,008 ÷ 8,531,441 = 0.25
2 Click competitor name to see calculations.
The solvency profile demonstrates a gradual increase in leverage over the observed period, characterized by a consistent rise in both total debt and total assets.
- Debt to Assets Ratio Stability
- Between May 2021 and October 2023, the debt to assets ratio remained remarkably stable, fluctuating within a narrow range between 0.18 and 0.20. During this phase, the growth in total debt, including operating lease liabilities, was closely aligned with the expansion of the total asset base.
- Leverage Acceleration
- A subtle upward trajectory in the solvency ratio began in early 2024. The ratio moved from 0.20 in January 2024 to 0.25 by May 2026. This indicates a period where the accumulation of debt began to outpace asset growth, resulting in a higher proportion of assets being financed through debt and lease obligations.
- Absolute Value Growth
- Total debt increased from 785,062 thousand USD in May 2021 to 2,136,008 thousand USD by May 2026. Over the same interval, total assets grew from 4,329,831 thousand USD to 8,531,441 thousand USD. While the absolute level of debt has increased significantly, the ratio suggests that the organization continues to maintain a conservative solvency position, as the asset base remains substantially larger than the total debt obligations.
AI Ask an analyst for more
Financial Leverage
lululemon athletica inc., financial leverage calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Total assets | 8,531,441) | 8,456,743) | 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) | |||||||
| Stockholders’ equity | 4,825,601) | 4,961,840) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | 1.77 | 1.70 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| Nike Inc. | — | — | 2.63 | 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 | |||||||
Based on: 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 Q1 2027 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 8,531,441 ÷ 4,825,601 = 1.77
2 Click competitor name to see calculations.
The balance sheet exhibits a consistent upward trajectory in both total assets and stockholders' equity over the analyzed period from May 2021 through May 2026. Total assets increased from approximately 4.33 billion US dollars to 8.53 billion US dollars, representing a near doubling of the asset base. Concurrently, stockholders' equity grew from 2.64 billion US dollars to 4.83 billion US dollars, indicating a strong accumulation of retained earnings or capital contributions that have supported the company's expansion.
- Asset and Equity Expansion
- The growth in total assets was characterized by a steady climb, with a notable acceleration between October 2023 and January 2024, where assets rose from 6.02 billion to 7.09 billion US dollars. Stockholders' equity followed a similar growth pattern, maintaining a consistent upward trend that ensured the company's growth was largely funded through equity rather than excessive debt accumulation.
- Financial Leverage Stability
- The financial leverage ratio remained remarkably stable, fluctuating within a narrow range between 1.62 and 1.80. This stability suggests a disciplined approach to capital structure management, where the proportion of total assets financed by equity remained relatively constant despite the significant increase in the absolute scale of the balance sheet.
- Leverage Fluctuations and Trends
- A peak in financial leverage occurred in January 2022 at 1.80, indicating a period where asset growth slightly outpaced equity growth. Conversely, the lowest leverage point was recorded in April 2024 at 1.62, reflecting a period of strengthened equity relative to total assets. Following this trough, the ratio returned to a baseline range of 1.70 to 1.78 through May 2026.
- Solvency Implications
- The persistence of a leverage ratio below 2.00 throughout the entire period indicates a conservative solvency profile. Because the ratio has not trended upward over the long term, it is evident that the company is not relying increasingly on debt to fuel its asset growth, thereby maintaining a low-risk financial position.
AI Ask an analyst for more