lululemon athletica inc. (NASDAQ:LULU)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibited a general upward trend from May 2020 through October 2021, increasing from 5.84 to a peak of 6.85 in August 2021. Following this peak, the ratio showed a gradual decline, moving down to 5.67 by November 2025. This suggests an initial improvement in the efficiency with which the company utilized its fixed assets to generate revenue, followed by a moderate reduction in that efficiency over the latter part of the period.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

This ratio also showed an increasing trend through the earlier periods, rising from 2.77 in May 2020 to 3.73 in October 2023. Afterward, a downward trend is observed, with the ratio decreasing steadily to 3.12 by November 2025. The pattern aligns with the net fixed asset turnover, reflecting changes in asset utilization when including leased assets, and indicating a decrease in turnover efficiency in recent quarters.

Total Asset Turnover

The total asset turnover ratio varied but generally improved over the reported periods. Initially decreasing from 1.20 in May 2020 to a low near 1.05 in January 2021, the ratio then increased steadily, peaking at 1.53 in April and October 2023. Thereafter, fluctuations continued but with resilience, maintaining values above 1.3 through the end of the dataset in November 2025. This suggests enhancement in overall asset efficiency with some variability.

Equity Turnover

The equity turnover ratio showed a notable upward trajectory over the period. Starting from 2.10 in May 2020, the ratio decreased to a low of 1.72 in January 2021, then reversed into a consistent rise, reaching higher levels peaking at 2.61 in October 2023. After this peak, the ratio slightly declined but remained elevated, fluctuating around the 2.4 to 2.5 range through November 2025. This indicates improved utilization of shareholder equity to generate sales over the mid-term, followed by stabilization at a higher level than at the beginning.

Net Revenue Trend

Over the observed periods, net revenue shows notable fluctuations connected to seasonal and annual cycles. Initially, net revenue increased substantially from approximately $652 million to over $1.7 billion between May 2020 and January 2021. This strong growth trajectory continued with some variability, reaching a peak above $3.6 billion by February 2025. Intermittent declines following peak quarters suggest seasonality effects, yet the overall trend indicates robust revenue expansion across the timeframe.

Property and Equipment, Net

The net value of property and equipment exhibits a consistent upward trajectory throughout the period. Beginning at roughly $659 million in May 2020, it steadily increased each quarter, reaching approximately $1.95 billion by November 2025. This growth reflects continuous capital investment and asset accumulation over time, supporting operational capacity expansion and possibly signaling long-term strategic growth initiatives.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate revenue, initially declined from 5.84 to a low near 5.54 early in the data set. It then recovered and peaked around 6.85 in mid-2021, indicating improved asset utilization efficiency. However, following this peak, the ratio shows a gradual downward drift toward approximately 5.67 by late 2025. This decline may suggest that asset growth outpaced revenue generation efficiency in the later periods or reflects shifts in the asset base composition or operational focus.

Overall Insights

The data presents a scenario of strong revenue growth augmented by steady investment in property and equipment. Although asset base expansion outpaces revenue growth efficiency over time, the company maintains a relatively high fixed asset turnover ratio, implying effective use of its fixed assets overall. The interplay of these factors suggests ongoing scale-up activities while maintaining operational performance, notwithstanding some cyclical variations potentially related to market demand and seasonal factors.

Net Revenue

Over the observed periods, net revenue exhibited a generally increasing trend with some fluctuations. Initial values started around 652 million USD, showing significant growth toward periods such as January 2021 and January 2022, where net revenue peaked above 2.1 billion USD. Despite occasional dips, such as in May 2022 and May 2023, the overall trajectory remains upward, culminating in the highest reported revenues exceeding 3.6 billion USD in early 2025. This reflects substantial expansion in sales or service activities over the timeframe.

Property and Equipment, Net (including operating lease, right-of-use asset)

The net value of property and equipment demonstrated a consistent increase across the quarters, beginning at approximately 1.39 billion USD and reaching over 3.55 billion USD towards the final quarters. This steady rise suggests ongoing investment or capitalization of property and equipment assets, possibly indicating expansion, modernization, or acquisition of fixed assets to support business growth.

Net Fixed Asset Turnover (including operating lease, right-of-use asset)

The net fixed asset turnover ratio, measuring the efficiency of asset utilization to generate revenue, started around 2.77 and experienced an upward movement through early 2022, peaking near 3.73. However, after this peak, a gradual decline is noted, with the ratio falling to approximately 3.12 by late 2025. This trend may suggest that while asset base expansion supported revenue growth initially, the efficiency in generating revenue per asset unit diminished somewhat in the later periods.

Summary Insights

The data reflects robust revenue growth alongside continuous augmentation of the asset base. The initial improvement in fixed asset turnover implies efficient leverage of new assets to increase sales; however, the later decrease in this ratio suggests a tapering in asset utilization efficiency. This pattern could be indicative of scaling challenges or a shift toward asset-heavy business operations. Overall, the company appears to be evolving with significant investment in property and equipment, aligned with growing revenue streams, though with a need to monitor capital efficiency going forward.

The quarterly financial data reveals several notable trends in the company's performance over the observed periods.

Net Revenue

Net revenue exhibits an overall upward trajectory with periodic fluctuations. Beginning at approximately $652 million, revenue grew significantly, reaching peaks around $3.2 billion, notably in the early 2024 period. Intermittent declines appeared but were generally followed by rebounds, indicating cyclical sales patterns or seasonality effects. The growth rates between quarters, especially post-2021, suggest expansion and strengthening of market presence.

Total Assets

Total assets increased steadily from about $3.2 billion to nearly $8 billion by late 2025. This upward movement indicates ongoing investment in assets, which may reflect acquisitions, capital expenditures, or accumulation of cash and equivalents. Despite occasional slight decreases from one quarter to the next, the general trend signifies asset base growth and possibly strategic positioning for future operations.

Total Asset Turnover

The total asset turnover ratio shows variability but maintains levels generally between 1.0 and 1.5. This ratio peaked around mid-2023 reaching 1.53, then declined moderately afterward. The high turnover ratios during growth periods imply efficient utilization of assets to generate sales. The slight dips in turnover could point to increased asset investments ahead of revenue realization or less efficient asset use during certain quarters.

Overall, the data indicates progressive revenue growth supported by a growing asset base with generally efficient asset utilization, though with some variability reflective of operational cycles or investment phases.

The quarterly financial data reveals several notable trends in revenue performance, equity position, and operational efficiency over the observed periods.

Net Revenue

The net revenue demonstrates a generally upward trajectory with periodic fluctuations. Starting from approximately $652 million, revenue experienced robust growth, surpassing $1 billion within a year. There are evident seasonal or quarterly spikes, notably in early 2021 and early 2024, with revenues peaking above $3.2 billion in January 2024. Subsequent quarters show a slight normalization but maintain elevated revenue levels compared to earlier periods. This pattern suggests strong sales momentum with potential seasonal sales cycles influencing quarterly figures.

Stockholders’ Equity

Stockholders’ equity exhibits consistent growth across the timeline, increasing from approximately $1.8 billion to over $4.5 billion by late 2025. This steady build indicates ongoing value creation for shareholders and potential reinvestment of earnings or capital raises. While equity growth is generally continuous, some quarters show minor fluctuations or plateauing, but the overall trend remains upward, reflecting a strengthening financial foundation.

Equity Turnover Ratio

The equity turnover ratio, a measure of operational efficiency in using equity to generate revenue, fluctuates within a moderate range between 1.7 and 2.6 throughout the periods. Initial values show a slight decline followed by a recovery and upward shifts peaking around 2.6. In more recent periods, the ratio stabilizes around the mid-2 range. This indicates that despite growth in equity and revenue, the efficiency of generating sales per dollar of equity has maintained relative consistency with some short-term variations potentially linked to operational or market factors.

In summary, the company exhibits strong revenue growth supported by a steadily increasing equity base. The equity turnover ratio indicates stable operational efficiency with occasional positive shifts, suggesting effective utilization of equity to drive revenue growth. The data points to a financially robust position with the capacity to sustain growth and shareholder value creation over multiple quarters.