Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2008
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Historical Valuation Ratios (Summary)
lululemon athletica inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
An analysis of valuation ratios reveals a comprehensive and sustained contraction in market multiples across all measured metrics between May 2021 and August 2026. The period is characterized by an initial phase of high valuation premiums that peaked in late 2021, followed by a period of volatility and a subsequent sharp, consistent decline starting in early 2024.
- Price to Earnings (P/E)
- The P/E ratio experienced an initial peak of 61.91 in October 2021. Following a period of fluctuation, the ratio saw a secondary surge to 58.61 in October 2023. However, a significant downward trend emerged in January 2024, with the ratio falling precipitously to 9.51 by August 2026, indicating a severe compression in the multiple investors were willing to pay for earnings.
- Price to Operating Profit (P/OP)
- Consistent with the P/E trend, the P/OP ratio peaked at 44.89 in October 2021. After several cycles of volatility, the ratio entered a steady decline starting in early 2024. By August 2026, the P/OP ratio reached a low of 6.81, reflecting a substantial reduction in the valuation premium relative to core operational profitability.
- Price to Sales (P/S)
- The P/S ratio demonstrated a peak of 9.20 in October 2021 before exhibiting a general downward trajectory. While there was a brief recovery to 6.38 in October 2023, the ratio declined sharply throughout 2024 and 2025, eventually settling at 1.22 by August 2026. This indicates a fundamental shift in how the market values the company's revenue generation.
- Price to Book Value (P/BV)
- The P/BV ratio reached its highest point of 20.28 in October 2021. The ratio remained relatively elevated compared to subsequent years until January 2024, at which point it began a consistent descent. The ratio concluded the period at 2.81 in August 2026, marking a significant decrease in the premium assigned to the company's book value.
Overall, the data illustrates a transition from a high-growth valuation profile in 2021-2023 to a significantly more conservative valuation by mid-2026. The simultaneous decline across all four ratios suggests a systemic devaluation of the stock price relative to its fundamental financial metrics.
Price to Earnings (P/E)
lululemon athletica inc., historical P/E calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
EPS
= (Net incomeQ2 2027
+ Net incomeQ1 2027
+ Net incomeQ4 2026
+ Net incomeQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a significant divergence between fundamental earnings growth and market pricing over the analyzed period, characterized by a profound contraction in the valuation multiple despite sustained operational performance.
- Share Price Dynamics
- Equity pricing experienced an initial period of growth and volatility, reaching a peak of 478.84 US$ in January 2024. Following this peak, a severe and consistent downward trend occurred, with the price declining to 121.77 US$ by August 2026. This represents a substantial erosion of market value over the final two years of the sequence.
- Earnings per Share (EPS) Performance
- Earnings demonstrated a strong and consistent upward trajectory for the majority of the period. EPS rose from 5.42 US$ in May 2021 to a peak of 15.08 US$ in May 2025. Although a slight decline is observed toward the end of the period, ending at 12.81 US$ in August 2026, the overall earnings capacity remained significantly higher than the 2021 baseline.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio underwent a drastic compression. From May 2021 through October 2023, the ratio largely fluctuated within a high-growth range, peaking at 61.91. However, starting in January 2024, the ratio entered a steep decline, falling from 38.92 to a period low of 9.51 by August 2026. This indicates that the market significantly reduced the premium it was willing to pay for each dollar of earnings.
The inverse relationship between the rising EPS and the falling share price suggests that the decline in valuation was not driven by a collapse in profitability, but rather by a fundamental shift in market sentiment. The transition from a high-multiple growth valuation to a low-multiple valuation indicates a re-rating of the asset, where investors shifted from pricing in aggressive future growth to applying a more conservative valuation framework.
Price to Operating Profit (P/OP)
lululemon athletica inc., historical P/OP calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Operating profit per share
= (Income from operationsQ2 2027
+ Income from operationsQ1 2027
+ Income from operationsQ4 2026
+ Income from operationsQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio demonstrates a profound long-term contraction over the analyzed period, transitioning from a high-valuation growth phase to a significantly compressed valuation. This trend is characterized by a sharp divergence between operational performance and market valuation, where operating profits generally increased while the share price experienced a severe decline.
- Share Price Performance
- The share price exhibited significant volatility, peaking at 478.84 in January 2024. Following this peak, a sustained downward trajectory occurred, with the price falling to 121.77 by August 2026. This represents a substantial erosion of market capitalization over the latter half of the period.
- Operating Profit per Share Trends
- Operational efficiency showed a general upward trend for the majority of the timeline. Operating profit per share rose from 7.54 in May 2021 to a peak of 21.04 in August 2025. Despite a slight softening in the final quarters, ending at 17.87 in August 2026, the operational earnings remained significantly higher than the levels recorded at the start of the period.
- P/OP Ratio Compression
- The P/OP ratio underwent a dramatic collapse, falling from a peak of 44.89 in October 2021 to 6.81 by August 2026. The ratio remained largely above 24.00 until early 2024, after which it dropped into the teens and eventually into single digits starting in mid-2025. This compression indicates that the market began valuing each dollar of operating profit far more conservatively over time.
- Valuation Divergence
- A notable divergence is observed between 2024 and 2026. While operating profit per share remained robust and near its historical highs, the share price collapsed. This inverse relationship accelerated the decline of the P/OP ratio, suggesting that the valuation decrease was driven by market sentiment or external pricing pressures rather than a failure in operational profitability.
Price to Sales (P/S)
lululemon athletica inc., historical P/S calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenue (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Sales per share
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant divergence between operational performance and market valuation. While sales per share exhibited consistent and linear growth over the analyzed period, the share price experienced substantial volatility followed by a prolonged decline, resulting in a marked compression of the Price to Sales (P/S) ratio.
- Sales per Share Growth
- A sustained upward trajectory is observed in sales per share, which increased from 38.23 US$ in May 2021 to 100.21 US$ by August 2026. This consistent growth reflects a steady expansion in the company's ability to generate revenue on a per-share basis throughout the entire period.
- Share Price Volatility and Decline
- The share price demonstrated significant fluctuations, reaching a peak of 478.84 US$ in October 2023 before entering a steep downward trend. By August 2026, the share price had fallen to 121.77 US$, representing a substantial decrease from its historical highs.
- Price to Sales (P/S) Ratio Compression
- The P/S ratio underwent a severe contraction, shifting from a premium valuation phase to a significantly lower multiple. In late 2021, the ratio peaked at 9.20, indicating high market expectations. Between January 2022 and January 2024, the ratio fluctuated between 3.92 and 7.03. However, from April 2024 onward, a definitive decline occurred, with the ratio dropping to 1.22 by August 2026.
The analysis reveals that the decline in the P/S ratio was not driven by a failure in revenue generation, but rather by a sharp reduction in the market's willingness to pay a premium for those sales. The combination of rising sales per share and a falling share price accelerated the erosion of the valuation multiple, moving the asset from a high-growth valuation bracket to a significantly more conservative one.
Price to Book Value (P/BV)
lululemon athletica inc., historical P/BV calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a significant divergence between the growth of the intrinsic accounting value and the market valuation of the equity from May 2021 through August 2026. While the book value per share maintained a consistent upward trajectory, the market price experienced extreme volatility followed by a sustained decline, resulting in a substantial compression of the Price to Book Value (P/BV) ratio.
- Book Value Per Share (BVPS) Trend
- A steady and uninterrupted increase in book value per share is observed throughout the period. Starting at 20.28 US$ in May 2021, the BVPS grew to 43.28 US$ by August 2026. This represents a growth of approximately 113%, indicating a consistent accumulation of retained earnings and a strengthening of the company's equity base.
- Share Price Volatility
- The share price exhibited significant fluctuations, peaking at 478.84 US$ in January 2024. Following this peak, a sharp downward trend emerged, with the price declining to 121.77 US$ by August 2026. The most aggressive depreciation occurred between July 2024 and August 2026, where the price fell from 259.01 US$ to 121.77 US$.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio reached its zenith of 20.28 in October 2021, reflecting a high market premium over the book value. Following a period of fluctuation between 12 and 16, the ratio entered a state of rapid contraction starting in April 2024. The ratio dropped from 9.13 in April 2024 to 2.81 by August 2026. This decline indicates a fundamental shift in market sentiment, where the premium attributed to the company's assets and future growth prospects was significantly reduced.
- Correlation and Valuation Insights
- The inverse relationship between the rising BVPS and the falling share price since 2024 underscores a severe valuation correction. The compression of the P/BV ratio from a high of 20.28 to a low of 2.81 suggests that the stock transitioned from being priced as a high-growth premium asset to being valued much closer to its accounting net asset value.