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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2008
- Net Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
lululemon athletica inc., historical price multiples (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).
A comprehensive analysis of the valuation ratios reveals a sustained and significant contraction in market multiples across all measured metrics from May 2021 through May 2026. The data indicates a transition from a high-premium growth valuation to a substantially compressed valuation profile, with the most aggressive decline occurring between January 2024 and May 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited high volatility with an overall downward trajectory. After peaking at 61.91 in October 2021, the ratio fluctuated between 34.08 and 58.61 through October 2023. A sharp correction began in January 2024, where the ratio dropped from 38.92 to 24.37 in a single quarter. This downward momentum continued consistently, culminating in a period low of 9.72 by May 2026, representing a drastic reduction in the multiple the market is willing to pay for earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the trend observed in the P/E ratio, reflecting a systemic devaluation of operating efficiency. The ratio reached its maximum of 44.89 in October 2021. Following a period of fluctuation, a steep decline commenced in early 2024. The ratio fell from 28.29 in January 2024 to 6.92 by May 2026, indicating a significant compression in the valuation of the company's core operational profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a clear erosion of the revenue multiple over the analyzed period. From a peak of 9.20 in October 2021, the ratio remained above 4.90 until January 2024. A precipitous drop occurred thereafter, with the ratio sliding to 3.92 in January 2024 and continuing a steady decline to 1.27 by May 2026. This suggests a fundamental shift in how the market values each dollar of top-line revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a similar pattern of contraction, peaking at 20.28 in October 2021. The ratio remained relatively elevated, generally staying above 12.00 through early 2023. However, a decisive break occurred in January 2024, as the ratio fell to 9.13. The decline accelerated throughout 2025 and 2026, ending at 2.94 in May 2026, marking a significant decrease in the premium attributed to the company's net assets.
In summary, all four valuation metrics peaked in October 2021 and entered a phase of severe contraction starting in the first quarter of 2024. The synchronous decline across earnings, operating profit, sales, and book value suggests a comprehensive market repricing of the equity.
Price to Earnings (P/E)
lululemon athletica inc., historical P/E 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-05-03), 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 Q1 2027 Calculation
EPS
= (Net incomeQ1 2027
+ Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation ratios reveals a significant and sustained contraction in the Price-to-Earnings (P/E) multiple over the observed period, characterized by a notable divergence between fundamental earnings growth and market share price performance.
- P/E Ratio Trajectory
- The P/E ratio experienced an initial period of elevated valuation, peaking at 61.91 in October 2021. Between May 2021 and October 2023, the multiple remained relatively high, generally oscillating between 34.08 and 61.91. However, a sharp downward correction occurred starting in January 2024, with the ratio dropping from 38.92 to 24.37. This downward trend accelerated through 2025 and 2026, ultimately reaching a period low of 9.72 by May 2026.
- Earnings Per Share (EPS) Performance
- Earnings per share demonstrated a consistent upward trajectory for the majority of the timeline. EPS increased from 5.42 in May 2021 to a peak of 15.08 in May 2025. Despite a slight moderation toward the end of the period to 12.85 in May 2026, the overall trend reflects substantial growth in underlying profitability.
- Share Price Volatility and Decline
- The share price exhibited significant volatility, reaching a maximum value of 478.84 in January 2024. Following this peak, a sustained decline was observed, with the price falling to 124.92 by May 2026. The most aggressive price depreciation occurred between July 2024 and May 2026, coinciding with the period of most intense P/E compression.
- Valuation Divergence and Market Re-rating
- A critical divergence is evident starting in early 2024. While EPS remained robust and generally increased, the share price plummeted. This inverse relationship indicates a systemic market re-rating, where the premium previously attributed to growth expectations was aggressively reduced. The transition from a P/E of 61.91 to 9.72 suggests a shift in investor sentiment from treating the asset as a high-growth vehicle to valuing it more closely in line with mature or value-oriented benchmarks.
Price to Operating Profit (P/OP)
lululemon athletica inc., historical P/OP 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-05-03), 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 Q1 2027 Calculation
Operating profit per share
= (Income from operationsQ1 2027
+ Income from operationsQ4 2026
+ Income from operationsQ3 2026
+ Income from operationsQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q1 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 exhibits a significant long-term contraction, declining from a peak of 44.89 in October 2021 to 6.92 by May 2026. This trend indicates a substantial reduction in the market multiple applied to the company's operational earnings over the analyzed period, characterized by a widening divergence between operational performance and market valuation.
- Share Price Volatility and Decline
- The share price experienced considerable volatility between 2021 and 2023, reaching a maximum of 464.67 US$ in October 2023. However, a sustained downward trend emerged starting in early 2024, with the price falling to 124.92 US$ by May 2026. This represents a marked devaluation of the equity despite the company's ability to grow its operating profits.
- Operating Profitability Growth
- In contrast to the share price movement, operating profit per share demonstrated a consistent and robust upward trajectory. Starting at 7.54 US$ in May 2021, the figure grew steadily to reach 18.04 US$ by May 2026. A notable acceleration in profitability occurred between October 2023 and January 2024, where profit per share rose sharply from 12.15 US$ to 16.92 US$, maintaining levels above 18.00 US$ through the final periods of the analysis.
- P/OP Ratio Compression Dynamics
- The P/OP ratio transitioned through three distinct phases. An initial phase of high valuation occurred between May 2021 and October 2021, with ratios exceeding 42. A second phase of moderate volatility was observed from 2022 through late 2023, where the ratio fluctuated between 24.86 and 38.24. The final phase, beginning in early 2024, was marked by a rapid compression. The ratio dropped from 28.29 in January 2024 to single digits by August 2025, ultimately concluding at 6.92. This suggests that the market has significantly discounted the value of each dollar of operating profit compared to previous years.
Price to Sales (P/S)
lululemon athletica inc., historical P/S 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net revenue (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Nike Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Data adjusted for splits and stock dividends.
2 Q1 2027 Calculation
Sales per share
= (Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of lululemon athletica inc. Quarterly or Annual Report.
4 Q1 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a significant divergence between operational performance and market valuation from May 2021 through May 2026. While revenue generation per share increased consistently, the market valuation of those sales contracted sharply.
- Sales per Share Growth
- A consistent and linear upward trajectory is observed in sales per share, rising from 38.23 US$ in May 2021 to 98.66 US$ by May 2026. This indicates a sustained expansion in the company's ability to generate revenue on a per-share basis throughout the entire analyzed period.
- Share Price Volatility and Decline
- The share price exhibited substantial volatility, reaching a peak of 478.84 US$ in January 2024. Following this peak, a severe downward trend occurred, with the price falling to 124.92 US$ by May 2026. This decline occurred despite the simultaneous growth in sales per share.
- Price-to-Sales (P/S) Ratio Compression
- The P/S ratio experienced a dramatic compression, moving from a peak of 9.20 in October 2021 to a low of 1.27 by May 2026. The ratio remained relatively elevated between 5.0 and 9.0 during 2021 and parts of 2022, before shifting into a period of aggressive contraction starting in late 2024.
The combination of steadily increasing sales per share and a collapsing share price has resulted in a rapid erosion of the P/S multiple. The most acute phase of this compression is observed from July 2024 onward, where the ratio fell from 4.12 to 1.27. This pattern suggests a fundamental reassessment of the company's valuation by the market, where the growth in top-line efficiency was insufficient to offset a broader decline in the equity's market price.
Price to Book Value (P/BV)
lululemon athletica inc., historical P/BV 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-05-03), 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 Q1 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 Q1 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics demonstrate a significant divergence between market pricing and intrinsic book value over the analyzed period from May 2021 to May 2026. While the underlying book value per share maintained a consistent growth trajectory, the market valuation multiple contracted sharply in the latter half of the period.
- Book Value Per Share (BVPS) Trends
- A steady and uninterrupted increase in book value per share is observed, rising from 20.28 US$ in May 2021 to 42.50 US$ by May 2026. This progression indicates a consistent accumulation of net assets and a strengthening of the company's balance sheet relative to the number of shares outstanding.
- Share Price Volatility
- The share price exhibited significant volatility, reaching a peak of 478.84 US$ in January 2024. Following this peak, a sustained downward trend occurred, with the price declining to 124.92 US$ by May 2026, representing a substantial reduction in market capitalization.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio experienced three distinct phases. Initially, the ratio climbed to a peak of 20.28 in October 2021, reflecting high market premiums. Between January 2022 and January 2024, the ratio remained relatively elevated, fluctuating primarily between 12.57 and 16.63. The final phase, beginning in early 2024, shows a severe compression of the multiple, falling from 14.26 in January 2024 to a period low of 2.94 by May 2026.
The simultaneous occurrence of a rising book value and a declining share price accelerated the compression of the P/BV ratio. This trend indicates a fundamental shift in market sentiment, moving from a valuation based on high growth expectations to one more closely aligned with the company's tangible asset base.