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Lululemon AthleticaCHIX:33LD 68 Owner Earnings per Share (TTM) is 10.21 as of Apr. 2026, which is 75% below its 10-year median of 40.45. GuruFocus rates CHIX:33LD with a GF Score™ of 68/100 and a GF Value™ of €306.40 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 576 Retail - Cyclical companies, Lululemon Athletica ranks better than 55.56% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Lululemon Athletica's Owner Earnings per Share (TTM) ended in Apr. 2026 was €10.21. It's Price-to-Owner-Earnings ratio for today is 9.56.
The historical rank and industry rank for Lululemon Athletica's Owner Earnings per Share (TTM) or its related term are showing as below:
CHIX:33Ld'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 9.35 Med: 40.45 Max: 282.9
Current: 9.56
CHIX:33Ld's Price-to-Owner-Earnings is ranked better than 55.56% of 576
companies
in the Retail - Cyclical industry
Industry Median: 10.82
vs CHIX:33Ld: 9.56
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Lululemon Athletica Owner Earnings per Share (TTM) Related Terms
Lululemon Athletica Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Lululemon Athletica's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lululemon Athletica Owner Earnings per Share (TTM) Chart
CHIX:33LD vs GAP, VSXY, BURL: Owner Earnings per Share (TTM) Comparison
For the Apparel Retail subindustry, Lululemon Athletica's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lululemon Athletica Price-to-Owner-Earnings vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Lululemon Athletica's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Lululemon Athletica's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Lululemon Athletica's Change In Deferred Tax for the trailing twelve months (TTM) ended in Apr. 2026 was €0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = €513 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Lululemon Athletica's 5-Year Average Maintenance Capital Expenditure = €513 Mil
5. "Change In Working Capital" is from cashflow statement. Lululemon Athletica's Change In Working Capital for the trailing twelve months (TTM) ended in Apr. 2026 was €-32 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 10.21 mean?
Lululemon Athletica (CHIX:33LD) has a Owner Earnings per Share (TTM) of 10.21 as of Apr. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Lululemon Athletica. This is 75% below median its historical median of 40.45. Over the past decade, Lululemon Athletica's Owner Earnings per Share (TTM) has ranged from 9.35 to 282.90. According to the industry distribution chart, Lululemon Athletica ranks #256 out of 576 companies in the Retail - Cyclical industry, placing it in the top 44.4%.
Is Lululemon Athletica's Owner Earnings per Share (TTM) too high?
Lululemon Athletica's current Owner Earnings per Share (TTM) of 10.21 is 75% below median its 10-year median of 40.45. Over the past 10 years, this metric has ranged from a low of 9.35 to a high of 282.90. The Retail - Cyclical industry median Owner Earnings per Share (TTM) is 10.82. Lululemon Athletica's value of 10.21 is 5.6% below this industry median. Based on the distribution chart, Lululemon Athletica ranks #256 out of 576 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Lululemon Athletica has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lululemon Athletica's Owner Earnings per Share (TTM) compare to GAP and VSXY?
According to the Retail - Cyclical industry distribution chart, Lululemon Athletica ranks #256 out of 576 companies for Owner Earnings per Share (TTM). This puts Lululemon Athletica in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 10.82. Lululemon Athletica's value of 10.21 is 5.6% below this benchmark. Historically, Lululemon Athletica's own Owner Earnings per Share (TTM) has ranged from 9.35 to 282.90 over the past decade. While the company's 10-year median is 40.45 vs. the industry median of 10.82, Lululemon Athletica has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Retail - Cyclical company?
The median Owner Earnings per Share (TTM) among Retail - Cyclical companies is 10.82, based on 576 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Lululemon Athletica's current Owner Earnings per Share (TTM) of 10.21 is 5.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Lululemon Athletica. For the Retail - Cyclical industry, the median Owner Earnings per Share (TTM) is 10.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lululemon Athletica's current Owner Earnings per Share (TTM) is 10.21, which is 75% below median its own 10-year median of 40.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lululemon Athletica stock overvalued right now?
Based on GuruFocus' analysis, Lululemon Athletica (CHIX:33LD) is currently considered Significantly Undervalued. The stock's GF Value™ is €306.40, compared to a current price of €97.60 — trading 68.1% below its estimated fair value. The current Owner Earnings per Share (TTM) is 10.21, which is 75% below median its 10-year median of 40.45 and 5.6% below the Retail - Cyclical industry median of 10.82. Lululemon Athletica's overall GF Score™ is 68/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Lululemon Athletica (CHIX:33LD), the current Owner Earnings per Share (TTM) is 10.21 as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Lululemon Athletica (CHIX:33LD) Overvalued in 2026?
Based on GuruFocus' analysis, Lululemon Athletica stock appears to be undervalued.
The current stock price of €97.60 is trading 68.1% below its estimated GF Value™ of €306.40.
GuruFocus considers Lululemon Athletica to be Significantly Undervalued.
Key valuation signals for CHIX:33LD:
Owner Earnings per Share (TTM): 10.21 (75% below median its 10-year median of 40.45)
GF Value™: €306.40 vs. price of €97.60 (68.1% below fair value)
Industry Position: 5.6% below the Retail - Cyclical median (#256 of 576)
No single metric tells the full story. See the CHIX:33LD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lululemon Athletica designs, distributes, and markets athletic apparel, footwear, and accessories for women, men, and girls. The company offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running. Lululemon also sells fitness accessories, such as bags, yoga mats, and equipment. It sells its products through digital channels, a small number of wholesale partners, more than 800 company-owned stores in about two dozen countries in North America, Asia, and Western Europe, and about 45 franchised locations in the Middle East and Europe. The company was founded in 1998 and is based in Vancouver, Canada.
68GF Score
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