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Held by 199 of 2,417 reporting institutions (95th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2026, FY2027). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $107.24 today, the market must believe free cash flow compounds -5.3%/yr for a decade (off $1.38B on the 3-yr avg basis).
On the basis ($1.30B) the requirement is -4.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -5.3% is more conservative than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt $0
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 53.5% · volatility σ 139% · implied rate exceeded in 6/9 yrs
Central path = implied -5.3%/yr growth; shaded band = ±1σ (139%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 13 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CTAS | $87.3B | 44.8× | 28.7× | 7.8× | 8.9% | 50.7% | 17.8% | 38.9% | 26.4% | 0.7× | 446 |
| RL | $23.4B | 26.0× | 16.1× | 2.9× | 14.6% | 69.9% | 11.6% | 33.1% | 23.1% | -0.5× | 193 |
| LULU | $12.4B | 8.1× | 4.6× | 1.1× | 4.9% | 56.6% | 14.2% | 31.8% | 31.8% | 0.0× | 199 |
| LEVI | $8.6B | 15.5× | 10.1× | 1.4× | 4.1% | 61.7% | 9.2% | 25.4% | 17.4% | 0.3× | 57 |
| VFC | $7.2B | 28.6× | — | 0.8× | 1.1% | 54.8% | 2.7% | 13.8% | 4.7% | — | 145 |
| PVH | $4.2B | 173.4× | 11.5× | 0.5× | 3.4% | 57.5% | 0.3% | 0.5% | 0.4% | 3.2× | 82 |
| KTB | $4.1B | 18.3× | 13.3× | 1.3× | 20.9% | 45.2% | 7.2% | 40.3% | 13.3% | 2.8× | 91 |
| FIGS | $3.5B | 112.2× | 73.3× | 5.6× | 13.6% | 66.5% | 5.4% | 7.8% | 7.8% | -1.7× | 31 |
| COLM | $3.5B | 20.9× | 11.4× | 1.0× | 0.9% | 50.5% | 5.2% | 10.4% | 10.4% | -1.7× | 64 |
| GIII | $1.3B | 20.1× | 6.8× | 0.4× | -7.0% | 39.4% | 2.3% | 3.8% | 3.8% | -3.0× | 40 |
| CRI | $1.2B | 12.5× | 6.3× | 0.4× | 1.9% | 45.4% | 3.2% | 9.9% | 6.2% | 0.4× | 54 |
| OXM | $422M | — | 21.3× | 0.3× | -2.6% | 60.7% | -1.9% | -5.4% | -4.4% | 4.3× | 25 |
| JILL | $356M | 13.2× | — | 0.6× | -2.3% | 68.7% | 4.7% | 23.0% | 14.3% | — | 14 |
| SGC | $196M | 26.7× | — | 0.3× | 0.1% | 37.6% | 1.2% | 3.6% | 2.4% | — | 21 |
Peers = companies sharing LULU's sector (Apparel & Other Finishd Prods of Fabrics & Similar Matl) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.18B buybacks = $1.18B returned on $921.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 32%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2027
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2027 | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.10B 100.0% | $10.59B 100.0% | $9.62B 100.0% | $8.11B 100.0% | $6.26B 100.0% | $4.40B 100.0% | $3.98B 100.0% | $3.29B 100.0% | $2.65B 100.0% | $2.34B 100.0% |
| Cost of Revenue | $4.82B 43.4% | $4.32B 40.8% | $4.01B 41.7% | $3.62B 44.6% | $2.65B 42.3% | $1.94B 44.0% | $1.76B 44.1% | $1.47B 44.8% | $1.25B 47.2% | $1.14B 48.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.25B 47.2% | $1.14B 48.8% |
| Gross Profit | $6.28B 56.6% | $6.27B 59.2% | $5.61B 58.3% | $4.49B 55.4% | $3.61B 57.7% | $2.46B 56.0% | $2.22B 55.9% | $1.82B 55.2% | $1.40B 52.8% | $1.20B 51.2% |
| Selling, General & Admin | $4.07B 36.6% | $3.76B 35.5% | $3.40B 35.3% | $2.76B 34.0% | $2.23B 35.6% | $1.61B 36.6% | $1.33B 33.5% | $1.11B 33.8% | $904.3M 34.1% | $778.5M 33.2% |
| Operating Income | $2.21B 19.9% | $2.51B 23.7% | $2.13B 22.2% | $1.33B 16.4% | $1.33B 21.3% | $820.0M 18.6% | $889.1M 22.3% | $705.8M 21.5% | $456.0M 17.2% | $421.2M 18.0% |
| Other Income (Expense), net | $28.4M 0.3% | $70.4M 0.7% | $43.1M 0.4% | $4.2M 0.1% | $514K 0.0% | -$636K -0.0% | $8.3M 0.2% | $9.4M 0.3% | $4.0M 0.2% | $1.6M 0.1% |
| Pretax Income | $2.24B 20.2% | $2.58B 24.3% | $2.18B 22.6% | $1.33B 16.4% | $1.33B 21.3% | $819.4M 18.6% | $897.4M 22.6% | $715.3M 21.8% | $460.0M 17.4% | $422.7M 18.0% |
| Income Tax Expense | $659.8M 5.9% | $761.5M 7.2% | $625.5M 6.5% | $477.8M 5.9% | $358.5M 5.7% | $230.4M 5.2% | $251.8M 6.3% | $231.4M 7.0% | $201.3M 7.6% | $119.3M 5.1% |
| Net Income | $1.58B 14.2% | $1.81B 17.1% | $1.55B 16.1% | $854.8M 10.5% | $975.3M 15.6% | $588.9M 13.4% | $645.6M 16.2% | $483.8M 14.7% | $258.7M 9.8% | $303.4M 12.9% |
| Per Share | ||||||||||
| EPS (Basic) | $13.27 | $14.67 | $12.23 | $6.70 | $7.52 | $4.52 | $4.95 | $3.63 | $1.90 | $2.21 |
| EPS (Diluted) | $13.26 | $14.64 | $12.20 | $6.68 | $7.49 | $4.50 | $4.93 | $3.61 | $1.90 | $2.21 |
| Weighted Avg Shares (Basic) | 119.0M | 123.7M | 126.7M | 127.7M | 129.8M | 130.3M | 130.4M | 133.4M | 136.0M | 137.1M |
| Weighted Avg Shares (Diluted) | 119.1M | 123.9M | 127.1M | 128.0M | 130.3M | 130.9M | 131.0M | 134.0M | 136.2M | 137.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-09 | Frank Meghan Chief Financial Officer | Grant | 42,328 | $0.00 | $0 |
| 2026-09-09 | 3 co-filers CEO | Grant | 28,079 | $0.00 | — |
| 2026-09-09 | 3 co-filers CEO | Grant | 40,223 | $0.00 | — |
| 2026-09-09 | 3 co-filers CEO | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 105,295 |
| $0.00 |
| — |
| 2026-06-25 | Mcneill Jon Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Henry Kathryn Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Bergh Charles V Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | List Teri Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Loehnis Alison Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | White Emily Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Morfitt Martha A M Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Bracey Esi Eggleston Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Maurer Marc Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Gentile Laura Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-25 | Mahe Isabel Director | Grant | 1,606 | $0.00 | $0 |
| 2026-06-15 | Bergh Charles V Director | Open-market buyindirect | 4,275 | $117.05 | $500k |
| 2026-06-09 | Bracey Esi Eggleston Director | Grant | 247 | $0.00 | $0 |
| 2026-06-08 | Frank Meghan CFO & Interim Co-CEO | Tax withholding | 28 | $117.55 | $3k |
| 2026-06-08 | Neuburger Nicole Chief Brand Officer | Tax withholding | 55 | $117.55 | $6k |
| 2026-04-08 | Neuburger Nicole Chief Brand Officer | Open-market sale | 622 | $161.00 | $100k |
| 2026-04-01 | Maestrini Andre Pres, CCO & Interim Co-CEO | Open-market buy | 3,275 | $151.02 | $495k |
| 2026-03-31 | Maestrini Andre Pres, CCO & Interim Co-CEO | Tax withholding | 357 | $153.10 | $55k |
| 2026-03-31 | Frank Meghan CFO & Interim Co-CEO | Tax withholding | 400 | $153.10 | $61k |
| 2026-03-31 | Neuburger Nicole Chief Brand Officer | Tax withholding | 369 | $153.10 | $56k |
| 2026-03-30 | 4 co-filers Pres, CCO & Interim Co-CEO | Option exercise | 4,692 | $0.00 | $0 |
| 2026-03-30 | 4 co-filers CFO & Interim Co-CEO | Option exercise | 3,754 | $0.00 | $0 |
| 2026-03-30 | 4 co-filers Chief Brand Officer | Option exercise | 3,754 | $0.00 | $0 |
| 2026-03-30 | 4 co-filers CFO & Interim Co-CEO | Tax withholding | 1,977 | $145.83 | $288k |
| 2026-03-30 | 4 co-filers Pres, CCO & Interim Co-CEO | Tax withholding | 2,206 | $145.83 | $322k |
| 2026-03-30 | 4 co-filers Chief Brand Officer | Tax withholding | 1,979 | $145.83 | $289k |
| 2026-03-30 | 4 co-filers Chief Brand Officer | Tax withholding | 201 | $145.83 | $29k |
| 2026-03-30 | 4 co-filers Pres, CCO & Interim Co-CEO | Tax withholding | 224 | $145.83 | $33k |
| 2026-03-30 | 4 co-filers CFO & Interim Co-CEO | Tax withholding | 201 | $145.83 | $29k |
| 2026-03-30 | 4 co-filers CFO & Interim Co-CEO | Option exercise | 3,754 | $0.00 | — |
| 2026-03-30 | 4 co-filers Pres, CCO & Interim Co-CEO | Option exercise | 4,692 | $0.00 | — |
| 2026-03-30 | 4 co-filers Chief Brand Officer | Option exercise | 3,754 | $0.00 | — |
| 2026-03-25 | Neuburger Nicole Chief Brand Officer | Tax withholding | 224 | $158.72 | $36k |
| 2026-03-25 | Frank Meghan CFO & Interim Co-CEO | Tax withholding | 246 | $158.72 | $39k |
| 2026-03-25 | Maestrini Andre Pres, CCO & Interim Co-CEO | Tax withholding | 220 | $158.72 | $35k |
| 2026-03-20 | 2 co-filers Group filing | Open-market buyindirect | 6,090 | $164.20 | $1000k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2027 · every deduction from revenue to net income
DuPont — the three levers
ROE 32% against ROIC 32% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 34.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 | FY2027 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 44.8 | 44.1 | 44.0 | 42.3 | 44.6 | 41.7 | 40.8 | 43.4 |
| Gross Profit | 55.2 | 55.9 | 56.0 | 57.7 | 55.4 | 58.3 | 59.2 | 56.6 |
| SG&A | 33.8 | 33.5 | 36.6 | 35.6 | 34.0 | 35.3 | 35.5 | 36.6 |
| Operating Income | 21.5 | 22.3 | 18.6 | 21.3 | 16.4 | 22.2 | 23.7 | 19.9 |
| Income Tax | 7.0 | 6.3 | 5.2 | 5.7 | 5.9 | 6.5 | 7.2 | 5.9 |
| Net Income | 14.7 | 16.2 | 13.4 | 15.6 | 10.5 | 16.1 | 17.1 | 14.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LULU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 14.74pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 23.4% | 8.9% (today's — no rate published for this year) | 14.4pts |
| FY2021 | 17.3% | 8.9% (today's — no rate published for this year) | 8.4pts |
| FY2022 | 26.1% | 8.9% (today's — no rate published for this year) | 17.1pts |
| FY2023 | 22.3% | 8.9% (today's — no rate published for this year) | 13.4pts |
| FY2024 | 26.8% | 8.9% (today's — no rate published for this year) | 17.9pts |
| FY2026 | 30.0% | 8.9% (today's — no rate published for this year) | 21.1pts |
| FY2027 | 23.1% | 8.9% (today's — no rate published for this year) | 14.2pts |
| Now | 31.8% | 8.9% | 22.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 51.2% | 18.0% | 12.9% |
| FY2018 | 52.8% | 17.2% | 9.8% |
| FY2020 | 55.2% | 21.5% | 14.7% |
| FY2021 | 55.9% | 22.3% | 16.2% |
| FY2021 | 56.0% | 18.6% | 13.4% |
| FY2022 | 57.7% | 21.3% | 15.6% |
| FY2023 | 55.4% | 16.4% | 10.5% |
| FY2024 | 58.3% | 22.2% | 16.1% |
| FY2026 | 59.2% | 23.7% | 17.1% |
| FY2027 | 56.6% | 19.9% | 14.2% |
Return on equity (32%) and return on invested capital (32%) are within a couple of points in FY2027, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$186M of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread has been narrowing over the last three years.
Converts 0.78x of reported profit into cash — adequate, without much margin.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2026-02-01. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $107.24, free cash flow must compound -3.43%/yr for 10 years. It has done 15.6%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 48.6% | −3.4% |
| FY2022 | 73.2% | −3.4% |
| FY2023 | −67.0% | −3.4% |
| FY2024 | 401.6% | −3.4% |
| FY2026 | −3.7% | −3.4% |
| FY2027 | −41.8% | −3.4% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.58B | $1.58B |
| Share-based comp | $62M | $1.64B |
| Other non-cash & working capital | −$39M | $1.60B |
| Operating cash flow | $1.60B | $1.60B |
| Capex | −$681M | $922M |
| Free cash flow | $922M | $922M |
| FCF after SBC | $859M | $859M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 10.6% | not reported | not reported |
| FY2022 | 42.1% | not reported | not reported |
| FY2023 | 29.6% | not reported | not reported |
| FY2024 | 18.6% | not reported | not reported |
| FY2026 | 10.1% | not reported | not reported |
| FY2027 | 4.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -0.7 percent |
| FY2021 | -5.1 percent |
| FY2022 | -8.4 percent |
| FY2023 | -2.0 percent |
| FY2024 | -10.5 percent |
| FY2026 | -6.0 percent |
| FY2027 | -0.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2027) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.