Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
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lululemon athletica inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2008
- Current Ratio since 2008
- Price to Earnings (P/E) since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Adjustments to Financial Statements for Operating Leases
lululemon athletica inc., adjustments to financial statements
US$ in thousands
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
1, 2 Equal to total present value of future operating lease payments.
lululemon athletica inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
lululemon athletica inc., adjusted financial ratios
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | lululemon athletica inc. adjusted total asset turnover ratio deteriorated from 2023 to 2024 but then slightly improved from 2024 to 2025. |
| Adjusted debt to equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | lululemon athletica inc. adjusted debt to equity ratio improved from 2023 to 2024 but then deteriorated significantly from 2024 to 2025. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | lululemon athletica inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025. |
lululemon athletica inc., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
2025 Calculations
1 Total asset turnover = Net revenue ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | lululemon athletica inc. adjusted total asset turnover ratio deteriorated from 2023 to 2024 but then slightly improved from 2024 to 2025. |
Adjusted Debt to Equity
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
2025 Calculations
1 Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | lululemon athletica inc. adjusted debt-to-equity ratio improved from 2023 to 2024 but then deteriorated significantly from 2024 to 2025. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02).
2025 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | lululemon athletica inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025. |