lululemon athletica inc., FCFF calculation

US$ in thousands

12 months ended:	Feb 2, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020
Net income	1,814,616)	1,550,190)	854,800)	975,322)	588,913)	645,596)
Net noncash charges	509,992)	546,751)	771,583)	284,655)	261,972)	217,791)
Changes in operating assets and liabilities	(51,895)	199,223)	(659,920)	129,131)	(47,549)	(194,071)
Net cash provided by operating activities	2,272,713)	2,296,164)	966,463)	1,389,108)	803,336)	669,316)
Interest paid, net of tax¹	337)	167)	74)	9)	79)	234)
Purchase of property and equipment	(689,232)	(651,865)	(638,657)	(394,502)	(229,226)	(283,048)
Free cash flow to the firm (FCFF)	1,583,818)	1,644,466)	327,880)	994,615)	574,189)	386,502)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the lululemon athletica inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	lululemon athletica inc. FCFF increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

lululemon athletica inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Feb 2, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020
Effective Income Tax Rate (EITR)
EITR¹	29.60%	28.80%	35.90%	26.90%	28.10%	28.10%
Interest Paid, Net of Tax
Interest paid, before tax	478)	234)	116)	12)	110)	325)
Less: Interest paid, tax²	141)	67)	42)	3)	31)	91)
Interest paid, net of tax	337)	167)	74)	9)	79)	234)

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).

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² 2025 Calculation
Interest paid, tax = Interest paid × EITR
= 478 × 29.60% = 141

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lululemon athletica inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	28,646,654)
Free cash flow to the firm (FCFF)	1,583,818)
Valuation Ratio
EV/FCFF	18.09
Benchmarks
EV/FCFF, Competitors¹
Nike Inc.	11.55
EV/FCFF, Sector
Consumer Durables & Apparel	12.66
EV/FCFF, Industry
Consumer Discretionary	31.53

Based on: 10-K (reporting date: 2025-02-02).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

lululemon athletica inc., historical EV/FCFF calculation, comparison to benchmarks

	Feb 2, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	39,216,884)	58,093,744)	39,577,239)	42,738,491)	40,187,754)	25,043,644)
Free cash flow to the firm (FCFF)²	1,583,818)	1,644,466)	327,880)	994,615)	574,189)	386,502)
Valuation Ratio
EV/FCFF³	24.76	35.33	120.71	42.97	69.99	64.80
Benchmarks
EV/FCFF, Competitors⁴
Nike Inc.	—	15.04	31.57	36.54	40.08	102.21
EV/FCFF, Sector
Consumer Durables & Apparel	—	18.95	36.97	37.72	42.57	94.28
EV/FCFF, Industry
Consumer Discretionary	—	41.92	33.08	50.80	60.24	46.23

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).

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² See details »

³ 2025 Calculation
EV/FCFF = EV ÷ FCFF
= 39,216,884 ÷ 1,583,818 = 24.76

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	lululemon athletica inc. EV/FCFF ratio decreased from 2023 to 2024 and from 2024 to 2025.

lululemon athletica inc. (NASDAQ:LULU)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical