lululemon athletica inc., FCFE calculation

US$ in thousands

12 months ended:	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
Net income	1,550,190)	854,800)	975,322)	588,913)	645,596)	483,801)
Net noncash charges	546,751)	771,583)	284,655)	261,972)	217,791)	146,103)
Changes in operating assets and liabilities	199,223)	(659,920)	129,131)	(47,549)	(194,071)	112,875)
Net cash provided by operating activities	2,296,164)	966,463)	1,389,108)	803,336)	669,316)	742,779)
Purchase of property and equipment	(651,865)	(638,657)	(394,502)	(229,226)	(283,048)	(225,807)
Free cash flow to equity (FCFE)	1,644,299)	327,806)	994,606)	574,110)	386,268)	516,972)

Based on: 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), 10-K (reporting date: 2019-02-03).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to lululemon athletica inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	lululemon athletica inc. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

lululemon athletica inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	121,783,525
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,644,299)
FCFE per share	13.50
Current share price (P)	379.42
Valuation Ratio
P/FCFE	28.10
Benchmarks
P/FCFE, Competitors¹
Nike Inc.	17.31
P/FCFE, Sector
Consumer Durables & Apparel	34.23
P/FCFE, Industry
Consumer Discretionary	41.96

Based on: 10-K (reporting date: 2024-01-28).

¹ Click competitor name to see calculations.

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

lululemon athletica inc., historical P/FCFE calculation, comparison to benchmarks

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
No. shares of common stock outstanding¹	126,008,093	127,164,641	127,913,369	130,367,628	130,165,083	130,949,856
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,644,299)	327,806)	994,606)	574,110)	386,268)	516,972)
FCFE per share³	13.05	2.58	7.78	4.40	2.97	3.95
Share price^1, 4	478.84	320.31	343.97	317.09	200.80	146.80
Valuation Ratio
P/FCFE⁵	36.70	124.26	44.24	72.00	67.67	37.18
Benchmarks
P/FCFE, Competitors⁶
Nike Inc.	16.18	37.66	39.39	44.23	20.27	30.51
P/FCFE, Sector
Consumer Durables & Apparel	—	43.71	40.28	46.76	22.57	31.20
P/FCFE, Industry
Consumer Discretionary	—	30.84	36.19	82.92	32.04	28.99

Based on: 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), 10-K (reporting date: 2019-02-03).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,644,299,000 ÷ 126,008,093 = 13.05

⁴ Closing price as at the filing date of lululemon athletica inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 478.84 ÷ 13.05 = 36.70

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	lululemon athletica inc. P/FCFE ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

lululemon athletica inc. (NASDAQ:LULU)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical