Lululemon Athletica Inc. (LULU)财务
NASDAQ · Consumer Cyclical · Apparel - Retail · 员工39,000人 · CEO Heidi O'Neill
- 股价
- $107.24 -2.35%
- 市值
- $124亿
- 企业价值
- $132亿
- 最近财报
- Q2 '26 2026-09-03提交
- 下次财报
- 2026-12-10 EPS预期 $0.97
营收(TTM)$111亿+1.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)17.8%-5.1 百分点 对比去年同期营业利润 $19.7亿
净利润(TTM)$14.2亿-20.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$13.5亿+15.9% 对比去年同期资本支出 $6.28亿
稀释EPS(TTM)$12.17-17.3% 对比去年同期最近4个季度之和
净现金-$7.51亿-23.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $124亿 EV $132亿
- 营收
- $111亿 过去12个月
- 营收增速
- -6% FY2027年一致预期
- 净利润率
- 12.8% 净利润 / 营收,TTM
- P/E
- 8.8× 预期 11.2×(FY2027)
- P/S
- 1.1× 股价 / 营收,TTM
- EV / EBITDA
- 5.1× TTM
- 自由现金流
- $13.5亿 过去12个月
- 净利润
- $14.2亿 过去12个月
- 营收预期
- $105亿 FY2027年一致预期
- 盈利
- 2026-12-10 营收预期 $23.2亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-03):营收低于预期1.7%,EPS 超预期63.1%营收$24.2亿,预期$24.6亿(-1.7%);EPS $2.92,预期$1.79(+63.1%)。
- 营收增长放缓:同比-4.3%Q2 '26营收$24.2亿,此前四个季度的平均值为4.7%。
- 营业利润率17.8%(TTM),较去年同期-5.1 百分点营收增长1.7%,营业利润增长-21.1%。
- 资本支出占营收的5.7%(去年为6.8%)最近4个季度投入$6.28亿(同比-15.6%)。自由现金流$13.5亿,相当于净利润的95.5%。
- 股东回报$11.7亿 = 自由现金流的86.4%回购$11.7亿(去年为$14.6亿),股息$0,股权激励$4570万(TTM)。
- 稀释股数一年内减少5.6%Q2 '26稀释股数1.13亿,一年前为1.2亿。
- 净债务 $7.51亿现金 + 短期投资 $13.9亿,含租赁债务 $21.4亿;一年前净债务 $6.07亿。
上一季度:Q2 '26
截至2026-08-02的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $24.2亿 | $25.3亿 | -4.3% |
| 毛利率 | 60.5% | 58.5% | +2.0 百分点 |
| 营业利润 | $4.54亿 | $5.24亿 | -13.4% |
| 营业利润率 | 18.8% | 20.7% | -2.0 百分点 |
| 净利润 | $3.29亿 | $3.71亿 | -11.2% |
| 稀释EPS | $2.92 | $3.10 | -5.8% |
| 经营现金流 | $3.75亿 | $3.29亿 | +14.0% |
| 资本支出 | $1.5亿 | $1.78亿 | -15.9% |
| 自由现金流 | $2.25亿 | $1.51亿 | +49.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | -$184万 | +100.0% |
实际 vs 一致预期
2026-09-03| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $24.2亿 | $24.6亿 | -1.7% |
| EPS(一致预期口径) | $2.92 | $1.79 | +63.1% |
来自2026-09-03发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Women's Product | $14.9亿 | -3.8% | 61.6% | $70亿 | +2.0% | |
| Men's Product | $6.21亿 | -0.5% | 25.7% | $27亿 | +2.4% | |
| Other Segments | $3.06亿 | -13.4% | 12.7% | $13.9亿 | -1.0% |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $13亿 | -8.0% | 45.3% | $61.7亿 | -5.1% | |
| CHINA | $8.66亿 | +3.9% | 30.1% | $39.7亿 | – | |
| CANADA | $2.86亿 | -11.0% | 9.9% | $13.8亿 | -3.2% | |
| Outside Of North America | $3.4亿 | +4.3% | 11.8% | $13.5亿 | +11.3% | |
| Hong Kong SAR, Taiwan, and Macau SAR | $5140万 | +7.9% | 1.8% | $2.1亿 | – | |
| MEXICO | $2890万 | +31.8% | 1.0% | $1.08亿 | +45.0% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Americas Segment | – | – | $5.94亿 | -4.0% | – | – | $23.5亿 |
| China Mainland Segment | – | – | $1.51亿 | -0.8% | – | – | $7.49亿 |
| Other Country Segment | – | – | $7500万 | -7.7% | – | – | $3.36亿 |
| Corporate (unallocated) | – | – | -$3.67亿 | -11.4% | – | – | -$14.6亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $19.8亿
- 资本支出
- -$6.28亿
- 股票回购
- -$11.7亿
- 股息
- $0
- 收购
- $0
- 债务净发行
- $0
- 股权激励费用
- $4570万
- 自由现金流
- $13.5亿
- 股东回报 / FCF
- 86.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 8.8× | 34.1× | 13.5× – 45.2× |
| EV / EBITDA | 5.1× | 18.7× | 7.8× – 26.9× |
| EV / 营收 | 1.2× | 4.9× | 1.9× – 6.9× |
| 股价 / FCF | 9.2× | 50.7× | 23.1× – 117.8× |
| 股价 / 净资产 | 2.5× | 11.7× | 4.3× – 15.8× |
| FCF收益率 | 10.9% | 2.7% | 0.8% – 4.3% |
| 投入资本回报率 | 19.7% | 24.9% | 19.7% – 29.2% |
| 净资产收益率 | 29.7% | 34.6% | 27.1% – 42.0% |
分析师
一致目标价 $97.67 (-8.9%)
区间 $70.00 – $115.00 · 评级 Hold
强烈买入0
买入27
持有37
卖出7
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $105亿 | -5.7% | $9.59 | -27.6% | 11.2× | 19 |
| FY2028 | $103亿 | -1.5% | $8.40 | -12.4% | 12.8× | 21 |
| FY2029 | $105亿 | +2.0% | $8.54 | +1.6% | 12.6× | 13 |
| FY2030 | $112亿 | +6.6% | $8.77 | +2.6% | 12.2× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Lululemon Athletica Inc.在近期10-Q / 10-K文件中标记的全部213项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $3.47亿 | $3.73亿 | -7.1% | $3.31亿 | $2.71亿 | +22.1% |
| Accrued Income Taxes, Current | $6740万 | $2670万 | +151.9% | $4390万 | $1.83亿 | -76.0% |
| Accrued Liabilities, Current | $5.85亿 | $4.24亿 | +38.0% | $6.63亿 | $5.59亿 | +18.5% |
| Accrued Marketing Costs, Current | $2790万 | – | – | $7120万 | $4540万 | +56.9% |
| Accrued Rent, Current | $1730万 | $2810万 | -38.3% | $2070万 | $1800万 | +15.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $20.2亿 | $16.6亿 | +22.0% | $18.6亿 | $14.6亿 | +27.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.68亿 | -$3.31亿 | +19.0% | -$2.31亿 | -$4.24亿 | +45.6% |
| Additional Paid in Capital, Common Stock | $6.95亿 | $6.32亿 | +9.9% | $6.69亿 | $6.38亿 | +4.9% |
| Advertising Expense | – | – | – | $6.18亿 | $5.41亿 | +14.0% |
| Amortization of Intangible Assets | $189万 | $173万 | +9.4% | $696万 | $274万 | +154.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | -10万 | +100.0% | 12.8万 | 6.42万 | +98.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2110万 | -$184万 | +1,243.7% | $6220万 | $9000万 | -30.9% |
| Assets | $84.8亿 | $75.2亿 | +12.8% | $84.6亿 | $76亿 | +11.2% |
| Assets, Current | $39.5亿 | $35.3亿 | +11.8% | $42.6亿 | $39.8亿 | +7.1% |
| Buildings and Improvements, Gross | $2830万 | $2860万 | -1.1% | $3220万2017-01-29 | $3090万 | +4.2% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | – | – | – | $1570万2024-09-10 | – | – |
| Capitalized Computer Software, Accumulated Amortization | $3.22亿2026-02-01 | $2.24亿 | +43.8% | $3.22亿 | $2.24亿 | +43.8% |
| Capitalized Computer Software, Gross | $16.7亿 | $14.2亿 | +17.9% | $6790万2023-01-29 | $3580万 | +89.7% |
| Capitalized Computer Software, Net | $1.92亿2026-02-01 | $1.62亿 | +18.7% | $1.92亿 | $1.62亿 | +18.7% |
| Capitalized Contract Cost, Net, Noncurrent | $2.17亿 | $1.76亿 | +22.8% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $13.9亿 | $11.6亿 | +20.2% | $18.1亿 | $19.8亿 | -8.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.25亿 | -$1.69亿 | +26.2% | -$1.77亿 | -$2.6亿 | +31.8% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 4亿 | 4亿 | 0.0% | 4亿 | 4亿 | 0.0% |
| Common Stock, Shares, Issued | 1.07亿 | 1.14亿 | -6.4% | 1.11亿 | 1.16亿 | -4.1% |
| Common Stock, Shares, Outstanding | 1.07亿 | 1.14亿 | -6.4% | 1.11亿 | 1.16亿 | -4.1% |
| Common Stock, Value, Issued | $53.3万 | $57万 | -6.5% | $55.7万 | $58.1万 | -4.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.78亿 | $3.76亿 | -26.1% | $17.7亿 | $16.5亿 | +7.2% |
| Construction in Progress, Gross | $1.7亿 | $2.9亿 | -41.4% | – | – | – |
| Contract with Customer, Refund Liability, Current | $5200万 | $490万 | +961.3% | $7060万 | $7390万 | -4.4% |
| Cost of Goods and Services Sold | $9.54亿 | $10.5亿 | -9.0% | $48.2亿 | $43.2亿 | +11.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.77亿 | $8690万 | +104.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.95亿 | $5.84亿 | -15.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $7.09亿 | $7.03亿 | +0.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3680万 | $3200万 | +15.0% |
| Deferred Compensation Liability, Current | $1.23亿 | $1.49亿 | -17.6% | $1.88亿 | $2.05亿 | -8.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$4140万 | $6140万 | -167.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $209万 | -$1710万 | +112.3% |
| Deferred Income Tax Assets, Net | $2450万 | $2140万 | +14.6% | $2400万 | $1710万 | +40.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$4910万 | $5840万 | -184.0% |
| Deferred Income Tax Liabilities, Net | $5700万 | $6240万 | -8.7% | $5230万 | $9820万 | -46.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$973万 | $1400万 | -169.3% |
| Deferred Tax Assets, Gross | $5.94亿2026-02-01 | $4.88亿 | +21.8% | $5.94亿 | $4.88亿 | +21.8% |
| Deferred Tax Assets, in Process Research and Development | $7790万2026-02-01 | $7160万 | +8.8% | $7790万 | $7160万 | +8.8% |
| Deferred Tax Assets, Inventory | $3260万2026-02-01 | $3380万 | -3.5% | $3260万 | $3380万 | -3.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.77亿2026-02-01 | $4.8亿 | +20.1% | $5.77亿 | $4.8亿 | +20.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $227万2026-02-01 | $217万 | +4.3% | $227万 | $217万 | +4.3% |
| Deferred Tax Assets, Other | $3070万2026-02-01 | $2600万 | +17.9% | $3070万 | $2600万 | +17.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $1530万2026-02-01 | $577万 | +164.9% | $1530万 | $577万 | +164.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $1470万2026-02-01 | $2090万 | -29.4% | $1470万 | $2090万 | -29.4% |
| Deferred Tax Assets, Valuation Allowance | $1750万2026-02-01 | $790万 | +121.7% | $1750万 | $790万 | +121.7% |
| Deferred Tax Liabilities, Gross | $6.05亿2026-02-01 | $5.61亿 | +7.8% | $6.05亿 | $5.61亿 | +7.8% |
| Deferred Tax Liabilities, Net | $2820万2026-02-01 | $8110万 | -65.2% | $2820万 | $8110万 | -65.2% |
| Deferred Tax Liabilities, Other | $416万2026-02-01 | $444万 | -6.4% | $416万 | $444万 | -6.4% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $2.05亿2026-02-01 | $1.81亿 | +13.5% | $2.05亿 | $1.81亿 | +13.5% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $8070万2026-02-01 | $1.07亿 | -24.6% | $8070万 | $1.07亿 | -24.6% |
| Defined Contribution Plan, Cost | $620万 | $600万 | +3.3% | $2370万 | $2220万 | +6.8% |
| Depreciation | – | – | – | $4.9亿 | $4.43亿 | +10.5% |
| Depreciation, Depletion and Amortization | $1.42亿 | $1.2亿 | +18.9% | $4.96亿 | $4.47亿 | +11.1% |
| Derivative Asset | $628万 | $71.4万 | +778.9% | $3100万 | $7680万 | -59.7% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-K 2026-02-01, 10-Q 2025-11-02, 10-Q 2025-08-03, 10-Q 2025-05-04, 10-K 2025-02-02, 10-Q 2024-10-27, 10-Q 2024-07-28
数据截至 2026-11-02