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Lululemon Athletica Inc. (LULU) 财务分析 | 估值·财报 | 100Baggers.club

Lululemon Athletica Inc.

LULU

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits. It also provides fitness-related accessories and footwear. The company sells its products through a chain of company-operated stores; outlets and warehouse sales; interactive workout platform; a network of wholesale accounts, such as yoga studios, health clubs, and fitness centers; temporary locations; and license and supply arrangements, as well as directly to consumer through mobile apps and lululemon.com e-commerce website. As of January 30, 2022, it operated 574 company-operated stores under the lululemon brand in the United States, Canada, the People's Republic of China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.

深度研究阅读完整报告

lululemon(LULU)股票深度分析 — lululemon不缺护城河——它缺的是一个CEO和一个反转信号

一个拥有最强护城河的品牌，股价为何会因CEO缺位而暴跌近40%？因为市场在为短暂的领导层真空定价，这恰恰为我们提供了押注其永恒品牌价值的罕见窗口。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

54.88%

毛利润 = $2.00B

营业收入 = $3.64B

Operating Profit Margini营业利润率

22.07%

营业利润 = $0.80B

营业收入 = $3.64B

EBITDA MarginiEBITDA利润率

26.36%

EBITDA = $0.96B

营业收入 = $3.64B

EBIT MarginiEBIT利润率

22.66%

EBIT = $0.81B

营业收入 = $3.64B

Net Profit Margini净利率

16.12%

净利润 = $0.59B

营业收入 = $3.64B

Pretax Profit Margini税前利润率

22.34%

税前利润 = $0.81B

营业收入 = $3.64B

E

运营效率指标

Interest Coveragei利息保障倍数

N/A (无利息支出)

EBIT (TTM) = $2.23B

利息费用 (TTM) = $0

N/A

N/A

N/A

N/A

N/A

SG&A / Revenuei销管费率

32.51%

销售及管理费用 = $1.18B

营业收入 = $3.64B

R&D / Revenuei研发占比

0.00%

研发费用 = $0.00B

营业收入 = $3.64B

R

回报率指标 (TTM)

ROAi总资产回报率

20.32%

净利润 = $1.58B

平均总资产 = $7.77B

ROEi净资产收益率

35.30%

净利润 = $1.58B

平均股东权益 = $4.47B

ROICi投入资本回报率

35.02%

NOPAT (TTM) = $1.55B

平均投入资本 = $4.43B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

0.81%

当期营收 = $3.64B

去年同期营收 = $3.61B

+12.7%

+7.3%

+6.5%

+7.1%

+0.8%

Operating Cash Flow/Sharei每股经营现金流

$13.46

经营现金流 = $1.60B

流通股数 = 0.12B

$18.64

$16.77

$15.97

$15.70

$13.46

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+0.8%	$3.64B	↑
毛利	-8.4%	$2.00B, 54.87%	↓
营业利润	-22.9%	$0.80B, 22.07%	↓
EBITDA	-18.4%	$0.96B, 26.36%	↓
税前利润	-23.1%	$0.81B, 22.34%	↓
净利润	-21.6%	$0.59B, 16.12%	↓
稀释每股收益	-19.1%	4.97	↓

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L

流动性指标

Current Ratioi流动比率

2.26

健康

流动资产 = $4.26B

流动负债 = $1.89B

Quick Ratioi速动比率

1.28

健康

速动资产 = $2.56B

流动负债 = $1.89B

Cash Ratioi现金比率

0.96

健康

现金及等价物 = $1.81B

流动负债 = $1.89B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.36

健康

总债务 = $1.80B

总权益 = $4.96B

Liabilities to Assetsi资产负债率 (总负债)

41.3%

正常

总负债 = $3.49B

总资产 = $8.46B

Equity Multiplieri权益乘数

1.70

健康

总资产 = $8.46B

总权益 = $4.96B

E

效率指标

Asset Turnoveri总资产周转率

1.43

健康

营收 (TTM) = $11.10B

平均总资产 = $7.77B

Inventory Turnoveri存货周转率

2.61

关注

营业成本 (TTM) = $4.82B

平均存货 = $1.85B

Receivables Turnoveri应收账款周转率

50.36

健康

营收 (TTM) = $11.10B

平均应收账款 = $0.22B

S

偿债能力

Interest Coveragei利息保障倍数

N/A

正常

EBIT (TTM) = $2.23B

利息费用 (TTM) = $0.00B

Net Debt to EBITDAi净债务/EBITDA

0.00

健康

净债务 = $-0.01B

EBITDA (TTM) = $2.73B

Debt Service Coveragei偿债覆盖率

5.36

健康

经营现金流 (TTM) = $1.60B

债务偿付 = $0.30B

V

价值指标

Goodwill %i商誉占比

2.2%

健康

商誉 = $0.18B

总资产 = $8.46B

Working Capital Ratioi营运资本比率

0.28

健康

营运资本 = $2.38B

总资产 = $8.46B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$1.60B

自由现金流 TTMi

$0.92B

FCF = OCF - CapEx

经营现金流 (TTM) = $1.60B

资本支出 (TTM) = $-0.68B

自由现金流收益率i

4.86%

关注

FCF (TTM) = $0.92B

市值 = $18.95B

经营现金流/销售比i

14.43%

正常

经营现金流 (TTM) = $1.60B

营业收入 (TTM) = $11.10B

Q

质量与覆盖指标

收益质量i

1.01x

正常

经营现金流 (TTM) = $1.60B

净利润 (TTM) = $1.58B

现金流/债务比i

0.89x

健康

经营现金流 (TTM) = $1.60B

总负债 = $1.80B

短期覆盖率i

0.85x

健康

经营现金流 (TTM) = $1.60B

流动负债 = $1.89B

资本支出覆盖率i

2.35x

正常

经营现金流 (TTM) = $1.60B

资本支出 (TTM) = $0.68B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

57.52%

关注

自由现金流 (TTM) = $0.92B

经营现金流 (TTM) = $1.60B

资本支出/营收比i

6.13%

正常

资本支出 (TTM) = $0.68B

营业收入 (TTM) = $11.10B

净债务/EBITDAi

-0.00

健康

净债务 = $-0.01B

EBITDA (TTM) = $2.73B

G

增长指标

经营现金流增长率i

-18.45%

关注

当期OCF (TTM) = $1.14B

上期OCF = $1.40B

股东盈余i

$1.39B

健康

净利润 (TTM) = $1.58B

+ 折旧摊销 (TTM) = $0.50B

- 资本支出 (TTM) = $-0.68B