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StocksMediumUpdated×2•Originally published 16 April 2026•Updated 17 April 2026•

1 min read

Lululemon Stock Hits 2018 Levels Despite Record Revenue Growth

3D metallic 'PVH' text with 'CALVIN KLEIN' and 'TOMMY HILFIGER' names. Upward trend line, 'EARNINGS BEAT', 'REVENUE: +14%', and '2026 GUIDANCE' on an orange background.

Key Facts

1Lululemon stock is trading at 2018 levels despite the company reporting record-breaking revenue.

about 2 months ago

Version History

Version 2about 2 months ago

What changed: Updated the story to include the current 13x P/E multiple, the 20% YTD stock decline, and quantified international growth at over 20%.

Version 1about 2 months ago

What changed: Updated the story to include 2026 financial guidance, details on the debt-free balance sheet and buyback yields, as well as the impact of tariffs and the role of activist investors.

Lululemon Athletica Inc. (LULU) continues to trade at 2018 levels, currently priced at a 13x FY26 P/E multiple following a 20% year-to-date decline. Despite the valuation pressure, new product styles are successfully driving full-price sales, allowing the company to maintain robust gross margins in the mid-50% range. International growth remains a key highlight, exceeding 20% and effectively offsetting stagnant sales performance in the U.S. market. The company's financial position is further bolstered by a debt-free balance sheet and a projected 6.26% share buyback yield for 2025. Investors are now focused on whether these resilient operational fundamentals and activist investor involvement can bridge the significant disconnect between the stock's market price and its underlying financial strength.