Lululemon Athletica (LULU)
$102.28Dividend record not assessed — stored history is shorter than Graham's required window.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Classic uses stricter thresholds (current ratio 2.0×, 10 years of positive EPS, 20 years of dividends); modern relaxes those to 1.5×, 7 years, and 10 years.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Calculate this yourself — free Graham Number calculator with formula workings.
✓1.Adequate size$11.1B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
✓2.Strong financial conditionBoth sub-tests pass
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
✓2a. Current ratio of at least 2.0Current ratio 2.26× vs ≥2.0× required
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
✓2b. Long-term debt within net current assets$1.6B long-term debt vs $2.4B working capital
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year10 of 10 years positive (≥10 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluatedNo dividend data on file
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 0 years; Graham's rule requires 20.
✓5.Earnings growth+419% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings7.7× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 17.4 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
✓1.Adequate size$11.1B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
✓2.Strong financial conditionBoth sub-tests pass
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
✓2a. Current ratio of at least 1.5Current ratio 2.26× vs ≥1.5× required
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
✓2b. Long-term debt within net current assets$1.6B long-term debt vs $2.4B working capital
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year7 of 7 years positive (≥7 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluatedNo dividend data on file
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 0 years; Graham's rule requires 10.
✓5.Earnings growth+419% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings7.7× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 17.4 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
Fair-value calculator
Graham's combined ceiling: 15× earnings · 1.5× book (defaults).
Price vs. Graham fair value, 5 years
Over the past 5 years, LULU's price has met Graham's fair value on 33 trading days — most recently 2026-09-23.
10-year per-share record
| Year | EPS | Dividend | Book value/sh |
|---|---|---|---|
| 2017 | 2.21 | — | 10.7 |
| 2018 | 1.90 | — | 12.7 |
| 2019 | 3.61 | — | 11.7 |
| 2020 | 4.93 | — | 15.7 |
| 2021 | 4.50 | — | 20.4 |
| 2022 | 7.49 | — | 22.3 |
| 2023 | 6.68 | — | 25.8 |
| 2024 | 12.20 | — | 35.0 |
| 2025 | 14.64 | — | 37.4 |
| 2026 | 13.26 | — | 44.9 |
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