Sources: Am I DeLULU For Loving $LULU at $120??

This page lists the sources cited and consulted in writing “Am I DeLULU For Loving $LULU at $120??”, published May 19, 2026. Where possible, primary sources (SEC filings, company disclosures) are preferred over secondary commentary.

SEC filings and company disclosures

Lululemon Athletica Inc., Form 10-K, fiscal year ended February 1, 2026. SEC EDGAR
Lululemon Athletica Inc., Q4 FY2025 earnings release (March 2026). Corporate investor relations
Lululemon Athletica Inc., FY2026 quarterly reports (10-Q filings). SEC EDGAR
Lululemon Athletica Inc., FY2025 annual report and shareholder communications. Annual reports archive

Activist proxy materials

Dennis “Chip” Wilson, definitive proxy materials filed April 2026 (Schedule 14A). SEC EDGAR — Wilson filings
Lululemon Athletica Inc., 2026 Annual Meeting proxy statement and board-recommended slate.
CreativityFirstLulu.com — Wilson campaign materials, nominee biographies, and shareholder letters.

Industry and market data

Earnest Analytics — U.S. athleisure category spending share data (early 2025 snapshot). Used for the Nike / Lululemon / Vuori / Alo Yoga / Athleta / Fabletics share comparison in Figure 6.
Companies Market Cap — current market capitalization data for Nike Inc. ($62B as of May 2026) and Lululemon Athletica Inc. ($13.77B as of May 15, 2026).
StockAnalysis.com — historical price-to-earnings multiples, share count, and balance sheet data for Lululemon Athletica Inc. used in Figure 2 (operating margins), Figure 4 (P/E history), and the multiple compression analysis.
Simply Wall St — balance sheet analysis confirming Lululemon’s zero traditional long-term debt position.
StockTitan — FY2026 operating cash flow, free cash flow, capex, gross margin, and operating margin figures.

Media commentary and analysis

Ben Thompson, “An Interview With Michael Morton About E-commerce Winners and Losers,” Stratechery, April 2024. stratechery.com — primary source for the structural bear case on branded apparel.
Coverage of Calvin McDonald’s departure from Lululemon Athletica Inc. (January 2026) — Wall Street Journal, Bloomberg, CNBC.
Coverage of Heidi O’Neill’s appointment as Lululemon Athletica Inc. chief executive officer (announced 2026) — including biographical details on her twenty-five-year tenure at Nike Inc., specific roles as President of Nike Direct (2017–2020) and President of Nike Consumer, Product & Brand (2020–2024), and her board service at Spotify and Hyatt.
Analyst price target compilations and consensus estimates (May 2026) — TipRanks, Investing.com, Morningstar.

Comparable company benchmarks

Nike Inc., Form 10-K filings, fiscal years 2018 through 2025. Used for the 2017–2019 reset comparison in Driver One and Multiple Compression sections. SEC EDGAR — Nike
Vuori Inc., Series E funding round announcement (November 2024) confirming the $5.5 billion private valuation. Vuori newsroom and General Atlantic press materials.
Alo Yoga / Color Image Apparel Inc. — store count, growth disclosures, and category-share data from industry trackers.
On Holding AG ($ONON) — public disclosures and investor presentations on global brand performance and Marc Maurer’s tenure as co-chief executive officer.

Methodological notes

Price anchor: All valuation math in the piece is anchored to the May 15, 2026 closing price of $119.14 per Lululemon Athletica Inc. share. Subsequent price action does not alter the analytical framework.
Operating margin reference: “Approximately twenty percent” reflects FY2026 reported operating margin of 19.9%; rounded for readability in prose.
Share count assumption: Diluted share count of 115 to 117 million reflects FY2026 weighted-average diluted shares, adjusted modestly for the ongoing repurchase program. Basic shares outstanding at fiscal year end (February 1, 2026) were approximately 110 million.
Sales per square foot: $1,400+ figure for Lululemon is industry-reported; comparable figures for Vuori, Alo Yoga, and Nike premium concepts are approximations drawn from disclosed high-volume locations.
Multi-year average P/E: Five-year average of 36x and ten-year average of 41x calculated from quarterly P/E observations weighted equally.
Athleisure category definition: Share figures from Earnest Analytics use the firm’s defined athletic apparel and activewear consumer-spending category. Definitions differ across market research firms; absolute share figures may vary modestly between providers but the rank ordering is consistent.

Disclosures

This piece reflects the author’s analysis and opinions and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. The author is not a registered investment adviser. Always conduct independent research and consult a qualified financial professional before making investment decisions.