Lululemon Athletica management check
LULU · Consumer Discretionary · Apparel, Accessories & Luxury Goods · CEO Calvin McDonald
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $173, against $56 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.28 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.8% of net income$14.6m of reported pay in fiscal 2025, against $1.8bn of net income.
- Good
Do they own the stock?
Insiders are buying1 insider bought $500k on the open market in the last six months, with their own money, near the lows.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -3.2% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Calvin McDonald. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 70 | |
| Pay for performance | 64 | 79 | |
| CEO cost | 58 | 44 | |
| Skin in the game | 80 | 36 | |
| Dilution | 90 | 74 | |
| Stable leadership | 75 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Apparel, Accessories & Luxury Goods, by management score. Lululemon Athletica is 5th of 47 in its sector.
- 38GMGeneral Motors83
- 46LULULululemon Athletica81
- 52TPRTapestry, Inc.80
- 54LOWLowe's80
- 106RLRalph Lauren Corporation76
- 437NKENike, Inc.48
Pay versus performance
From the proxy statement filed April 29, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Calvin McDonald | $14.6m | $2.2m | $4.6m | $173 | $56 | $1.8bn |
| 2024 | — | $16.5m | $46.8m | $5.4m | $200 | $53 | $1.6bn |
| 2023 | — | $15.7m | $18.3m | $4.8m | $130 | $65 | $854.8m |
| 2022 | — | $13.3m | $18.8m | $3.8m | $132 | $93 | $975.3m |
| 2021 | — | $10.6m | $39.3m | $2.0m | $137 | $96 | $588.9m |
The board says pay is tied most to operating income.
Insiders and the CEO's stake
1 insider bought $500k on the open market in the last six months, with their own money, near the lows.
- BoughtCharles V BerghDirector$500kJun 15, 2026
Leadership and governance on file
- Oct 22, 2026Leadership change8-K 5.02
- Oct 7, 2026Leadership change8-K 5.02
- Sep 14, 2026Leadership change8-K 5.02
- Jun 26, 2026Leadership change8-K 5.02
- Apr 28, 2026Leadership change8-K 5.02
- Apr 22, 2026Leadership change8-K 5.02
- Mar 17, 2026Leadership change8-K 5.02
- Dec 11, 2025Leadership change8-K 5.02
- Nov 21, 2025Leadership change8-K 5.02
- May 21, 2024Leadership change8-K 5.02
- Sep 13, 2023Leadership change8-K 5.02
- Feb 24, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.6bn returned to owners in buybacks and dividends, 68% of net income, and $393.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3bn | $8.1bn | $9.6bn | $10.6bn | $11.1bn |
| Net income | $975.3m | $854.8m | $1.6bn | $1.8bn | $1.6bn |
| Stock-based pay | $69.1m | $78.1m | $93.6m | $90.0m | $62.2m |
| Buybacks | $812.6m | $444.0m | $558.7m | $1.6bn | $1.2bn |
| Dividends | — | — | — | — | — |
| Diluted shares | 130m | 128m | 127m | 124m | 119m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.