ANF vs LULU: Abercrombie & Fitch and Lululemon Athletica compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Lululemon Athletica is the larger company, worth $11.1B, about 1.8 times Abercrombie & Fitch.
- Abercrombie & Fitch grew revenue faster over the last year (+4.8% vs -4.3%).
- Lululemon Athletica keeps more of each dollar of revenue as operating profit (17.8% vs 13.7%).
- On earnings, Lululemon Athletica is the cheaper stock (7.0x vs 13.4x).
- Abercrombie & Fitch's price assumes faster free cash flow growth: about 3% a year, against -2% for Lululemon Athletica (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ANF | LULU |
|---|---|---|
| Market cap | $6.3B | $11.1B |
| Share price | $142.58 | $94.50 |
| Revenue (last fiscal year) | $5.3B | $11.1B |
| Free cash flow (last fiscal year) | $378M | $922M |
| Revenue growth, last year | +4.8% | -4.3% |
| Revenue growth per year, last 5 fiscal years | +9.1% | +15.4% |
| Operating margin | 13.7% | 17.8% |
| Net margin | 10.0% | 12.8% |
| Return on equity | 39.6% | 29.6% |
| P/E (trailing) | 13.4x | 7.01x |
| Price / free cash flow | 16.6x | 12.1x |
| EV / EBITDA | 7.58x | 4.72x |
| FCF growth the price implies | 2.6% | -1.7% |
| Dividend yield | — | — |
| Debt / equity | 1.64x | 0.77x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Abercrombie & Fitch
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.7B | $181M | 9.2% |
| 2023 | $3.7B | -$167M | 2.5% |
| 2024 | $4.3B | $496M | 11.3% |
| 2025 | $4.9B | $527M | 15.0% |
| 2026 | $5.3B | $378M | 13.3% |
Lululemon Athletica
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $6.3B | $995M | 21.3% |
| 2023 | $8.1B | $328M | 16.4% |
| 2024 | $9.6B | $1.6B | 22.2% |
| 2025 | $10.6B | $1.6B | 23.7% |
| 2026 | $11.1B | $922M | 19.9% |
Where the revenue comes from
Abercrombie & Fitch · by products, 2026
Hollister$2.7B52%
Abercrombie$2.5B48%
Lululemon Athletica · by products, 2026
Women's apparel$7.0B63%
Men's apparel$2.7B24%
Accessories and other categories$1.4B13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ANF in InvestinglyQuestions
Which is bigger, Abercrombie & Fitch or Lululemon Athletica?
Lululemon Athletica (LULU), at $11.1B against $6.3B.
Is ANF or LULU cheaper?
By trailing P/E, Lululemon Athletica (7.01x) is cheaper than Abercrombie & Fitch (13.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANF or LULU?
Abercrombie & Fitch: revenue grew +4.8% over the last year, against -4.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.