GAP vs LULU: The Gap 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 1.3 times The Gap.
- The Gap grew revenue faster over the last year (-2.0% vs -4.3%).
- Lululemon Athletica keeps more of each dollar of revenue as operating profit (17.8% vs 11.0%).
- On earnings, Lululemon Athletica is the cheaper stock (7.0x vs 10.8x).
- Lululemon Athletica's price assumes faster free cash flow growth: about -2% a year, against -4% for The Gap (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 | GAP | LULU |
|---|---|---|
| Market cap | $8.4B | $11.1B |
| Share price | $23.23 | $94.50 |
| Revenue (last fiscal year) | $15.4B | $11.1B |
| Free cash flow (last fiscal year) | $823M | $922M |
| Revenue growth, last year | -2.0% | -4.3% |
| Revenue growth per year, last 5 fiscal years | -2.0% | +15.4% |
| Operating margin | 11.0% | 17.8% |
| Net margin | 8.1% | 12.8% |
| Return on equity | 31.6% | 29.6% |
| P/E (trailing) | 10.8x | 7.01x |
| Price / free cash flow | 10.2x | 12.1x |
| EV / EBITDA | 5.17x | 4.72x |
| FCF growth the price implies | -3.9% | -1.7% |
| Dividend yield | 2.8% | — |
| Debt / equity | 2.25x | 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.
The Gap
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $16.7B | $115M | 4.9% |
| 2023 | $15.6B | -$78M | -0.44% |
| 2024 | $14.9B | $1.1B | 3.8% |
| 2025 | $15.1B | $1.0B | 7.4% |
| 2026 | $15.4B | $823M | 7.3% |
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
The Gap
No segment breakdown reported.
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 GAP in InvestinglyQuestions
Which is bigger, The Gap or Lululemon Athletica?
Lululemon Athletica (LULU), at $11.1B against $8.4B.
Is GAP or LULU cheaper?
By trailing P/E, Lululemon Athletica (7.01x) is cheaper than The Gap (10.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, GAP or LULU?
The Gap: revenue grew -2.0% 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.