A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Ulta Beauty, Inc.
ULTA
$21.4B
Mkt Cap
$475.36
-0.54%
Ulta Beauty, Inc. (ULTA) has a current P/E ratio of 18.2, compared to its historical median P/E of 21.5. The stock is currently considered Fair based on its historical valuation range.
Ulta Beauty, Inc. (ULTA) has a 5-year average return on invested capital (ROIC) of 84.8%. This indicates strong capital allocation and a potential competitive advantage.
Ulta Beauty, Inc. (ULTA) has a market capitalization of $21.1B. It is classified as a large-cap stock.
Ulta Beauty, Inc. (ULTA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.47%.
Based on historical P/E analysis, Ulta Beauty, Inc. (ULTA) appears fair. The current P/E of 18.2 is 15% below its historical median of 21.5. The estimated fair value CAGR (P/E method) is 23.5%.
Ulta Beauty, Inc. (ULTA) operates in the Retail-Retail Stores, Nec industry, within the Consumer Cyclical sector.
Ulta Beauty, Inc. (ULTA) reported annual revenue of $12.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Ulta Beauty is the largest specialty beauty retailer in the United States, operating more than 1,400 freestanding stores and over 600 shop-in-shops within Target locations, offering approximately 29,000 products from approximately 600 established and emerging beauty brands across cosmetics, fragrance, skincare, haircare, bath and body, and professional products at mass to prestige price points. The company generates revenue through product sales and beauty services, including full-service hair salons and brow bars in substantially every store, with approximately 75% of loyalty members transacting primarily in physical stores where they can discover and interact with products. Ulta Beauty's competitive moat is built on its differentiated omnichannel model combining convenient store locations, leading digital experiences including augmented reality try-on tools, and a best-in-class loyalty program with more than 44.6 million active members generating over 95% of total sales, enabling deep customer insights and personalization through its CRM platform. The company targets beauty enthusiasts—consumers passionate about beauty for self-expression and self-investment—estimated at approximately 140 million in the U.S., and serves both mass and prestige segments through a unified retail concept that historically separated these channels. Ulta Beauty operates in a large and growing market, with the U.S. beauty products industry totaling approximately $118 billion in 2024, where the company holds approximately 9% share, and the salon services industry totaling approximately $68 billion, where it holds less than 1% share, positioning it with significant runway for market share expansion.
【Strategic investments driving profitable growth】 Management remains focused on executing its Ulta Beauty Unleashed strategy to drive market share expansion and return to sustainable profitable growth in fiscal 2026 and beyond, with particular emphasis on disciplined cost management and operational leverage. The company expects the beauty category to grow in the 2%-4% range in fiscal 2026, in line with historical averages, while continuing to navigate a consumer environment characterized by resilience, focus on value and affordability, and increasing discernment in spending decisions. Ulta Beauty plans to continue scaling new businesses including international expansion in Mexico and the Middle East, wellness assortment, and marketplace offerings, alongside supply chain transformation efforts with increased automation and a new regional distribution center in the Northwest to expand fulfillment capacity and speed. The company intends to invest in AI capabilities to enhance guest experience and associate productivity while maintaining financial discipline, with operating margin expected to remain flat to slightly positive year-over-year, and management is committed to delivering consistent double-digit EPS growth through a combination of operating profit expansion and disciplined capital allocation including share repurchases.
| Metric | Target | Period |
|---|---|---|
| Net sales growth | 6%-7% | FY2026 |
| Operating profit growth | 6.5%-9% | FY2026 |
| Diluted EPS | $28.36-$28.80 | FY2026 |
| Stock repurchase program | $1 billion-$1.5 billion | FY2026 |
Net sales growth (FY2026): “For the year, we are maintaining our guidance for sales and continue to expect net sales will increase between 6%-7%.”
Operating profit growth (FY2026): “we have enhanced our expectations and now expect operating profit will increase between 6.5% and 9% for the year.”
Diluted EPS (FY2026): “We now expect diluted EPS will be between $28.36 and $28.80 per share.”
Stock repurchase program (FY2026): “in the first quarter, we announced an increase in our fiscal 2026 stock buyback target from $1 billion-$1.5 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 12.0B | 12.4B | 11.3B | 11.2B | 10.2B | 8.6B |
| Net Income | 1.2B | 1.2B | 1.2B | 1.3B | 1.2B | 986M |
| EPS | $26.28 | $25.64 | $25.34 | $26.03 | $24.01 | $17.98 |
| Free Cash Flow | 1.0B | 1.1B | 964M | 1.0B | 1.2B | 887M |
| ROIC | 42.9% | 55.8% | 72.1% | 93.4% | 106.5% | 96.0% |
| Gross Margin | 39.2% | 39.1% | 38.8% | 39.1% | 39.6% | 39.0% |
| Debt/Equity | 0.21 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.6B | 1.5B | 1.6B | 1.7B | 1.6B | 1.3B |
| Operating Margin | 13.1% | 12.4% | 13.9% | 15.0% | 16.1% | 15.0% |
| ROE | 45.2% | 43.6% | 50.4% | 60.9% | 71.1% | 55.8% |
| Shares Outstanding | 44M | 45M | 47M | 50M | 52M | 55M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.2B | 3.9B | 4.9B | 5.9B | 6.7B | 7.4B | 6.2B | 8.6B | 10.2B | 11.2B | 11.3B | 12.4B | 12.0B |
| Gross Margin | 35.1% | 35.3% | 36.0% | 35.6% | 35.9% | 36.2% | 31.7% | 39.0% | 39.6% | 39.1% | 38.8% | 39.1% | 39.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 712M | 863M | 1.1B | 1.3B | 1.5B | 1.8B | 1.6B | 2.1B | 2.4B | 2.7B | 2.8B | 3.3B | 3.1B |
| EBIT | 410M | 506M | 655M | 785M | 854M | 901M | 237M | 1.3B | 1.6B | 1.7B | 1.6B | 1.5B | 1.6B |
| Op. Margin | 12.7% | 12.9% | 13.5% | 13.3% | 12.7% | 12.2% | 3.8% | 15.0% | 16.1% | 15.0% | 13.9% | 12.4% | 13.1% |
| Net Income | 257M | 320M | 410M | 555M | 659M | 706M | 176M | 986M | 1.2B | 1.3B | 1.2B | 1.2B | 1.2B |
| Net Margin | 7.9% | 8.2% | 8.4% | 9.4% | 9.8% | 9.5% | 2.9% | 11.4% | 12.2% | 11.5% | 10.6% | 9.3% | 9.9% |
| Non-Recurring | -4.5M | -3.7M | -6.0M | -7.5M | -2.9M | -5.9M | 180M | -5.4M | -6.7M | -11M | -12M | -11M | -11M |
| Returns on Capital | |||||||||||||
| ROIC | 39.7% | 35.0% | 36.7% | 43.6% | 45.0% | 50.0% | 14.6% | 96.0% | 106.5% | 93.4% | 72.1% | 55.8% | 42.9% |
| ROE | 22.9% | 23.8% | 27.4% | 33.4% | 36.6% | 37.9% | 9.0% | 55.8% | 71.1% | 60.9% | 50.4% | 43.6% | 45.2% |
| ROA | 14.3% | 15.2% | 17.1% | 20.3% | 21.6% | 17.5% | 3.5% | 20.0% | 24.5% | 23.3% | 20.5% | 17.7% | 17.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 397M | 376M | 634M | 779M | 956M | 1.1B | 810M | 1.1B | 1.5B | 1.5B | 1.3B | 1.5B | 1.4B |
| Free Cash Flow | 148M | 77M | 261M | 339M | 637M | 803M | 658M | 887M | 1.2B | 1.0B | 964M | 1.1B | 1.0B |
| Owner Earnings | 250M | 195M | 405M | 502M | 649M | 780M | 485M | 744M | 1.2B | 1.2B | 1.0B | 1.2B | 1.0B |
| CapEx | 249M | 299M | 373M | 441M | 319M | 299M | 152M | 172M | 312M | 435M | 374M | 435M | 317M |
| Maint. CapEx | 132M | 165M | 210M | 253M | 279M | 296M | 298M | 268M | 241M | 244M | 267M | 301M | 289M |
| Growth CapEx | 117M | 134M | 163M | 188M | 40M | 2.9M | 0 | 0 | 71M | 191M | 107M | 134M | 28M |
| D&A | 132M | 165M | 210M | 253M | 279M | 296M | 298M | 268M | 241M | 244M | 267M | 301M | 289M |
| CapEx/OCF | 62.8% | 79.6% | 58.9% | 56.5% | 33.4% | 27.1% | 18.7% | 16.3% | 21.1% | 29.5% | 28.0% | N/A | 23.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 40M | 167M | 344M | 368M | 616M | 681M | 115M | 1.5B | 900M | 996M | 1.0B | 901M | 942M |
| Buyback Yield | 0.4% | 1.6% | 2.0% | 2.9% | 3.3% | 4.6% | 0.6% | 7.4% | 3.4% | 3.6% | 5.8% | 0.0% | 4.5% |
| Stock-Based Comp | 15M | 16M | 19M | 24M | 27M | 26M | 28M | 47M | 43M | 48M | 43M | 37M | 65M |
| Debt Repayment | 0 | 0 | 0 | 583K | 0 | 0 | 800M | 0 | 0 | 195M | 200M | 2.2B | 2.2B |
| Balance Sheet | |||||||||||||
| Net Debt | -539M | -476M | -415M | -397M | -409M | -502M | -1.0B | -432M | -738M | -767M | -703M | -432M | 142M |
| Cash & Equiv. | 389M | 346M | 385M | 277M | 409M | 392M | 1.0B | 432M | 738M | 767M | 703M | 424M | 410M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 552M |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.21 |
| Interest Coverage | 459.1 | 443.0 | 735.8 | 500.8 | N/A | N/A | 33.9 | 608.6 | 766.4 | 504.4 | 376.3 | 1377.4 | 1377.4 |
| Equity | 1.2B | 1.4B | 1.6B | 1.8B | 1.8B | 1.9B | 2.0B | 1.5B | 2.0B | 2.3B | 2.5B | 2.8B | 2.6B |
| Total Assets | 2.0B | 2.2B | 2.6B | 2.9B | 3.2B | 4.9B | 5.1B | 4.8B | 5.4B | 5.7B | 6.0B | 7.0B | 7.0B |
| Total Liabilities | 736M | 788M | 1.0B | 1.1B | 1.4B | 3.0B | 3.1B | 3.2B | 3.4B | 3.4B | 3.5B | 4.2B | 4.4B |
| Intangibles | N/A | N/A | N/A | N/A | 4.3M | 3.4M | 2.5M | 1.5M | 1.3M | 510K | 204K | 203M | 6.1M |
| Retained Earnings | 680M | 832M | 906M | 1.1B | 1.1B | 1.1B | 1.2B | 653M | 996M | 1.3B | 1.5B | 1.7B | 1.6B |
| Working Capital | 901M | 979M | 1.0B | 1.1B | 1.1B | 918M | 1.2B | 723M | 1.0B | 1.2B | 1.2B | 920M | 832M |
| Current Assets | 1.3B | 1.4B | 1.5B | 1.7B | 1.9B | 2.1B | 2.5B | 2.3B | 2.7B | 2.8B | 3.0B | 3.1B | 3.4B |
| Current Liabilities | 360M | 396M | 529M | 642M | 824M | 1.1B | 1.3B | 1.6B | 1.7B | 1.7B | 1.8B | 2.2B | 2.5B |
| Per Share Data | |||||||||||||
| EPS | 3.98 | 4.98 | 6.52 | 8.96 | 10.94 | 12.15 | 3.11 | 17.98 | 24.01 | 26.03 | 25.34 | 25.64 | 26.28 |
| Owner EPS | 3.87 | 3.04 | 6.44 | 8.11 | 10.78 | 13.43 | 8.58 | 13.56 | 23.14 | 23.88 | 21.70 | 25.89 | 22.66 |
| Book Value | 19.31 | 22.45 | 24.67 | 28.63 | 30.24 | 32.74 | 35.37 | 28.00 | 37.87 | 45.96 | 52.50 | 62.32 | 59.35 |
| Cash Flow/Share | 6.14 | 5.85 | 10.09 | 12.58 | 15.88 | 18.95 | 14.33 | 19.32 | 28.64 | 29.77 | 28.24 | 33.40 | 33.34 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 64.6M | 64.3M | 62.8M | 62.0M | 60.2M | 58.1M | 56.5M | 54.8M | 51.7M | 49.6M | 47.4M | 45.0M | 44.4M |
| Valuation | |||||||||||||
| P/E Ratio | 35.4 | 33.1 | 41.9 | 22.7 | 28.6 | 21.2 | 103.6 | 20.8 | 21.6 | 21.5 | 14.5 | N/A | 18.1 |
| P/FCF | 61.6 | 138.0 | 65.9 | 37.2 | 29.5 | 18.6 | 27.7 | 23.1 | 22.9 | 26.6 | 18.0 | N/A | 20.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.5 |
| Price/Book | 7.3 | 7.3 | 11.1 | 7.1 | 10.3 | 7.9 | 9.1 | 13.4 | 13.7 | 12.2 | 7.0 | N/A | 8.0 |
| Price/Sales | 2.1 | 2.7 | 3.1 | 2.6 | 2.3 | 2.3 | 2.2 | 2.3 | 2.1 | 2.1 | 1.7 | N/A | 1.8 |
| FCF Yield | 1.6% | 0.7% | 1.5% | 2.7% | 3.4% | 5.4% | 3.6% | 4.3% | 4.4% | 3.8% | 5.6% | N/A | 4.9% |
| Market Cap | 9.1B | 10.6B | 17.2B | 12.6B | 18.8B | 14.9B | 18.2B | 20.5B | 26.8B | 27.7B | 17.4B | 0 | 21.1B |
| Avg. Price | 107.80 | 163.25 | 239.15 | 247.05 | 258.22 | 297.59 | 236.74 | 358.18 | 422.91 | 465.07 | 403.07 | 0.00 | 475.36 |
| Year-End Price | 140.76 | 164.75 | 273.43 | 203.35 | 312.49 | 257.09 | 322.33 | 374.50 | 518.80 | 559.16 | 366.36 | 0.00 | 475.36 |
Ulta Beauty, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Ulta Beauty, Inc. trades at 18.2x trailing earnings, compared to its 15-year median P/E of 21.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.2x vs a median of 26.6x. The company's 5-year average ROIC is 84.8% with a gross margin of 39.1%. Total shareholder yield (buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is +12.4%.
Ulta Beauty, Inc. (ULTA) has a net profit margin of 9.3%. This is a modest margin.
Ulta Beauty, Inc. (ULTA) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Ulta Beauty, Inc. (ULTA) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
Ulta Beauty, Inc. (ULTA) reported earnings per share (EPS) of $25.64 in its most recent fiscal year.
Ulta Beauty, Inc. (ULTA) has a return on equity (ROE) of 43.6%. This indicates the company generates strong returns for shareholders.
Ulta Beauty, Inc. (ULTA) has a 5-year average gross margin of 39.1%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for Ulta Beauty, Inc. (ULTA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Ulta Beauty, Inc. (ULTA) has a book value per share of $62.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management remains focused on executing its Ulta Beauty Unleashed strategy to drive market share expansion and return to sustainable profitable growth in fiscal 2026 and beyond, with particular emphasis on disciplined cost management and operational leverage. The company expects the beauty category to grow in the 2%-4% range in fiscal 2026, in line with historical averages, while continuing to navigate a consumer environment characterized by resilience, focus on value and affordability, and increasing discernment in spending decisions. Ulta Beauty plans to continue scaling new businesses including international expansion in Mexico and the Middle East, wellness assortment, and marketplace offerings, alongside supply chain transformation efforts with increased automation and a new regional distribution center in the Northwest to expand fulfillment capacity and speed. The company intends to invest in AI capabilities to enhance guest experience and associate productivity while maintaining financial discipline, with operating margin expected to remain flat to slightly positive year-over-year, and management is committed to delivering consistent double-digit EPS growth through a combination of operating profit expansion and disciplined capital allocation including share repurchases.
Based on recent SEC filings and earnings calls, Ulta Beauty, Inc. (ULTA) has provided the following forward guidance: Net sales growth: 6%-7% (FY2026); Operating profit growth: 6.5%-9% (FY2026); Diluted EPS: $28.36-$28.80 (FY2026); Stock repurchase program: $1 billion-$1.5 billion (FY2026).