Ulta Beauty (ULTA)
Consumer Discretionary · $23.9B market cap · SEC CIK 0001403568
fundamentals score out of 100
Next reports on Dec 2, 2026, with analysts expecting $5.72 in earnings per share.
The case for ULTA
- Earns 45% back on shareholder equity.
- Revenue growing 11.2% year over year.
- Has compounded revenue at 15.0% a year over five years.
- Barely leveraged. Debt is 0.13× equity.
The case against
- Weakest against its peers: net margin of 9% is thinner than 57% of Consumer Discretionary companies.
- Its weakest area is value (53/100): 19.7× earnings, 1.8× sales, 4.5% free-cash yield.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 53 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 60 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 66 |
| Momentumhow the price has behaved lately | 61 |
| Stabilityhow violently it moves, what it owes and what it pays you | 84 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 19.7× |
|---|---|
| Price / book | 8.69× |
| Price / sales | 1.8× |
| Revenue growth (YoY) | +11.2% |
| EPS growth (YoY) | +5.2% |
| Gross margin | 39% |
| Operating margin | 12% |
| Net margin | 9% |
| Return on equity | 45% |
| Debt / equity | 0.13× |
| Current ratio | 1.35 |
| Dividend yield | none |
| Beta | 0.85 |
| 52-week range | $443.60 – $714.97 |
| Position in that range | 41% of the way up |
| 3-month return | +22.3% |
| 1-year return | +7.0% |
Five years of financials, as filed
Pulled from Ulta Beauty's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.4B | $11.3B | $11.2B | $10.2B | $8.6B |
| Gross profit | $4.8B | $4.4B | $4.4B | $4.0B | $3.4B |
| Operating income | $1.5B | $1.6B | $1.7B | $1.6B | $1.3B |
| Net income | $1.2B | $1.2B | $1.3B | $1.2B | $986M |
| Operating cash flow | $1.5B | $1.3B | $1.5B | $1.5B | $1.1B |
| Capital expenditure | $435M | $374M | $435M | $312M | $172M |
| Total assets | $7.0B | $6.0B | $5.7B | $5.4B | $4.8B |
| Total liabilities | $4.2B | $3.5B | $3.4B | $3.4B | $3.2B |
| Shareholder equity | $2.8B | $2.5B | $2.3B | $2.0B | $1.5B |
| Cash | $424M | $703M | $767M | $738M | $432M |
| Free cash flow | $1.1B | $964M | $1.0B | $1.2B | $887M |
| Gross margin | 39.1% | 38.8% | 39.1% | 39.6% | 39.0% |
| Operating margin | 12.4% | 13.9% | 15.0% | 16.1% | 15.0% |
| Net margin | 9.3% | 10.6% | 11.5% | 12.2% | 11.4% |
| Diluted shares | 45.0M | 47.4M | 49.6M | 51.7M | 54.8M |
Share count is down 18.0% over 4 years. Buybacks have been shrinking the pie.
What Ulta Beauty says it does
_571097"> Item 1. ​ Business ​ 3 ​ ​ ​ ​ ​ Item 1A. ​ Risk Factors ​ 13 ​ ​ ​ ​ ​ Item 1B. ​ Unresolved Staff Comments ​ 27 ​ ​ ​ ​ ​ Item 1C. ​ Cybersecurity ​ 28 ​ ​ ​ ​ ​ Item 2. ​ Properties ​ 30 ​ ​ ​ ​ ​ Item 3. ​ Legal Proceedings ​ 31 ​ ​ ​ ​ ​ Item 4. ​ Mine Safety Disclosures ​ 31 ​ ​ ​ ​ ​ ​ ​ Information About our Executive Officers ​ 31 ​ ​ ​ ​ ​ Part II ​ ​ ​ ​ ​ ​ ​ ​ ​ Item 5. ​ Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ 32 ​ ​ ​…
Risk factors ULTA lists in its 10-K
- Economic, Market, and Other External Risks
- Business, Operational, and Strategic Risks
- Information Security, Cybersecurity, Data Privacy, Regulatory, and Legal Risks