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Ulta Beauty Inc.

ULTA Consumer Cyclical Specialty Retail

Ulta Beauty Inc.’s revenue for fiscal 2026 (year ended January 2026) was $12.4 billion, up 9.71% from fiscal 2025.

Revenue
+8.87%
EPS
+13.3%
Free cash flow
+96.5%
Total debt
+17.5%

Quarter to July 2026, against a year earlier

648.00 12.70 −1.92%
Market cap
$27.8B
P/E
23.5×
Fwd P/E
22.1×
Dividend yield
—
F-score
6/9
Altman Z
7.15
Beneish M
−2.39
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Reportable Segment, Aggregation before Other Operating Segment

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 1.84
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — 1 — — 2 — —
Insider Ownership 0.73%

Capital & Financial Ratios $m

Size
Market Cap 27,780.00
Revenue ttm 12,955.52
Net income ttm 1,210.03
Free cash flow ttm 1,149.45
Net debt Q 126.13
Valuation
P/E 23.51
Forward P/E 22.10
Price / sales 2.15
Forward P/S Powerpack
Price / FCF 24.22
Price / book 10.53 (above 6: high)
Financial health
Current ratio Q 1.35
Debt / equity Q 0.13 (at or below 0.5: strong)
Interest coverage Q 181.76
Growth
Revenue growth Q +8.87% (above 0%: growing)
Operating income growth Q +10.09% (above 0%: growing)
EPS, this year +13.20%
EPS, next year A +10.91%
Revenue, next year A +7.13%
EPS, past 5 yrs +52.49% (at or above 15%: strong)
EPS, next 5 yrs A +11.52%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 2.4×; over the ten years it ranged from 1.5× in 2024 to 3.9× in 2016.
P/E against its own 10 years 50.64%
10-year low 10-year high
P/S against its own 10 years 36.93%
10-year low 10-year high
P/B against its own 10 years 66.15%
10-year low 10-year high
EV/Sales against its own 10 years 37.88%
10-year low 10-year high
EV/FCF against its own 10 years 48.51%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 767 703 494 213
Receivables 208 223 296 249
Inventory 1,742 1,968 2,181 2,407
Other — — — —
2,837 3,029 3,144 3,069
2024 2025 2026 Q'26
Payables 544 564 686 646
ST’ Debt — — 62 340
Other — — — —
1,658 1,779 2,224 2,281

Compound Annual Growth %

10y 5y 3y
Sales 12.19% 15.04% 6.68%
Cash Flow 14.86% 13.15% 0.47%
Earnings 13.68% 45.67% (2.45%)
Book Value 6.87% 6.99% 12.67%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 6.21 Actual 6.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 4.56 5.14 Beat by 0.58
Q4 FY25 8.00 8.01 Beat by 0.01
Q1 FY26 6.90 7.74 Beat by 0.84
Q2 FY26 6.21 6.55 Beat by 0.34
Q3 FY26 5.59 — Reports 3 December 2026

EPS $

Apr Jul Oct Jan Year
’26 7.74 6.55 — — —
’26 6.70 5.78 5.14 8.01 25.64
’25 6.47 5.30 5.14 8.46 25.34
’24 6.88 6.02 5.07 8.08 26.03
’23 6.30 5.70 5.34 6.68 24.01
’22 4.10 4.56 3.94 5.41 17.98
’21 (1.39) 0.14 1.32 3.03 3.11
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 3,164 3,036 — — —
’26 2,848 2,788 2,858 3,898 12,393
’25 2,726 2,552 2,530 3,488 11,296
’24 2,634 2,530 2,489 3,554 11,207
’23 2,346 2,297 2,339 3,227 10,209
’22 1,939 1,967 1,996 2,729 8,631
’21 1,173 1,228 1,552 2,199 6,152
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 262 120 — — —
’26 220 97 6 1,181 1,503
’25 159 200 (57) 1,037 1,339
’24 305 124 (71) 1,118 1,476
’23 426 114 33 908 1,482
’22 330 71 13 644 1,059
’21 (24) 40 243 551 810
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 204 38 — — —
’26 141 20 (82) 989 1,068
’25 68 104 (171) 963 964
’24 195 29 (177) 994 1,041
’23 355 65 (51) 800 1,170
’22 296 49 (38) 581 887
’21 (66) 5 203 516 658
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.1% a year for ten years. It grew 23.0% a year over the last ten.

Implied
9.1%
10 years, reported
23.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 4,855 5,885 6,717 7,398 6,152 8,631 10,209 11,207 11,296 12,393 12,956 +11.0% 13,276 13,961 14,681 +5.8%
Gross margin, % 35.99 35.63 35.87 36.24 31.68 39.03 39.62 39.09 38.84 39.10 39.32 +3.1 pt
EBT 656 787 859 906 231 1,296 1,644 1,696 1,580 1,531 1,604 +9.9%
EBT margin, % 13.51 13.37 12.79 12.25 3.76 15.01 16.10 15.13 13.99 12.36 12.38 (1.1) pt
Net income 410 555 659 706 176 986 1,242 1,291 1,201 1,153 1,210 +12.2%
Per share, $
Per share, $ Revenue 77.65 95.60 112.20 127.91 109.17 158.42 198.60 227.31 239.28 276.37 301.61 +15.1%
Earnings 6.55 9.02 11.00 12.21 3.12 18.09 24.17 26.18 25.44 25.72 27.56 +16.4%
Cash flow 10.15 12.66 15.97 19.04 14.38 19.44 28.83 29.94 28.36 33.51 36.50 +14.2%
Capex (5.97) (7.16) (5.34) (5.16) (2.69) (3.16) (6.07) (8.83) (7.93) (9.70) (9.74) +5.5%
Free cash flow 4.17 5.50 10.64 13.88 11.69 16.28 22.76 21.11 20.42 23.82 26.76 +21.3%
Book value 24.80 28.82 30.41 32.89 35.48 28.18 38.13 46.23 52.71 62.52 61.55 +10.8%
Shares, m 63 62 60 58 56 54 51 49 47 45 44 (3.6%)
Valuation, ×
Valuation, × P/E 41.57 24.60 26.49 21.94 90.45 20.06 21.26 19.17 16.17 25.87 23.51 30.8
P/S 3.51 2.32 2.60 2.09 2.59 2.30 2.59 2.21 1.72 2.41 2.15 2.4
P/B 10.98 7.71 9.60 8.15 7.95 12.91 13.48 10.86 7.82 10.65 10.53 10.0
EV/Sales 3.42 2.26 2.54 2.29 2.59 2.37 2.62 2.23 1.75 2.44 2.22 2.5
EV/FCF 63.65 39.20 26.80 21.09 24.16 23.06 22.88 24.00 20.49 28.29 25.02 29.4
Cash, $m
Cash, $m Operating cash flow 634 779 956 1,101 810 1,059 1,482 1,476 1,339 1,503 1,568 +10.1%
Capex (373) (441) (319) (299) (152) (172) (312) (435) (374) (435) (418) +1.7%
Free cash flow 261 339 637 803 658 887 1,170 1,041 964 1,068 1,149 +17.0%
Balance, $m
Balance, $m Working capital 1,007 1,052 1,091 918 1,171 723 1,028 1,178 1,249 920 787 (1.0%)
Net debt (415) (397) (409) (262) (793) (158) (455) (767) (703) (432) 126 +0.4%
Shareholders’ equity 1,550 1,774 1,820 1,902 2,000 1,535 1,960 2,279 2,488 2,803 2,644 +6.8%
Returns, %
Returns, % ROA 17.13 20.34 21.59 17.53 3.53 20.01 24.52 23.31 20.52 17.74 17.80 +0.6 pt
ROIC 36.05 35.65 37.83 34.35 12.27 58.86 68.05 69.33 54.79 40.40 36.42 +4.4 pt
ROE 27.27 33.40 36.64 37.93 9.01 55.78 71.09 60.91 50.39 43.59 46.12 +16.3 pt
People
People Employees 31,800 34,700 44,000 44,000 37,000 40,500 53,000 56,000 58,000 65,000 — +8.3%
Revenue/emp, $m 0.15 0.17 0.15 0.17 0.17 0.21 0.19 0.20 0.19 0.19 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Business profile

Updated

Ulta Beauty is an international specialty beauty retailer founded in 1990. Its U.S. business sells cosmetics, fragrance, skin care, bath and body products, hair care, salon styling tools and wellness products, and provides salon services. It serves “beauty enthusiasts”: consumers who use beauty for self-expression, experimentation and self-investment and expect a broad shopping experience.

The company combines prestige, mass-market and salon-oriented merchandise in the same retail concept. Its U.S. assortment spans entry-level through luxury price points and includes established and emerging brands, Ulta Beauty Collection private-label goods, and selected products exclusive to Ulta Beauty. Stores also offer full-service salons; a typical U.S. store is approximately 10,000 square feet, including approximately 950 square feet for salon services.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Reportable Segment, Aggregation before Other Operating Segment 12,393 100.00%
Gross margin 39.10%
Operating margin 12.37%
Pre-tax margin 12.36%

Revenue by segment since 2017

Ulta Beauty Inc. vs peers in Specialty Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WSM Williams-Sonoma, Inc. $30.5B 26.1× 25.4× +6.70% (above 0%: growing) +41.38% (above 0%: growing) +108.42% (above 0%: growing) 51.64% 22.90% Compare
ULTA Ulta Beauty Inc. $27.8B 23.5× 22.1× +8.87% (above 0%: growing) +13.28% (above 0%: growing) +96.46% (above 0%: growing) 39.10% 12.51%
CASY Casey's General Stores, Inc. $25.5B 33.1× 31.9× +24.33% (above 0%: growing) +27.59% (above 0%: growing) −30.95% (below 0%: shrinking) 21.82% 6.50% Compare
BBY Best Buy Co., Inc. $20.9B 16.4× 14.3× +3.61% (above 0%: growing) +69.32% (above 0%: growing) +28.40% (above 0%: growing) 23.91% 4.31% Compare
TSCO Tractor Supply Company $19.1B 19.6× 17.9× +5.15% (above 0%: growing) −12.24% (below 0%: shrinking) +30.28% (above 0%: growing) 36.44% 7.87% Compare
FIVE Five Below, Inc. $13.3B 21.6× 19.3× +22.85% (above 0%: growing) +415.38% (above 0%: growing) +194.67% (above 0%: growing) 48.55% 21.83% Compare
DKS DICK'S Sporting Goods, Inc. $12.5B 14.9× 12.2× +53.21% (above 0%: growing) −26.35% (below 0%: shrinking) −55.09% (below 0%: shrinking) 34.78% 7.89% Compare
GME GameStop Corp. $12.2B 12.0× 70.5× −18.72% (below 0%: shrinking) +76.32% (above 0%: growing) +115.70% (above 0%: growing) 43.66% 20.27% Compare
MUSA Murphy USA Inc. $9.3B 14.3× 15.3× +34.83% (above 0%: growing) +41.29% (above 0%: growing) +185.48% (above 0%: growing) 10.36% 3.78% Compare
Median of peers $16.2B 18.0× 18.6× +14.78% +41.34% +69.35% 35.61% 7.88%

All 45 Specialty Retail stocks →

From the latest earnings call

Updated

  • Kecia Steelman said consumers were more value conscious amid macro uncertainty, and Ulta Beauty planned to remain flexible with promotions in the second half.
  • Chris DelOrefice said Ulta Beauty raised its full-year sales and earnings outlook after first-half execution, while forecasting slower growth in the second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.00%
Held by the ten largest 48.61%
Holder Shares Stake Change
Vanguard 5.24m 12.20% −59.61k
BlackRock 4.03m 9.37% −39.66k
Sanders Capital 2.46m 5.72% +552.83k
T. Rowe Price 2.40m 5.58% +446.16k
State Street 2.02m 4.71% +22.04k
Geode Capital Management 1.23m 2.87% −38.32k
Morgan Stanley 1.04m 2.42% −78.37k
Franklin Templeton 848.86k 1.97% +217.64k
UBS 830.93k 1.93% +155.36k
Norges Bank 785.17k 1.83% +785.17k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 22 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock Inc. 9.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ulta Beauty Inc. (ULTA) Latest News

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ULTA metrics, ten years each

stockrow.com/ULTA · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com