Ulta Beauty, Inc.

ULTA

Consumer CyclicalLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Ulta Beauty, Inc. operates as a specialty beauty retailer in the United States, Mexico, and Kuwait. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications. It also provides wellness products. The company was formerly known as ULTA Salon, Cosmetics & Fragrance, Inc. and changed its name to Ulta Beauty, Inc. in January 2017. Ulta Beauty, Inc. was incorporated in 1990 and is based in Bolingbrook, Illinois.

Valuation

Market Cap$19.9B

Current Price$461.78as of Jun 23, 2026

P/E Ratio17.24

P/B Ratio7.09

EV / EBITDA11.70

EV / Sales1.75

Profitability

Operating Margin12.5%

Net Profit Margin9.3%

EBITDA Margin14.9%

Returns

ROE41.1%

ROCE32.4%

ROIC %-

ROA16.5%

Solvency

Current Ratio1.41

Debt / Equity0.78

Debt / Assets0.31

CFO / Net Profit1.30

Price History▼ 2.07% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2026

Revenue$12.4B▲ 9.7%

EBITDA$1.8B▲ 0.2%

Net Profit$1.2B▼ 4.0%

Cash from Ops (CFO)$1.5B▲ 12.3%

Free Cash Flow (FCF)$1.1B▲ 10.8%

Revenue CAGR 3Y6.7%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-2.4%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2026	$12.4B	$1.8B	$1.2B	$1.1B	41.1%	9.7%	-4.0%
2025	$11.3B	$1.8B	$1.2B	$964M	48.3%	0.8%	-7.0%
2024	$11.2B	$1.9B	$1.3B	$1.0B	56.6%	9.8%	3.9%
2023	$10.2B	$1.9B	$1.2B	$1.2B	63.4%	-	-
2022	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025	2026
Total Revenue	-	10,208.58	11,207.30	11,295.65	12,392.82
Operating Revenue	-	10,208.58	11,207.30	11,295.65	12,392.82
Cost Of Revenue	-	6,164.07	6,826.20	6,908.40	7,547.60
Operating Expense	-	2,395.30	2,694.56	2,808.59	3,296.41
Selling General And Administration	-	2,395.30	2,694.56	2,808.59	3,296.41
Total Expenses	-	8,559.37	9,520.76	9,716.99	10,844.01
Operating Income	-	1,649.21	1,686.54	1,578.66	1,548.81
Total Operating Income As Reported	-	1,638.61	1,678.03	1,564.97	1,532.99
EBITDA	-	1,890.58	1,930.38	1,845.70	1,849.58
Normalized EBITDA	-	1,901.18	1,938.89	1,859.39	1,865.41
EBIT	-	1,649.21	1,686.54	1,578.66	1,548.81
Interest Income	-	4.93	17.62	15.09	-
Net Interest Income	-	4.93	17.62	15.09	-1.79
Other Income Expense	-	-10.60	-8.51	-13.69	-15.82
Interest Income Non Operating	-	4.93	17.62	15.09	-
Net Non Operating Interest Income Expense	-	4.93	17.62	15.09	-1.79
Pretax Income	-	1,643.54	1,695.65	1,580.07	1,531.20
Tax Provision	-	401.14	404.65	378.95	373.87
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-2.59	-2.03	-3.29	-3.88
Net Income Continuous Operations	-	1,242.41	1,291.01	1,201.12	1,153.48
Net Income From Continuing And Discontinued Operation	-	1,242.41	1,291.01	1,201.12	1,153.48
Net Income From Continuing Operation Net Minority Interest	-	1,242.41	1,291.01	1,201.12	1,153.48
Net Income	-	1,242.41	1,291.01	1,201.12	1,153.48
Net Income Common Stockholders	-	1,242.41	1,291.01	1,201.12	1,153.48
Net Income Including Noncontrolling Interests	-	1,242.41	1,291.01	1,201.12	1,153.48
Normalized Income	-	1,250.42	1,297.48	1,211.52	1,165.42
Diluted NI Availto Com Stockholders	-	1,242.41	1,291.01	1,201.12	1,153.48
Basic Average Shares	54.48	51.40	49.30	47.21	-
Diluted Average Shares	54.84	51.74	49.60	47.40	-
Reconciled Depreciation	-	241.37	243.84	267.04	300.77
Reconciled Cost Of Revenue	-	6,164.07	6,826.20	6,908.40	7,547.60
Total Unusual Items	-	-10.60	-8.51	-13.69	-15.82
Total Unusual Items Excluding Goodwill	-	-10.60	-8.51	-13.69	-15.82
Earnings From Equity Interest Net Of Tax	-	-	0	0	-3.86
Special Income Charges	-	-10.60	-8.51	-13.69	-15.82
Other Special Charges	-	10.60	8.51	13.69	15.82
Write Off	0	0	-	-	-
Total Other Finance Cost	-	-4.93	-17.62	-15.09	1.79
Other Operating Expenses	9.52	10.60	-	-	-

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Ulta Beauty, Inc.this co.	ULTA	$19.9B	17.24↓ discount	7.09	41.1%	11.70
PulteGroup, Inc.	PHM	$22.5B	10.15	1.73	17.1%	7.55
Rollins, Inc.	ROL	$22.4B	42.51	16.29	38.3%	27.31
Smurfit Westrock Plc	SW	$22.2B	31.72	1.21	3.8%	8.06
Darden Restaurants, Inc.	DRI	$22.2B	21.11

Learn while you research

Hand-picked academy chapters to deepen your understanding of Ulta Beauty, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Cyclical vs Defensive Stocks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2026

$12.4B

$1.8B

$1.2B

$1.1B

41.1%

9.7%

-4.0%

2025

$11.3B

$1.8B

$1.2B

$964M

48.3%

0.8%

-7.0%

2024

$11.2B

$1.9B

$1.3B

$1.0B

56.6%

9.8%

3.9%

2023

$10.2B

$1.9B

$1.2B

63.4%

2022

Metric

2022

2023

2024

2025

2026

Total Revenue

10,208.58

11,207.30

11,295.65

12,392.82

Operating Revenue

10,208.58

11,207.30

11,295.65

12,392.82

Cost Of Revenue

6,164.07

6,826.20

6,908.40

7,547.60

Operating Expense

2,395.30

2,694.56

2,808.59

3,296.41

Selling General And Administration

2,395.30

2,694.56

2,808.59

3,296.41

Total Expenses

8,559.37

9,520.76

9,716.99

10,844.01

Operating Income

1,649.21

1,686.54

1,578.66

1,548.81

Total Operating Income As Reported

1,638.61

1,678.03

1,564.97

1,532.99

EBITDA

1,890.58

1,930.38

1,845.70

1,849.58

Normalized EBITDA

1,901.18

1,938.89

1,859.39

1,865.41

EBIT

1,649.21

1,686.54

1,578.66

1,548.81

Interest Income

4.93

17.62

15.09

Net Interest Income

4.93

17.62

15.09

-1.79

Other Income Expense

-10.60

-8.51

-13.69

-15.82

Interest Income Non Operating

4.93

17.62

15.09

Net Non Operating Interest Income Expense

4.93

17.62

15.09

-1.79

Pretax Income

1,643.54

1,695.65

1,580.07

1,531.20

Tax Provision

401.14

404.65

378.95

373.87

Tax Rate For Calcs

Tax Effect Of Unusual Items

-2.59

-2.03

-3.29

-3.88

Net Income Continuous Operations

1,242.41

1,291.01

1,201.12

1,153.48

Net Income From Continuing And Discontinued Operation

1,242.41

1,291.01

1,201.12

1,153.48

Net Income From Continuing Operation Net Minority Interest

1,242.41

1,291.01

1,201.12

1,153.48

Net Income

1,242.41

1,291.01

1,201.12

1,153.48

Net Income Common Stockholders

1,242.41

1,291.01

1,201.12

1,153.48

Net Income Including Noncontrolling Interests

1,242.41

1,291.01

1,201.12

1,153.48

Normalized Income

1,250.42

1,297.48

1,211.52

1,165.42

Diluted NI Availto Com Stockholders

1,242.41

1,291.01

1,201.12

1,153.48

Basic Average Shares

54.48

51.40

49.30

47.21

Diluted Average Shares

54.84

51.74

49.60

47.40

Reconciled Depreciation

241.37

243.84

267.04

300.77

Reconciled Cost Of Revenue

6,164.07

6,826.20

6,908.40

7,547.60

Total Unusual Items

-10.60

-8.51

-13.69

-15.82

Total Unusual Items Excluding Goodwill

-10.60

-8.51

-13.69

-15.82

Earnings From Equity Interest Net Of Tax

-3.86

Special Income Charges

-10.60

-8.51

-13.69

-15.82

Other Special Charges

10.60

8.51

13.69

15.82

Write Off

Total Other Finance Cost

-4.93

-17.62

-15.09

1.79

Other Operating Expenses

9.52

10.60

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Ulta Beauty, Inc.this co.

ULTA

$19.9B

17.24↓ discount

7.09

41.1%

11.70

PulteGroup, Inc.

PHM

$22.5B

10.15

1.73

17.1%

7.55

Rollins, Inc.

ROL

$22.4B

42.51

16.29

38.3%

27.31

Smurfit Westrock Plc

$22.2B

31.72

1.21

3.8%

8.06

Darden Restaurants, Inc.

DRI

$22.2B

21.11

Ulta Beauty, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Ulta Beauty, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on