Ulta Beauty

ULTA · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

ULTA · Last close · October 26, 2026

$625.33

Ulta Beauty's revenue rose 9.7% to $12.4 billion in fiscal 2025. Its operating margin was 12.4%, down from 13.8% a year earlier. Free cash flow was $1.1 billion, up 10.8%. It paid out $901 million in dividends and buybacks, 84% of free cash flow. The diluted share count fell 5.1%.

ULTA BEAUTY, INC. Latest fiscal year ended January 31, 2026 10-K filed March 26, 2026 · 0001104659-26-035243 Updated October 9, 2026

Revenue

$12.4B

9.7%

Operating margin

12.4%

1.5 pts

Net income

$1.2B

4.0%

Free cash flow

$1.1B

10.8%

Return on capital

55.8%

16.4 pts

Market cap

$27.0B

Oct 26 close

P/E

22.8x

On $27.42 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Ulta Beauty has no long-term debt; its debt is the US$62 million it had drawn on its credit facilities at the end of fiscal 2025. Ulta Beauty held no short-term investments at the end of fiscal 2020 (its later filings show zero), so they count as zero that year.

What Ulta Beauty does

Ulta Beauty is a specialty beauty retailer. It sells cosmetics, fragrance, skin care, hair care and wellness products, and it offers salon services. It was founded in Illinois in 1990 and says it is the largest specialty beauty retailer in the U.S. It sells through its stores and digital platforms.

Its range spans prestige, mass-market and salon brands at many price points. Its target shopper is what it calls a "beauty enthusiast," someone who is passionate about beauty and expects a good shopping experience. Outside the U.S., it owns Space NK, a retailer in the U.K. and Ireland, runs a joint venture in Mexico, and has a franchise in the Middle East.

Ulta Beauty competes in a crowded market. As of January 31, 2026 it employed about 65,000 associates in the U.S.

Its biggest risks, as it describes them

Weak consumer spending on beauty products and salon services.
Strong competition from other beauty sellers.
Managing inventory badly, which could cut sales and results.
Not meeting shoppers' merchandise needs as they change.
Disruption at its distribution, fast fulfillment and market fulfillment centers.

From Ulta Beauty's annual report on Form 10-K, filed March 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.4% a year and net income 12.2% a year, as buybacks cut the share count by 28%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ulta Beauty yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ulta Beauty's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ulta Beauty's fiscal 2025 free cash flow of $1.1B, net cash of $432M at January 31, 2026 and 45 million diluted shares, from its filings. The scenarios are fitted to Ulta Beauty: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Other Specialty Retail); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ulta Beauty's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 10% then 6.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $625.33
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ulta Beauty's earnings per share of $27.42 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.1×, the middle of Ulta Beauty's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Chewy, Tractor Supply, Bath & Body Works, Winmark.

Earnings growth in the years ahead (% a year) Starts at Ulta Beauty's revenue growth over the last 3 years, 6.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $625.33
Value at this multiple, against the last close: —
Ulta Beauty's P/E at the last close: 22.8×

Company	Last close	Earnings per share	P/E today
ChewyCHWY	$21.90	$0.66	33.2×
WinmarkWINA	$282.29	$11.21	25.2×
Ulta BeautyULTA	$625.33	$27.42	22.8×
Tractor SupplyTSCO	$32.53	$1.92	16.9×
Bath & Body WorksBBWI	$21.38	$3.79	5.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	432	738	767	703	494
Debt incl. finance leases	0	0	0	0	62
Net debt (negative means net cash)	−432	−738	−767	−703	−432
Net debt to EBITDA	−0.3x	−0.4x	−0.4x	−0.4x	−0.2x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	608.6x	766.4x	504.4x	376.3x	158.5x
Current ratio	1.5x	1.6x	1.7x	1.7x	1.4x
Quick ratio	0.5x	0.7x	0.7x	0.6x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Ulta Beauty shares on the open market, and 3 insiders sold $1.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 17, 2026	Kecia SteelmanPresident and CEO	Sold	2,000	$545.88	$1.1 million	Form 4
Sep 11, 2026	Lorna NaglerDirector	Sold	600	$537.31	$322,386	Form 4
Jun 15, 2026	George R Mrkonic JrDirector	Sold	383	$475.84	$182,247	Form 4
Apr 7, 2026	George R Mrkonic JrDirector	Sold	452	$539.29	$243,759	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	4 of 9	6 of 9
Accruals ratio	−3.3%	−2.4%	−5.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ulta Beauty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ulta Beauty	FY25	9.7%	12.4%	8.6%	55.8%	−0.2x	6
Chewy	FY25	6.2%	2.0%	4.5%	—	−2.3x	7	Compare
Tractor Supply	FY25	4.3%	9.4%	4.8%	28.5%	0.8x	6	Compare
Bath & Body Works	FY25	−0.2%	15.4%	11.9%	47.5%	2.1x	5	Compare
Winmark	FY25	5.9%	63.4%	52.0%	—	0.4x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,855	5,884	6,717	7,398	6,152	8,631	10,209	11,207	11,296	12,393
Revenue growth	23.7%	21.2%	14.1%	10.2%	−16.8%	40.3%	18.3%	9.8%	0.8%	9.7%
Gross profit	1,747	2,097	2,409	2,681	1,949	3,369	4,044	4,381	4,387	4,845
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	655	785	854	901	237	1,298	1,639	1,678	1,565	1,533
Net income	410	555	659	706	176	986	1,242	1,291	1,201	1,154
Diluted EPS (US$)	6.52	8.96	10.94	12.15	3.11	17.98	24.01	26.03	25.34	25.64
Diluted shares (millions)	63	62	60	58	57	55	52	50	47	45
Cash flow
Cash from operations	634	779	956	1,101	810	1,059	1,482	1,476	1,339	1,503
Capital expenditure	373	441	319	298	152	172	312	435	374	435
Free cash flow	261	339	637	803	658	887	1,170	1,041	964	1,068
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	344	368	616	681	115	1,522	900	996	1,003	901
Acquisitions	0	0	14	0	1	0	0	0	0	387
Stock-based compensation	19	24	28	26	28	47	43	48	43	37
Balance sheet at fiscal year end
Cash and short-term investments	415	397	409	502	1,046	432	738	767	703	494
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	62
Total assets	2,552	2,909	3,191	4,864	5,090	4,764	5,370	5,707	6,002	6,999
Total liabilities	1,002	1,134	1,371	2,962	3,090	3,229	3,411	3,428	3,513	4,196
Shareholders' equity	1,550	1,774	1,820	1,902	2,000	1,535	1,960	2,279	2,488	2,804
Margins and ratios
Gross margin	36.0%	35.6%	35.9%	36.2%	31.7%	39.0%	39.6%	39.1%	38.8%	39.1%
Operating margin	13.5%	13.3%	12.7%	12.2%	3.9%	15.0%	16.1%	15.0%	13.8%	12.4%
Net margin	8.4%	9.4%	9.8%	9.5%	2.9%	11.4%	12.2%	11.5%	10.6%	9.3%
Free cash flow margin	5.4%	5.8%	9.5%	10.8%	10.7%	10.3%	11.5%	9.3%	8.5%	8.6%
Return on capital	38.9%	44.1%	47.0%	50.0%	15.3%	96.0%	106.5%	93.4%	72.2%	55.8%
Return on equity	27.4%	33.4%	36.6%	37.9%	9.0%	55.8%	71.1%	60.9%	50.4%	43.6%
Return on assets	17.1%	20.3%	21.6%	17.5%	3.5%	20.0%	24.5%	23.3%	20.5%	17.7%
Net debt to EBITDA	−0.5x	−0.4x	−0.4x	−0.4x	−2.0x	−0.3x	−0.4x	−0.4x	−0.4x	−0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ulta Beauty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ulta Beauty.