Bath & Body Works vs Ulta Beauty
Ulta Beauty reported revenue of $12.4 billion in fiscal 2025, 1.7 times Bath & Body Works' $7.3 billion in fiscal 2025. Bath & Body Works' revenue fell 0.2% in its latest year, and Ulta Beauty's grew 9.7%. Bath & Body Works had an operating margin of 15.4%, against 12.4% at Ulta Beauty. Free cash flow was $865 million at Bath & Body Works and $1.1 billion at Ulta Beauty.
Side by side
| Bath & Body Works | Ulta Beauty | |
|---|---|---|
| Latest fiscal year | FY2025, Jan 31, 2026 | FY2025, Jan 31, 2026 |
| Revenue | $7.3B | $12.4B |
| Revenue growth | −0.2% | 9.7% |
| Revenue growth a year, last 5 years | 2.5% | 15.0% |
| Gross margin | 43.7% | 39.1% |
| Operating margin | 15.4% | 12.4% |
| Net margin | 8.9% | 9.3% |
| Free cash flow | $865M | $1.1B |
| Free cash flow margin | 11.9% | 8.6% |
| Return on capital | 47.5% | 55.8% |
| Net debt to EBITDA | 2.1x | −0.2x |
| Dividends and buybacks | $568M | $901M |
| Change in diluted share count | −5.4% | −5.1% |
| Last close | $21.38 | $625.33 |
| P/E at the last close | 5.6× | 22.8× |
| Insider trades, last 12 months | bought $1.0 million, sold $14 | sold $1.8 million |
| Piotroski F-score | 5 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Bath & Body WorksUlta Beauty
Operating margin
Percent of revenue
Bath & Body WorksUlta Beauty
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Bath & Body WorksUlta Beauty
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Bath & Body Works and Ulta Beauty pages.