Ulta Beauty Inc ULTA

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 637.57 USD on Nov 2, 2026, +5.4% year to date

Quant rating

Quant rating A Rank 28 of 344 in Consumer Discretionary

Growth B 90 of 344
Valuation D 268 of 344
Quality A 10 of 344
Revisions B 114 of 344
Momentum A 39 of 344

Wall Street consensus Buy (2.07)Average target 635.77 USD −0.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.3B
Enterprise value: 27.4B
52-week range: 443.90 – 714.77
3-year range: 314.47 – 714.77
Dividend yield: –
Beta (5 years): 0.84
Shares outstanding: 42.8M
Next earnings: Dec 3, 2026

About the company

Ulta Beauty, Inc. is a specialty United States beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. The Company's business includes a differentiated assortment of approximately 30,000 beauty products across a variety of categories and price points, as well as a variety of beauty services, including salon services, in more than 1,500 stores predominantly located in convenient, high-traffic locations. It also offers digital experience delivered through its Website, Ulta.com, and its mobile applications. The Company's brands include Ulta Beauty Collection, Morphe, Bio Ionic, Rare Beauty, Ouidad, DIBS Beauty, Medicube, Clinique, The Ordinary, about-face, Anastasia Beverly Hills, Ariana Grande, CHANEL, FENTY BEAUTY by Rihanna, It Cosmetics, LolaVie, OUAI, PAT McGRATH LABS, Tula, NYX Professional Makeup and others.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	12,393	11,296	11,207	10,209	8,631	–
Revenue growth	9.7%	0.8%	9.8%	18.3%	40.3%	15.0%
EPS (basic, normalized)	25.64	25.34	26.03	24.01	17.98	–
EPS growth	1.2%	−2.7%	8.4%	33.5%	–	–
Gross margin	39.1%	38.8%	39.1%	39.6%	39.0%	39.1%
Net margin	9.3%	10.6%	11.5%	12.2%	11.4%	11.0%
ROE	43.6%	50.4%	60.9%	71.1%	55.8%	56.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	213
Current ratio	1.35x
Long-term debt (mil)	0
Net debt (mil)	126
Total equity (mil)	2,644
Net debt / equity	0.05x
Net debt / EBITDA	0.07x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	12,393	+9.7%	2.2x	1,834	+4.6%	14.9x	25.64	+1.2%	24.9x
2027	13,276	+7.1%	2.1x	1,993	+8.7%	13.7x	29.00	+13.1%	22.0x
2028	13,966	+5.2%	2.0x	2,113	+6.0%	13.0x	32.14	+10.9%	19.8x
2029	14,611	+4.6%	1.9x	2,235	+5.8%	12.3x	35.41	+10.2%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	13,276	0.0%	0.0%	+0.6%	29.00	0.0%	+0.8%	+1.5%
2028	13,966	0.0%	0.0%	−0.1%	32.14	0.0%	+0.9%	+1.6%
2029	14,611	0.0%	−0.4%	−0.5%	35.41	+0.7%	+1.9%	+3.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	2,726	2,552	2,530	3,488	2,848	2,788	2,858	3,898	3,164	3,036
Sales mean (mil)	2,721	2,613	2,495	3,462	2,794	2,675	2,707	3,804	3,101	2,983
Surprise	+0.2%	−2.3%	+1.4%	+0.7%	+1.9%	+4.2%	+5.6%	+2.5%	+2.0%	+1.8%
EPS reported	6.47	5.30	5.14	8.46	6.72	5.79	5.14	8.01	7.74	6.55
EPS mean	6.24	5.46	4.54	7.12	5.81	5.08	4.64	8.02	6.86	6.19
Surprise	+3.8%	−2.9%	+13.1%	+18.8%	+15.7%	+14.0%	+10.8%	−0.1%	+12.8%	+5.9%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ULTA Ulta Beauty Inc	27.3B	0.07x	9.3%	10.32x	22.0x	19.8x	13.7x	13.0x
HD The Home Depot, Inc.	340.4B	2.03x	8.6%	20.49x	22.7x	21.4x	15.4x	14.8x
LOW Lowe's Companies Inc	122.4B	2.71x	7.7%	−16.46x	17.8x	16.8x	12.2x	11.9x
ROST Ross Stores Inc	73.7B	−1.02x	9.4%	10.93x	27.7x	25.6x	17.6x	16.7x
ORLY O'Reilly Automotive, Inc.	73.0B	1.89x	14.3%	−34.87x	27.4x	24.8x	18.4x	17.3x
AZO AutoZone, Inc.	52.4B	1.98x	12.6%	−21.02x	19.2x	17.0x	12.9x	12.2x
Mean		1.28x	10.3%	−5.10x	22.8x	20.9x	15.0x	14.3x
Median		1.94x	9.4%	−3.07x	22.4x	20.6x	14.6x	13.9x

Technical analysis

1M+17.3%
3M+24.3%
1Y+22.6%
3Y+67.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ulta Beauty Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	12,393	11,296	11,207	10,209	8,631	6,152
Cost of revenue	7,548	6,908	6,826	6,164	5,262	4,203
Gross profit	4,845	4,387	4,381	4,045	3,369	1,949
Selling, general & administrative expenses	3,312	2,822	2,703	2,406	2,071	1,598
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0	0	114
Other operating expenses	0	0	0	0	0	0
Operating income	1,533	1,565	1,678	1,639	1,297	237
Net interest income (expense)	−1.8	15.1	17.6	4.9	−1.7	−5.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,531	1,580	1,696	1,644	1,296	231
Provision for taxes	374	379	405	401	310	55.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	−3.9	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,153	1,201	1,291	1,242	986	176
Extraordinary items	–	–	–	–	–	–
Net income	1,153	1,201	1,291	1,242	986	176
EBIT, normalized	1,533	1,565	1,678	1,639	1,297	351
EBITDA, normalized	1,834	1,832	1,922	1,880	1,566	649
Basic EPS, normalized	25.64	25.34	26.03	24.01	17.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ulta Beauty Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	396	703	767	738	432	1,046
Receivables	394	223	208	199	234	193
Total inventory	2,181	1,968	1,742	1,603	1,499	1,168
Prepaid expenses	128	105	120	169	117	107
Other current assets	44.8	29.2	0	0	0	0
Total current assets	3,144	3,029	2,837	2,709	2,281	2,515
Property, plant & equipment	3,247	2,849	2,757	2,571	2,397	2,500
Goodwill	226	10.9	10.9	10.9	10.9	10.9
Intangibles	203	0.2	0.5	1.3	1.5	2.5
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	178	113	102	78.4	74.1	61.4
Total assets	6,999	6,002	5,707	5,370	4,764	5,090
Liabilities
Accounts payable	686	564	544	560	553	477
Payable/accrued	–	–	–	–	–	–
Accrued expenses	783	608	609	669	595	513
Short-term debt	62.3	0	0	0	0	0
Current portion of long-term debt	–	–	–	0	0	0
Other current liabilities	693	608	505	454	410	354
Total current liabilities	2,224	1,779	1,658	1,682	1,558	1,344
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	1,972	1,734	1,769	1,729	1,671	1,747
Total liabilities	4,196	3,513	3,428	3,411	3,229	3,090
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.5	0.5	0.5	0.5	0.5	0.6
Additional paid-in capital	1,183	1,121	1,075	1,024	935	847
Retained earnings (accumulated deficit)	1,737	1,474	1,287	996	653	1,189
Treasury stock	−120	−107	−83.0	−60.5	−53.5	−37.8
Other equity	3.8	0	0	0	0	0.1
Total equity	2,803	2,488	2,279	1,960	1,535	2,000
Total liabilities & shareholders' equity	6,999	6,002	5,707	5,370	4,764	5,090

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ulta Beauty Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,153	1,201	1,291	1,242	986	176
Depreciation, depletion & amortization	301	267	244	241	268	298
Deferred taxes	−3.2	−43.3	30.6	15.7	−25.7	−24.0
Non-cash items	404	365	392	352	329	375
Changes in working capital	−352	−451	−482	−369	−498	−14.3
Cash from operations	1,503	1,339	1,476	1,482	1,059	810
Investing activities
Capital expenditures	−435	−374	−435	−312	−172	−152
Other investing cash flows	−497	−8.6	−6.2	−2.5	−4.3	103
Cash from investing	−931	−383	−441	−315	−176	−48.8
Financing activities
Financing cash flow items	−0.8	−4.2	–	0	0	−1.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−850	−1,015	−1,006	−861	−1,497	−106
Cash from financing	−851	−1,019	−1,006	−861	−1,497	−108
Foreign exchange effects	0.3	–	0	0	−0.1	0.1
Net change in cash	−279	−63.4	28.7	306	−614	654
Free cash flow	1,068	964	1,041	1,170	887	658

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.