— Know what they know.
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Not Investment Advice

ULTA

NASDAQ · USD
Ulta Beauty, Inc.
Consumer Cyclical · Specialty Retail
CEO Kecia L. Steelman Employees 65,000 R&D / revenue 0.0%
Last price
$592.94−2.68%last session
Market cap
$25.4B
P/E (TTM)
21.5x
From 52w high
−17.1%
From 52w low
+33.7%
1-year return
+10.4%
RSI 14 · vs SMA200
64.6 · +7.0%
IS score
61.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ULTA   SPY   XLY (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26SPY 116ULTA 110XLY 97

Score DNA

Each bar is a 0-100 score within the scored universe
65
Profitability
53
Growth
40
Value
77
Momentum
100
Risk (safety)
73
Quality
64
Balance sheet
87
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for ULTA (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 5 / 9Altman Z 6.2Beta 0.853 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
3 open-market sales, $1.6M
Form 144 notices (12m): 3, $1.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-07-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−69
106 new holders, 168 closed
1,028 filers hold 99.8% · 324 added, 448 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+67
1,009 funds adding shares
942 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.6%
20-day avg 60.9%, 50-day avg 63.2%
Latest 7.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.4B
Revenue growth YoY+9.7%
Gross margin39.1%
Operating income$1.5B
Operating margin12.5%
Net income$1.2B
Net margin9.3%
EPS (diluted)$25.64
Cash flow
Operating cash flow$1.5B
Capital expenditure$434.8M
Free cash flow$1.1B
FCF conversion (FCF / OCF)71.1%
Stock-based compensation$37.4M
FCF less SBC$1.0B
Buybacks$901.4M
Dividends$0
Balance sheet & returns
Cash & short-term investments$494.2M
Total debt$369.0M
Net cash$125.3M
Shareholders' equity$2.8B
Goodwill & intangibles$429.7M
Debt / equity0.95
ROE (TTM)45.4%
ROIC (TTM)23.1%
Operating margin by fiscal year
14.5%FY202116.2%FY202215.0%FY202314.0%FY202412.5%FY2025
Revenue $8.6B (FY2021) to $12.4B (FY2025), a 9.5% CAGR.

Valuation

P/E (TTM)21.5x
EV / EBITDA14.3x
Price / sales1.96x
Price / FCF23.8x
FCF yield4.21%
Buyback yield3.56%
SBC / revenue0.4%
Price / book9.73x
Forward P/E FY202720.4x
Forward P/E FY202818.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $644.78 across 9 analysts last quarter is theirs, not ours.

ULTA vs industry median

241 companies in Specialty Retail
Gross margin 39.3% 37.7% Operating margin 12.6% 2.6% Net margin 9.3% 0.3% ROIC 23.1% 4.0%
ULTA (TTM)Industry median Asset turnover 1.86 vs industry 1.17 · financial leverage 2.63

Earnings delivery

Next report 2026-12-03 · consensus EPS $5.60
83%
beat rate, 10 of 12 quarters
+9.4%
median EPS surprise
5
longest beat streak
+2+7+4-3+13+19+15+13+11-1+12+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-30 to 2026-08-27. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ULTA Ulta Beauty, Inc. $25.4B21.5x45.4%9.3%+9.7% +10.4%
CASY Casey's General Stores, Inc. $25.5B33.0x20.0%4.8%+13.8% +22.9%
CPNG Coupang, Inc. $25.7Bn/m-20.0%-6.4%+9.9% −54.7%
WSM Williams-Sonoma, Inc. $29.5B25.3x55.0%17.3%+2.2% +33.8%
BBY Best Buy Co., Inc. $19.4B15.4x43.1%3.2%+1.4% +24.2%
TSCO Tractor Supply Company $17.3B17.3x39.5%7.9%+4.0% —
W Wayfair Inc. $14.7Bn/m11.7%-0.0%+7.5% —
GME GameStop Corp. $13.5B13.5x15.8%37.8%−7.7% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-08-27Earnings Release; Exhibits
2026-08-17Officer/Director Change; Other Events; Exhibits
2026-07-14Officer/Director Change; Regulation FD; Exhibits
2026-06-09Officer/Director Change; Bylaws Amendment; Shareholder Vote; Exhibits
2026-06-02Earnings Release; Exhibits
2026-03-12Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding42,757,500
Free float99.7%
Institutional ownership99.8%
Beta0.85
Dividend yield0.00%
Last dividend$1.00 on 2012-03-16
50 / 200-day average$544.66 / $554.24
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ULTA sits among 40 scored companies in Specialty Retail (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureULTAIndustry medianIndustry percentileSector median
P/E (TTM) 21.0x 22.2x
46th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) 6.62 1.02
95th		 0.96
Price / sales 2.0x 1.1x
64th		 1.0x
Price / book 9.6x 4.9x
78th		 2.4x
Price / tangible book 10.0x 7.7x
59th		 4.2x
Price / free cash flow 23.8x 19.7x
64th		 15.2x
Price / operating cash flow 16.1x 12.0x
65th		 10.2x
Enterprise value $27.7B $7.1B
79th		 $5.6B
EV / sales 2.1x 1.5x
67th		 1.4x
EV / EBITDA 14.3x 13.1x
54th		 11.4x
EV / EBIT 17.1x 17.5x
46th		 16.0x
EV / free cash flow 25.9x 23.3x
58th		 21.0x
Earnings yield 4.8% 4.1%
59th		 4.8%
FCF yield 4.2% 4.7%
41st		 5.9%
Operating cash flow yield 6.2% 8.2%
38th		 9.3%
Graham number (per share) $194.98 $19.83
93rd		 $33.39

Profitability (TTM)

MeasureULTAIndustry medianIndustry percentileSector median
Gross margin 39.3% 43.4%
46th		 34.2%
EBITDA margin 15.0% 10.4%
69th		 11.7%
Operating margin 12.6% 8.1%
72nd		 8.7%
EBIT margin 12.5% 7.5%
69th		 8.2%
Net margin 9.3% 5.2%
72nd		 4.9%
NOPAT margin 9.5% 5.7%
72nd		 6.8%
FCF margin 8.2% 5.0%
69th		 6.5%
Operating cash flow margin 12.1% 9.9%
62nd		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 26.7% 27.7%
44th		 17.2%
Stock comp / revenue 0.4% 0.7%
24th		 0.6%
Effective tax rate 24.2% 21.9%
68th		 22.4%

Returns on capital

MeasureULTAIndustry medianIndustry percentileSector median
ROE (on average equity) 46.1% 18.5%
84th		 12.8%
ROA 17.8% 7.7%
92nd		 4.4%
ROIC 24.9% 12.6%
72nd		 9.3%
ROCE 34.6% 15.5%
87th		 9.9%
Return on tangible assets 23.8% 10.7%
90th		 7.4%
Cash ROIC (OCF / invested capital) 31.7% 24.2%
64th		 14.4%
Gross profitability (GP / assets) 73.1% 48.6%
82nd		 31.6%
ROIC, 3-yr average 22.4% 13.1%
66th		 7.4%
ROIC, 5-yr average 29.7% 14.0%
79th		 9.1%
ROE, 5-yr average 53.8% 19.2%
93rd		 15.8%
Incremental ROIC 117.0% 23.3%
82nd		 11.2%

Growth

MeasureULTAIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 11.2% 8.5%
69th		 6.0%
Revenue growth (QoQ) -4.1% 8.4%
15th		 6.6%
Revenue CAGR, 3 yr 6.5% 5.9%
51st		 3.0%
Revenue CAGR, 5 yr 11.1% 7.3%
60th		 5.9%
Gross profit CAGR, 3 yr 6.4% 6.3%
51st		 3.3%
Operating income CAGR, 3 yr -0.5% 3.7%
27th		 2.1%
Net income growth (TTM YoY) 0.7% 6.6%
31st		 4.7%
Net income CAGR, 3 yr -1.4% 3.5%
33rd		 1.4%
EPS growth (TTM YoY) 4.4% 11.7%
28th		 7.6%
EPS CAGR, 3 yr 3.2% 7.9%
40th		 3.4%
EPS CAGR, 5 yr 16.0% 3.1%
79th		 2.9%
FCF growth (TTM YoY) 12.1% 30.8%
44th		 26.3%
FCF CAGR, 3 yr 3.1% 8.2%
42nd		 6.5%
Operating cash flow CAGR, 3 yr 4.7% 7.2%
41st		 6.7%
Book value CAGR, 3 yr 13.9% 12.8%
57th		 8.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 46.1% 16.9%
90th		 12.2%

Margin history & stability

MeasureULTAIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 39.0% 42.3%
44th		 34.9%
Operating margin, 3-yr average 13.4% 6.8%
85th		 8.0%
Net margin, 3-yr average 10.1% 4.5%
79th		 4.8%
FCF margin, 3-yr average 8.4% 3.9%
69th		 5.7%
Revenue stability (0-1) 0.94 0.82
74th		 0.80
Earnings stability (0-1) 0.48 0.50
46th		 0.43
Margin stability (0-1) 0.98 0.94
79th		 0.92

Liquidity (latest quarter)

MeasureULTAIndustry medianIndustry percentileSector median
Cash & short-term investments $213.5M $295.9M
31st		 $278.1M
Net cash (− = net debt) −$2.3B −$1.3B
31st		 −$1.2B
Working capital $787.2M $206.6M
72nd		 $298.0M
Current ratio 1.35 1.34
51st		 1.49
Quick ratio 0.29 0.68
10th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.09 0.47
13th		 0.31
Defensive interval (days) 49 days 163 days
15th		 290 days

Leverage & solvency (latest quarter)

MeasureULTAIndustry medianIndustry percentileSector median
Total debt $2.5B $2.2B
54th		 $1.8B
Debt / equity 0.95 1.17
44th		 1.04
Net debt / equity 0.87 0.79
56th		 0.78
Debt / assets 36.2% 38.1%
46th		 39.7%
Debt / capital 48.8% 53.8%
44th		 51.0%
Debt / EBITDA 1.30 3.03
19th		 3.26
Net debt / EBITDA 1.19 2.03
35th		 2.42
Interest coverage (EBIT / interest) 146.2x 9.5x
100th		 5.1x
Cash interest coverage 141.9x 13.0x
94th		 6.0x
Debt payback (years of OCF) 1.6 yrs 3.1 yrs
27th		 3.8 yrs
Liabilities / assets 62.0% 70.6%
38th		 68.1%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 175
5th		 275

Efficiency

MeasureULTAIndustry medianIndustry percentileSector median
Asset turnover 1.91 1.24
77th		 1.00
Fixed asset turnover 3.94 3.56
53rd		 3.73
Inventory turnover 3.3 5.1
37th		 5.3
Receivables turnover 54.7 52.0
53rd		 19.9
Days sales outstanding 7 days 7 days
51st		 18 days
Days inventory outstanding 112 days 72 days
63rd		 68 days
Days payables outstanding 31 days 44 days
28th		 42 days
Cash conversion cycle (days) 87 days 15 days
85th		 44 days
Capex / revenue 3.9% 3.5%
59th		 3.1%
Capex / depreciation 1.58 1.20
67th		 0.89
Operating expense ratio 26.4% 31.4%
28th		 24.8%

Cash flow & earnings quality

MeasureULTAIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.30 1.85
29th		 1.76
FCF / net income 0.88 1.08
37th		 1.18
FCF / operating cash flow 67.8% 65.5%
54th		 70.1%
Capex / operating cash flow 32.2% 34.5%
46th		 29.9%
Accruals ratio -5.3% -6.2%
56th		 -5.7%
Sloan accruals ratio -5.9% -3.1%
28th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
6th		 0.75

Dividends & buybacks

MeasureULTAIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.8%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.40
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 17.8%
Dividends / FCF 0.0% 0.0%
0th		 11.6%
Dividend growth (YoY) —
Buyback yield 5.6% 1.2%
87th		 1.6%
Shareholder yield (dividends + buybacks) 5.6% 2.2%
82nd		 3.7%
Share count change (YoY) -3.5% 0.0%
21st		 -0.9%
Buybacks, last 5 years $4.1B $120.0M
90th		 $198.3M

Scores & forensic checks

MeasureULTAIndustry medianIndustry percentileSector median
IS score 62 56
69th		 50
IS profitability 65 43
85th		 38
IS growth 53 57
31st		 53
IS value 40 42
44th		 50
IS momentum 77 79
46th		 72
IS risk (safety) 100 65
62nd		 65
IS quality 73 66
77th		 63
IS balance sheet 64 53
64th		 48
IS earnings quality 87 82
72nd		 77
IS cash flow 58 55
56th		 56
Piotroski F-score (0-9) 5 6
15th		 6
Altman Z-score 6.2 2.9
74th		 2.8
Beneish M-score −2.59 −2.72
62nd		 −2.69
Ohlson O-score −7.99 −6.81
28th		 −6.83
IS credit score 90 66
85th		 58

Per share

MeasureULTAIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $27.81 $1.84
92nd		 $2.05
Book value per share $60.76 $7.32
92nd		 $14.46
Tangible book per share $51.20 $3.07
95th		 $3.70
Revenue per share $297.74 $36.89
90th		 $46.29
FCF per share $24.52 $2.53
92nd		 $2.72
Operating cash flow per share $36.14 $4.90
90th		 $4.86
Cash per share $4.91 $4.80
51st		 $3.59

Size (TTM)

MeasureULTAIndustry medianIndustry percentileSector median
Market cap $25.4B $5.3B
77th		 $3.6B
Revenue $13.0B $6.1B
69th		 $3.9B
EBITDA $1.9B $449.3M
82nd		 $442.3M
Net income $1.2B $173.0M
82nd		 $178.6M
Free cash flow $1.1B $298.5M
82nd		 $206.3M
Total assets $7.0B $5.1B
67th		 $4.4B
Shareholders' equity $2.6B $827.1M
77th		 $957.6M
Employees 65,000 16,550
79th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-17Steelman Kecia
President and CEO
 Open-market sale 2,000$545.88$1.1M40,489
2026-09-11Nagler Lorna
Director
 Open-market sale 600$537.31$322,3887,168
2026-09-01Garcia Kelly E
Chief Technology Officer
 Award / grant 2,933——5,083
2026-09-01Garcia Kelly E
Chief Technology Officer
 Award / grant 3,565$545.66$1.9M3,565
2026-09-01Olson Brieane Lee
Director
 Award / grant 271——271
2026-06-15Mrkonic George R Jr
Director
 Open-market sale 383$475.84$182,2472,404
2026-06-10Brok Martin
Director
 Award / grant 404——1,681
2026-06-10Ruiz Gisel
Director
 Award / grant 404——787
2026-06-10Nagler Lorna
Director
 Award / grant 404——7,768
2026-06-10Mrkonic George R Jr
Director
 Award / grant 404——2,787
2026-06-10Little Patricia A
Director
 Award / grant 404——1,670
2026-06-10Landry Stephenie Lee
Director
 Award / grant 404——681

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1210,405$1.9M
Open-market saleDisposed32,983$1.6M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 2,835 shares · $1.5M
FiledFilerShares proposedEst. proceeds
2026-09-17Steelman Kecia2,000$1.1M
2026-06-15Mrkonic George R Jr383$182,247
2026-04-06Mrkonic George R Jr452$245,278
2025-09-22Oyibo Paula M690$369,019
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 10 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-07Ro KhannaHousePurchase$1,001 - $15,0002026-08-12
2026-03-19Maria Elvira SalazarHousePurchase$15,001 - $50,0002026-04-22
2026-03-19Maria Elvira SalazarHousePurchase$15,001 - $50,0002026-04-22
2026-03-18Maria Elvira SalazarHousePurchase$15,001 - $50,0002026-04-22
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.4,026,148$1.8B9.42%
VANGUARD CAPITAL MANAGEMENT LLC2,845,585$1.3B6.66%
Sanders Capital, LLC2,460,969$1.1B5.76%
STATE STREET CORP2,024,623$913.1M4.74%
VANGUARD PORTFOLIO MANAGEMENT LLC1,942,423$876.0M4.54%
PRICE T ROWE ASSOCIATES INC /MD/1,528,402$689.3M3.57%
GEODE CAPITAL MANAGEMENT, LLC1,234,304$555.3M2.89%
T. Rowe Price Investment Management, Inc.871,836$393.2M2.04%
FRANKLIN RESOURCES INC848,828$382.8M1.99%
NORGES BANK785,165$354.1M1.84%
Starlite Capital INC732,154$336.8M1.71%
Invesco Ltd.698,218$314.9M1.63%
GOLDMAN SACHS GROUP INC638,734$288.1M1.49%
BANK OF AMERICA CORP /DE/576,949$260.2M1.35%
Amundi544,686$245.6M1.27%

Institutional ownership by quarter

2023-092026-0699.8%
% of shares held by 13F filers
2023-092026-061,028
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,02899.8%106324448168
2026-03-311,09798.4%131391400132
2025-12-311,11997.9%17035340186
2025-09-301,06397.3%13735839296
2025-06-301,03798.5%18433037785
2025-03-3195197.9%99345366125
2024-12-3199596.2%175302395134
2024-09-3096999.0%123333373154
2024-06-301,010101.7%124411356169
2024-03-311,069104.2%13238839294
2023-12-311,046101.9%187347382104
2023-09-30981101.8%104368370125

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-04SCHEDULE 13GLewis A. Sanders5.7%2,468,513
2026-04-30SCHEDULE 13GVanguard Capital Management7.6%3,326,538
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-07-17SCHEDULE 13G/ABlackRock, Inc.8.6%3,884,229
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$741.0M
VTI0.03%$741.0M
VTSAX0.03%$741.0M
VSMPX0.03%$741.0M
VFINX0.04%$617.0M
VOO0.04%$617.0M

Share structure

Shares outstanding42,757,500
Float42,636,539
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$8.6B$10.2B$11.2B$11.3B$12.4B
Cost of revenue$5.3B$6.2B$6.8B$6.9B$7.5B
Gross profit$3.4B$4.0B$4.4B$4.4B$4.8B
R&D$0$0$0$0$0
SG&A$2.1B$2.4B$2.7B$2.8B$3.3B
Operating income$1.3B$1.6B$1.7B$1.6B$1.5B
EBITDA$1.6B$1.9B$1.9B$1.8B$1.8B
Pretax income$1.3B$1.6B$1.7B$1.6B$1.5B
Income tax$310.0M$401.1M$404.6M$378.9M$373.9M
Net income$985.8M$1.2B$1.3B$1.2B$1.2B
EPS, diluted$17.98$24.01$26.03$25.34$25.64
Diluted shares54.8M51.7M49.6M47.4M45.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$431.6M$737.9M$766.6M$703.2M$494.2M
Receivables$233.7M$199.4M$207.9M$223.3M$296.2M
Inventory$1.5B$1.6B$1.7B$2.0B$2.2B
Total current assets$2.3B$2.7B$2.8B$3.0B$3.1B
PP&E, net$2.4B$2.6B$2.8B$2.8B$3.2B
Goodwill & intangibles$12.4M$12.2M$11.4M$11.1M$429.7M
Total assets$4.8B$5.4B$5.7B$6.0B$7.0B
Accounts payable$552.7M$559.5M$544.0M$563.8M$685.9M
Total current liabilities$1.6B$1.7B$1.7B$1.8B$2.2B
Long-term debt$0$0$0$0$0
Total liabilities$3.2B$3.4B$3.4B$3.5B$4.2B
Shareholders' equity$1.5B$2.0B$2.3B$2.5B$2.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$985.8M$1.2B$1.3B$1.2B$1.2B
Depreciation & amortization$268.5M$241.4M$243.8M$267.0M$300.8M
Stock-based compensation$47.3M$43.0M$48.2M$42.8M$37.4M
Change in working capital−$498.2M−$369.2M−$481.6M−$451.2M−$351.8M
Operating cash flow$1.1B$1.5B$1.5B$1.3B$1.5B
Capital expenditure−$172.2M−$312.1M−$435.3M−$374.5M−$434.8M
Free cash flow$887.1M$1.2B$1.0B$964.1M$1.1B
Investing cash flow−$176.5M−$314.6M−$441.4M−$383.1M−$931.3M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$1.5B−$907.0M−$1.0B−$1.0B−$901.4M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin39.0%39.6%39.1%38.8%39.1%
Operating margin14.5%16.2%15.0%14.0%12.5%
Net margin11.4%12.2%11.5%10.6%9.3%
FCF margin10.3%11.5%9.3%8.5%8.0%
ROE55.8%71.1%60.9%50.4%43.6%
ROIC32.2%39.9%37.5%32.4%26.1%
ROA20.0%24.5%23.3%20.5%17.7%
Debt / equity1.200.970.840.770.78
Interest coverage780.2x4,099.6x——227.9x
Current ratio1.461.611.711.701.41
Revenue growth+40.3%+18.3%+9.8%+0.8%+9.7%
EPS growth+493.8%+32.3%+8.6%−2.3%−0.8%
P/E at year end19.7x21.1x19.0x15.9x25.3x
EV / EBITDA at year end13.3x14.5x13.2x11.0x16.8x
FCF yield at year end4.56%4.46%4.25%5.03%3.38%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Gift card breakage$15.3M$18.8M$22.6M$24.3M$27.0M

Street estimates by fiscal year

Next report 2026-12-03 · consensus EPS $5.60 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.3B$12.2B – $12.4B$25.69$25.36 – $26.651723.1x
2027$13.3B$13.2B – $13.3B$29.02$28.77 – $29.171620.4x
2028$14.0B$13.8B – $14.0B$32.18$31.65 – $33.121618.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-27$6.22$6.55+5.3%$3.0B$3.0B+1.6%
2026-06-02$6.89$7.74+12.3%$3.1B$3.2B+1.4%
2026-03-12$8.10$8.01−1.1%$3.8B$3.9B+1.6%
2025-12-04$4.61$5.14+11.5%$2.7B$2.9B+5.3%
2025-08-28$5.10$5.78+13.3%$2.7B$2.8B+4.1%
2025-05-29$5.81$6.70+15.3%$2.8B$2.8B+1.9%
2025-03-13$7.13$8.46+18.7%$3.5B$3.5B+0.6%
2024-12-05$4.53$5.14+13.5%$2.5B$2.5B+1.3%
2024-08-29$5.46$5.30−2.9%$2.6B$2.6B−1.8%
2024-05-30$6.24$6.47+3.7%$2.7B$2.7B+0.1%
2024-03-14$7.53$8.08+7.3%$3.5B$3.6B+0.7%
2023-11-30$4.95$5.07+2.4%$3.5B$2.5B−29.4%
2023-08-24$5.85$6.02+2.9%$2.5B$2.5B+0.9%
2023-05-25$6.87$6.88+0.1%$2.6B$2.6B+0.5%
2023-03-09$5.68$6.68+17.6%$3.0B$3.2B+6.8%
2022-12-01$4.15$5.34+28.7%$2.2B$2.3B+5.6%
2022-08-25$5.00$5.70+14.0%$2.2B$2.3B+3.9%
2022-05-26$4.46$6.30+41.3%$2.1B$2.3B+10.5%
2022-03-10$4.58$5.41+18.1%$2.7B$2.7B+1.3%
2021-12-02$2.46$3.94+60.2%$2.7B$2.0B−25.6%
2021-08-25$2.56$4.56+78.1%$1.8B$2.0B+6.5%
2021-05-27$1.95$4.07+108.7%$1.6B$1.9B+20.8%
2021-03-11$2.35$3.41+45.1%$4.5B$2.2B−50.9%
2020-12-03$1.49$1.64+10.1%$1.4B$1.6B+11.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.406-290.307-060.407-130.407-200.407-270.508-030.508-100.508-170.708-240.608-31
Week ofNotionalSharesTrades
2026-08-31$599.9M1,091,85855,733
2026-08-24$726.9M1,375,49966,688
2026-08-17$460.7M888,53652,489
2026-08-10$503.9M950,31049,634
2026-08-03$463.5M856,13644,304
2026-07-27$359.5M713,12438,412

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.6%
DateShort shareShort volumeTotal volume
2026-10-1553.6%124,897232,860
2026-10-1461.4%122,180199,061
2026-10-1359.6%111,935187,820
2026-10-1265.7%122,603186,681
2026-10-0974.6%87,450117,223
2026-10-0870.7%130,862185,114
2026-10-0767.2%82,302122,445
2026-10-0660.7%79,943131,698
2026-10-0564.5%57,11888,585
2026-10-0258.9%71,388121,284
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.4Jan+0.2Feb+2.7Mar+4.8Apr+2.6May+1.8Jun-1.0Jul+0.1Aug+7.9Sep-2.2Oct+4.1Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan+0.4%53%19
Feb+0.2%53%19
Mar+2.7%68%19
Apr+4.8%67%18
May+2.6%56%18
Jun+1.8%56%18
Jul−1.0%44%18
Aug+0.1%44%18
Sep+7.9%72%18
Oct−2.2%42%19
Nov+4.1%74%19
Dec+0.9%58%19
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.6
MFI65.5
ADX19.5
Stochastic %K / %D90.4 / 93.4
Williams %R-27.1
CCI186
TSI / signal25.1 / 14.4
Chaikin money flow0.11
ATR$16.22
Bollinger width14.0%
Volume vs 20-day avg1.10x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$559.26 (+6.0%)
SMA 50$545.75 (+8.6%)
SMA 200$554.17 (+7.0%)
EMA 21$563.78 (+5.2%)
EMA 50$546.20 (+8.6%)
EMA 200$532.95 (+11.3%)
Bollinger upper$598.33 (−0.9%)
Bollinger lower$520.20 (+14.0%)
Parabolic SAR$557.09 (+6.4%)
Open the live chart, 110+ indicators

About Ulta Beauty, Inc.

Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Collection for cosmetics, skincare, and bath items, alongside other Ulta Beauty branded merchandise and gift options. As of March 10, 2022, Ulta Beauty operated 1,308 retail stores across all 50 U.S. states. Its products are also available for purchase via its website, ulta.com, and through its mobile applications. Incorporated in 1990, the enterprise was initially known as Ulta Salon, Cosmetics & Fragrance, Inc., before officially changing its name to Ulta Beauty, Inc. in January 2017. Its corporate base is located in Bolingbrook, Illinois.

https://www.ulta.com

Key executives

NameTitlePayBorn
Kecia L. SteelmanPresident, Chief Executive Officer & Director$5.8M1971
Rene G. CasaresChief Legal Officer & Corporate Secretary$2.9M—
Anita RyanChief Human Resources Officer$1.7M1964
Christopher J. DelOreficeCFO & Principal Financial Officer$1.2M1971
Christopher LialiosSenior VP, Controller & Principal Accounting Officer$1.2M1966
Kelly E. GarciaChief Technology Officer$125,0001976
Andy LightfootChief Executive Officer of Space NK——
Erik LopezChief Supply Chain Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Kecia L. Steelman President Chief Executive Officer (Principal Executive Officer)2025$1.4M$9.6M$4.4M$15.4M
Christopher J. DelOrefice Chief Financial Officer (Principal Financial Officer)2025$154,540$3.3M$0$4.5M
Rene G. Cásares Chief Legal Officer2025$599,523$1.3M$1.1M$4.2M
Anita J. Ryan Chief Human Resources Officer2025$715,928$2.5M$980,987$4.2M
Paula M. Oyibo Former Chief Financial Officer2025$315,190$1.6M$0$3.1M
Christopher Lialios Former Interim Chief Financial Officer (through December 4, 2025)2025$488,493$292,119$651,417$1.5M

Employees

16k201918k202037k202140k202253k202356k202458k202565k2026

Dividends

Ex-dateAmountPaid
2012-03-16$12012-05-15

Moat model

Narrow · Efficient Scale · 2026-08-01
Cost advantage66
Intangibles43
Switching costs53
Network effect55
Efficient scale95
Our component scores (0-100) and overall 59.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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