Ulta Beauty is the largest specialized beauty retailer in the US with more than 1,500 stores and e-commerce. The firm offers cosmetics (38% of 2025 sales), fragrances (13%), skin care (24%), and hair care products (19%).
It is a $24.4B consumer company. Revenue shrank 14.1% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~1.3 years of free cash flow. It trades at 20.2× earnings — around the middle of its own history.
- Website
- ulta.com
- Location
- Bolingbrook, IL
- Employees
- 65 000
- Sector
- Consumer Cyclical
- Founded
- 1990
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality and moat; Growth lags behind.
Valuation70
- P/E vs own history66th pct · 5/25
- FCF yield7.2% · 20/25
- P/S1.9x · 25/25
- EV/EBITDA12.7x · 20/25
Growth18
- Revenue CAGR5.0% · 6/25
- Net income CAGR-1.8% · 0/25
- EPS CAGR ~5Y-17.9% · 0/25
- Fwd implied growth12.6% · 12/25
Profitability70
- ROIC19.4% · 20/25
- ROE45.4% · 25/25
- Net margin9.8% · 13/25
- Operating margin12.5% · 12/25
Health67
- Altman Z5.14 · 25/25
- Current ratio1.35 · 12/25
- Interest coverage857.9x · 25/25
- Net cash / debtD/A 33% · 5/25
Quality82
- Piotroski F5/9 · 15/25
- Beneish M-6.03 · 25/25
- FCF conversion93% · 22/25
- Margin stabilityσ 5.0% · 20/25
Moat75
- ROIC >12% years11/12 yrs · 25/25
- Median gross margin39.1% · 13/25
- FCF-positive years12/12 yrs · 25/25
- Worst-year net marginworst 0.2% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2023FinancialBest year on record$3.18B net income
- FY2016FinancialProfitable every year on record12 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$11.3B in first reported year
- FY2016FinancialPositive free cash flow every year since12-year streak
- Oct 25, 2007MilestoneThe company became publicly traded on the NASDAQ
- 1990FoundedFounded in 1990, the company was initially called Ulta3 to suggest a third option for consumers to purchase beauty…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Interest covered 857.9× by operating earnings
- High returns on invested capital (ROIC 19.4%)
- Altman Z-Score 5.14 — low bankruptcy-risk zone
Watch-outs
- Revenue shrinking 14.1% year over year
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago-14.1% YoY
- Profitable — makes more than it spends$2.74B TTM
- Profit growing — earnings are higher than last year+2.2% YoY
- Generates cash — cash left after running and investing$1.76B TTM
- Debt under control — could handle its obligations~1.3y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$24.4B market cap
- Not printing shares — share count not ballooning — you keep your slice-16.8% shares over ~5y
- Proven track record — years of profitability behind it12/12 profitable years
- Financially stable — balance sheet not near distressAltman Z 5.1 — safe
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 20.2
Peer comparisonUlta Beauty, Inc. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| ULTA this company | $24.4B | 20.2 | -14.1% | 9.8% | Solid |
| AMZN Amazon.Com Inc | $2.8T | 20.9 | +15.8% | 17.4% | Mixed |
| TSLA Tesla, Inc. | $1.5T | 397.1 | +11.8% | 3.7% | Strong |
| NFLX NetFlix Inc | $292.8B | 21.4 | +16.0% | 28.2% | Solid |
| HD Home Depot, Inc. | $290.4B | 20.4 | -16.0% | 8.7% | Solid |
| DIS The Walt Disney Company | $186.5B | 21.7 | +4.6% | 8.7% | Solid |
| MCD McDonald's Corporation | $166.9B | 18.9 | +6.3% | 31.7% | Strained |
Head-to-head: ULTA vs AMZN · ULTA vs TSLA · ULTA vs NFLX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2027. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/ULTA
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of ULTA on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $569.80 · market cap $24.4B.