Ulta Beauty, Inc.

ULTA · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Valuation
Market cap	$28,718	$19,112	$24,540	$25,729	$19,420	$15,141	$14,499	$15,799	$12,020	$14,736	$9,805	$7,141	$5,485	$6,187	$4,665	$2,184	$1,146	$335	$311	–	–	–	–	–
Enterprise value	$30,406	$20,332	$25,684	$26,894	$20,835	$15,991	$15,935	$15,390	$11,623	$14,321	$9,329	$6,601	$5,065	$5,867	$4,411	$2,073	$1,142	$437	$382	–	–	–	–	–
P/E (TTM) at period end	24.90×	15.91×	19.01×	20.71×	19.70×	86.11×	20.54×	23.99×	21.65×	35.96×	30.64×	27.77×	27.04×	35.86×	38.79×	30.75×	29.12×	13.25×	12.26×	–	–	–	–	–
P/S (TTM) at period end	2.32×	1.69×	2.19×	2.52×	2.25×	2.46×	1.96×	2.35×	2.04×	3.04×	2.50×	2.20×	2.05×	2.79×	2.63×	1.50×	0.94×	0.31×	0.34×	–	–	–	–	–
P/B at period end	10.24×	7.68×	10.77×	13.13×	12.65×	7.57×	7.62×	8.68×	6.77×	9.51×	6.80×	5.72×	5.47×	7.86×	7.98×	5.43×	3.92×	1.37×	1.47×	–	–	–	–	–
EV / EBITDA (TTM)	16.58×	11.10×	13.36×	14.31×	13.31×	29.91×	13.32×	13.58×	11.20×	16.55×	13.90×	12.18×	11.67×	15.93×	16.21×	11.28×	8.76×	4.47×	4.43×	–	–	–	–	–
EV / Sales (TTM)	2.45×	1.80×	2.29×	2.63×	2.41×	2.60×	2.15×	2.29×	1.98×	2.95×	2.38×	2.04×	1.90×	2.64×	2.48×	1.42×	0.93×	0.40×	0.42×	–	–	–	–	–
Returns
Return on equity	41.1%	48.3%	56.6%	63.4%	64.2%	8.8%	37.1%	36.2%	31.3%	26.4%	22.2%	20.6%	20.2%	21.9%	20.6%	17.6%	13.5%	10.3%	12.0%	15.2%	13.0%	–	5.5%	11.1%
Return on invested capital	25.4%	32.1%	37.3%	39.6%	33.5%	6.3%	20.4%	46.4%	37.0%	35.1%	29.1%	29.9%	34.7%	37.0%	36.4%	24.5%	14.1%	8.0%	9.9%	12.5%	10.7%	–	7.6%	13.9%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	1.0%	–	–	–	–	29.9%	–	–	–	–	–
Financial health
Current ratio	1.41×	1.70×	1.71×	1.61×	1.46×	1.87×	1.81×	2.32×	2.64×	2.90×	3.47×	3.50×	3.76×	3.57×	3.52×	2.48×	2.08×	2.36×	2.05×	2.05×	2.11×	–	–	–
Debt / equity	0.02×	0.12×	0.12×	0.14×	0.18×	0.13×	0.13×	–	–	–	–	–	–	–	–	–	–	0.43×	0.35×	0.34×	0.37×	–	–	–
Effective tax rate	24.4%	24.0%	23.9%	24.4%	23.9%	23.9%	22.1%	23.3%	29.4%	37.5%	36.9%	37.5%	38.1%	38.3%	38.5%	39.9%	40.3%	40.3%	39.9%	38.7%	39.7%	3075.7%	37.3%	11.0%
Share count
Diluted shares outstanding	45	47	50	52	55	57	58	60	62	63	64	65	64	64	63	61	59	59	53	50	48	3	2	4

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Revenue and gross profit
Revenue	$12,956	$12,393	$11,296	$11,207	$10,209	$8,631	$6,152	$7,398	$6,717	$5,885	$4,855	$3,924	$3,241	$2,671	$2,220	$1,776	$1,455	$1,223	$1,085	$912	$755	$579	$491	$424	$362
Cost of revenue	($7,862)	($7,548)	($6,908)	($6,826)	($6,164)	($5,262)	($4,203)	($4,717)	($4,307)	($3,788)	($3,108)	($2,540)	($2,105)	($1,729)	($1,437)	($1,159)	($971)	($846)	($757)	($628)	($520)	($405)	–	($312)	($260)
Gross profit	$5,094	$4,845	$4,387	$4,381	$4,045	$3,369	$1,949	$2,681	$2,409	$2,097	$1,747	$1,384	$1,137	$941	$784	$617	$484	$377	$328	$284	$235	$174	–	$112	$102
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,462)	($3,296)	($2,809)	($2,695)	($2,395)	($2,062)	($1,583)	($1,761)	($1,535)	($1,287)	($1,074)	($863)	($712)	($596)	($489)	($411)	($358)	($302)	($267)	($225)	($188)	($140)	($122)	($98)	($86)
Total operating expenses	($3,480)	($3,312)	($2,822)	($2,703)	($2,406)	($2,071)	($1,712)	($1,780)	($1,555)	($1,312)	($1,092)	($878)	($726)	($614)	($504)	($421)	($365)	($308)	($282)	($237)	($195)	($145)	–	($101)	($89)
Total costs and expenses	($11,341)	($10,860)	($9,731)	($9,529)	($8,570)	($7,333)	($5,915)	($6,497)	($5,863)	($5,099)	($4,200)	($3,418)	($2,831)	($2,343)	($1,940)	($1,580)	($1,336)	($1,155)	($1,038)	($865)	($715)	($550)	($473)	($413)	($349)
Operating income	$1,614	$1,533	$1,565	$1,678	$1,639	$1,297	$237	$901	$854	$785	$655	$506	$410	$328	$280	$196	$119	$68	$46	$47	$40	$29	$18	$11	$13
Earnings
EBITDA	$1,935	$1,834	$1,832	$1,922	$1,880	$1,566	$535	$1,197	$1,134	$1,038	$865	$671	$542	$434	$368	$272	$184	$130	$98	$86	$70	$52	–	$26	$26
Interest income	–	($2)	$15	$18	$5	–	–	$5	$5	$2	$1	$1	$1	$0	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($10)	($2)	–	–	$5	($2)	($6)	$5	$5	$2	$1	$1	$1	$0	($0)	($1)	($1)	($2)	($4)	($5)	–	–	–	–	–
Pre-tax income	$1,604	$1,531	$1,580	$1,696	$1,644	$1,296	$231	$906	$859	$787	$656	$507	$411	$328	$280	$196	$118	$66	$42	$42	$37	$26	$16	$8	$11
Income tax expense	($388)	($374)	($379)	($405)	($401)	($310)	($55)	($200)	($201)	($232)	($246)	($187)	($154)	($125)	($107)	($75)	($47)	($27)	($17)	($17)	($14)	($11)	($482)	($3)	($1)
Net income	$1,210	$1,153	$1,201	$1,291	$1,242	$986	$176	$706	$659	$555	$410	$320	$257	$203	$173	$120	$71	$39	$25	$25	$23	$16	$9	$5	$10
Per share
Diluted EPS (GAAP)	$27.45	$25.64	$25.34	$26.03	$24.01	$17.98	$3.11	$12.15	$10.94	$8.96	$6.52	$4.98	$3.98	$3.15	$2.68	$1.90	$1.16	$0.66	$0.43	$0.48	$0.45	$0.33	($0.70)	$2.18	$0.02
Basic EPS (GAAP)	$27.55	$25.72	$25.44	$26.18	$24.17	$18.09	$3.12	$12.21	$11.00	$9.02	$6.55	$5.00	$4.00	$3.17	$2.73	$1.96	$1.20	$0.68	$0.44	$0.69	$1.38	$0.74	($0.70)	$2.18	$0.05
Basic shares outstanding	44	45	47	49	51	54	56	58	60	62	63	64	64	64	63	61	59	58	57	20	6	4	3	2	2
Margins
Gross margin	39.3%	39.1%	38.8%	39.1%	39.6%	39.0%	31.7%	36.2%	35.9%	35.6%	36.0%	35.3%	35.1%	35.2%	35.3%	34.7%	33.3%	30.8%	30.2%	31.1%	31.1%	30.1%	–	26.3%	28.3%
Operating margin	12.5%	12.4%	13.9%	15.0%	16.1%	15.0%	3.8%	12.2%	12.7%	13.3%	13.5%	12.9%	12.7%	12.3%	12.6%	11.0%	8.2%	5.6%	4.3%	5.1%	5.3%	5.1%	3.8%	2.6%	3.7%
Net margin	9.3%	9.3%	10.6%	11.5%	12.2%	11.4%	2.9%	9.5%	9.8%	9.4%	8.4%	8.2%	7.9%	7.6%	7.8%	6.8%	4.9%	3.2%	2.3%	2.8%	3.0%	2.8%	1.9%	1.2%	2.7%

Analyst consensus

Buy47 analysts

Bearish · 0 · Hold · 19 · Bullish · 28

Earnings history

	EPS	Estimate
Q3 2024	$5.14	$4.53	Beat
Q4 2024	$8.46	$7.13	Beat
Q1 2025	$6.70	$5.81	Beat
Q2 2025	$5.78	$5.10	Beat
Q3 2025	$5.14	$4.61	Beat
Q4 2025	$8.01	$8.10	Miss
Q1 2026	$7.74	$6.89	Beat
Q2 2026	$6.55	$6.22	Beat

Peers

Company overview

IPO dateOct 25, 2007

CEOKecia L. Steelman

Employees65,000

SectorConsumer Cyclical

IndustrySpecialty Retail

CountryUS

ExchangeNASDAQ Global Select

Websitewww.ulta.com

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.

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