Ulta Beauty vs Winmark
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KIRA’s take AI analyst
I put Ulta Beauty and Winmark side by side, using each one’s latest annual report. Here is what stands out:
- Ulta Beauty is the larger business, with $12.4B of revenue in fiscal 2025 against $86.1M for Winmark, about 144 times as much.
- Ulta Beauty grew revenue faster (9.7%, against 5.9%).
- Winmark kept more of each dollar of sales as operating profit (63.4% operating margin, against 12.4%).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 8.6%).
- Investors pay more for each dollar of Winmark’s earnings: a P/E of 25.0x against 22.8x for Ulta Beauty.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Ulta Beauty
ULTA
4/8
Revenue growth5-year growthNet debt / EBITDAShare count change
Winmark
WINA
4/8
Gross marginOperating marginNet marginFCF margin
Side by side
Best in the row
| Latest fiscal year | ULTA FY25 | WINA FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.0B | $1.0B |
| Revenue | $12.4B | $86.1M |
| Free cash flow | $1.1B | $44.7M |
| Net income | $1.2B | $41.7M |
| Growth | ||
| Revenue growth | 9.7% | 5.9% |
| 5-year growth | 15.0% | 5.4% |
| Share count change | −5.1% | 0.5% |
| Profitability | ||
| Gross margin | 39.1% | 96.4% |
| Operating margin | 12.4% | 63.4% |
| Net margin | 9.3% | 48.4% |
| FCF margin | 8.6% | 52.0% |
| Return on capital | 55.8% | — |
| Return on equity | 43.6% | — |
| Balance sheet | ||
| Net debt | −$432M | $19.7M |
| Net debt / EBITDA | −0.2x | 0.4x |
| Dividends and buybacks | $901M | $51.5M |
| Valuation & quality | ||
| P/E | 22.8x | 25.0x |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.