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Ulta Beauty

ULTA Nasdaq Other Specialty Retail Financials FY2016–FY2025

Ulta Beauty's revenue rose 9.7% to $12.4 billion in fiscal 2025. Its operating margin was 12.4%, down from 13.8% a year earlier. Free cash flow was $1.1 billion, up 10.8%. It paid out $901 million in dividends and buybacks, 84% of free cash flow. The diluted share count fell 5.1%.

Last close · Oct 23, 2026

$624.46

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$12.4B
9.7% vs prior year
Operating margin Operating income as a share of revenue.
12.4%
1.5 pts
Net income Profit after all expenses, interest and tax.
$1.2B
4.0%
Free cash flow Cash from operations minus capital spending.
$1.1B
10.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
55.8%
16.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$26.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.8x
On $27.42 EPS (TTM)

About these figures. Ulta Beauty has no long-term debt; its debt is the US$62 million it had drawn on its credit facilities at the end of fiscal 2025. Ulta Beauty held no short-term investments at the end of fiscal 2020 (its later filings show zero), so they count as zero that year.

What Ulta Beauty does

No business description yet.

Legal name
ULTA BEAUTY, INC.
Fiscal year ends
January 31, 2026
Latest annual report
—
Accession · CIK
0001104659-26-035243
0001403568

Revenue and margins

Ulta Beauty had $12.4B of revenue in fiscal 2025, up 9.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 8.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ulta Beauty returned $901M to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 5.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ulta Beauty yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $432M and divides by 45.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.8x · peers 21.2x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ulta Beauty can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $432M$738M$767M$703M$494M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$62.3M
Net debt / EBITDA −0.3x−0.4x−0.4x−0.4x−0.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 608.6x766.4x504.4x376.3x158.5x
Current ratio 1.5x1.6x1.7x1.7x1.4x
Quick ratio 0.5x0.7x0.7x0.6x0.4x
Total assets $4.8B$5.4B$5.7B$6.0B$7.0B
Total liabilities $3.2B$3.4B$3.4B$3.5B$4.2B
Shareholders' equity $1.5B$2.0B$2.3B$2.5B$2.8B
Net debt (− = net cash) −$432M−$738M−$767M−$703M−$432M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.8M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 Kecia SteelmanPresident and CEO Sold 2,000 $545.88 $1.1M Form 4
Sep 11, 2026 Lorna NaglerDirector Sold 600 $537.31 $0.3M Form 4
Jun 15, 2026 George R Mrkonic JrDirector Sold 383 $475.84 $0.2M Form 4
Apr 7, 2026 George R Mrkonic JrDirector Sold 452 $539.29 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 94 / 96 / 9
Accruals ratio −3.3%−2.4%−5.4%
Altman Z'' 4.764.663.84

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ulta Beauty ULTA $26.9B 9.7% 12.4% 8.6% 55.8% 22.8x 6
Chewy CHWY $9.0B 6.2% 2.0% 4.5% — 33.2x 7 Compare →
Tractor Supply TSCO $17.5B 4.3% 9.5% 4.8% 28.5% 17.4x 6 Compare →
Bath & Body Works BBWI $4.2B −0.2% 15.4% 11.9% 47.5% 5.5x 5 Compare →
Winmark WINA $1.0B 5.9% 63.4% 52.0% — 25.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.9B $5.9B $6.7B $7.4B $6.2B $8.6B $10.2B $11.2B $11.3B $12.4B
Gross profit $1.7B $2.1B $2.4B $2.7B $1.9B $3.4B $4.0B $4.4B $4.4B $4.8B
Operating income $655M $785M $854M $901M $237M $1.3B $1.6B $1.7B $1.6B $1.5B
Interest expense — — — — $7.0M $2.1M $2.1M $3.3M $4.2M $9.7M
Pretax income $656M $787M $859M $906M $231M $1.3B $1.6B $1.7B $1.6B $1.5B
Income tax $246M $232M $201M $200M $55.2M $310M $401M $405M $379M $374M
Net income $410M $555M $659M $706M $176M $986M $1.2B $1.3B $1.2B $1.2B
Diluted EPS $6.52 $8.96 $10.94 $12.15 $3.11 $17.98 $24.01 $26.03 $25.34 $25.64
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $634M $779M $956M $1.1B $810M $1.1B $1.5B $1.5B $1.3B $1.5B
Capital expenditure $373M $441M $319M $299M $152M $172M $312M $435M $375M $435M
Free cash flow $261M $339M $637M $803M $658M $887M $1.2B $1.0B $964M $1.1B
Depreciation and amortization $210M $253M $280M $296M $298M $269M $241M $244M $267M $301M
Stock-based compensation $19.3M $24.4M $27.5M $25.6M $27.6M $47.3M $43.0M $48.2M $42.8M $37.4M
Acquisitions $0.0M $0.0M $13.6M $0.0M $1.2M $0.0M $0.0M $0.0M $0.0M $387M
Share buybacks $344M $368M $616M $681M $115M $1.5B $900M $996M $1.0B $901M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $344M $368M $616M $681M $115M $1.5B $900M $996M $1.0B $901M
Balance sheet
Cash and short-term investments $415M $397M $409M $502M $1.0B $432M $738M $767M $703M $494M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $62.3M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.5B $1.7B $1.9B $2.1B $2.5B $2.3B $2.7B $2.8B $3.0B $3.1B
Current liabilities $529M $642M $824M $1.1B $1.3B $1.6B $1.7B $1.7B $1.8B $2.2B
Inventory $944M $1.1B $1.2B $1.3B $1.2B $1.5B $1.6B $1.7B $2.0B $2.2B
Property and equipment, net $1.0B $1.2B $1.2B $1.2B $996M $915M $1.0B $1.2B $1.2B $1.4B
Total assets $2.6B $2.9B $3.2B $4.9B $5.1B $4.8B $5.4B $5.7B $6.0B $7.0B
Total liabilities $1.0B $1.1B $1.4B $3.0B $3.1B $3.2B $3.4B $3.4B $3.5B $4.2B
Shareholders' equity $1.6B $1.8B $1.8B $1.9B $2.0B $1.5B $2.0B $2.3B $2.5B $2.8B
Margins
Gross margin 36.0% 35.6% 35.9% 36.2% 31.7% 39.0% 39.6% 39.1% 38.8% 39.1%
Operating margin 13.5% 13.4% 12.7% 12.2% 3.9% 15.0% 16.1% 15.0% 13.9% 12.4%
EBITDA margin 17.8% 17.6% 16.9% 16.2% 8.7% 18.1% 18.4% 17.2% 16.2% 14.8%
Net margin 8.4% 9.4% 9.8% 9.5% 2.9% 11.4% 12.2% 11.5% 10.6% 9.3%
FCF margin 5.4% 5.8% 9.5% 10.9% 10.7% 10.3% 11.5% 9.3% 8.5% 8.6%
Returns
Return on capital 38.9% 44.1% 47.0% 50.0% 15.3% 96.0% 106.5% 93.4% 72.2% 55.8%
Return on capital employed 34.0% 36.6% 36.9% 29.6% 6.3% 37.3% 47.5% 43.4% 37.8% 34.1%
Return on equity 27.4% 33.4% 36.6% 37.9% 9.0% 55.8% 71.1% 60.9% 50.4% 43.6%
Return on assets 17.1% 20.3% 21.6% 17.5% 3.5% 20.0% 24.5% 23.3% 20.5% 17.7%
Growth
Revenue growth 23.7% 21.2% 14.1% 10.2% −16.8% 40.3% 18.3% 9.8% 0.8% 9.7%
Net income growth 28.1% 35.5% 18.6% 7.2% −75.1% 460.7% 26.0% 3.9% −7.0% −4.0%
EPS growth 30.9% 37.4% 22.1% 11.1% −74.4% 478.1% 33.5% 8.4% −2.7% 1.2%
FCF growth 240.2% 29.8% 88.0% 26.1% −18.0% 34.7% 31.9% −11.0% −7.4% 10.8%
Share count change −2.2% −1.4% −2.9% −3.5% −2.7% −3.0% −5.7% −4.1% −4.4% −5.1%
Financial health
Net debt / EBITDA −0.5x −0.4x −0.4x −0.4x −2.0x −0.3x −0.4x −0.4x −0.4x −0.2x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — — — — 33.9x 608.6x 766.4x 504.4x 376.3x 158.5x
Current ratio 2.9x 2.6x 2.3x 1.8x 1.9x 1.5x 1.6x 1.7x 1.7x 1.4x
Quick ratio 1.1x 0.9x 0.9x 0.7x 1.0x 0.5x 0.7x 0.7x 0.6x 0.4x
Capital allocation
Capex / revenue 7.7% 7.5% 4.8% 4.0% 2.5% 2.0% 3.1% 3.9% 3.3% 3.5%
Stock comp / revenue 0.4% 0.4% 0.4% 0.4% 0.5% 0.6% 0.4% 0.4% 0.4% 0.3%
Payouts / FCF 131.9% 108.5% 96.8% 84.8% 17.5% 171.6% 76.9% 95.7% 104.1% 84.4%
Quality scores
Piotroski F-score 7.0 6.0 7.0 6.0 5.0 7.0 8.0 5.0 4.0 6.0
Altman Z'' 7.1 7.1 6.6 3.9 3.3 3.8 4.5 4.8 4.7 3.8
Accruals ratio −9.4% −8.2% −9.8% −9.8% −12.8% −1.5% −4.7% −3.3% −2.4% −5.4%

Source: SEC EDGAR XBRL filings (CIK 0001403568). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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