Ulta Beauty
ULTA · Other Specialty Retail
$624.46
1.7%Winmark
WINA · Other Specialty Retail
$279.71
2.2%The short version
- 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% operating margin).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 8.6% FCF margin).
- Investors pay more for each dollar of Winmark’s earnings: a P/E of 25.0x against 22.8x for Ulta Beauty.
| Latest fiscal year | ULTA · FY25 | WINA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.9B | $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 | — |
FY16
ULTA $4.9B
WINA $66.5M
FY17
ULTA $5.9B
WINA $69.8M
FY18
ULTA $6.7B
WINA $72.5M
FY19
ULTA $7.4B
WINA $73.3M
FY20
ULTA $6.2B
WINA $66.1M
FY21
ULTA $8.6B
WINA $78.2M
FY22
ULTA $10.2B
WINA $81.4M
FY23
ULTA $11.2B
WINA $83.2M
FY24
ULTA $11.3B
WINA $81.3M
FY25
ULTA $12.4B
WINA $86.1M
ULTA
WINA
FY16
ULTA 13.5%
WINA 57.4%
FY17
ULTA 13.4%
WINA 55.6%
FY18
ULTA 12.7%
WINA 57.6%
FY19
ULTA 12.2%
WINA 58.8%
FY20
ULTA 3.9%
WINA 60.9%
FY21
ULTA 15.0%
WINA 65.6%
FY22
ULTA 16.1%
WINA 65.9%
FY23
ULTA 15.0%
WINA 64.0%
FY24
ULTA 13.9%
WINA 65.1%
FY25
ULTA 12.4%
WINA 63.4%
ULTA
WINA
FY16
ULTA $261M
WINA $26.2M
FY17
ULTA $339M
WINA $25.1M
FY18
ULTA $637M
WINA $34.2M
FY19
ULTA $803M
WINA $50.5M
FY20
ULTA $658M
WINA $43.2M
FY21
ULTA $887M
WINA $48.3M
FY22
ULTA $1.2B
WINA $43.7M
FY23
ULTA $1.0B
WINA $43.6M
FY24
ULTA $964M
WINA $42.0M
FY25
ULTA $1.1B
WINA $44.7M
ULTA
WINA
FY16
ULTA 38.9%
WINA —
FY17
ULTA 44.1%
WINA —
FY18
ULTA 47.0%
WINA 380.7%
FY19
ULTA 50.0%
WINA 193.6%
FY20
ULTA 15.3%
WINA 368.4%
FY21
ULTA 96.0%
WINA —
FY22
ULTA 106.5%
WINA —
FY23
ULTA 93.4%
WINA —
FY24
ULTA 72.2%
WINA —
FY25
ULTA 55.8%
WINA —
ULTA
WINA
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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.