Comprehensive Stock Comparison
Compare Yatsen Holding Limited (YSG) vs Ulta Beauty, Inc. (ULTA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | YSG | 0.8% revenue growth vs ULTA's 0.8% |
| Value | YSG | Lower P/E (2.5x vs 26.7x) |
| Quality / Margins | ULTA | 10.3% net margin vs YSG's -11.8% |
| Stability / Safety | ULTA | Beta 0.90 vs YSG's 0.93 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | ULTA | +86.9% vs YSG's +16.8% |
| Efficiency (ROA) | ULTA | 18.1% ROA vs YSG's -11.9%, ROIC 33.2% vs -10.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Yatsen Holding is a Chinese beauty company that develops and sells color cosmetics, skincare, and beauty products under multiple brands including Perfect Diary, Little Ondine, and Galénic. It generates revenue primarily through direct-to-consumer online sales — via its own e-commerce platforms and third-party marketplaces — complemented by physical retail stores across China. The company's competitive advantage lies in its data-driven product development, strong digital marketing capabilities, and multi-brand portfolio that targets different consumer segments across China's beauty market.
Ulta Beauty is a specialty beauty retailer operating physical stores and an e-commerce platform that sells cosmetics, skincare, haircare, and fragrance products alongside in-store salon services. It generates revenue primarily from retail product sales — including its private label Ulta Beauty Collection — with salon services contributing a smaller portion of total sales. The company's key advantage is its unique "beauty playground" format that combines mass and prestige brands under one roof alongside professional salon services, creating a differentiated omnichannel experience.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ULTA leads in 3 of 6 categories (Profitability & Efficiency, Total Returns). YSG leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
ULTA is the larger business by revenue, generating $11.7B annually — 2.9x YSG's $4.1B. ULTA is the more profitable business, keeping 10.3% of every revenue dollar as net income compared to YSG's -11.8%. On growth, YSG holds the edge at +50.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $4.1B | $11.7B |
| EBITDAEarnings before interest/tax | -$60M | $1.9B |
| Net IncomeAfter-tax profit | -$479M | $1.2B |
| Free Cash FlowCash after capex | $0 | $952M |
| Gross MarginGross profit ÷ Revenue | +78.3% | +39.0% |
| Operating MarginEBIT ÷ Revenue | -3.9% | +13.7% |
| Net MarginNet income ÷ Revenue | -11.8% | +10.3% |
| FCF MarginFCF ÷ Revenue | -8.7% | +8.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +50.0% | +9.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +40.7% | +9.1% |
Valuation Metrics
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| Market CapShares × price | $2.7B | $31.3B |
| Enterprise ValueMkt cap + debt − cash | $2.6B | $32.6B |
| Trailing P/EPrice ÷ TTM EPS | -4.36x | 27.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 2.52x | 26.71x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.71x |
| EV / EBITDAEnterprise value multiple | — | 17.64x |
| Price / SalesMarket cap ÷ Revenue | 5.33x | 2.77x |
| Price / BookPrice ÷ Book value/share | 1.00x | 13.05x |
| Price / FCFMarket cap ÷ FCF | — | 32.50x |
Profitability & Efficiency
ULTA delivers a 46.1% return on equity — every $100 of shareholder capital generates $46 in annual profit, vs $-16 for YSG. YSG carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to ULTA's 0.77x. On the Piotroski fundamental quality scale (0–9), ULTA scores 5/9 vs YSG's 4/9, reflecting solid financial health.
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -15.9% | +46.1% |
| ROA (TTM)Return on assets | -11.9% | +18.1% |
| ROICReturn on invested capital | -10.9% | +33.2% |
| ROCEReturn on capital employed | -11.1% | +38.2% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.05x | 0.77x |
| Net DebtTotal debt minus cash | -$668M | $1.2B |
| Cash & Equiv.Liquid assets | $817M | $703M |
| Total DebtShort + long-term debt | $149M | $1.9B |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in ULTA five years ago would be worth $20,295 today (with dividends reinvested), compared to $476 for YSG. Over the past 12 months, ULTA leads with a +86.9% total return vs YSG's +16.8%. The 3-year compound annual growth rate (CAGR) favors ULTA at 9.7% vs YSG's -14.4% — a key indicator of consistent wealth creation.
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +5.0% | +10.4% |
| 1-Year ReturnPast 12 months | +16.8% | +86.9% |
| 3-Year ReturnCumulative with dividends | -37.3% | +32.0% |
| 5-Year ReturnCumulative with dividends | -95.2% | +102.9% |
| 10-Year ReturnCumulative with dividends | -95.2% | +314.5% |
| CAGR (3Y)Annualised 3-year return | -14.4% | +9.7% |
Risk & Volatility
ULTA is the less volatile stock with a 0.90 beta — it tends to amplify market swings less than YSG's 0.93 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ULTA currently trades 95.8% from its 52-week high vs YSG's 38.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.93x | 0.90x |
| 52-Week HighHighest price in past year | $11.57 | $714.97 |
| 52-Week LowLowest price in past year | $3.30 | $309.01 |
| % of 52W HighCurrent price vs 52-week peak | +38.5% | +95.8% |
| RSI (14)Momentum oscillator 0–100 | 61.6 | 59.5 |
| Avg Volume (50D)Average daily shares traded | 92K | 449K |
Analyst Outlook
Wall Street rates YSG as "Hold" and ULTA as "Buy".
| Metric | YSGYatsen Holding Li… | ULTAUlta Beauty, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | — | $693.73 |
| # AnalystsCovering analysts | 3 | 47 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +2.2% | +3.3% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Nov 20 | Feb 26 | Change |
|---|---|---|---|
| Yatsen Holding Limi… (YSG) | 100 | 4.47 | -95.5% |
| Ulta Beauty, Inc. (ULTA) | 100 | 238.1 | +138.1% |
Ulta Beauty, Inc. (ULTA) returned +103% over 5 years vs Yatsen Holding Limi… (YSG)'s -95%. A $10,000 investment in ULTA 5 years ago would be worth $20,295 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Yatsen Holding Limi… (YSG) | $660M | $3.4B | +421.4% |
| Ulta Beauty, Inc. (ULTA) | $3.9B | $11.3B | +187.9% |
Ulta Beauty, Inc.'s revenue grew from $3.9B (2015) to $11.3B (2024) — a 12.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Yatsen Holding Limi… (YSG) | -6.3% | -20.9% | -230.4% |
| Ulta Beauty, Inc. (ULTA) | 8.2% | 10.6% | +30.4% |
Ulta Beauty, Inc.'s net margin went from 8% (2015) to 11% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Ulta Beauty, Inc. (ULTA) | 25 | 17.2 | -31.2% |
Ulta Beauty, Inc. has traded in a 17x–92x P/E range over 8 years; current trailing P/E is ~27x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Yatsen Holding Limi… (YSG) | -0.05 | -7 | -13157.6% |
| Ulta Beauty, Inc. (ULTA) | 4.98 | 25.34 | +408.8% |
Ulta Beauty, Inc.'s EPS grew from $4.98 (2015) to $25.34 (2024) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Yatsen Holding Limited generated $-301M FCF in 2024 (+75% vs 2021). Ulta Beauty, Inc. generated $964M FCF in 2024 (+9% vs 2021).
YSG vs ULTA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is YSG or ULTA a better buy right now?
Ulta Beauty, Inc. (ULTA) offers the better valuation at 27.0x trailing P/E (26.7x forward), making it the more compelling value choice. Analysts rate Ulta Beauty, Inc. (ULTA) a "Buy" — based on 47 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — YSG or ULTA?
On forward P/E, Yatsen Holding Limited is actually cheaper at 2.5x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — YSG or ULTA?
Over the past 5 years, Ulta Beauty, Inc. (ULTA) delivered a total return of +102.9%, compared to -95.2% for Yatsen Holding Limited (YSG). A $10,000 investment in ULTA five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ULTA returned +314.5% versus YSG's -95.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — YSG or ULTA?
By beta (market sensitivity over 5 years), Ulta Beauty, Inc. (ULTA) is the lower-risk stock at 0.90β versus Yatsen Holding Limited's 0.93β — meaning YSG is approximately 4% more volatile than ULTA relative to the S&P 500. On balance sheet safety, Yatsen Holding Limited (YSG) carries a lower debt/equity ratio of 5% versus 77% for Ulta Beauty, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — YSG or ULTA?
Ulta Beauty, Inc. (ULTA) is the more profitable company, earning 10.6% net margin versus -20.9% for Yatsen Holding Limited — meaning it keeps 10.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ULTA leads at 14.0% versus -12.4% for YSG. At the gross margin level — before operating expenses — YSG leads at 77.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is YSG or ULTA more undervalued right now?
On forward earnings alone, Yatsen Holding Limited (YSG) trades at 2.5x forward P/E versus 26.7x for Ulta Beauty, Inc. — 24.2x cheaper on a one-year earnings basis.
07Which pays a better dividend — YSG or ULTA?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is YSG or ULTA better for a retirement portfolio?
For long-horizon retirement investors, Ulta Beauty, Inc. (ULTA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.90), +314.5% 10Y return). Both have compounded well over 10 years (ULTA: +314.5%, YSG: -95.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between YSG and ULTA?
Both stocks operate in the Consumer Cyclical sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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