Ulta Beauty, Inc. (ULTA) 10-Year Financial Performance & Capital Metrics

ULTA •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

AboutUlta Beauty, Inc. operates as a retailer of beauty products in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; professional hair products; salon services, including hair, skin, makeup, and brow services; and nail services. It also provides its private label products, such as the Ulta Beauty Collection branded cosmetics, skincare, and bath products, as well as Ulta Beauty branded products; and the Ulta Beauty branded gifts. As of March 10, 2022, the company operated 1,308 retail stores across 50 states. It also distributes its products through its website ulta.com; and mobile applications. The company was formerly known as Ulta Salon, Cosmetics & Fragrance, Inc. and changed its name to Ulta Beauty, Inc. in January 2017. Ulta Beauty, Inc. was incorporated in 1990 and is based in Bolingbrook, Illinois.Show more

Revenue $11.3B +0.8%
EBITDA $1.85B -4.4%
Net Income $1.2B -7.0%
EPS (Diluted) 25.34 -2.7%
Gross Margin 38.84% -0.6%
EBITDA Margin 16.34% -5.1%
Operating Margin 13.98% -7.1%
Net Margin 10.63% -7.7%
ROE 50.39% -17.3%
ROIC 33.2% -14.1%
Debt/Equity 0.77 -7.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 60.8%
✓Momentum leader: RS Rating 80 (top 20%)
✓Share count reduced 4.4% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.9x turnover

✗Weaknesses

✗Expensive at 13.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.3%

5Y8.83%

3Y9.38%

TTM2.94%

Profit (Net Income) CAGR

10Y16.67%

5Y11.21%

3Y6.81%

TTM-0.67%

EPS CAGR

10Y20.34%

5Y15.84%

3Y12.12%

TTM4.65%

ROCE

10Y Avg34.47%

5Y Avg34.8%

3Y Avg43.2%

Latest38.17%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	3.92B	4.85B	5.88B	6.72B	7.4B	6.15B	8.63B	10.21B	11.21B	11.3B
Revenue Growth %	21.06%	23.72%	21.21%	14.14%	10.15%	-16.84%	40.3%	18.28%	9.78%	0.79%
Cost of Goods Sold+	2.54B	3.11B	3.79B	4.31B	4.72B	4.2B	5.26B	6.16B	6.83B	6.91B
COGS % of Revenue	64.72%	64.01%	64.37%	64.13%	63.76%	68.32%	60.97%	60.38%	60.91%	61.16%
Gross Profit+	1.38B	1.75B	2.1B	2.41B	2.68B	1.95B	3.37B	4.04B	4.38B	4.39B
Gross Margin %	35.28%	35.99%	35.63%	35.87%	36.24%	31.68%	39.03%	39.62%	39.09%	38.84%
Gross Profit Growth %	21.78%	26.21%	20.01%	14.9%	11.28%	-27.3%	72.82%	20.07%	8.32%	0.14%
Operating Expenses+	863.35M	1.07B	1.29B	1.54B	1.76B	1.64B	2.12B	2.4B	2.69B	2.81B
OpEx % of Revenue	22%	22.12%	21.87%	22.86%	23.8%	26.58%	24.54%	23.46%	24.04%	24.86%
Selling, General & Admin	863.35M	1.07B	1.29B	1.54B	1.76B	1.64B	2.12B	2.4B	2.69B	2.81B
SG&A % of Revenue	22%	22.12%	21.87%	22.86%	23.8%	26.58%	24.54%	23.46%	24.04%	24.86%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	520.98M	673.39M	809.58M	873.85M	920.35M	313.74M	1.25B	1.65B	1.69B	1.58B
Operating Margin %	13.28%	13.87%	13.76%	13.01%	12.44%	5.1%	14.49%	16.16%	15.05%	13.98%
Operating Income Growth %	22.65%	29.26%	20.22%	7.94%	5.32%	-65.91%	298.61%	31.88%	2.26%	-6.4%
EBITDA+	686.03M	883.69M	1.06B	1.15B	1.22B	611.51M	1.52B	1.89B	1.93B	1.85B
EBITDA Margin %	17.48%	18.2%	18.05%	17.17%	16.44%	9.94%	17.6%	18.52%	17.22%	16.34%
EBITDA Growth %	23.27%	28.81%	20.21%	8.57%	5.43%	-49.71%	148.41%	24.46%	2.1%	-4.39%
D&A (Non-Cash Add-back)	165.05M	210.29M	252.71M	279.47M	295.6M	297.77M	268.46M	241.37M	243.84M	267.04M
EBIT	507.44M	655.71M	786.86M	859.14M	906.15M	236.82M	1.3B	1.64B	1.7B	1.58B
Net Interest Income+	1.14M	890K	1.57M	5.06M	5.06M	-5.74M	-1.66M	4.93M	17.62M	15.09M
Interest Income	1.14M	890K	1.57M	5.06M	5.06M	0	0	4.93M	17.62M	15.09M
Interest Expense	0	0	0	0	0	5.74M	1.66M	0	0	0
Other Income/Expense	-13.54M	-17.68M	-22.72M	-14.71M	-14.2M	-82.65M	45.25M	-5.67M	9.11M	1.41M
Pretax Income+	507.44M	655.71M	786.86M	859.14M	906.15M	231.09M	1.3B	1.64B	1.7B	1.58B
Pretax Margin %	12.93%	13.51%	13.37%	12.79%	12.25%	3.76%	15.01%	16.1%	15.13%	13.99%
Income Tax+	187.43M	245.95M	231.63M	200.58M	200.21M	55.25M	309.99M	401.14M	404.65M	378.95M
Effective Tax Rate %	63.06%	62.49%	70.56%	76.65%	77.91%	76.09%	76.08%	75.59%	76.14%	76.02%
Net Income+	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Net Margin %	8.15%	8.44%	9.44%	9.8%	9.54%	2.86%	11.42%	12.17%	11.52%	10.63%
Net Income Growth %	24.45%	28.05%	35.5%	18.61%	7.2%	-75.09%	460.66%	26.03%	3.91%	-6.96%
Net Income (Continuing)	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.98	6.52	8.96	10.94	12.15	3.11	17.98	24.01	26.03	25.34
EPS Growth %	25.13%	30.92%	37.42%	22.1%	11.06%	-74.4%	478.13%	33.54%	8.41%	-2.65%
EPS (Basic)	5.00	6.55	9.02	11.00	12.21	3.12	18.09	24.17	26.18	25.44
Diluted Shares Outstanding	64.28M	62.85M	61.98M	60.18M	58.1M	56.56M	54.84M	51.74M	49.6M	47.4M
Basic Shares Outstanding	63.95M	62.52M	61.56M	59.86M	57.84M	56.35M	54.48M	51.4M	49.3M	47.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	1.38B	1.54B	1.69B	1.91B	2.06B	2.51B	2.28B	2.71B	2.84B	3.03B
Cash & Short-Term Investments	475.84M	415.01M	397.44M	409.25M	502.32M	1.05B	431.56M	737.88M	766.59M	703.2M
Cash Only	345.84M	385.01M	277.44M	409.25M	392.32M	1.05B	431.56M	737.88M	766.59M	703.2M
Short-Term Investments	130M	30M	120M	0	110M	0	0	0	0	0
Accounts Receivable	64.99M	88.63M	99.72M	136.17M	139.34M	193.11M	233.68M	199.42M	207.94M	223.33M
Days Sales Outstanding	6.05	6.66	6.19	7.4	6.87	11.46	9.88	7.13	6.77	7.22
Inventory	761.79M	943.98M	1.1B	1.21B	1.29B	1.17B	1.5B	1.6B	1.74B	1.97B
Days Inventory Outstanding	109.48	110.88	105.66	102.9	100.11	101.46	103.99	94.95	93.15	103.99
Other Current Assets	0	88.62M	98.67M	138.12M	103.57M	107.4M	62.21M	69.54M	50.2M	63.71M
Total Non-Current Assets+	855.75M	1.02B	1.21B	1.28B	2.81B	2.58B	2.48B	2.66B	2.87B	2.97B
Property, Plant & Equipment	847.6M	1B	1.19B	1.23B	2.74B	2.5B	2.4B	2.57B	2.76B	2.85B
Fixed Asset Turnover	4.63x	4.83x	4.95x	5.48x	2.70x	2.46x	3.60x	3.97x	4.07x	3.96x
Goodwill	0	0	0	10.87M	10.87M	10.87M	10.87M	10.87M	10.87M	10.87M
Intangible Assets	0	0	0	4.32M	3.39M	2.46M	1.54M	1.31M	510K	204K
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	8.14M	11.28M	25.49M	35.09M	51.2M	61.45M	74.06M	78.39M	102.25M	112.65M
Total Assets+	2.23B	2.55B	2.91B	3.19B	4.86B	5.09B	4.76B	5.37B	5.71B	6B
Asset Turnover	1.76x	1.90x	2.02x	2.10x	1.52x	1.21x	1.81x	1.90x	1.96x	1.88x
Asset Growth %	12.49%	14.39%	13.98%	9.71%	52.42%	4.65%	-6.4%	12.72%	6.27%	5.16%
Total Current Liabilities+	396.23M	529.34M	642.17M	823.74M	1.14B	1.34B	1.56B	1.68B	1.66B	1.78B
Accounts Payable	196.17M	259.52M	325.76M	404.02M	414.01M	477.05M	552.73M	559.53M	544M	563.76M
Days Payables Outstanding	28.19	30.48	31.39	34.24	32.04	41.43	38.34	33.13	29.09	29.79
Short-Term Debt	0	0	0	0	239.63M	253.41M	274.12M	283.29M	283.82M	288.11M
Deferred Revenue (Current)	31.83M	46.27M	63.14M	199.05M	237.53M	274.38M	353.58M	394.68M	436.59M	500.58M
Other Current Liabilities	94.45M	130.03M	156.57M	124.65M	168.65M	152.34M	206.78M	260.45M	231.59M	231.71M
Current Ratio	3.47x	2.90x	2.64x	2.32x	1.81x	1.87x	1.46x	1.61x	1.71x	1.70x
Quick Ratio	1.55x	1.12x	0.93x	0.85x	0.67x	1.00x	0.50x	0.66x	0.66x	0.60x
Cash Conversion Cycle	87.33	87.06	80.45	76.07	74.94	71.48	75.53	68.95	70.84	81.42
Total Non-Current Liabilities+	391.81M	472.32M	492.3M	547.22M	1.82B	1.75B	1.67B	1.73B	1.77B	1.73B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.7B	1.64B	1.57B	1.62B	1.63B	1.64B
Deferred Tax Liabilities	59.53M	86.5M	59.4M	83.86M	89.37M	65.36M	39.69M	55.35M	85.92M	42.59M
Other Non-Current Liabilities	391.81M	385.82M	492.3M	463.35M	36.43M	37.96M	58.66M	53.6M	56.3M	56.15M
Total Liabilities	788.03M	1B	1.13B	1.37B	2.96B	3.09B	3.23B	3.41B	3.43B	3.51B
Total Debt+	0	0	0	0	1.94B	1.9B	1.85B	1.9B	1.91B	1.92B
Net Debt	-345.84M	-385.01M	-277.44M	-409.25M	1.55B	850.75M	1.42B	1.17B	1.14B	1.22B
Debt / Equity	-	-	-	-	1.02x	0.95x	1.20x	0.97x	0.84x	0.77x
Debt / EBITDA	-	-	-	-	1.59x	3.10x	1.22x	1.01x	0.99x	1.04x
Net Debt / EBITDA	-0.50x	-0.44x	-0.26x	-0.35x	1.27x	1.39x	0.93x	0.62x	0.59x	0.66x
Interest Coverage	-	-	-	-	-	54.71x	752.00x	-	-	-
Total Equity+	1.44B	1.55B	1.77B	1.82B	1.9B	2B	1.54B	1.96B	2.28B	2.49B
Equity Growth %	15.66%	7.44%	14.45%	2.59%	4.5%	5.12%	-23.21%	27.64%	16.3%	9.17%
Book Value per Share	22.45	24.66	28.63	30.25	32.74	35.35	28.00	37.88	45.96	52.49
Total Shareholders' Equity	1.44B	1.55B	1.77B	1.82B	1.9B	2B	1.54B	1.96B	2.28B	2.49B
Common Stock	641K	627K	614K	592K	573K	569K	530K	511K	491K	468K
Retained Earnings	832.22M	905.78M	1.09B	1.11B	1.13B	1.19B	653.38M	995.77M	1.29B	1.47B
Treasury Stock	-11.69M	-14.52M	-18.77M	-24.91M	-34.45M	-37.8M	-53.48M	-60.47M	-83.03M	-106.79M
Accumulated OCI	0	0	0	0	0	56K	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	375.87M	634.38M	779.37M	956.13M	1.1B	810.36M	1.06B	1.48B	1.48B	1.34B
Operating CF Margin %	9.58%	13.07%	13.24%	14.24%	14.89%	13.17%	12.27%	14.52%	13.17%	11.85%
Operating CF Growth %	-5.22%	68.78%	22.85%	22.68%	15.18%	-26.42%	30.72%	39.9%	-0.38%	-9.32%
Net Income	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Depreciation & Amortization	165.05M	210.29M	252.71M	279.47M	295.6M	297.77M	268.46M	241.37M	243.84M	267.04M
Stock-Based Compensation	15.59M	19.34M	24.4M	26.64M	25.05M	27.58M	47.26M	43.04M	48.25M	42.79M
Deferred Taxes	5.81M	26.97M	-27.09M	34.08M	5.5M	-24.01M	-25.67M	15.65M	30.57M	-43.33M
Other Non-Cash Items	-5.81M	87K	7.52M	2.88M	284.67M	347.43M	281.59M	308.6M	344.17M	322.2M
Working Capital Changes	-124.78M	-32.07M	-33.4M	-45.51M	-215.47M	-14.26M	-498.21M	-369.16M	-481.57M	-451.22M
Change in Receivables	-12.55M	-23.64M	-11.09M	-36.39M	-20.64M	-53.77M	-40.57M	34.26M	-8.52M	-15.39M
Change in Inventory	-180.56M	-182.18M	-152.45M	-122.02M	-79.37M	125.49M	-331M	-104.23M	-138.69M	-226.08M
Change in Payables	5.4M	63.34M	66.24M	78.26M	9.99M	62.32M	66.16M	8.31M	-20.87M	30.3M
Cash from Investing+	-278.96M	-273.45M	-530.71M	-215.11M	-471.48M	-48.75M	-176.48M	-314.58M	-441.43M	-383.09M
Capital Expenditures	-299.17M	-373.45M	-440.71M	-319.4M	-298.53M	-151.87M	-172.19M	-312.13M	-435.27M	-374.46M
CapEx % of Revenue	7.62%	7.69%	7.49%	4.76%	4.04%	2.47%	1.99%	3.06%	3.88%	3.32%
Acquisitions	0	0	0	-15.71M	0	-1.22M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	-6.16M	-8.63M
Cash from Financing+	-140.22M	-321.77M	-356.22M	-609.21M	-646.74M	-107.93M	-1.5B	-861.01M	-1.01B	-1.02B
Debt Issued (Net)	0	0	0	0	0	-1.91M	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-169.37M	-347.11M	-371.82M	-622.34M	-690.52M	-118.25M	-1.54B	-907.02M	-1.02B	-1.03B
Other Financing	29.14M	25.35M	15.61M	13.12M	43.78M	12.23M	40.39M	46.01M	12.18M	8.18M
Net Change in Cash	-43.31M	39.17M	-107.56M	131.81M	-16.93M	653.73M	-614.49M	306.32M	28.72M	-63.39M
Free Cash Flow+	76.71M	260.94M	338.65M	636.73M	802.76M	658.49M	887.08M	1.17B	1.04B	964.15M
FCF Margin %	1.95%	5.37%	5.75%	9.48%	10.85%	10.7%	10.28%	11.46%	9.29%	8.54%
FCF Growth %	-48%	240.17%	29.78%	88.02%	26.08%	-17.97%	34.71%	31.87%	-11.01%	-7.38%
FCF per Share	1.19	4.15	5.46	10.58	13.82	11.64	16.18	22.61	20.99	20.34
FCF Conversion (FCF/Net Income)	1.17x	1.55x	1.40x	1.45x	1.56x	4.61x	1.07x	1.19x	1.14x	1.11x
Interest Paid	0	0	0	0	0	6.99M	2.13M	2.14M	3.33M	4.16M
Taxes Paid	179.25M	212.51M	254.62M	195.87M	133.86M	19.45M	370.65M	429.85M	328.21M	386.06M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.79%	27.38%	33.4%	36.64%	37.93%	9.01%	55.78%	71.09%	60.91%	50.39%
Return on Invested Capital (ROIC)	39.96%	44.65%	45.62%	45.08%	28.41%	7.47%	32.34%	40.72%	38.63%	33.2%
Gross Margin	35.28%	35.99%	35.63%	35.87%	36.24%	31.68%	39.03%	39.62%	39.09%	38.84%
Net Margin	8.15%	8.44%	9.44%	9.8%	9.54%	2.86%	11.42%	12.17%	11.52%	10.63%
Debt / Equity	-	-	-	-	1.02x	0.95x	1.20x	0.97x	0.84x	0.77x
Interest Coverage	-	-	-	-	-	54.71x	752.00x	-	-	-
FCF Conversion	1.17x	1.55x	1.40x	1.45x	1.56x	4.61x	1.07x	1.19x	1.14x	1.11x
Revenue Growth	21.06%	23.72%	21.21%	14.14%	10.15%	-16.84%	40.3%	18.28%	9.78%	0.79%

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Ulta Beauty, Inc. (ULTA) 10-Year Financial Performance & Capital Metrics

ULTA •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

Revenue $11.3B +0.8%
EBITDA $1.85B -4.4%
Net Income $1.2B -7.0%
EPS (Diluted) 25.34 -2.7%
Gross Margin 38.84% -0.6%
EBITDA Margin 16.34% -5.1%
Operating Margin 13.98% -7.1%
Net Margin 10.63% -7.7%
ROE 50.39% -17.3%
ROIC 33.2% -14.1%
Debt/Equity 0.77 -7.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 60.8%
✓Momentum leader: RS Rating 80 (top 20%)
✓Share count reduced 4.4% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.9x turnover

✗Weaknesses

✗Expensive at 13.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.3%

5Y8.83%

3Y9.38%

TTM2.94%

Profit (Net Income) CAGR

10Y16.67%

5Y11.21%

3Y6.81%

TTM-0.67%

EPS CAGR

10Y20.34%

5Y15.84%

3Y12.12%

TTM4.65%

ROCE

10Y Avg34.47%

5Y Avg34.8%

3Y Avg43.2%

Latest38.17%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	3.92B	4.85B	5.88B	6.72B	7.4B	6.15B	8.63B	10.21B	11.21B	11.3B
Revenue Growth %	21.06%	23.72%	21.21%	14.14%	10.15%	-16.84%	40.3%	18.28%	9.78%	0.79%
Cost of Goods Sold+	2.54B	3.11B	3.79B	4.31B	4.72B	4.2B	5.26B	6.16B	6.83B	6.91B
COGS % of Revenue	64.72%	64.01%	64.37%	64.13%	63.76%	68.32%	60.97%	60.38%	60.91%	61.16%
Gross Profit+	1.38B	1.75B	2.1B	2.41B	2.68B	1.95B	3.37B	4.04B	4.38B	4.39B
Gross Margin %	35.28%	35.99%	35.63%	35.87%	36.24%	31.68%	39.03%	39.62%	39.09%	38.84%
Gross Profit Growth %	21.78%	26.21%	20.01%	14.9%	11.28%	-27.3%	72.82%	20.07%	8.32%	0.14%
Operating Expenses+	863.35M	1.07B	1.29B	1.54B	1.76B	1.64B	2.12B	2.4B	2.69B	2.81B
OpEx % of Revenue	22%	22.12%	21.87%	22.86%	23.8%	26.58%	24.54%	23.46%	24.04%	24.86%
Selling, General & Admin	863.35M	1.07B	1.29B	1.54B	1.76B	1.64B	2.12B	2.4B	2.69B	2.81B
SG&A % of Revenue	22%	22.12%	21.87%	22.86%	23.8%	26.58%	24.54%	23.46%	24.04%	24.86%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	520.98M	673.39M	809.58M	873.85M	920.35M	313.74M	1.25B	1.65B	1.69B	1.58B
Operating Margin %	13.28%	13.87%	13.76%	13.01%	12.44%	5.1%	14.49%	16.16%	15.05%	13.98%
Operating Income Growth %	22.65%	29.26%	20.22%	7.94%	5.32%	-65.91%	298.61%	31.88%	2.26%	-6.4%
EBITDA+	686.03M	883.69M	1.06B	1.15B	1.22B	611.51M	1.52B	1.89B	1.93B	1.85B
EBITDA Margin %	17.48%	18.2%	18.05%	17.17%	16.44%	9.94%	17.6%	18.52%	17.22%	16.34%
EBITDA Growth %	23.27%	28.81%	20.21%	8.57%	5.43%	-49.71%	148.41%	24.46%	2.1%	-4.39%
D&A (Non-Cash Add-back)	165.05M	210.29M	252.71M	279.47M	295.6M	297.77M	268.46M	241.37M	243.84M	267.04M
EBIT	507.44M	655.71M	786.86M	859.14M	906.15M	236.82M	1.3B	1.64B	1.7B	1.58B
Net Interest Income+	1.14M	890K	1.57M	5.06M	5.06M	-5.74M	-1.66M	4.93M	17.62M	15.09M
Interest Income	1.14M	890K	1.57M	5.06M	5.06M	0	0	4.93M	17.62M	15.09M
Interest Expense	0	0	0	0	0	5.74M	1.66M	0	0	0
Other Income/Expense	-13.54M	-17.68M	-22.72M	-14.71M	-14.2M	-82.65M	45.25M	-5.67M	9.11M	1.41M
Pretax Income+	507.44M	655.71M	786.86M	859.14M	906.15M	231.09M	1.3B	1.64B	1.7B	1.58B
Pretax Margin %	12.93%	13.51%	13.37%	12.79%	12.25%	3.76%	15.01%	16.1%	15.13%	13.99%
Income Tax+	187.43M	245.95M	231.63M	200.58M	200.21M	55.25M	309.99M	401.14M	404.65M	378.95M
Effective Tax Rate %	63.06%	62.49%	70.56%	76.65%	77.91%	76.09%	76.08%	75.59%	76.14%	76.02%
Net Income+	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Net Margin %	8.15%	8.44%	9.44%	9.8%	9.54%	2.86%	11.42%	12.17%	11.52%	10.63%
Net Income Growth %	24.45%	28.05%	35.5%	18.61%	7.2%	-75.09%	460.66%	26.03%	3.91%	-6.96%
Net Income (Continuing)	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.98	6.52	8.96	10.94	12.15	3.11	17.98	24.01	26.03	25.34
EPS Growth %	25.13%	30.92%	37.42%	22.1%	11.06%	-74.4%	478.13%	33.54%	8.41%	-2.65%
EPS (Basic)	5.00	6.55	9.02	11.00	12.21	3.12	18.09	24.17	26.18	25.44
Diluted Shares Outstanding	64.28M	62.85M	61.98M	60.18M	58.1M	56.56M	54.84M	51.74M	49.6M	47.4M
Basic Shares Outstanding	63.95M	62.52M	61.56M	59.86M	57.84M	56.35M	54.48M	51.4M	49.3M	47.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	1.38B	1.54B	1.69B	1.91B	2.06B	2.51B	2.28B	2.71B	2.84B	3.03B
Cash & Short-Term Investments	475.84M	415.01M	397.44M	409.25M	502.32M	1.05B	431.56M	737.88M	766.59M	703.2M
Cash Only	345.84M	385.01M	277.44M	409.25M	392.32M	1.05B	431.56M	737.88M	766.59M	703.2M
Short-Term Investments	130M	30M	120M	0	110M	0	0	0	0	0
Accounts Receivable	64.99M	88.63M	99.72M	136.17M	139.34M	193.11M	233.68M	199.42M	207.94M	223.33M
Days Sales Outstanding	6.05	6.66	6.19	7.4	6.87	11.46	9.88	7.13	6.77	7.22
Inventory	761.79M	943.98M	1.1B	1.21B	1.29B	1.17B	1.5B	1.6B	1.74B	1.97B
Days Inventory Outstanding	109.48	110.88	105.66	102.9	100.11	101.46	103.99	94.95	93.15	103.99
Other Current Assets	0	88.62M	98.67M	138.12M	103.57M	107.4M	62.21M	69.54M	50.2M	63.71M
Total Non-Current Assets+	855.75M	1.02B	1.21B	1.28B	2.81B	2.58B	2.48B	2.66B	2.87B	2.97B
Property, Plant & Equipment	847.6M	1B	1.19B	1.23B	2.74B	2.5B	2.4B	2.57B	2.76B	2.85B
Fixed Asset Turnover	4.63x	4.83x	4.95x	5.48x	2.70x	2.46x	3.60x	3.97x	4.07x	3.96x
Goodwill	0	0	0	10.87M	10.87M	10.87M	10.87M	10.87M	10.87M	10.87M
Intangible Assets	0	0	0	4.32M	3.39M	2.46M	1.54M	1.31M	510K	204K
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	8.14M	11.28M	25.49M	35.09M	51.2M	61.45M	74.06M	78.39M	102.25M	112.65M
Total Assets+	2.23B	2.55B	2.91B	3.19B	4.86B	5.09B	4.76B	5.37B	5.71B	6B
Asset Turnover	1.76x	1.90x	2.02x	2.10x	1.52x	1.21x	1.81x	1.90x	1.96x	1.88x
Asset Growth %	12.49%	14.39%	13.98%	9.71%	52.42%	4.65%	-6.4%	12.72%	6.27%	5.16%
Total Current Liabilities+	396.23M	529.34M	642.17M	823.74M	1.14B	1.34B	1.56B	1.68B	1.66B	1.78B
Accounts Payable	196.17M	259.52M	325.76M	404.02M	414.01M	477.05M	552.73M	559.53M	544M	563.76M
Days Payables Outstanding	28.19	30.48	31.39	34.24	32.04	41.43	38.34	33.13	29.09	29.79
Short-Term Debt	0	0	0	0	239.63M	253.41M	274.12M	283.29M	283.82M	288.11M
Deferred Revenue (Current)	31.83M	46.27M	63.14M	199.05M	237.53M	274.38M	353.58M	394.68M	436.59M	500.58M
Other Current Liabilities	94.45M	130.03M	156.57M	124.65M	168.65M	152.34M	206.78M	260.45M	231.59M	231.71M
Current Ratio	3.47x	2.90x	2.64x	2.32x	1.81x	1.87x	1.46x	1.61x	1.71x	1.70x
Quick Ratio	1.55x	1.12x	0.93x	0.85x	0.67x	1.00x	0.50x	0.66x	0.66x	0.60x
Cash Conversion Cycle	87.33	87.06	80.45	76.07	74.94	71.48	75.53	68.95	70.84	81.42
Total Non-Current Liabilities+	391.81M	472.32M	492.3M	547.22M	1.82B	1.75B	1.67B	1.73B	1.77B	1.73B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.7B	1.64B	1.57B	1.62B	1.63B	1.64B
Deferred Tax Liabilities	59.53M	86.5M	59.4M	83.86M	89.37M	65.36M	39.69M	55.35M	85.92M	42.59M
Other Non-Current Liabilities	391.81M	385.82M	492.3M	463.35M	36.43M	37.96M	58.66M	53.6M	56.3M	56.15M
Total Liabilities	788.03M	1B	1.13B	1.37B	2.96B	3.09B	3.23B	3.41B	3.43B	3.51B
Total Debt+	0	0	0	0	1.94B	1.9B	1.85B	1.9B	1.91B	1.92B
Net Debt	-345.84M	-385.01M	-277.44M	-409.25M	1.55B	850.75M	1.42B	1.17B	1.14B	1.22B
Debt / Equity	-	-	-	-	1.02x	0.95x	1.20x	0.97x	0.84x	0.77x
Debt / EBITDA	-	-	-	-	1.59x	3.10x	1.22x	1.01x	0.99x	1.04x
Net Debt / EBITDA	-0.50x	-0.44x	-0.26x	-0.35x	1.27x	1.39x	0.93x	0.62x	0.59x	0.66x
Interest Coverage	-	-	-	-	-	54.71x	752.00x	-	-	-
Total Equity+	1.44B	1.55B	1.77B	1.82B	1.9B	2B	1.54B	1.96B	2.28B	2.49B
Equity Growth %	15.66%	7.44%	14.45%	2.59%	4.5%	5.12%	-23.21%	27.64%	16.3%	9.17%
Book Value per Share	22.45	24.66	28.63	30.25	32.74	35.35	28.00	37.88	45.96	52.49
Total Shareholders' Equity	1.44B	1.55B	1.77B	1.82B	1.9B	2B	1.54B	1.96B	2.28B	2.49B
Common Stock	641K	627K	614K	592K	573K	569K	530K	511K	491K	468K
Retained Earnings	832.22M	905.78M	1.09B	1.11B	1.13B	1.19B	653.38M	995.77M	1.29B	1.47B
Treasury Stock	-11.69M	-14.52M	-18.77M	-24.91M	-34.45M	-37.8M	-53.48M	-60.47M	-83.03M	-106.79M
Accumulated OCI	0	0	0	0	0	56K	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	375.87M	634.38M	779.37M	956.13M	1.1B	810.36M	1.06B	1.48B	1.48B	1.34B
Operating CF Margin %	9.58%	13.07%	13.24%	14.24%	14.89%	13.17%	12.27%	14.52%	13.17%	11.85%
Operating CF Growth %	-5.22%	68.78%	22.85%	22.68%	15.18%	-26.42%	30.72%	39.9%	-0.38%	-9.32%
Net Income	320.01M	409.76M	555.23M	658.56M	705.95M	175.84M	985.84M	1.24B	1.29B	1.2B
Depreciation & Amortization	165.05M	210.29M	252.71M	279.47M	295.6M	297.77M	268.46M	241.37M	243.84M	267.04M
Stock-Based Compensation	15.59M	19.34M	24.4M	26.64M	25.05M	27.58M	47.26M	43.04M	48.25M	42.79M
Deferred Taxes	5.81M	26.97M	-27.09M	34.08M	5.5M	-24.01M	-25.67M	15.65M	30.57M	-43.33M
Other Non-Cash Items	-5.81M	87K	7.52M	2.88M	284.67M	347.43M	281.59M	308.6M	344.17M	322.2M
Working Capital Changes	-124.78M	-32.07M	-33.4M	-45.51M	-215.47M	-14.26M	-498.21M	-369.16M	-481.57M	-451.22M
Change in Receivables	-12.55M	-23.64M	-11.09M	-36.39M	-20.64M	-53.77M	-40.57M	34.26M	-8.52M	-15.39M
Change in Inventory	-180.56M	-182.18M	-152.45M	-122.02M	-79.37M	125.49M	-331M	-104.23M	-138.69M	-226.08M
Change in Payables	5.4M	63.34M	66.24M	78.26M	9.99M	62.32M	66.16M	8.31M	-20.87M	30.3M
Cash from Investing+	-278.96M	-273.45M	-530.71M	-215.11M	-471.48M	-48.75M	-176.48M	-314.58M	-441.43M	-383.09M
Capital Expenditures	-299.17M	-373.45M	-440.71M	-319.4M	-298.53M	-151.87M	-172.19M	-312.13M	-435.27M	-374.46M
CapEx % of Revenue	7.62%	7.69%	7.49%	4.76%	4.04%	2.47%	1.99%	3.06%	3.88%	3.32%
Acquisitions	0	0	0	-15.71M	0	-1.22M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	-6.16M	-8.63M
Cash from Financing+	-140.22M	-321.77M	-356.22M	-609.21M	-646.74M	-107.93M	-1.5B	-861.01M	-1.01B	-1.02B
Debt Issued (Net)	0	0	0	0	0	-1.91M	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-169.37M	-347.11M	-371.82M	-622.34M	-690.52M	-118.25M	-1.54B	-907.02M	-1.02B	-1.03B
Other Financing	29.14M	25.35M	15.61M	13.12M	43.78M	12.23M	40.39M	46.01M	12.18M	8.18M
Net Change in Cash	-43.31M	39.17M	-107.56M	131.81M	-16.93M	653.73M	-614.49M	306.32M	28.72M	-63.39M
Free Cash Flow+	76.71M	260.94M	338.65M	636.73M	802.76M	658.49M	887.08M	1.17B	1.04B	964.15M
FCF Margin %	1.95%	5.37%	5.75%	9.48%	10.85%	10.7%	10.28%	11.46%	9.29%	8.54%
FCF Growth %	-48%	240.17%	29.78%	88.02%	26.08%	-17.97%	34.71%	31.87%	-11.01%	-7.38%
FCF per Share	1.19	4.15	5.46	10.58	13.82	11.64	16.18	22.61	20.99	20.34
FCF Conversion (FCF/Net Income)	1.17x	1.55x	1.40x	1.45x	1.56x	4.61x	1.07x	1.19x	1.14x	1.11x
Interest Paid	0	0	0	0	0	6.99M	2.13M	2.14M	3.33M	4.16M
Taxes Paid	179.25M	212.51M	254.62M	195.87M	133.86M	19.45M	370.65M	429.85M	328.21M	386.06M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.79%	27.38%	33.4%	36.64%	37.93%	9.01%	55.78%	71.09%	60.91%	50.39%
Return on Invested Capital (ROIC)	39.96%	44.65%	45.62%	45.08%	28.41%	7.47%	32.34%	40.72%	38.63%	33.2%
Gross Margin	35.28%	35.99%	35.63%	35.87%	36.24%	31.68%	39.03%	39.62%	39.09%	38.84%
Net Margin	8.15%	8.44%	9.44%	9.8%	9.54%	2.86%	11.42%	12.17%	11.52%	10.63%
Debt / Equity	-	-	-	-	1.02x	0.95x	1.20x	0.97x	0.84x	0.77x
Interest Coverage	-	-	-	-	-	54.71x	752.00x	-	-	-
FCF Conversion	1.17x	1.55x	1.40x	1.45x	1.56x	4.61x	1.07x	1.19x	1.14x	1.11x
Revenue Growth	21.06%	23.72%	21.21%	14.14%	10.15%	-16.84%	40.3%	18.28%	9.78%	0.79%

Ulta Beauty, Inc. (ULTA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ULTA vs Peers

vs BBWI

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Ulta Beauty, Inc. (ULTA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ULTA vs Peers

vs BBWI

vs YSG

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios