Ulta Beauty, Inc. (ULTA) Financial Ratios
24 years of historical data (2002–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↑
11.55
↓-18% vs avg
5yr avg: 14.04
30Y Low4.6·High27.3
P/FCF
↑
18.36
↓-21% vs avg
5yr avg: 23.33
30Y Low11.0·High151.8
P/B Ratio
↓
7.32
↓-34% vs avg
5yr avg: 11.15
30Y Low1.4·High13.6
ROE
↓
43.6%
↑-23% vs avg
5yr avg: 56.4%
30Y Low6%·High71%
Debt/EBITDA
↓
1.18
+9% vs avg
5yr avg: 1.09
30Y Low0.7·High3.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ULTA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ulta Beauty, Inc. trades at 17.8x earnings, 13% below its 5-year average of 20.5x, sitting at the 11th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a discount of 16%. On a free-cash-flow basis, the stock trades at 18.4x P/FCF, 21% below the 5-year average of 23.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.6B | $29.1B | $19.5B | $24.9B | $26.6B | $19.9B | $15.8B | $15.6B | $17.6B | $13.8B | $17.1B |
| Enterprise Value | $21.4B | $30.9B | $20.8B | $26.0B | $27.8B | $21.4B | $16.7B | $17.1B | $17.2B | $13.5B | $16.7B |
| P/E Ratio → | 17.79 | 25.25 | 16.26 | 19.29 | 21.41 | 20.23 | 89.95 | 22.05 | 26.68 | 24.79 | 41.76 |
| P/S Ratio | 1.58 | 2.35 | 1.73 | 2.22 | 2.60 | 2.31 | 2.57 | 2.10 | 2.62 | 2.34 | 3.53 |
| P/B Ratio | 7.32 | 10.39 | 7.85 | 10.92 | 13.57 | 12.99 | 7.91 | 8.18 | 9.65 | 7.76 | 11.04 |
| P/FCF | 18.36 | 27.27 | 20.26 | 23.92 | 22.73 | 22.49 | 24.03 | 19.39 | 27.59 | 40.65 | 65.58 |
| P/OCF | 13.05 | 19.38 | 14.60 | 16.87 | 17.94 | 18.83 | 19.53 | 14.14 | 18.37 | 17.66 | 26.98 |
P/E links to full P/E history page with 30-year chart
ULTA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ulta Beauty, Inc.'s enterprise value stands at 11.6x EBITDA, 18% below its 5-year average of 14.0x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 5% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.49 | 1.84 | 2.32 | 2.72 | 2.48 | 2.71 | 2.31 | 2.55 | 2.29 | 3.45 |
| EV / EBITDA | 11.55 | 16.70 | 11.25 | 13.49 | 14.68 | 14.06 | 27.27 | 14.07 | 14.88 | 12.70 | 18.93 |
| EV / EBIT | 13.80 | 20.15 | 13.14 | 15.36 | 16.89 | 16.46 | 70.41 | 18.89 | 19.97 | 17.14 | 25.51 |
| EV / FCF | — | 28.92 | 21.53 | 25.02 | 23.73 | 24.08 | 25.32 | 21.32 | 26.95 | 39.83 | 64.11 |
ULTA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ulta Beauty, Inc. earns an operating margin of 12.5%, above the Consumer Cyclical sector average of 2.0%. Operating margins have compressed from 15.0% to 12.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 43.6% is exceptionally high — well above the sector median of 5.3%. ROIC of 28.1% represents excellent returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 38.8% | 39.1% | 39.6% | 39.0% | 31.7% | 36.2% | 35.9% | 35.6% | 36.0% |
| Operating Margin | 12.5% | 12.5% | 14.0% | 15.0% | 16.2% | 14.5% | 5.1% | 12.4% | 13.0% | 13.8% | 13.9% |
| Net Profit Margin | 9.3% | 9.3% | 10.6% | 11.5% | 12.2% | 11.4% | 2.9% | 9.5% | 9.8% | 9.4% | 8.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 43.6% | 43.6% | 50.4% | 60.9% | 71.1% | 55.8% | 9.0% | 37.9% | 36.6% | 33.4% | 27.4% |
| ROA | 17.7% | 17.7% | 20.5% | 23.3% | 24.5% | 20.0% | 3.5% | 17.5% | 21.6% | 20.3% | 17.1% |
| ROIC | 28.1% | 28.1% | 33.2% | 38.6% | 40.7% | 32.3% | 7.5% | 28.4% | 45.1% | 45.6% | 44.6% |
| ROCE | 34.4% | 34.4% | 38.2% | 43.6% | 47.8% | 36.0% | 8.4% | 30.2% | 37.7% | 37.8% | 34.9% |
ULTA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ulta Beauty, Inc. carries a Debt/EBITDA ratio of 1.2x, which is manageable (75% below the sector average of 4.8x). Net debt stands at $1.8B ($2.2B total debt minus $424M cash). Interest coverage of 857.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.77 | 0.84 | 0.97 | 1.20 | 0.95 | 1.02 | — | — | — |
| Debt / EBITDA | 1.18 | 1.18 | 1.04 | 0.99 | 1.01 | 1.22 | 3.10 | 1.59 | — | — | — |
| Net Debt / Equity | — | 0.63 | 0.49 | 0.50 | 0.59 | 0.92 | 0.43 | 0.81 | -0.22 | -0.16 | -0.25 |
| Net Debt / EBITDA | 0.95 | 0.95 | 0.66 | 0.59 | 0.62 | 0.93 | 1.39 | 1.27 | -0.35 | -0.26 | -0.44 |
| Debt / FCF | — | 1.65 | 1.27 | 1.10 | 1.00 | 1.60 | 1.29 | 1.93 | -0.64 | -0.82 | -1.48 |
| Interest Coverage | 857.86 | 857.86 | — | — | — | 780.21 | 41.29 | — | — | — | — |
ULTA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.41x means Ulta Beauty, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.43x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.71x to 1.41x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 1.70 | 1.71 | 1.61 | 1.46 | 1.87 | 1.81 | 2.32 | 2.64 | 2.90 |
| Quick Ratio | 0.43 | 0.43 | 0.60 | 0.66 | 0.66 | 0.50 | 1.00 | 0.67 | 0.85 | 0.93 | 1.12 |
| Cash Ratio | 0.22 | 0.22 | 0.40 | 0.46 | 0.44 | 0.28 | 0.78 | 0.44 | 0.50 | 0.62 | 0.78 |
| Asset Turnover | — | 1.77 | 1.88 | 1.96 | 1.90 | 1.81 | 1.21 | 1.52 | 2.10 | 2.02 | 1.90 |
| Inventory Turnover | 3.46 | 3.46 | 3.51 | 3.92 | 3.84 | 3.51 | 3.60 | 3.65 | 3.55 | 3.45 | 3.29 |
| Days Sales Outstanding | — | 8.72 | 7.22 | 6.77 | 7.13 | 9.88 | 11.46 | 6.87 | 7.40 | 6.19 | 6.66 |
ULTA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ulta Beauty, Inc. returns 4.6% to shareholders annually primarily through share buybacks. The earnings yield of 5.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 4.0% | 6.1% | 5.2% | 4.7% | 4.9% | 1.1% | 4.5% | 3.7% | 4.0% | 2.4% |
| FCF Yield | 5.4% | 3.7% | 4.9% | 4.2% | 4.4% | 4.4% | 4.2% | 5.2% | 3.6% | 2.5% | 1.5% |
| Buyback Yield | 4.6% | 3.1% | 5.3% | 4.1% | 3.4% | 7.7% | 0.7% | 4.4% | 3.5% | 2.7% | 2.0% |
| Total Shareholder Yield | 4.6% | 3.1% | 5.3% | 4.1% | 3.4% | 7.7% | 0.7% | 4.4% | 3.5% | 2.7% | 2.0% |
| Shares Outstanding | — | $45M | $47M | $50M | $52M | $55M | $57M | $58M | $60M | $62M | $63M |
Peer Comparison
Compare ULTA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ULTAYou | $20B | 17.8 | 11.6 | 18.4 | 39.1% | 12.5% | 43.6% | 28.1% | 1.2 |
 BBWI | $4B | 6.7 | 5.9 | 4.8 | 43.7% | 15.4% | — | 30.0% | 3.6 |
 ELF | $4B | 145.9 | 21.1 | 20.1 | 70.7% | 8.0% | 5.8% | 7.3% | 4.4 |
 COTY | $2B | -4.4 | 8.6 | 6.2 | 64.8% | 4.1% | -9.0% | 2.3% | 6.4 |
 SBH | $1B | 7.3 | 6.4 | 7.6 | 51.6% | 8.9% | 27.5% | 11.4% | 3.7 |
 SKIN | $86M | -4.1 | 51.0 | 2.3 | 65.3% | -6.9% | -16.9% | -6.8% | 83.3 |
 TJX | $181B | 33.6 | 22.4 | 36.9 | 31.0% | 11.9% | 59.1% | 32.3% | 1.6 |
 FIVE | $11B | 30.0 | 18.5 | 26.1 | 32.0% | 9.6% | 17.9% | 9.9% | 3.1 |
 OLLI | $5B | 19.8 | 13.4 | 23.9 | 39.0% | 12.2% | 13.4% | 11.1% | 1.8 |
 EL | $31B | -26.9 | 20.8 | 45.7 | 73.9% | 6.7% | -24.7% | 6.5% | 5.3 |
 IPAR | $3B | 18.9 | 11.9 | 16.7 | 63.6% | 18.2% | 16.5% | 18.6% | 0.8 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 23 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into ULTA consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
ULTA — Frequently Asked Questions
Quick answers to the most common questions about buying ULTA stock.
What is Ulta Beauty, Inc.'s P/E ratio?
Ulta Beauty, Inc.'s current P/E ratio is 17.8x. The historical average is 30.9x. This places it at the 11th percentile of its historical range.
What is Ulta Beauty, Inc.'s EV/EBITDA?
Ulta Beauty, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is Ulta Beauty, Inc.'s ROE?
Ulta Beauty, Inc.'s return on equity (ROE) is 43.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 28.4%.
Is ULTA stock overvalued?
Based on historical data, Ulta Beauty, Inc. is trading at a P/E of 17.8x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Ulta Beauty, Inc.'s profit margins?
Ulta Beauty, Inc. has 39.1% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Ulta Beauty, Inc. have?
Ulta Beauty, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.