23 years of historical data (2002–2024) · Consumer Cyclical · Specialty Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ulta Beauty, Inc. trades at 27.0x earnings, 19% below its 5-year average of 33.4x, sitting at the 44th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 18.8x, the stock trades at a premium of 44%. On a free-cash-flow basis, the stock trades at 32.5x P/FCF, 43% above the 5-year average of 22.7x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.3B | $19.5B | $24.9B | $26.6B | $19.9B | $15.8B | $15.6B | $17.6B | $13.8B | $17.1B | $11.6B |
| Enterprise Value | $32.6B | $20.8B | $26.0B | $27.8B | $21.4B | $16.7B | $17.1B | $17.2B | $13.5B | $16.7B | $11.3B |
| P/E Ratio → | 27.02 | 16.26 | 19.29 | 21.41 | 20.23 | 89.95 | 22.05 | 26.68 | 24.79 | 41.76 | 36.38 |
| P/S Ratio | 2.77 | 1.73 | 2.22 | 2.60 | 2.31 | 2.57 | 2.10 | 2.62 | 2.34 | 3.53 | 2.97 |
| P/B Ratio | 13.05 | 7.85 | 10.92 | 13.57 | 12.99 | 7.91 | 8.18 | 9.65 | 7.76 | 11.04 | 8.07 |
| P/FCF | 32.50 | 20.26 | 23.92 | 22.73 | 22.49 | 24.03 | 19.39 | 27.59 | 40.65 | 65.58 | 151.81 |
| P/OCF | 23.41 | 14.60 | 16.87 | 17.94 | 18.83 | 19.53 | 14.14 | 18.37 | 17.66 | 26.98 | 30.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ulta Beauty, Inc.'s enterprise value stands at 17.6x EBITDA, 9% above its 5-year average of 16.1x. The Consumer Cyclical sector median is 11.0x, placing the stock at a 61% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.84 | 2.32 | 2.72 | 2.48 | 2.71 | 2.31 | 2.55 | 2.29 | 3.45 | 2.88 |
| EV / EBITDA | 17.64 | 11.25 | 13.49 | 14.68 | 14.06 | 27.27 | 14.07 | 14.88 | 12.70 | 18.93 | 16.47 |
| EV / EBIT | 20.62 | 13.14 | 15.36 | 16.89 | 16.46 | 70.41 | 18.89 | 19.97 | 17.14 | 25.51 | 22.27 |
| EV / FCF | — | 21.53 | 25.02 | 23.73 | 24.08 | 25.32 | 21.32 | 26.95 | 39.83 | 64.11 | 147.30 |
Margins and return-on-capital ratios measuring operating efficiency
Ulta Beauty, Inc. earns an operating margin of 14.0%, above the Consumer Cyclical sector average of 2.4%. Operating margins have compressed from 16.2% to 14.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 50.4% is exceptionally high — well above the sector median of 6.5%. ROIC of 33.2% represents excellent returns on invested capital versus a sector median of 5.6%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 38.8% | 39.1% | 39.6% | 39.0% | 31.7% | 36.2% | 35.9% | 35.6% | 36.0% | 35.3% |
| Operating Margin | 14.0% | 14.0% | 15.0% | 16.2% | 14.5% | 5.1% | 12.4% | 13.0% | 13.8% | 13.9% | 13.3% |
| Net Profit Margin | 10.6% | 10.6% | 11.5% | 12.2% | 11.4% | 2.9% | 9.5% | 9.8% | 9.4% | 8.4% | 8.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 50.4% | 50.4% | 60.9% | 71.1% | 55.8% | 9.0% | 37.9% | 36.6% | 33.4% | 27.4% | 23.8% |
| ROA | 20.5% | 20.5% | 23.3% | 24.5% | 20.0% | 3.5% | 17.5% | 21.6% | 20.3% | 17.1% | 15.2% |
| ROIC | 33.2% | 33.2% | 38.6% | 40.7% | 32.3% | 7.5% | 28.4% | 45.1% | 45.6% | 44.6% | 40.0% |
| ROCE | 38.2% | 38.2% | 43.6% | 47.8% | 36.0% | 8.4% | 30.2% | 37.7% | 37.8% | 34.9% | 30.1% |
Solvency and debt-coverage ratios — lower is generally safer
Ulta Beauty, Inc. carries a Debt/EBITDA ratio of 1.0x, which is manageable (75% below the sector average of 4.2x). Net debt stands at $1.2B ($1.9B total debt minus $703M cash).
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.84 | 0.97 | 1.20 | 0.95 | 1.02 | — | — | — | — |
| Debt / EBITDA | 1.04 | 1.04 | 0.99 | 1.01 | 1.22 | 3.10 | 1.59 | — | — | — | — |
| Net Debt / Equity | — | 0.49 | 0.50 | 0.59 | 0.92 | 0.43 | 0.81 | -0.22 | -0.16 | -0.25 | -0.24 |
| Net Debt / EBITDA | 0.66 | 0.66 | 0.59 | 0.62 | 0.93 | 1.39 | 1.27 | -0.35 | -0.26 | -0.44 | -0.50 |
| Debt / FCF | — | 1.27 | 1.10 | 1.00 | 1.60 | 1.29 | 1.93 | -0.64 | -0.82 | -1.48 | -4.51 |
| Interest Coverage | — | — | — | — | 752.00 | 54.71 | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.70x means Ulta Beauty, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.60x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.61x to 1.70x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.70 | 1.70 | 1.71 | 1.61 | 1.46 | 1.87 | 1.81 | 2.32 | 2.64 | 2.90 | 3.47 |
| Quick Ratio | 0.60 | 0.60 | 0.66 | 0.66 | 0.50 | 1.00 | 0.67 | 0.85 | 0.93 | 1.12 | 1.55 |
| Cash Ratio | 0.40 | 0.40 | 0.46 | 0.44 | 0.28 | 0.78 | 0.44 | 0.50 | 0.62 | 0.78 | 1.20 |
| Asset Turnover | — | 1.88 | 1.96 | 1.90 | 1.81 | 1.21 | 1.52 | 2.10 | 2.02 | 1.90 | 1.76 |
| Inventory Turnover | 3.51 | 3.51 | 3.92 | 3.84 | 3.51 | 3.60 | 3.65 | 3.55 | 3.45 | 3.29 | 3.33 |
| Days Sales Outstanding | — | 7.22 | 6.77 | 7.13 | 9.88 | 11.46 | 6.87 | 7.40 | 6.19 | 6.66 | 6.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ulta Beauty, Inc. returns 3.3% to shareholders annually primarily through share buybacks. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 6.1% | 5.2% | 4.7% | 4.9% | 1.1% | 4.5% | 3.7% | 4.0% | 2.4% | 2.7% |
| FCF Yield | 3.1% | 4.9% | 4.2% | 4.4% | 4.4% | 4.2% | 5.2% | 3.6% | 2.5% | 1.5% | 0.7% |
| Buyback Yield | 3.3% | 5.3% | 4.1% | 3.4% | 7.7% | 0.7% | 4.4% | 3.5% | 2.7% | 2.0% | 1.5% |
| Total Shareholder Yield | 3.3% | 5.3% | 4.1% | 3.4% | 7.7% | 0.7% | 4.4% | 3.5% | 2.7% | 2.0% | 1.5% |
| Shares Outstanding | — | $47M | $50M | $52M | $55M | $57M | $58M | $60M | $62M | $63M | $64M |
Compare ULTA with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ULTAYou | $31B | 27.0 | 17.6 | 32.5 | 38.8% | 14.0% | 50.4% | 33.2% | 1.0 |
| BBWI | $5B | 6.3 | 5.9 | 7.4 | 44.3% | 17.3% | — | 32.9% | 3.2 |
| YSG | $3B | -4.4 | — | — | 77.1% | -12.4% | -19.7% | -10.9% | — |
| SBH | $2B | 8.5 | 7.0 | 9.1 | 51.6% | 8.9% | 27.5% | 11.4% | 3.7 |
| OLPX | $1B | 54.9 | 9.5 | 7.6 | 69.2% | 15.8% | 2.3% | 5.1% | 5.4 |
| HNST | $316M | -20.0 | — | 23.2 | 33.3% | -5.0% | -9.1% | -13.5% | — |
| NHTC | $37M | -41.7 | — | — | 73.5% | -4.5% | -3.1% | -6.5% | — |
| JWEL | $5M | -0.6 | — | 7.6 | 1.0% | -6.1% | -37.8% | -28.0% | — |
| Consumer Cyclical Median | — | 18.8 | 11.0 | 14.0 | 38.6% | 2.4% | 6.5% | 5.6% | 4.2 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 22 years · Updated daily
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View ValuationSee how ULTA stacks up against sector leader Bath & Body Works, Inc..
Start ComparisonUlta Beauty, Inc.'s current P/E ratio is 27.0x. The historical average is 31.2x. This places it at the 44th percentile of its historical range.
Ulta Beauty, Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Ulta Beauty, Inc.'s return on equity (ROE) is 50.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.7%.
Based on historical data, Ulta Beauty, Inc. is trading at a P/E of 27.0x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ulta Beauty, Inc. has 38.8% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
Ulta Beauty, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.