Ulta Beauty, Inc. (ULTA) Financial Ratios
24 years of historical data (2002–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
5.42
↓-55% vs avg
5yr avg: 11.97
30Y Low4.6·High27.3
P/FCF
↑
22.93
-2% vs avg
5yr avg: 23.33
30Y Low11.0·High151.8
P/B Ratio
↓
8.59
↓-23% 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
↓
0.45
↓-52% vs avg
5yr avg: 0.94
30Y Low0.5·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 20.9x earnings, roughly in line with its 5-year average of 20.5x, sitting at the 21st percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a premium of 7%. On a free-cash-flow basis, the stock trades at 22.9x P/FCF, roughly in line with 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 | $24.5B | $29.1B | $19.5B | $24.9B | $26.6B | $19.9B | $15.8B | $15.6B | $17.6B | $13.8B | $17.1B |
| Enterprise Value | $26.2B | $30.9B | $20.8B | $26.0B | $27.8B | $21.4B | $16.7B | $17.1B | $17.2B | $13.5B | $16.7B |
| P/E Ratio → | 20.87 | 25.25 | 16.26 | 19.29 | 21.41 | 20.23 | 89.95 | 22.05 | 26.68 | 24.79 | 41.76 |
| P/S Ratio | 1.98 | 2.35 | 1.73 | 2.22 | 2.60 | 2.31 | 2.57 | 2.10 | 2.62 | 2.34 | 3.53 |
| P/B Ratio | 8.59 | 10.39 | 7.85 | 10.92 | 13.57 | 12.99 | 7.91 | 8.18 | 9.65 | 7.76 | 11.04 |
| P/FCF | 22.93 | 27.27 | 20.26 | 23.92 | 22.73 | 22.49 | 24.03 | 19.39 | 27.59 | 40.65 | 65.58 |
| P/OCF | 16.29 | 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 5.4x EBITDA, 55% below its 5-year average of 12.0x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 52% 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 | 5.42 | 6.37 | 11.25 | 13.49 | 14.68 | 14.06 | 27.27 | 14.07 | 14.88 | 12.70 | 18.93 |
| EV / EBIT | 5.42 | 6.37 | 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 39.1%, significantly above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 15.0% to 39.1% over the past 3 years, signaling improving operational efficiency. Return on equity of 43.6% is exceptionally high — well above the sector median of 5.6%. ROIC of 87.9% represents excellent returns on invested capital versus a sector median of 5.8%.
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 | 39.1% | 39.1% | 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 | 87.9% | 87.9% | 33.2% | 38.6% | 40.7% | 32.3% | 7.5% | 28.4% | 45.1% | 45.6% | 44.6% |
| ROCE | 107.7% | 107.7% | 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 0.5x, which is very conservative (90% below the sector average of 4.4x). Net debt stands at $1.8B ($2.2B total debt minus $424M cash). Interest coverage of 2711.4x 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 | 0.45 | 0.45 | 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 | 0.36 | 0.36 | 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 | 2711.37 | 2711.37 | — | — | — | 752.00 | 54.71 | — | — | — | — |
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 3.7% to shareholders annually primarily through share buybacks. The earnings yield of 4.8% (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 | 4.8% | 4.0% | 6.1% | 5.2% | 4.7% | 4.9% | 1.1% | 4.5% | 3.7% | 4.0% | 2.4% |
| FCF Yield | 4.4% | 3.7% | 4.9% | 4.2% | 4.4% | 4.4% | 4.2% | 5.2% | 3.6% | 2.5% | 1.5% |
| Buyback Yield | 3.7% | 3.1% | 5.3% | 4.1% | 3.4% | 7.7% | 0.7% | 4.4% | 3.5% | 2.7% | 2.0% |
| Total Shareholder Yield | 3.7% | 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 | $24B | 20.9 | 5.4 | 22.9 | 39.1% | 39.1% | 43.6% | 87.9% | 0.5 |
 BBWI | $4B | 6.3 | 5.8 | 4.6 | 43.7% | 15.4% | — | 30.0% | 3.6 |
 ELF | $3B | 32.0 | 17.7 | 29.7 | 71.2% | 12.0% | 16.0% | 13.5% | 1.5 |
 COTY | $2B | -6.0 | 9.6 | 8.4 | 64.8% | 4.1% | -9.0% | 2.3% | 6.4 |
 SBH | $1B | 7.4 | 6.5 | 7.9 | 51.6% | 8.9% | 27.5% | 11.4% | 3.7 |
 SKIN | $121M | -5.8 | 7412.9 | 3.3 | 65.3% | -6.9% | -16.8% | -6.8% | 10519.4 |
 TJX | $173B | 31.9 | 22.4 | 35.5 | 31.0% | 11.9% | 59.1% | 25.5% | 2.7 |
 FIVE | $13B | 36.3 | 21.9 | 31.4 | 32.0% | 9.6% | 17.9% | 9.9% | 3.1 |
 OLLI | $5B | 21.5 | 14.7 | 17.3 | 40.5% | 12.2% | 13.4% | 11.1% | 1.8 |
 EL | $31B | -27.5 | 21.2 | 46.7 | 73.9% | 6.7% | -24.7% | 6.5% | 5.3 |
 IPAR | $3B | 18.1 | 11.4 | 16.0 | 63.6% | 18.2% | 16.5% | 18.6% | 0.8 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonULTA — 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 20.9x. The historical average is 30.9x. This places it at the 21th percentile of its historical range.
What is Ulta Beauty, Inc.'s EV/EBITDA?
Ulta Beauty, Inc.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
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 20.9x. This is at the 21th 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 39.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Ulta Beauty, Inc. have?
Ulta Beauty, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.