Last 46 quarters of trend data · Consumer Cyclical · Specialty Retail
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Ulta Beauty, Inc.'s quarterly P/E stands at 22.0x, up 36.5% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 32.9% YoY to 14.8x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 27.02 | 21.96 | 14.77 | 12.18 | 18.37 | 16.09 | 15.36 | 15.53 | 18.73 | 18.50 | 20.04 | 19.24 | 19.48 |
| — | +36.5% | -3.8% | -21.6% | -1.9% | -13.0% | -23.4% | -19.2% | -3.9% | +8.4% | +27.3% | +14.4% | -16.4% | |
| P/S Ratio | 2.77 | 2.05 | 1.58 | 1.37 | 1.76 | 1.59 | 1.76 | 1.72 | 1.88 | 2.19 | 2.64 | 2.03 | 2.29 |
| — | +29.0% | -10.3% | -20.3% | -6.4% | -27.4% | -33.2% | -15.1% | -17.9% | -0.1% | +18.8% | +13.8% | -9.1% | |
| P/B Ratio | 13.05 | 8.80 | 7.41 | 7.70 | 7.64 | 6.92 | 8.36 | 10.75 | 9.22 | 10.82 | 13.79 | 13.37 | 11.13 |
| — | +27.1% | -11.3% | -28.4% | -17.2% | -36.0% | -39.4% | -19.6% | -17.2% | -5.2% | +15.4% | +5.4% | +10.1% | |
| P/FCF | 32.50 | 292.67 | 31.94 | 4.97 | — | 38.98 | 70.36 | 6.16 | — | 191.89 | 35.65 | 8.18 | — |
| — | +650.9% | -54.6% | -19.3% | — | -79.7% | +97.3% | -24.7% | — | +147.0% | +142.8% | -2.4% | — | |
| EV / EBITDA | 17.64 | 14.81 | 10.27 | 8.66 | 12.65 | 11.14 | 10.99 | 11.00 | 13.18 | 13.02 | 14.53 | 13.44 | 13.58 |
| — | +32.9% | -6.6% | -21.2% | -4.1% | -14.4% | -24.4% | -18.2% | -2.9% | +9.6% | +32.5% | +0.1% | -10.6% | |
| EV / EBIT | 20.62 | 18.01 | 12.05 | 9.83 | 15.42 | 13.31 | 12.62 | 12.32 | 15.68 | 14.95 | 16.18 | 15.14 | 15.88 |
| — | +35.3% | -4.6% | -20.2% | -1.7% | -11.0% | -22.0% | -18.6% | -1.3% | +8.4% | +28.5% | +8.9% | -15.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Ulta Beauty, Inc.'s operating margin was 12.6% in Q2 2025, down 1.6 pp QoQ and down 0.5 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 13.6% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 39.2% | 39.1% | 38.2% | 39.7% | 38.3% | 39.2% | 37.7% | 39.9% | 39.3% | 40.0% | 37.6% | 41.2% |
| — | +2.1% | -0.3% | +1.4% | -0.3% | -2.4% | -2.0% | +0.4% | -3.2% | -2.8% | -0.2% | -0.2% | +4.1% | |
| Operating Margin | 14.0% | 12.6% | 14.2% | 14.9% | 12.8% | 13.1% | 14.8% | 14.6% | 13.3% | 15.5% | 16.8% | 13.9% | 15.6% |
| — | -3.9% | -4.4% | +1.5% | -3.8% | -15.9% | -11.8% | +5.0% | -15.0% | -9.4% | -10.4% | +17.1% | +9.3% | |
| Net Margin | 10.6% | 9.4% | 10.7% | 11.3% | 9.6% | 9.9% | 11.5% | 11.1% | 10.0% | 11.9% | 13.2% | 10.6% | 11.7% |
| — | -5.5% | -6.8% | +1.6% | -4.5% | -16.6% | -12.8% | +5.1% | -14.6% | -7.8% | -6.7% | -0.4% | +8.8% |
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 50.4% | 10.4% | 12.4% | 16.3% | 10.4% | 10.9% | 13.7% | 18.3% | 12.2% | 14.7% | 17.4% | 17.6% | 14.9% |
| — | -4.6% | -9.3% | -10.8% | -15.3% | -26.3% | -21.6% | +4.3% | -17.8% | -12.4% | -13.6% | +6.8% | +33.6% | |
| ROA | 20.5% | 4.1% | 5.1% | 6.6% | 4.1% | 4.4% | 5.5% | 7.0% | 4.6% | 5.6% | 6.5% | 6.4% | 5.3% |
| — | -6.9% | -7.9% | -5.8% | -10.0% | -21.4% | -14.5% | +9.6% | -13.9% | -4.9% | -4.7% | +10.6% | +27.1% | |
| ROIC | 33.2% | 6.1% | 7.9% | 9.7% | 5.9% | 6.6% | 8.5% | 10.5% | 6.6% | 8.6% | 10.4% | 10.1% | 8.1% |
| — | -8.1% | -7.5% | -7.5% | -9.5% | -23.1% | -17.6% | +4.2% | -19.0% | -10.4% | -7.5% | +27.6% | +17.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Ulta Beauty, Inc.'s Debt/EBITDA ratio is 5.4x, up from 4.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 20.7% YoY to 1.39x, tightening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.88 | 0.81 | 0.77 | 0.92 | 0.82 | 0.82 | 0.84 | 1.04 | 0.92 | 0.94 | 0.97 | 0.99 |
| — | +7.0% | -1.2% | -7.8% | -11.2% | -10.4% | -12.5% | -13.7% | +4.9% | -12.7% | -11.0% | -19.3% | +6.5% | |
| Debt / EBITDA | 1.04 | 5.43 | 4.15 | 3.27 | 5.48 | 4.84 | 4.04 | 3.28 | 5.36 | 4.13 | 3.79 | 3.74 | 4.47 |
| — | +12.3% | +2.8% | -0.3% | +2.4% | +17.0% | +6.5% | -12.3% | +19.7% | +1.2% | +3.4% | -21.3% | -14.8% | |
| Current Ratio | 1.70 | 1.39 | 1.67 | 1.70 | 1.63 | 1.76 | 1.76 | 1.71 | 1.52 | 1.69 | 1.64 | 1.61 | 1.62 |
| — | -20.7% | -5.1% | -0.5% | +7.0% | +4.1% | +6.8% | +6.2% | -6.0% | +3.9% | +3.9% | +10.0% | -7.3% | |
| Quick Ratio | 0.60 | 0.30 | 0.46 | 0.60 | 0.32 | 0.50 | 0.54 | 0.66 | 0.26 | 0.47 | 0.57 | 0.66 | 0.37 |
| — | -40.2% | -14.6% | -9.7% | +26.7% | +6.6% | -5.0% | +0.4% | -31.1% | -8.7% | -4.8% | +31.0% | -34.2% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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Start ComparisonUlta Beauty, Inc.'s current P/E is 27.0x. The average P/E over the last 4 quarters is 16.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Ulta Beauty, Inc.'s current operating margin is 14.0%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Ulta Beauty, Inc.'s business trajectory between earnings reports.