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Ulta Beauty, Inc. ULTA

Nasdaq · stock · Retail-Retail Stores, NEC · website · IPO 2007-10-25 · LEI

Ulta Beauty, Inc. statistics & valuation

Market cap$21.0B
P / E18.2×
P / S1.7×
P / B7.5×
P / FCF19.7×
Net margin9.3%
Return on equity41.1%
FCF margin8.6%
Return on capital32.1%
Graham number -64.4%$189.60

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($189.60); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
8.40% 9.40% 9.80% 9.50% 2.90% 11.40% 12.20% 11.50% 10.60% 9.30% 2017201820192020202120222023202420252026
Gross margin (%)
36.00% 35.60% 35.90% 36.20% 31.70% 39.00% 39.60% 39.10% 38.80% 39.10% 2017201820192020202120222023202420252026
Operating margin (%)
13.50% 13.30% 12.70% 12.20% 3.80% 15.00% 16.10% 15.00% 13.90% 12.40% 2017201820192020202120222023202420252026
Return on equity (%)
26.40% 31.30% 36.20% 37.10% 8.80% 64.20% 63.40% 56.60% 48.30% 41.10% 2017201820192020202120222023202420252026
Shares outstanding
62.9M 62.0M 60.2M 58.1M 56.6M 54.8M 51.7M 49.6M 47.4M 45.0M 2017201820192020202120222023202420252026
Net debt ($)
2017201820192020202120222023202420252026
Share buybacks ($)
2017201820192020202120222023202420252026
Return on assets (%)
16.10% 19.10% 20.60% 14.50% 3.50% 20.70% 23.10% 22.60% 20.00% 16.50% 2017201820192020202120222023202420252026
Free cash flow margin (%)
5.40% 5.80% 9.50% 10.90% 10.70% 10.30% 11.50% 9.30% 8.50% 8.60% 2017201820192020202120222023202420252026
Debt / equity (×)
2017201820192020202120222023202420252026
EPS ($)
$6.52 $8.96 $10.94 $12.15 $3.11 $17.98 $24.01 $26.03 $25.34 $25.64 2017201820192020202120222023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Ulta Beauty, Inc. trades at about 20.7× earnings — near its 10-year norm (10-year range 14.5×–103.6×, median 22.7×).

14.5× 103.6×

Shaded band = 10-year range (14.5×–103.6×); dot = today's 20.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Gross margin39.1%38.8%39.1%39.6%39.0%31.7%36.2%35.9%35.6%36.0%
Operating margin12.4%13.9%15.0%16.1%15.0%3.8%12.2%12.7%13.3%13.5%
Net margin9.3%10.6%11.5%12.2%11.4%2.9%9.5%9.8%9.4%8.4%
FCF margin8.6%8.5%9.3%11.5%10.3%10.7%10.9%9.5%5.8%5.4%
Return on assets16.5%20.0%22.6%23.1%20.7%3.5%14.5%20.6%19.1%16.1%
Return on equity41.1%48.3%56.6%63.4%64.2%8.8%37.1%36.2%31.3%26.4%
Current ratio1.411.701.711.611.461.871.812.322.642.90

Computed from company filings · US · as of 2026-01-31. Facts plus Stocktoria's own computed scores — not investment advice.