NASDAQ: ULTA
Ulta Beauty
Consumer Discretionary · Retail-Retail Stores, NEC
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$21.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Jan 28, 2017 | $16.9B |
| FY2017, ended Feb 3, 2018 | $13.3B |
| FY2018, ended Feb 2, 2019 | $17.1B |
| FY2019, ended Feb 1, 2020 | $15.1B |
| FY2020, ended Jan 30, 2021 | $15.7B |
| FY2021, ended Jan 29, 2022 | $18.8B |
| FY2022, ended Jan 28, 2023 | $25.4B |
| FY2023, ended Feb 3, 2024 | $24.4B |
| FY2024, ended Feb 1, 2025 | $18.7B |
| FY2025, ended Jan 31, 2026 | $28.3B |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $21.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$13.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Jan 28, 2017 | $4.85B |
| FY2017, ended Feb 3, 2018 | $5.88B |
| FY2018, ended Feb 2, 2019 | $6.72B |
| FY2019, ended Feb 1, 2020 | $7.40B |
| FY2020, ended Jan 30, 2021 | $6.15B |
| FY2021, ended Jan 29, 2022 | $8.63B |
| FY2022, ended Jan 28, 2023 | $10.2B |
| FY2023, ended Feb 3, 2024 | $11.2B |
| FY2024, ended Feb 1, 2025 | $11.3B |
| FY2025, ended Jan 31, 2026 | $12.4B |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $13.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Jan 28, 2017 | $410M | $261M |
| FY2017, ended Feb 3, 2018 | $555M | $339M |
| FY2018, ended Feb 2, 2019 | $659M | $637M |
| FY2019, ended Feb 1, 2020 | $706M | $803M |
| FY2020, ended Jan 30, 2021 | $176M | $658M |
| FY2021, ended Jan 29, 2022 | $986M | $887M |
| FY2022, ended Jan 28, 2023 | $1.24B | $1.17B |
| FY2023, ended Feb 3, 2024 | $1.29B | $1.04B |
| FY2024, ended Feb 1, 2025 | $1.20B | $964M |
| FY2025, ended Jan 31, 2026 | $1.15B | $1.07B |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $1.21B | $1.15B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$158M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Jan 28, 2017 | $385M |
| FY2017, ended Feb 3, 2018 | $277M |
| FY2018, ended Feb 2, 2019 | $409M |
| FY2019, ended Feb 1, 2020 | $392M |
| FY2020, ended Jan 30, 2021 | $1.05B |
| FY2021, ended Jan 29, 2022 | $432M |
| FY2022, ended Jan 28, 2023 | $738M |
| FY2023, ended Feb 3, 2024 | $767M |
| FY2024, ended Feb 1, 2025 | $703M |
| FY2025, ended Jan 31, 2026 | $424M |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $158M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$340M
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| Period | Total debt |
|---|---|
| FY2016, ended Jan 28, 2017 | — |
| FY2017, ended Feb 3, 2018 | — |
| FY2018, ended Feb 2, 2019 | — |
| FY2019, ended Feb 1, 2020 | — |
| FY2020, ended Jan 30, 2021 | — |
| FY2021, ended Jan 29, 2022 | — |
| FY2022, ended Jan 28, 2023 | — |
| FY2023, ended Feb 3, 2024 | — |
| FY2024, ended Feb 1, 2025 | — |
| FY2025, ended Jan 31, 2026 | $62.3M |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $340M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 31.2% since 2016.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.42.8M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Jan 28, 2017 | 62.1M |
| FY2017, ended Feb 3, 2018 | 60.6M |
| FY2018, ended Feb 2, 2019 | 58.8M |
| FY2019, ended Feb 1, 2020 | 56.3M |
| FY2020, ended Jan 30, 2021 | 56.2M |
| FY2021, ended Jan 29, 2022 | 52.3M |
| FY2022, ended Jan 28, 2023 | 50.2M |
| FY2023, ended Feb 3, 2024 | 48.3M |
| FY2024, ended Feb 1, 2025 | 45.3M |
| FY2025, ended Jan 31, 2026 | 43.7M |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | 42.8M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.Net: $1.22B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Jan 28, 2017 | $344M | $19.3M |
| FY2017, ended Feb 3, 2018 | $368M | $24.4M |
| FY2018, ended Feb 2, 2019 | $616M | $27.5M |
| FY2019, ended Feb 1, 2020 | $681M | $25.6M |
| FY2020, ended Jan 30, 2021 | $115M | $27.6M |
| FY2021, ended Jan 29, 2022 | $1.52B | $47.3M |
| FY2022, ended Jan 28, 2023 | $900M | $43.0M |
| FY2023, ended Feb 3, 2024 | $996M | $48.2M |
| FY2024, ended Feb 1, 2025 | $1.00B | $42.8M |
| FY2025, ended Jan 31, 2026 | $901M | $37.4M |
| Trailing 12 months to Aug 1, 2026 (through Q2 FY2026) | $1.22B | — |
Revenue (TTM)
$13.0B
+11.2% YoY
Net income (TTM)
$1.21B
+0.7% YoY
Cash
$158M
−34.7% YoY
Total debt
$340M
+17.5% YoY
Valuation
At current price- Market Cap
- $27.4B
- P/E
- 22.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.1×
- Price / Book
- 10.4×
- EV / EBITDA
- 14.2×
Growth
Trailing 12 months- Revenue (TTM)
- $13.0B
- Revenue Growth YoY
- 11.2%
- Revenue CAGR 3Y
- 6.7%
- Revenue CAGR 5Y
- 15.0%
- EPS Growth YoY
- 5.4%
- Net Income Growth YoY
- 0.7%
Profitability
Trailing 12 months- Gross Margin
- 39.3%
- Operating Margin
- 12.5%
- Net Margin
- 9.3%
- FCF Margin
- 8.9%
- Return on Equity
- 46.1%
Earnings
Trailing 12 months- Net Income
- $1.21B
- EPS (diluted)
- $27.46
- EBITDA
- $1.93B
- Operating Income
- $1.61B
Balance Sheet
As of Aug 1, 2026- Cash and cash equivalents
- $158M
- Total Debt
- $340M
- Net Debt
- $181M
- Total Assets
- $6.96B
- Total Liabilities
- $4.32B
- Shareholders' Equity
- $2.64B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.57B
- Capital Expenditure
- $418M
- Free Cash Flow
- $1.15B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.83
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 11.2% year over year, at $13.0B.
Note
Net margin of 9.3% over the last 12 months.
Note
Net debt of $181M is 0.1× EBITDA, a manageable load.
Note
Free cash flow of $1.15B, 8.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jan 31, 2026 · filed Mar 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K54Some concerns
10-K for the fiscal year ended Feb 1, 2025
Filed Mar 27, 2025 · Read the filing on EDGAR
- Sales rose 0.8% to $11.3 billion, but net income fell about 7% to $1.2 billion as wage and overhead costs grew.
- Comparable sales growth slowed to 0.7% from 5.7%, with slightly fewer transactions and a modestly larger average purchase.
- Operating margin fell to 13.9% from 15.0%; a year earlier's extra week also makes the sales comparison harder.
- Ulta still has no credit line borrowings, spent $1.0 billion on buybacks and authorized a new $3.0 billion program.
Business momentum
Mixed
“Net income decreased $89.9 million to $1.2 billion in fiscal 2024 compared to $1.3 billion in fiscal 2023.”
Outlook
Cautious
“We expect the impact of inflationary and macroeconomic pressures to continue in 2025”
Financial stress
None
“We had no borrowings outstanding under the credit facility at the end of fiscal 2024, 2023, and 2022.”
Tone against the previous report
More negative
Red flags
None found in this report.
Positives
No debt drawn, with substantial cash and operating cash flow
“As of February 1, 2025 and February 3, 2024, we had cash and cash equivalents of $703.2 million and $766.6 million, respectively.”
Larger share repurchase authorization
“In October 2024, the Board of Directors authorized a share repurchase program (the October 2024 Share Repurchase Program) pursuant to which the Company may repurchase up to $3.0 billion of the Company’s common stock.”
Inventory losses from theft and damage eased, helping margins
“20 basis points of leverage in inventory shrink”
Concerns
Costs are growing faster than sales, squeezing margins
“SG&A expenses increased $114.0 million, or 4.2%, to $2.8 billion in fiscal 2024 compared to $2.7 billion in fiscal 2023.”
Comparable sales growth nearly stalled and transactions declined
“The total comparable sales increase of 0.7% in fiscal 2024, was driven by a 1.1% increase in average ticket and a 0.4% decrease in transactions.”
Inventory grew much faster than sales
“Merchandise inventories, net were $2.0 billion at February 1, 2025, compared to $1.7 billion at February 3, 2024, representing an increase of $226.1 million or 13.0%.”
New risks since the previous report
Recently replaced core business software could disrupt operations if it fails to work as designed
“The failure of these projects, the failure of our information systems to perform as designed, or breaches of security could have an adverse effect on our business and results of our operations.”
Changing anti-discrimination laws could affect Ulta's inclusion efforts
“Evolving anti-discrimination laws could impact our efforts to support inclusion and belonging across our business for our guests, assortment, associates, brands, other partners, and stakeholders.”
Biggest risks named
- Inflation and weak economy reducing spending on beauty products and salon services
- Dependence on top ten brand partners supplying about 54% of sales
- Strong competition from larger retailers and online sellers
- Tariffs and overseas sourcing or distribution disruptions
- Failure to sustain growth plans as sales growth slows and costs rise
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | +2 | |
| Red flags | 0 | |
| New risks | −1 | |
| Score | 54 | |
Written by AI (Claude Opus 5.5) from the report’s text. 11 of 11 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Mar 26, 2026 | Pro | |||
| 10-K | Mar 27, 2025 | 54 | Mixed | None | |
| 10-K | Mar 26, 2024 | 66 | Improving | None | |
| 10-K | Mar 24, 2023 | 71 | Strong improvement | None | |
| 10-K | Mar 25, 2022 | 78 | Strong improvement | None | |
| 10-K | Mar 26, 2021 | 39 | Sharp deterioration | 1 medium | |
| 10-K | Mar 27, 2020 | 59 | Improving | 1 medium | |
| 10-K | Apr 2, 2019 | 70 | Improving | None | |
| 10-K | Apr 3, 2018 | 76 | Strong improvement | None | |
| 10-K | Mar 28, 2017 | 76 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Aug 1, 2026), filed Aug 27, 2026. View filings on SEC EDGAR