Ulta Beauty, Inc. (ULTA)
Consumer Discretionary · Other Specialty Retail · US stock · S&P 500 component
$592.94
▼ -16.30 (2.68%)
Fair valueUndervalued
$854 +44.0% to fair value
$427fair band $598–$1,110$1,281
Day's range
$591.12 – $615.00
52-week range
$443.60 – $714.97
About Ulta Beauty, Inc.
Ulta Beauty is a specialty retailer of cosmetics, skin care, hair care, fragrance and salon services in the United States. It operates stores and an online channel offering mass market and prestige brands as well as its own products. The company earns money by selling beauty products to consumers and by providing salon services, and it runs a loyalty program that encourages repeat purchases. Discretionary consumer spending affects sales.
The company reported twelve-month revenue of $13.0 billion, which expanded at 6.7% a year across the last three years. It earned an operating margin of 12.5%, and it generated a return on invested capital of 44%. Leverage, measured as net debt to EBITDA, is 0.1 times. The company does not pay a dividend. The site's X-Ray Score is 58 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $443.60 – $714.97Volume 461,200Daily, split-adjusted
Vitals
Market cap$25.5B
52-week range$443.60 – $714.97
Volume (last day)461,200
P/E (TTM)21.7
EBIT / EV yield6.3%
Free-cash-flow yield4.5%
Dividend yieldNo dividend
Revenue (TTM)$13.0B
Net income (TTM)$1.2B
Operating margin12.5%
Return on capital44.2%
Debt incl. leases$340M
Cash & securities$213M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$854model spread $792 – $923
Undervalued
+44.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $593
Undervalued < $598Fair $598 – $1,110Overvalued > $1,110
10-year DCF (market-scaled)
$1,076
Peer multiples
$591
Earnings power floor (not blended)
$351
Fundamentals-adjusted multiple
$895
Growth the price implies
10.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield6.3%
Free-cash-flow yield4.5%
Fair value vs price1.4×
Growth
Weak
50/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)6.7%
EPS growth (3y)2.2%
Growth consistency90%
Profitability
Fair
63/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital44.2%
Operating margin12.5%
Gross profitability73.1%
Financial health
Fair
66/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA0.1×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+4.5%
May '25
+9.3%
Aug '25
+12.9%
Nov '25
+11.8%
Jan '26
+11.1%
May '26
+8.9%
Aug '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.0B, diluted EPS $6.55.
Fundamentals checklist
● 5 Good · ● 10 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 57/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $8.6B | $10.2B | $11.2B | $11.3B | $12.4B |
| Operating income | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Net income | $986M | $1.2B | $1.3B | $1.2B | $1.2B |
| Operating cash flow | $1.1B | $1.5B | $1.5B | $1.3B | $1.5B |
| Operating margin | 15.0% | 16.1% | 15.0% | 13.9% | 12.4% |
| Free cash flow | $887M | $1.2B | $1.0B | $964M | $1.1B |
| Diluted EPS | $17.98 | $24.01 | $26.03 | $25.34 | $25.64 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 3 neutral · 1 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 571.1 | Bullish |
| EMA 10 | 577.0 | Bullish |
| SMA 20 | 559.3 | Bullish |
| EMA 20 | 564.6 | Bullish |
| SMA 50 | 545.7 | Bullish |
| EMA 50 | 546.2 | Bullish |
| SMA 100 | 513.7 | Bullish |
| EMA 100 | 535.9 | Bullish |
| SMA 200 | 554.2 | Bullish |
| EMA 200 | 532.9 | Bullish |
Oscillators (daily)
| RSI (14) | 64.63 | Neutral |
| MACD (12, 26) | 13.83 | Bullish |
| Momentum (12) | 8.56 | Bullish |
| Stochastic %K (14) | 72.71 | Neutral |
| Williams %R (14) | -27.29 | Neutral |
| CCI (20) | 185.4 | Bearish |
Pivot points (classic, last session)
S3 560.5 | S2 575.8 | S1 584.4 | Pivot 599.7 | R1 608.3 | R2 623.6 | R3 632.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ULTA SEC filings
27 Aug 2026
10-QSEC EDGAR
Quarterly report
27 Aug 2026
8-KSEC EDGAR
Results of operations
17 Aug 2026
8-KSEC EDGAR
Director or officer change; Other events
14 Jul 2026
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
9 Jun 2026
8-KSEC EDGAR
Director or officer change; Shareholder vote results
2 Jun 2026
10-QSEC EDGAR
Quarterly report
2 Jun 2026
8-KSEC EDGAR
Results of operations
22 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.