Consumer Discretionary · Other Specialty Retail · US stock · price as of 16 Oct 2026
Key indicators
Price
$592.94
52-week range
$443.60 – $714.97
Market cap
$25.5B
P/E (trailing)
21.7×
EV / EBITDA
13.3×
Free-cash-flow yield
4.5%
Dividend yield
–
Revenue (last 12 months)
$13.0B
Revenue growth (3y a year)
6.7%
Operating margin
12.5%
Return on invested capital
44.2%
Net debt / EBITDA
0.1×
Fair value
Blended fair value$854.10 range $792 – $923
Versus priceUndervalued+44% to fair value
Peer multiples
$590.92
Fundamentals-adjusted multiple
$895.08
10-year DCF (market-scaled)
$1,076.30
Earnings power value (floor, not blended)
$351.44
Model uncertainty
Medium
X-Ray Score
59/ 100 · High confidence · ahead of 79% of sector peers
Valuation57
Growth50
Profitability63
Financial health66
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Ulta Beauty, Inc. an X-Ray Score of 59 out of 100 (high confidence), ahead of 79% of the S&P 500 stocks in its sector. Its strongest lens is financial health (66) and its weakest is growth (50).
Our fair value blend is $854.10 (range $791.79 to $922.72). At $592.94 the stock trades 31% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Ulta Beauty, Inc. (ULTA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$358.83
$505.67
$505.33
$412.15
$647.36
$592.94
Market cap
$19.7B
$26.2B
$25.1B
$19.5B
$29.1B
$25.5B
P/E
20.0×
21.1×
19.4×
16.3×
25.2×
21.7×
EV / revenue
2.2×
2.5×
2.2×
1.7×
2.3×
2.0×
EV / EBITDA
12.3×
13.5×
12.6×
10.3×
15.6×
13.3×
Price / free cash flow
22.2×
22.4×
24.1×
20.3×
27.3×
22.2×
Free-cash-flow yield
4.5%
4.5%
4.2%
4.9%
3.7%
4.5%
Price / book
12.8×
13.3×
11.0×
7.9×
10.4×
9.7×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 10 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.1%Average
Free-cash-flow yield4.5%Average
Risk models
Altman Z score3.7×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)2.2%Average
Free-cash-flow growth (3y)−3.0%Bad
Revenue growth (3y)6.7%Average
Growth consistency90%Average
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA0.1×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.4×Average
EBIT / EV yield6.3%Average
Profitability
Return on invested capital44.2%Good
Operating margin12.5%Average
Gross profitability73.1%Good
XStocksXray
Ulta Beauty, Inc. (ULTA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
8,631
10,209
11,207
11,296
12,393
12,956
Gross profit
3,369
4,045
4,381
4,387
4,845
5,094
Operating income
1,297
1,639
1,678
1,565
1,533
1,614
Net income
986
1,242
1,291
1,201
1,153
1,210
Diluted EPS ($)
17.98
24.01
26.03
25.34
25.64
27.35
Free cash flow
887
1,170
1,041
964
1,068
1,149
Gross margin
39.0%
39.6%
39.1%
38.8%
39.1%
39.3%
Operating margin
15.0%
16.1%
15.0%
13.9%
12.4%
12.5%
Net margin
11.4%
12.2%
11.5%
10.6%
9.3%
9.3%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
4,764
5,370
5,707
6,002
6,999
6,964
Cash
432
738
767
703
424
158
Total debt
–
–
–
–
62
340
Equity
1,535
1,960
2,279
2,488
2,803
2,644
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.