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Ulta Beauty (ULTA) stock

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NASDAQ: ULTA Nasdaq Other Specialty Retail Next results ~December 3, 2026

B+ Fundamentals grade

Ulta Beauty is a US-listed company in the other specialty retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$580

Cash-flow model

Base case. Range ~$430–$770 across our lower- and higher-growth cases (3.8%–13.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 10% above our base value.

Price used: $637.57, November 2, 2026

Ulta Beauty valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Ulta Beauty files

Where Ulta Beauty stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $13.0bn, up 11.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 8.9%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $592 a share, against a share price of $600. At that price, our model says the market is pricing in about 9.1% a year of cash-flow growth for five years, close to the 8.5% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 3, 2026 (estimated)

Ulta Beauty's trailing-twelve-month revenue grew 11.2% year on year, with a free-cash-flow margin of 8.9%. Where it stands out: free-cash-flow margin of 8.9% ranks 4 of 34 other specialty retail companies we cover.

Our discounted-cash-flow model values the business at ~$580 per share in the base case (~$430–$770 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 20.7% while net income grew 0.7%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.

Things to watch

No figure in Ulta Beauty's latest results trips our warning thresholds.

Latest results: FY2027 Q2

Filed August 27, 2026
Earnings per share
$6.55 against an average estimate of $6.20: beat by 5.6%
Revenue
$3.04bn, up 8.9% on a year earlier
Share reaction
-4.7% in the first session after the results on August 27, 2026, against +0.4% for the S&P 500
Guidance given
net sales growth growth 6.7% to 7.2% (fiscal 2026); comparable sales growth growth 3.2% to 3.7% (fiscal 2026)
Next report
December 3, 2026; average EPS estimate $5.61

Ulta Beauty's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week+2.0%
  • 1 month+17.3%
  • This year+5.4%
  • 1 year+22.6%
  • 5 years+67.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13B
Operating margin
12.5%
Net margin
9.3%
EPS (TTM, diluted)
$27.44

Growth

Revenue growth
+11.2%
Change in growth rate
−0.1 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
8.9%

Earnings

Last results
August 27, 2026
Next results (est.)
November 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Announcement
  4. Results
  5. Guidance
  6. Leadership
  7. Results
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ulta Beauty valuation models and calculator

What the price is pricing in

The share price implies about 9.4% a year of cash-flow growth for five years.That is close to the 8.5% a year revenue growth Ulta Beauty has delivered.

  • Priced in9.4%
  • Last 12 months11.2%
  • 3 years a year6.5%
  • 5 years a year8.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($626.83, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$580
Price used
$626.83close November 3, 2026
Implied change
▼ 8%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ulta Beauty's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2027 Q2 TTM), growing 6% and 7.5% in the next two years (forecasts, guidance and its record), then back to 8.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$430–~$770 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ulta Beauty's free cash flow after stock-based pay ( $1.1B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ulta Beauty as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$580 ~$430–$770 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$400 ~$280–$600 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$430 ~$370–$510 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$500 ~$400–$580 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ulta Beauty with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +9%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $357$486$656$881$1174$1553
8.5% $273$366$489$650$858$1127
10% $222$294$388$511$670$874

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$181.17$271.44$219.47$291.36$267.91$279.76$358.83$505.67$505.33$412.15$647.36$637.57
Market value$11.6bn$17.1bn$13.6bn$17.5bn$15.6bn$15.8bn$19.7bn$26.2bn$25.1bn$19.5bn$29.1bn$28.1bn
+ Net debt (− = net cash)−$346m−$385m−$277m−$409m−$392m−$1.0bn−$432m−$738m−$767m−$703m−$424m$181m
Enterprise value$11.3bn$16.7bn$13.3bn$17.1bn$15.2bn$14.8bn$19.2bn$25.4bn$24.3bn$18.8bn$28.7bn$28.3bn
Multiples
Price / sales 3.0x3.5x2.3x2.6x2.1x2.6x2.3x2.6x2.2x1.7x2.4x2.2x
Price / earnings 36.4x41.6x24.5x26.6x22.1x90.0x20.0x21.1x19.4x16.3x25.3x23.2x
Price / free cash flow 151.8x65.4x40.2x27.5x19.4x24.0x22.2x22.4x24.1x20.3x27.3x24.5x
EV / EBITDA 16.8x19.3x12.8x15.1x12.7x27.6x12.3x13.5x12.6x10.3x15.7x14.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Ulta Beauty's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 17.8% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 38.1%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 13.3%; its worst year was 5.7%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 21.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (77 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 3, 2026, after the close. Analysts expect revenue of $3.0bn and EPS of $5.61 (range $5.43 to $5.98) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $28.95 +13% $13.3bn +7%
Next $32.00 +11% $14.0bn +5%

Next year's EPS estimate has moved +0.4% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 3 analysts raised Ulta Beauty's forecast and 1 cut it.

Consensus EPS forecast Ulta Beauty, last 90 days
$28.00 $29.00 $30.00 $31.00 $32.00 $33.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $28.79 Current fiscal year, 60 days ago: $28.87 Current fiscal year, 30 days ago: $28.95 Current fiscal year, 7 days ago: $28.95 Current fiscal year, Now: $28.95 $28.95 Next fiscal year, 90 days ago: $31.86 Next fiscal year, 60 days ago: $32.00 Next fiscal year, 30 days ago: $31.99 Next fiscal year, 7 days ago: $31.99 Next fiscal year, Now: $32.00 $32.00

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $28.79$31.86
60 days ago $28.87$32.00
30 days ago $28.95$31.99
7 days ago $28.95$31.99
Now $28.95$32.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $6.20 $6.55 +5.6%
Apr 2026 $6.91 $7.74 +12.0%
Jan 2026 $8.03 $8.01 −0.2%
Oct 2025 $4.60 $5.14 +11.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • Net sales growth fiscal 2026 6.7% growth to 7.2% growth Raised
    “Net sales growth 6% to 7% 6.7% to 7.2%” source
  • Diluted earnings per share fiscal 2026 $28.70 to $29.00 Raised
    “Diluted earnings per share $28.36 to $28.80 $28.70 to $29.00” source
  • Comparable sales growth fiscal 2026 3.2% growth to 3.7% growth Raised
    “Comparable sales growth 2.5% to 3.5% 3.2% to 3.7%” source
  • Operating income growth fiscal 2026 8.3% growth to 9.3% growth Raised
    “Operating income growth 6.5% to 9% 8.3% to 9.3%” source
  • Capital expenditures fiscal 2026 $400m to $450m Maintained
    “Capital expenditures $400 million to $450 million no change” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ulta Beauty's revenue by +6.0% next year and +7.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.1%, weight 56%) , management guidance (+5.0%, weight 19%) and the company's own record (+8.8%, weight 25%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy1968%
Hold829%
Sell14%

Monthly trend

  1. Oct 2026415828
  2. Sep 2026415928
  3. Aug 2026415727
  4. Jul 2026415727

Counts of recommendations published by analysts covering Ulta Beauty, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.0%
of tradable shares
Days to cover
4.56
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
21,382
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +22.6%

$519.88 on October 31, 2025 to $637.57

ThenNowEffect
Revenue (last 12 months) $11.7bn $13.0bn +11.2%
Net margin 10.3% 9.3% −9.4%
P/E multiple 19.9x 23.2x +16.6%
Share count 46m 44m +4.4%

Biggest factor: p/e multiple.

Last 3 years +65.2%

$385.88 on November 3, 2023 to $637.57

ThenNowEffect
Revenue (last 12 months) $10.7bn $13.0bn +20.7%
Net margin 11.8% 9.3% −20.6%
P/E multiple 15.5x 23.2x +49.9%
Share count 51m 44m +15.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ULTA+44%+14%+5%−11%+39%+5%
Industry peers (median)+42%−35%+2%−23%−11%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ULTA67%67%58%42%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ULTA−13%−21%−33%−44%−28%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 65% from July 17, 2019 to March 18, 2020. Getting back needed a 185% gain, reached on August 11, 2021, 511 days after the low.

Price behaviour

52-week range
$450.75 – $706.82
From 52-week high
−9.8%
vs 50-day average
+12.4%
vs 200-day average
+15.3%
Volatility (1 year)
36%
Beta vs S&P 500
0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.5%
After a week
8 up, 4 down
typical move ±7.1%
After a month
9 up, 3 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 27, 2026 −4.7% +0.4% +2.6% +1.1%
June 2, 2026 −5.9% −0.6% −4.6% −7.9%
March 12, 2026 −17.9% −2.1% −18.2% −19.3%
December 4, 2025 +10.5% +0.3% +9.0% +19.4%
August 28, 2025 −7.7% −0.2% −3.5% +3.7%
May 29, 2025 +13.1% +0.3% +12.0% +12.2%
March 13, 2025 +8.6% +0.7% +3.5% +9.8%
December 5, 2024 +7.1% 0.0% +6.0% +7.1%
August 29, 2024 −3.8% +1.0% +0.2% +6.1%
May 30, 2024 +4.4% +0.2% +1.7% +1.6%
March 14, 2024 −5.5% −0.9% −7.7% −23.6%
November 30, 2023 +12.4% +1.0% +16.6% +15.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ulta Beauty’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.43× the last 60 days’ realised volatility .
  • Calls are priced 65 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

ULTA Ulta Beauty Grade B+ $636.68

Sell the $585 put expiring December 18, 2026 (46 days) for $15.20 a share — $1,520 per contract.

Previous session · Bid $15.20, ask $17.60, quoted Mon 2 Nov, 17:38 New York time with ULTA at $636.68. Option prices move with the shares: check the live chain at your broker before trading.

  • If ULTA ends above $585: you keep the $1,520 — 2.6% on the $58,500 set aside, or 20.6% a year at that pace.
  • If it ends below $585: you buy 100 shares at an effective $569.8, 11% below today's price and 2% below our value of ~$580.
$1.5k $0 −$11.4k Break-even $569.8 Our value $580 Price $636.68
Profit or loss per contract at expiry, by share price.
Premium
$1,520
Annualised
20.6%
Break-even
$569.8
Max gain
$1,520
Chance of buying
~26%

Results are expected around November 29, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

ULTA Ulta Beauty Grade B+ $636.68

Own 100 shares, sell the $880 call expiring December 18, 2026 (46 days) for $29.40 a share — $2,940 per contract.

Previous session · Bid $29.40, ask $37.00, quoted Mon 2 Nov, 17:38 New York time with ULTA at $636.68. Option prices move with the shares: check the live chain at your broker before trading.

  • If ULTA ends below $880: you keep your shares and the $2,940 — 4.6% extra on the position, 36.6% a year at that pace.
  • If it ends above $880: your shares are sold at $880, a total return of 42.8% including the premium — at or above our value of ~$580.
$27.3k $0 −$12.1k Our value $580 Break-even $607.28 Price $636.68
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$2,940
Annualised
36.6%
Break-even
$607.28
Max gain
$27,272
Chance of selling
~26%

Results are expected around November 29, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $585 put and sell the $880 call, both expiring December 18, 2026 (46 days).

  • Net credit of $11.80 a share ($1,180 per contract of 100 shares).
  • Worst case at expiry: -6.3%, if the shares fall below $585 (-8.1% from today).
  • Best case at expiry: +40.1%, if the shares rise above $880 (+38.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $580: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ulta Beauty in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ulta Beauty
$10B $11B $12B $13B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $10.9B Revenue (TTM), FY24 Q4: $11.2B Revenue (TTM), FY25 Q1: $11.3B Revenue (TTM), FY25 Q2: $11.3B Revenue (TTM), FY25 Q3: $11.4B Revenue (TTM), FY25 Q4: $11.3B Revenue (TTM), FY26 Q1: $11.4B Revenue (TTM), FY26 Q2: $11.7B Revenue (TTM), FY26 Q3: $12B Revenue (TTM), FY26 Q4: $12.4B Revenue (TTM), FY27 Q1: $12.7B Revenue (TTM), FY27 Q2: $13B $13B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $10.9B
FY24 Q4 $11.2B
FY25 Q1 $11.3B
FY25 Q2 $11.3B
FY25 Q3 $11.4B
FY25 Q4 $11.3B
FY26 Q1 $11.4B
FY26 Q2 $11.7B
FY26 Q3 $12B
FY26 Q4 $12.4B
FY27 Q1 $12.7B
FY27 Q2 $13B
Revenue growth, TTM YoY Ulta Beauty
0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 12.0% Revenue growth, TTM YoY, FY24 Q4: 9.8% Revenue growth, TTM YoY, FY25 Q1: 7.6% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 4.4% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 1.1% Revenue growth, TTM YoY, FY26 Q2: 2.9% Revenue growth, TTM YoY, FY26 Q3: 5.5% Revenue growth, TTM YoY, FY26 Q4: 9.7% Revenue growth, TTM YoY, FY27 Q1: 11.3% Revenue growth, TTM YoY, FY27 Q2: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 12.0%
FY24 Q4 9.8%
FY25 Q1 7.6%
FY25 Q2 5.5%
FY25 Q3 4.4%
FY25 Q4 0.8%
FY26 Q1 1.1%
FY26 Q2 2.9%
FY26 Q3 5.5%
FY26 Q4 9.7%
FY27 Q1 11.3%
FY27 Q2 11.2%
Operating margin (TTM) Ulta Beauty
12% 13% 14% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 14.8% Operating margin (TTM), FY24 Q4: 15.0% Operating margin (TTM), FY25 Q1: 14.5% Operating margin (TTM), FY25 Q2: 13.9% Operating margin (TTM), FY25 Q3: 13.8% Operating margin (TTM), FY25 Q4: 13.9% Operating margin (TTM), FY26 Q1: 13.7% Operating margin (TTM), FY26 Q2: 13.6% Operating margin (TTM), FY26 Q3: 13.1% Operating margin (TTM), FY26 Q4: 12.4% Operating margin (TTM), FY27 Q1: 12.4% Operating margin (TTM), FY27 Q2: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 14.8%
FY24 Q4 15.0%
FY25 Q1 14.5%
FY25 Q2 13.9%
FY25 Q3 13.8%
FY25 Q4 13.9%
FY26 Q1 13.7%
FY26 Q2 13.6%
FY26 Q3 13.1%
FY26 Q4 12.4%
FY27 Q1 12.4%
FY27 Q2 12.5%
FCF margin (TTM) Ulta Beauty
7.5% 8% 8.5% 9% 9.5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 7.8% FCF margin (TTM), FY24 Q4: 9.3% FCF margin (TTM), FY25 Q1: 8.1% FCF margin (TTM), FY25 Q2: 8.7% FCF margin (TTM), FY25 Q3: 8.8% FCF margin (TTM), FY25 Q4: 8.5% FCF margin (TTM), FY26 Q1: 9.1% FCF margin (TTM), FY26 Q2: 8.2% FCF margin (TTM), FY26 Q3: 8.7% FCF margin (TTM), FY26 Q4: 8.6% FCF margin (TTM), FY27 Q1: 8.9% FCF margin (TTM), FY27 Q2: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 7.8%
FY24 Q4 9.3%
FY25 Q1 8.1%
FY25 Q2 8.7%
FY25 Q3 8.8%
FY25 Q4 8.5%
FY26 Q1 9.1%
FY26 Q2 8.2%
FY26 Q3 8.7%
FY26 Q4 8.6%
FY27 Q1 8.9%
FY27 Q2 8.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Ulta Beauty took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.4B
  2. Cost of revenue $7.5B · 60.9%
  3. Gross profit $4.8B · 39.1%
  4. Selling, general and admin $3.3B · 26.6%
  5. Operating income $1.5B · 12.4%
  6. Income tax $374M · 3.0%
  7. Net income $1.2B · 9.3%

Shares of revenue. Source: Ulta Beauty's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 1.2 1.5 1.8 2.2 2.7 3.2 3.9 4.9 5.9 6.7 7.4 6.2 8.6 10.2 11.2 11.3 12.4 13.0
Gross profit 0.4 0.5 0.6 0.8 0.9 1.1 1.4 1.7 2.1 2.4 2.7 1.9 3.4 4.0 4.4 4.4 4.8 5.1
EBITDA 0.1 0.2 0.3 0.4 0.4 0.5 0.7 0.9 1.0 1.1 1.2 0.5 1.6 1.9 1.9 1.8 1.8 1.9
Operating income 0.1 0.1 0.2 0.3 0.3 0.4 0.5 0.7 0.8 0.9 0.9 0.2 1.3 1.6 1.7 1.6 1.5 1.6
Net income 0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.6 0.7 0.7 0.2 1.0 1.2 1.3 1.2 1.2 1.2
Diluted EPS $0.66 $1.16 $1.90 $2.68 $3.15 $3.98 $4.98 $6.52 $8.96 $10.94 $12.15 $3.11 $17.98 $24.01 $26.03 $25.34 $25.64 $27.44
Growth (year on year)
Revenue — +19.0% +22.1% +25.0% +20.3% +21.4% +21.1% +23.7% +21.2% +14.1% +10.1% −16.8% +40.3% +18.3% +9.8% +0.8% +9.7% +11.2%
EBITDA — +41.1% +48.0% +35.3% +17.8% +25.0% +23.8% +28.9% +20.0% +9.2% +5.6% −55.3% +192.9% +20.1% +2.2% −4.7% +0.1% +3.9%
Operating income — +74.4% +65.0% +42.7% +17.0% +25.3% +23.4% +29.3% +19.9% +8.8% +5.5% −73.7% +447.9% +26.3% +2.4% −6.7% −2.0% +2.1%
Net income — +80.5% +69.3% +43.5% +17.6% +26.8% +24.5% +28.0% +35.5% +18.6% +7.2% −75.1% +460.7% +26.0% +3.9% −7.0% −4.0% +0.7%
Diluted EPS — +75.8% +63.8% +41.1% +17.5% +26.3% +25.1% +30.9% +37.4% +22.1% +11.1% −74.4% +478.1% +33.5% +8.4% −2.7% +1.2% +5.2%
Margins
Gross margin 30.8% 33.3% 34.7% 35.3% 35.2% 35.1% 35.3% 36.0% 35.6% 35.9% 36.2% 31.7% 39.0% 39.6% 39.1% 38.8% 39.1% 39.3%
EBITDA margin 10.7% 12.6% 15.3% 16.6% 16.2% 16.7% 17.1% 17.8% 17.6% 16.9% 16.2% 8.7% 18.1% 18.4% 17.1% 16.2% 14.8% 14.9%
Operating margin 5.6% 8.2% 11.0% 12.6% 12.3% 12.7% 12.9% 13.5% 13.3% 12.7% 12.2% 3.8% 15.0% 16.1% 15.0% 13.9% 12.4% 12.5%
Net margin 3.2% 4.9% 6.8% 7.8% 7.6% 7.9% 8.2% 8.4% 9.4% 9.8% 9.5% 2.9% 11.4% 12.2% 11.5% 10.6% 9.3% 9.3%
Free-cash-flow margin 8.6% 5.5% 5.2% 2.3% 3.8% 4.6% 2.0% 5.4% 5.8% 9.5% 10.9% 10.7% 10.3% 11.5% 9.3% 8.5% 8.6% 8.9%
Cash flow
Cash from operations 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.6 0.8 1.0 1.1 0.8 1.1 1.5 1.5 1.3 1.5 1.6
Capital spending 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.4 0.4 0.4 0.4
Free cash flow 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.6 0.8 0.7 0.9 1.2 1.0 1.0 1.1 1.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
Free cash flow after stock pay 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.2 0.3 0.6 0.8 0.6 0.8 1.1 1.0 0.9 1.0 —
Balance sheet
Cash 0.0 0.1 0.3 0.3 0.4 0.4 0.3 0.4 0.3 0.4 0.4 1.0 0.4 0.7 0.8 0.7 0.4 0.2
Total debt — — — — — — — — — — — — — — — — — 0.3
Net debt (negative = net cash) −0.0 −0.1 −0.3 −0.3 −0.4 −0.4 −0.3 −0.4 −0.3 −0.4 −0.4 −1.0 −0.4 −0.7 −0.8 −0.7 −0.4 0.2
Diluted shares 59m 61m 63m 64m 64m 65m 64m 63m 62m 60m 58m 57m 55m 52m 50m 47m 45m 44m
Returned to shareholders
Dividends — — — 0.1 — — — — — — — — — — — — — —
Buybacks — — 0.0 0.0 0.0 0.0 0.2 0.3 0.4 0.6 0.7 0.1 1.5 0.9 1.0 1.0 0.9 1.2
Total returned — — 0.0 0.1 0.0 0.0 0.2 0.3 0.4 0.6 0.7 0.1 1.5 0.9 1.0 1.0 0.9 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · August 1, 2026
What it owns · $7.0bn
Short-term assets $3.1bnLonger-term assets $3.9bn
What it owes, and who funded it · $7.0bn
Short-term liabilities $2.3bnLonger-term liabilities $2.0bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $2.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.1bn short-term assets against $2.0bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ulta Beauty's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$1.2B
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$2.9B
Diluted share count
−4.2%
year over year
Total shareholder yield
4.5%
dividends 0.0% + buybacks 4.5% of market value
Sales & admin spending
26.7%
of revenue
Days sales outstanding
9 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated ULTA CHWY TSCO DKS BBWI ASO Median
Revenue, last 12 months $13.0bn $13.1bn $15.8bn $21.1bn $7.2bn $6.2bn $1.2bn
Revenue growth, last 12 months 11.2% 5.9% 4.0% 53.5% −2.2% 3.7% 4.0%
Revenue growth, 3-year average 6.5% 6.4% 2.2% 18.8% −1.1% −0.1% 2.6%
Revenue growth, latest quarter 8.9% 7.3% 2.3% 53.2% −2.3% 3.0% 2.3%
Gross margin 39.3% 29.9% 36.5% 32.1% 44.1% 35.8% 36.5%
Operating margin 12.5% 2.5% 8.5% 5.5% 16.7% 9.6% 2.2%
Operating margin, 3-year average 13.3% 1.5% 9.5% 9.0% 17.1% 9.4% 1.5%
Net margin 9.3% 2.1% 6.4% 4.0% 10.8% 6.4% 0.8%
Cash from operations / revenue 12.1% 5.5% 8.2% 7.5% 17.7% 8.8% 5.5%
Free-cash-flow margin 8.9% 4.3% 1.9% 1.1% 14.3% 5.3% 3.0%
Free-cash-flow margin, 3-year average 8.6% 3.5% 3.8% 3.4% 11.4% 5.4% 2.7%
Stock pay / revenue 0.4% 2.3% 0.4% 0.7% 0.3% 0.4% 0.6%
Change in share count −4.2% −1.4% −1.2% 9.3% −5.5% −4.5% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 11.2% 4.0% 10 of 35
Change in growth rate Growth -0.1pp -0.2pp 17 of 35
Gross margin Profitability 39.3% 36.5% 13 of 31
Operating margin Profitability 12.5% 2.2% 4 of 33
Net margin Profitability 9.3% 0.8% 5 of 35
Free-cash-flow margin Cash generation 8.9% 3.1% 4 of 34
Change in share count Balance sheet -4.2% 0.6% 6 of 33
Days sales outstanding Balance sheet 9 days 13 days 8 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$19.1B
Institutions reporting
1,015
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
92 / 160

Top buyers and sellers, Q2 2026: 416 institutions bought and 604 sold ; the biggest buyer was Sanders Capital, LLC (+553K shares) and the biggest seller Jpmorgan Chase & Co (−692K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.8B 4.0M 9.5% ▼ 1.0%
Vanguard Capital Management LLC $1.3B 2.8M 6.7% ▼ 1.3%
Sanders Capital, LLC $1.1B 2.5M 5.8% ▲ 29.0%
State Street Corp $913M 2.0M 4.8% ▲ 1.1%
Vanguard Portfolio Management LLC $876M 1.9M 4.6% ▼ 0.9%
Price T Rowe Associates Inc $689M 1.5M 3.6% ▲ 55.4%
Geode Capital Management, LLC $555M 1.2M 2.9% ▼ 3.0%
Morgan Stanley $470M 1.0M 2.5% ▼ 7.0%
T. Rowe Price Investment Management, Inc. $393M 872K 2.1% ▼ 10.2%
Franklin Resources Inc $383M 849K 2.0% ▲ 35.1%
Norges Bank $354M 785K 1.9% —
Invesco Ltd. $315M 698K 1.6% ▼ 5.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ulta Beauty's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.8M 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.8M net selling
Insider Date Trade Shares Price Value
Steelman Kecia President and CEO September 17, 2026 Sell 2,000 $545.88 $1.1M
Nagler Lorna Director September 11, 2026 Sell 600 $537.31 $322,386
Mrkonic George R Jr Director June 15, 2026 Sell 383 $475.84 $182,247
Mrkonic George R Jr Director April 7, 2026 Sell 452 $539.29 $243,759

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 1 sale of Ulta Beauty shares.

  • Maria Elvira Salazar(R-FL 27):Purchase, $15,001 - $50,000, traded March 19, 2026, filed April 21, 2026
  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded December 11, 2025, filed January 15, 2026
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 29, 2026 estimated from the company's past filing pattern, not announced

  • August 27, 2026
  • June 2, 2026
  • March 12, 2026
  • December 4, 2025
  • August 28, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Ulta Beauty was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ulta Beauty in brief

What does Ulta Beauty do?
Ulta Beauty is a US-listed company in the other specialty retail industry. Its financial year ends in January.
What is Ulta Beauty's stock ticker?
Ulta Beauty trades under the ticker ULTA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ulta Beauty's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ulta Beauty reported revenue of $13B, 11.2% higher than a year earlier, according to its SEC filings.
What is Ulta Beauty's free cash flow?
Ulta Beauty's free-cash-flow margin is 8.9% of revenue over the trailing twelve months, ranking 4 of the 34 other specialty retail companies we cover.
What is Ulta Beauty's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ulta Beauty's free cash flow after stock-based pay gives ~$580 per share in the base case, and ~$430–$770 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ulta Beauty's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Sanders Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ulta Beauty buying back stock, and does it pay a dividend?
Ulta Beauty spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Ulta Beauty's market cap?
On November 2, 2026, Ulta Beauty's market capitalisation was about $28.1B, with a price-to-earnings ratio of 23.2 and net debt of $181M. Market figures come from third-party market data and may be delayed.
Who are Ulta Beauty's competitors?
In our Other Specialty Retail peer group, the companies closest to Ulta Beauty are Chewy, Inc., Tractor Supply, Dick's Sporting Goods, Inc., Bath & Body Works, Inc. and Academy Sports & Outdoors, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ulta Beauty's.
Are insiders buying or selling Ulta Beauty stock?
Over the last 12 months, Ulta Beauty's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Ulta Beauty's next earnings date?
Around December 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ulta Beauty announces its own schedule.