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Ulta Beauty Inc.
ULTAConsumer DiscretionaryGenerated Jul 5, 2026, 08:13 PM UTC
ULTA (Ulta Beauty Inc.) analytical snapshot. Revenue grew +9.8% YoY to $11.21B. Net margin at 11.52% (expanding ▲). Return on equity 65.87%, ROA 21.51%, ROIC 85.62%. Market cap $19.83B at $461.33 per share. Trailing P/E 17.72, P/S 1.77, P/B 7.68. EV/Operating income ≈ 12.20 (EV $20.47B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score 5 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$19.83B
42.99M shares
Price
$461.33
NMS
P/E (ttm)
17.72
Revenue (FY)
$11.21B
YoY +9.8%
Net margin
11.52%
▲ 8.66pp
Free cash flow
$1.04B
9.29% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 60Improving
80% conf
Revenue grew +9.8% YoY to $11.21B. Net margin at 11.52% (expanding ▲). Return on equity 65.87%, ROA 21.51%, ROIC 85.62%.
- Revenue grew +9.8% YoY to $11.21B.
- Net margin at 11.52% (expanding ▲).
- Return on equity 65.87%, ROA 21.51%, ROIC 85.62%.
- Gross margin 39.09%, operating margin 14.97%.
- Free cash flow margin 9.29% ($1.04B).
- Net income up ▲ +3.9% YoY.
- Debt/equity 0.31, current ratio 1.31, net debt $633.7M.
- Asset turnover 1.63 — capital efficiency.
Revenue (FY)
$11.21B
YoY +9.8%
Net margin
11.52%
▲ 8.66pp
ROE
65.87%
ROA 21.51%
ROIC
85.62%
EPS (diluted)
$26.03
FY2025
Free cash flow
$1.04B
9.29% margin
Debt / equity
0.31
Cash $166.3M
Current ratio
1.31
Equity $2.58B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | — | — | — | — | — | — | 25.63 |
| 2017 | — | — | — | — | — | $76.7M | 25.65 |
| 2018 | $4.85B | — | 35.99 | 13.49 | 8.44 | $260.9M | 28.40 |
| 2019 | $5.88B | +21.2% | 35.63 | 13.35 | 9.44 | $338.7M | 35.82 |
| 2020 | $6.72B | +14.1% | 35.87 | 12.72 | 9.80 | $636.7M | 37.12 |
| 2021 | $7.40B | +10.1% | 36.24 | 12.18 | 9.54 | $802.8M | 38.78 |
| 2022 | $6.15B | -16.8% | 31.68 | 3.85 | 2.86 | $658.5M | 9.24 |
| 2023 | $8.63B | +40.3% | 39.03 | 15.03 | 11.42 | $887.1M | 49.30 |
| 2024 | $10.21B | +18.3% | 39.62 | 16.05 | 12.17 | $1.17B | 80.92 |
| 2025 | $11.21B | +9.8% | 39.09 | 14.97 | 11.52 | $1.04B | 65.87 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| May 3, 2025 | $2.85B | — | — | 10.71% |
| Aug 2, 2025 | $5.64B | — | +97.9% | 10.04% |
| Aug 2, 2025 | $2.79B | — | -50.5% | 20.30% |
| Nov 1, 2025 | $8.49B | — | +204.6% | 9.38% |
| Nov 1, 2025 | $2.86B | — | -66.4% | 27.88% |
| May 2, 2026 | $3.16B | — | +10.7% | 10.76% |
Revenue (annual, SEC 10-K)
2016: 0
2017: 0
2018: 4,855
2019: 5,885
2020: 6,717
2021: 7,398
2022: 6,152
2023: 8,631
2024: 10,209
2025: 11,207
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 0
2017: 77
2018: 261
2019: 339
2020: 637
2021: 803
2022: 658
2023: 887
2024: 1,170
2025: 1,041
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score -10Stable
80% conf
Latest annual report (10-K) filed Mar 26, 2026. Latest quarterly report (10-Q) filed Jun 2, 2026. 21 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Mar 26, 2026.
- Latest quarterly report (10-Q) filed Jun 2, 2026.
- 21 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 1 sell transactions — net selling $182.2K.
- ~10,000+ recent 13F-HR filings reference Ulta Beauty Inc.; broad institutional reporting.
- Recent filers include Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P..
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Mar 26, 2026
Annual report
Latest 10-Q
Jun 2, 2026
8-K (recent)
21
Insider net
-$182.2K
0B/1S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Parallax Volatility Advisers, L.P. | 13F-HR | Feb 16, 2021 |
| Parallax Volatility Advisers, L.P. | 13F-HR | May 14, 2021 |
| Parallax Volatility Advisers, L.P. | 13F-HR | Feb 14, 2022 |
| Parallax Volatility Advisers, L.P. | 13F-HR | Nov 15, 2021 |
| WEDGEWOOD PARTNERS INC | 13F-HR | Aug 14, 2019 |
Recent insider Form 4 activity
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| MRKONIC GEORGE R JR | Jun 16, 2026 | -$182.2K | 0/1 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jun 9, 2026 | 8-K | 8-K |
| Jun 2, 2026 | 8-K | 8-K |
| Mar 12, 2026 | 8-K | 8-K |
| Dec 18, 2025 | 8-K | 8-K |
| Dec 4, 2025 | 8-K | 8-K |
| Oct 16, 2025 | 8-K | FORM 8-K |
| Aug 28, 2025 | 8-K | 8-K |
| Aug 21, 2025 | 8-K | 8-K |
Insider Form 4 sentiment (transactions)
Buys: 0
Sells: 1
Buys
Sells
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -31Deteriorating
66% conf
2 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. 2 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- Material weakness in internal controls: The term "material weakness" appears in 18 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Restatement of financial statements: The term "restate" "financial statements" appears in 8 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +45.4% to $46.3M, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: 2 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
Revenue
$11.21B
+9.8% YoY
Gross profit
$4.38B
+8.3% YoY
Operating income
$1.68B
+2.4% YoY
Net income
$1.29B
+3.9% YoY
Operating cash flow
$1.48B
-0.4% YoY
Capex
$435.3M
+39.5% YoY
Total assets
$6.00B
+5.2% YoY
Total liabilities
$3.51B
+2.5% YoY
Filing quality score
69/100
2 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $10.21B | $11.21B | $998.7M | +9.8% |
| Gross profit | $4.04B | $4.38B | $336.6M | +8.3% |
| Operating income | $1.64B | $1.68B | $39.4M | +2.4% |
| Net income | $1.24B | $1.29B | $48.6M | +3.9% |
| Operating cash flow | $1.48B | $1.48B | $-5.6M | -0.4% |
| Capex | $312.1M | $435.3M | $123.1M | +39.5% |
| Total assets | $5.71B | $6.00B | $294.7M | +5.2% |
| Total liabilities | $3.43B | $3.51B | $85.7M | +2.5% |
| Cash & equivalents | $766.6M | $703.2M | $-63.4M | -8.3% |
| Stockholders equity | $1.54B | $1.96B | $424.4M | +27.6% |
| Accounts receivable | $207.9M | $223.3M | $15.4M | +7.4% |
| SG&A expense | $2.40B | $2.69B | $299.3M | +12.5% |
| Interest expense | $2.2M | $755000 | $-1.4M | -65.7% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | IndefiniteLivedIntangibleAssetsPeriodIncreaseDecrease, ProceedsFromSaleOfShortTermInvestments |
| Removed | AccountsReceivableNetCurrent, AccrualForTaxesOtherThanIncomeTaxesCurrent, AccruedAdvertisingCurrent, AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AdvertisingExpense, AllocatedShareBasedCompensationExpense, AllowanceForDoubtfulAccountsReceivableCurrent, CapitalizedComputerSoftwareAmortization1, Cash, ContractualObligation |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 18 | 2 | Ongoing |
| Restatement of financial statements | high | 8 | 1 | Ongoing |
| Impairment charge | medium | 20 | 1 | Ongoing |
| Restructuring | medium | 10 | 2 | Ongoing |
| Off-balance sheet arrangements | medium | 57 | 0 | NEW |
Filing signal breakdown
Red flags: 2
Positive: 1
Watch: 1
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $19.83B at $461.33 per share.
- ProPrice & TechnicalsPrice $461.33 — downtrend (below 200-DMA); 1-month momentum negative.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Moderate.
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Ulta Beauty Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewRevenue grew **+9.8%** YoY to $11.21B..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ULTA stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA● you | 5 | Supportive |
| Pinterest Inc. PINS | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Microchip Technology MCHP | 3 | Supportive |
| Warner Bros Discovery WBD | 3 | Supportive |
| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| MercadoLibre Inc. MELI | -1 | Supportive |
| EOG Resources EOG | -2 | Supportive |
| Applied Materials Inc. AMAT | -2 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Spotify Technology SPOT | -3 | Supportive |
| Energy Transfer ET | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Phillips 66 PSX | -4 | Supportive |
| United Airlines Holdings UAL | -5 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Comcast Corp. CMCSA | -6 | Supportive |
| TJX Cos. TJX | -6 | Supportive |
| Starbucks Corp. SBUX | -6 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| Workday Inc. WDAY | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Micron Technology MU | -8 | Supportive |
| CF Industries CF | -8 | Supportive |
| Lam Research Corp. LRCX | -8 | Supportive |
| Albemarle Corp. ALB | -8 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Yum Brands Inc. YUM | -8 | Supportive |
| Linde plc LIN | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Chipotle Mexican Grill CMG | -10 | Supportive |
| Old Dominion Freight ODFL | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Union Pacific Corp. UNP | -12 | Supportive |
| Norfolk Southern NSC | -13 | Supportive |
| Air Products & Chemicals APD | -13 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
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| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Zscaler Inc. ZS | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Devon Energy DVN | -16 | Supportive |
| Kinder Morgan KMI | -16 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| CSX Corp. CSX | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
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| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Dollar General Corp. DG | -20 | Supportive |
| Eaton Corp. ETN | -22 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -22 | Supportive |
| 3M Co. MMM | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Texas Instruments TXN | -25 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Marvell Technology MRVL | -29 | Supportive |
| Verizon Communications VZ | -30 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Newmont Corp. NEM | -34 | Supportive |
| Autodesk Inc. ADSK | -34 | Supportive |
| Broadcom Inc. AVGO | -35 | Supportive |