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Ulta Beauty Inc.
ULTAConsumer DiscretionaryGenerated Aug 19, 2026, 09:25 PM UTC
ULTA (Ulta Beauty Inc.) analytical snapshot. Revenue grew +9.7% YoY to $12.39B. 5-year revenue CAGR +7.5%; 10y CAGR +11.0%. Net margin at 9.31% (contracting ▼). Market cap $22.69B at $527.85 per share. Trailing P/E 20.59, P/S 1.83, P/B 8.79. EV/Operating income ≈ 15.22 (EV $23.33B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score 1 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$22.69B
42.99M shares
Price
$527.85
NMS
P/E (ttm)
20.59
Revenue (FY)
$12.39B
YoY +9.7%
Net margin
9.31%
▼ 2.86pp
Free cash flow
$1.07B
8.62% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score -25Deteriorating
80% conf
Latest annual report (10-K) filed Mar 26, 2026. Latest quarterly report (10-Q) filed Jun 2, 2026. 22 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.
- 22 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 1 sell transactions — net selling $182.2K.
Latest 10-K
Mar 26, 2026
Annual report
Latest 10-Q
Jun 2, 2026
8-K (recent)
22
Insider net
-$182.2K
0B/1S
13F filers
—
Activist 13D
0
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 |
|---|---|---|
| Aug 17, 2026 | 8-K | 8-K |
| Jul 14, 2026 | 8-K | 8-K |
| 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 |
Insider Form 4 sentiment (transactions)
Buys: 0
Sells: 1
Buys
Sells
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -29Deteriorating
66% conf
2 risk signal(s), 2 positive signal(s), 3 watch item(s) detected from XBRL filing diff analysis. Revenue grew +9.7% but receivables grew +32.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +32.6% YoY vs revenue growth of +9.7%. The +22.9% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- NEW: Material weakness in internal controls in latest filing: The term "material weakness" "internal control" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Operating cash flow exceeds net income: OCF is 1.30x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +16.3% to $582.4M, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- NEW: Restructuring: Restructuring appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Revenue grew +9.7% but receivables grew +32.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Material weakness in internal controls, Impairment charge, Restructuring, Off-balance sheet arrangements.
Revenue
$12.39B
+9.7% YoY
Gross profit
$4.85B
+10.4% YoY
Operating income
$1.53B
-2.0% YoY
Net income
$1.15B
-4.0% YoY
Operating cash flow
$1.50B
+12.3% YoY
Capex
$434.8M
+16.1% YoY
Total assets
$7.00B
+16.6% YoY
Total liabilities
$4.20B
+19.4% 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 | $11.30B | $12.39B | $1.10B | +9.7% |
| Gross profit | $4.39B | $4.85B | $458.0M | +10.4% |
| Operating income | $1.56B | $1.53B | $-32.0M | -2.0% |
| Net income | $1.20B | $1.15B | $-47.6M | -4.0% |
| Operating cash flow | $1.34B | $1.50B | $164.2M | +12.3% |
| Capex | $374.5M | $434.8M | $60.4M | +16.1% |
| Total assets | $6.00B | $7.00B | $997.6M | +16.6% |
| Total liabilities | $3.51B | $4.20B | $682.5M | +19.4% |
| Cash & equivalents | $703.2M | $424.2M | $-279.0M | -39.7% |
| Stockholders equity | $2.49B | $2.80B | $315.1M | +12.7% |
| Accounts receivable | $223.3M | $296.2M | $72.9M | +32.6% |
| SG&A expense | $2.81B | $3.30B | $487.8M | +17.4% |
| Interest expense | $587000 | $185000 | $-402000 | -68.5% |
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 | 5 | 0 | NEW |
| Impairment charge | medium | 5 | 0 | NEW |
| Restructuring | medium | 5 | 0 | NEW |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 0 | NEW |
Filing signal breakdown
Red flags: 2
Positive: 2
Watch: 3
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 20Improving
80% conf
Revenue grew +9.7% YoY to $12.39B. 5-year revenue CAGR +7.5%; 10y CAGR +11.0%. Net margin at 9.31% (contracting ▼).
- Revenue grew +9.7% YoY to $12.39B.
- 5-year revenue CAGR +7.5%; 10y CAGR +11.0%.
- Net margin at 9.31% (contracting ▼).
- Return on equity 41.14%, ROA 16.48%, ROIC 54.68%.
- Gross margin 39.10%, operating margin 12.37%.
- Free cash flow margin 8.62% ($1.07B).
- Net income down ▼ +4.0% YoY.
- Debt/equity 0.31, current ratio 1.31, net debt $633.7M.
- Asset turnover 1.80 — capital efficiency.
Revenue (FY)
$12.39B
YoY +9.7%
Net margin
9.31%
▼ 2.86pp
ROE
41.14%
ROA 16.48%
ROIC
54.68%
EPS (diluted)
$25.64
FY2025
Free cash flow
$1.07B
8.62% 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% |
|---|---|---|---|---|---|---|---|
| 2025 | $11.30B | +0.8% | 38.84 | 13.85 | 10.63 | $964.1M | 48.27 |
| 2026 | $12.39B | +9.7% | 39.10 | 12.37 | 9.31 | $1.07B | 41.14 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Aug 3, 2024 | $2.55B | — | — | 9.90% |
| Nov 2, 2024 | $2.53B | — | -0.9% | 9.57% |
| May 3, 2025 | $2.85B | — | +12.6% | 10.71% |
| Aug 2, 2025 | $2.79B | — | -2.1% | 9.36% |
| Nov 1, 2025 | $2.86B | — | +2.5% | 8.08% |
| May 2, 2026 | $3.16B | — | +10.7% | 10.76% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 10Stable
95% conf
Market cap $22.69B at $527.85 per share. Trailing P/E 20.59, P/S 1.83, P/B 8.79. EV/Operating income ≈ 15.22 (EV $23.33B).
- Market cap $22.69B at $527.85 per share.
Market cap
$22.69B
42.99M shares
P/E (ttm)
20.59
P/S
1.83
P/B
8.79
EV
$23.33B
Intrinsic (DCF)
$579.14
+9.7% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 0Stable
85% conf
Price $527.85 — downtrend (below 200-DMA); 1-month momentum positive. RSI(14) 55.69.
- Price $527.85 — downtrend (below 200-DMA); 1-month momentum positive.
Price
$527.85
NMS
RSI(14)
55.69
50-DMA
$486.90
200-DMA
$555.45
Volatility (ann.)
36.21%
52w range
$443.60–$714.97
-26.2% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -10Stable
90% conf
Composite risk Moderate. Leverage debt/equity 0.31 (low). Liquidity current ratio 1.31 (adequate).
- Composite risk: Moderate.
Risk level
Moderate
Debt / equity
0.31
Current ratio
1.31
Margin stdev
2.70pp
Cash / assets
2.41%
Liab / assets
62.57%
ProFull breakdown & reasoning locked
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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
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+9.7%** YoY to $12.39B..
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 |
|---|---|---|
| CF Industries CF | 33 | Supportive |
| MercadoLibre Inc. MELI | 32 | Supportive |
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