Ulta Beauty, Inc. ULTA
Ulta Beauty, Inc. ("we," "us," "our," "Ulta Beauty," or the "Company") is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. The Company was founded in Illinois in 1990 as a beauty retailer at a time when prestige, mass, and salon products were sold through distinct channels – department stores for prestige products; drug stores and mass merchandisers for mass products; and salons and authorized retail outlets for professional hair care products. The Company developed a unique specialty retail concept that offers a broad range of brands and price points, select beauty services, and a convenient and welcoming shopping environment. The Company's target consumer is defined as a
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.39B | $11.30B | $11.21B | $10.21B | $8.63B | $6.15B | $7.40B | $6.72B | $5.88B | $4.85B |
| Cost of revenue | $7.55B | $6.91B | $6.83B | $6.16B | $5.26B | $4.20B | $4.72B | $4.31B | $3.79B | $3.11B |
| Gross profit | $4.85B | $4.39B | $4.38B | $4.04B | $3.37B | $1.95B | $2.68B | $2.41B | $2.10B | $1.75B |
| SG&A | $3.30B | $2.81B | $2.69B | $2.40B | $2.06B | $1.58B | $1.76B | $1.54B | $1.29B | $1.07B |
| Operating income | $1.53B | $1.56B | $1.68B | $1.64B | $1.30B | $236.8M | $901.1M | $854.1M | $785.3M | $654.8M |
| Interest expense | — | — | — | — | — | — | — | — | $1.6M | $890.0K |
| Pre-tax income | $1.53B | $1.58B | $1.70B | $1.64B | $1.30B | $231.1M | $906.1M | $859.1M | $786.9M | $655.7M |
| Income tax | $373.9M | $378.9M | $404.6M | $401.1M | $310.0M | $55.2M | $200.2M | $200.6M | $231.6M | $246.0M |
| Net income | $1.15B | $1.20B | $1.29B | $1.24B | $986.0M | $175.8M | $705.9M | $658.6M | $555.2M | $409.8M |
| EPS, basic | 25.72 | 25.44 | 26.18 | 24.17 | 18.09 | 3.12 | 12.21 | 11.00 | 9.02 | 6.55 |
| EPS, diluted | 25.64 | 25.34 | 26.03 | 24.01 | 17.98 | 3.11 | 12.15 | 10.94 | 8.96 | 6.52 |
| Shares, diluted (wtd. avg.) | $45.0M | $47.4M | $49.6M | $51.7M | $54.8M | $56.6M | $58.1M | $60.2M | $62.0M | $62.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $424.2M | $703.2M | $766.6M | $737.9M | $431.6M | $1.05B | $392.3M | $409.3M | $277.4M | $385.0M |
| Short-term investments | $70.0M | — | — | — | — | — | $110.0M | $0 | $120.0M | $30.0M |
| Receivables | $296.2M | $223.3M | $207.9M | $199.4M | $233.7M | $193.1M | $139.3M | $136.2M | $99.7M | $88.6M |
| Total current assets | $3.14B | $3.03B | $2.84B | $2.71B | $2.28B | $2.51B | $2.06B | $1.91B | $1.69B | $1.54B |
| Property, plant and equipment | $1.43B | $1.24B | $1.18B | $1.01B | $914.5M | $995.8M | $1.21B | $1.23B | $1.19B | $1.00B |
| Goodwill | $226.4M | $10.9M | $10.9M | $10.9M | $10.9M | $10.9M | $10.9M | $10.9M | $0 | — |
| Other intangibles | — | $204.0K | $510.0K | $1.3M | — | $2.5M | $3.4M | $4.3M | — | — |
| Total assets | $7.00B | $6.00B | $5.71B | $5.37B | $4.76B | $5.09B | $4.86B | $3.19B | $2.91B | $2.55B |
| Accounts payable | $685.9M | $563.8M | $544.0M | $559.5M | $552.7M | $477.1M | $414.0M | $404.0M | $325.8M | $259.5M |
| Short-term debt | $62.3M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $2.22B | $1.78B | $1.66B | $1.68B | $1.56B | $1.34B | $1.14B | $823.7M | $642.2M | $529.3M |
| Total liabilities | $4.20B | $3.51B | $3.43B | $3.41B | $3.23B | $3.09B | $2.96B | $1.37B | $1.13B | $1.00B |
| Retained earnings | $1.74B | $1.47B | $1.29B | $995.8M | $653.4M | $1.19B | $1.13B | $1.11B | $1.09B | $905.8M |
| Total equity | $2.80B | $2.49B | $2.28B | $1.96B | $1.54B | $2.00B | $1.90B | $1.82B | $1.77B | $1.55B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.50B | $1.34B | $1.48B | $1.48B | $1.06B | $810.4M | $1.10B | $956.1M | $779.4M | $634.4M |
| Depreciation and amortisation | $300.8M | $267.0M | $243.8M | $241.4M | $268.5M | $297.8M | $295.6M | $279.5M | $252.7M | $210.3M |
| Stock-based compensation | $37.4M | $42.8M | $48.2M | $43.0M | $47.3M | $27.6M | $25.6M | $27.5M | $24.4M | $19.3M |
| Capital expenditure | $434.8M | $374.5M | $435.3M | $312.1M | $172.2M | $151.9M | $298.5M | $319.4M | $440.7M | $373.4M |
| Investing cash flow | -$931.3M | -$383.1M | -$441.4M | -$314.6M | -$176.5M | -$48.8M | -$471.5M | -$215.1M | -$530.7M | -$273.4M |
| Financing cash flow | -$850.7M | -$1.02B | -$1.01B | -$861.0M | -$1.50B | -$107.9M | -$646.7M | -$609.2M | -$356.2M | -$321.8M |
| Buybacks | $901.4M | $1.00B | $995.7M | $900.0M | $1.52B | $114.9M | $681.0M | $616.2M | $367.6M | $344.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046308.
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