FirmAtlas
Company handbook · ULTA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ULTA · CIK 1403568 · LATEST FILING: 10-Q AUG '26 · FILED AUG 27, 2026
ULTA BEAUTY, INC.
$592.94
−16.30 (−2.68%)
Close, Oct 16, 2026 · 52-week $444–715
Last fiscal year
ULTA BEAUTY, INC. reported revenue of $12.4B for the year ended Jan 31, 2026 (FY25), up 9.7% from FY24. Net income was $1.2B, operating cash flow $1.5B and free cash flow $1.1B. Source: 10-K filed Mar 26, 2026.
Market cap
$26.2B
P/E
21.6
EV/EBITDA
14.0x
P/B
9.9
ROIC
55.8%
Revenue 1Y
9.7%/yr
EPS 1Y
1.2%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKecia L. Steelman
HQBolingbrook, IL
AuditorErnst & Young LLP
Employees65,000
Year endsJanuary
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.5%
7.9%
15.3%
10.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.1B deployed
Capex
$809M
26.1%
Acquisitions
$387M
12.5%
Buybacks
$1.9B
61.4%
Operating cash flow over the period: $2.8B. Total debt changed by $0M.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
11,296
12,393+9.7%
12,956
YoY
+9.7%
Gross profit
4,387
4,845+10.4%
5,094
Gross margin
38.8%
39.1%+0.3 pp
—
Operating income
1,565
1,533−2.0%
1,614
Operating margin
13.9%
12.4%−1.5 pp
—
EBITDA
1,832
1,834+0.1%
—
EBITDA margin
16.2%
14.8%−1.4 pp
—
Interest expense
4
10+132.6%
—
Interest coverage
440.49x
189.58x−250.92x
—
Net income
1,201
1,153−4.0%
1,210
YoY
−4.0%
Net margin
10.6%
9.3%−1.3 pp
—
EPS (diluted, $)
25.34
25.64+1.2%
27.51
YoY
+1.2%
Balance sheet
Total assets
6,002
6,999+16.6%
6,964
Cash & short-term investments
703
494−29.7%
—
Accounts receivable
223
296+32.6%
—
Net PP&E
1,239
1,434+15.7%
—
Other assets
3,836
4,775+24.5%
—
Total liabilities
3,513
4,196+19.4%
4,320
Accounts payable
564
686+21.7%
—
Total debt
—
62
340
Other liabilities
2,950
3,448+16.9%
—
Shareholders’ equity
2,488
2,803+12.7%
2,644
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,339
1,503+12.3%
1,568
Net income
1,201
1,153−4.0%
—
Depreciation & amortization
267
301+12.6%
—
Stock-based compensation
43
37−12.5%
—
Working capital & other
(172)
11n/m
—
Cash from investing
(383)
(931)n/m
—
Capex
(374)
(435)n/m
—
Acquisitions
—
(387)
—
Investments bought
—
(70)
—
Other investing
(9)
(40)n/m
—
Cash from financing
(1,019)
(851)n/m
—
Debt repaid
(200)
—
—
Buybacks
(1,003)
(901)n/m
—
Shares issued
12
33+163.9%
—
Other financing
172
18−89.4%
—
Net change in cash
(63)
(279)n/m
—
Free cash flow (OCF − capex)
964
1,068+10.8%
1,149
Where the cash went
Operating cash flow
1,339
1,503+12.3%
1,568
Reinvested in the business
374
822+119.4%
—
% of operating cash flow
28.0%
54.7%
Capex
374
435+16.1%
418
Acquisitions
—
387
—
Free cash flow
964
1,068+10.8%
1,149
YoY
+10.8%
Returned to shareholders
1,003
901−10.2%
—
% of free cash flow
104.1%
84.4%
Buybacks
1,003
901−10.2%
—
FCF conversion (FCF ÷ net income)
80.3%
92.6%+12.3 pp
—
Owner earnings
—
1,069
—
Owner earnings margin
—
8.6%
—
Returns & ratios
ROIC (all capital)
66.6%
55.8%−10.9 pp
—
ROIC (operating)
132.3%
119.3%−13.1 pp
—
Net debt / EBITDA
—
−0.24x
—
Debt / equity
—
0.02x
—
Cash conversion cycle (days)
−23
−24−2 d
—
ROE
48.3%
41.1%−7.1 pp
—
ROA
20.0%
16.5%−3.5 pp
—
ROCE
37.1%
32.1%−5.0 pp
—
NOPAT
1,190
1,159−2.6%
—
Invested capital (operating)
899
1,044+16.2%
—
Invested capital (all)
1,785
2,371+32.8%
—
Reinvestment rate
—
12.6%
—
Debtor days
7
9+2 d
—
Days payable
30
33+3 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
2,858
3,898
3,164
3,036
vs year-ago quarter
Gross profit
1,156
1,484
1,268
1,187
Gross margin
40.4%
38.1%
40.1%
39.1%
Operating income
309
477
448
380
Net income
231
357
340
282
vs year-ago quarter
Net margin
8.1%
9.1%
10.8%
9.3%
EPS (diluted, $)
5.14
8.08
7.74
6.55
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
7,012
6,999
6,895
6,964
Cash & equivalents
205
494
166
158
Total debt
552
62
145
340
Shareholders’ equity
2,633
2,803
2,581
2,644
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
6
1,181
262
120
Capex
87
192
58
81
Free cash flow
(82)
989
204
38
vs year-ago quarter