ULTANasdaqRetail-Retail Stores, NECFiscal year ends January 30
Ulta Beauty, Inc.
Financials through Q2 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Aug 27, 2026
$591.62−1.32 (-0.22%)
Close on Oct 19, 2026
- Market cap
- $25.48B
- P/E (TTM)
- 21.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
39.1%+7.4 pts over 5 years
Operating margin
12.4%+8.5 pts over 5 years
Net margin
9.3%+6.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.7% | +6.7% | +15.0% | +12.2% | |
| Gross profit | +10.4% | +6.2% | +20.0% | +13.3% | |
| Operating income | -2.0% | -2.2% | +45.3% | +11.7% | |
| Net income | -4.0% | -2.4% | +45.7% | +13.7% | |
| EPS, diluted | +1.2% | +2.2% | +52.5% | +17.8% | |
| Free cash flow | +10.8% | -3.0% | +10.2% | +30.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 27.4% | 9.0% | 43.6% | |
| Return on assets | 17.1% | 3.5% | 17.7% | |
| Current ratio | 2.90 | 1.87 | 1.41 | |
| Capex to revenue | 7.7% | 2.5% | 3.5% | |
| Diluted shares | 63M | 57M | 45M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ulta Beauty generated $6.86B from operations and spent $7.05B on capital expenditure, dividends and share buybacks. 25% of that went back into the business.
Generated
$6.86B
Used
$7.05B
Capital expenditure$1.73B25%Dividends$00%Share buybacks$5.32B75%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.3%
×Asset turnover1.91×
×Equity multiplier2.46×
=Return on equity, FY202543.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.3% | 1.91× | 2.46× | 43.6% |
| FY2024 | 10.6% | 1.93× | 2.46× | 50.4% |
| FY2023 | 11.5% | 2.02× | 2.61× | 60.9% |
| FY2022 | 12.2% | 2.01× | 2.90× | 71.1% |
| FY2021 | 11.4% | 1.75× | 2.79× | 55.8% |
| FY2020 | 2.9% | 1.24× | 2.55× | 9.0% |
| FY2019 | 9.5% | 1.84× | 2.16× | 37.9% |
| FY2018 | 9.8% | 2.20× | 1.70× | 36.6% |
| FY2017 | 9.4% | 2.16× | 1.64× | 33.4% |
| FY2016 | 8.4% | 2.03× | 1.60× | 27.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.15B
- Cash generatingOperating cash flow above zero$1.50B
- Return on assets improvedROA up on the prior year21.0% → 19.2%
- Earnings backed by cashOperating cash flow above net income$1.50B vs $1.15B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.70 → 1.41
- No dilutionShare count did not rise47M → 45M
- Gross margin improvedGross margin up on the prior year38.84% → 39.10%
- More efficientAsset turnover rose1.98 → 2.06