Free Trial
Discover Investing Tools for the A.I EraStart Free For 30 Days

Ulta Beauty (ULTA) Financials

Ulta Beauty logo
$566.91 +10.46 (+1.88%)
Closing price 10/6/2025 04:00 PM Eastern
Extended Trading
$563.46 -3.45 (-0.61%)
As of 10/6/2025 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Compare
Annual Income Statements for Ulta Beauty

Annual Income Statements for Ulta Beauty

This table shows Ulta Beauty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Net Income / (Loss) Attributable to Common Shareholders		 257 320 410 555 659 706 176 986 1,242 1,291 1,201
Consolidated Net Income / (Loss)		 257 320 410 555 659 706 176 986 1,242 1,291 1,201
Net Income / (Loss) Continuing Operations		 257 320 410 555 659 706 176 986 1,242 1,291 1,201
Total Pre-Tax Income 		411 507 656 787 859 906 231 1,296 1,644 1,696 1,580
Total Operating Income		 410 506 655 785 854 901 237 1,297 1,639 1,678 1,565
Total Gross Profit		 1,137 1,384 1,747 2,097 2,409 2,681 1,949 3,369 4,045 4,381 4,387
Total Revenue		 3,241 3,924 4,855 5,885 6,717 7,398 6,152 8,631 10,209 11,207 11,296
Operating Revenue		 3,241 3,924 4,855 5,885 6,717 7,398 6,152 8,631 10,209 11,207 11,296
Total Cost of Revenue		 2,105 2,540 3,108 3,788 4,307 4,717 4,203 5,262 6,164 6,826 6,908
Operating Cost of Revenue		 2,105 2,540 3,108 3,788 4,307 4,717 4,203 5,262 6,164 6,826 6,908
Total Operating Expenses		 726 878 1,092 1,312 1,555 1,780 1,712 2,071 2,406 2,703 2,822
Selling, General & Admin Expense		 712 863 1,074 1,287 1,535 1,761 1,583 2,062 2,395 2,695 2,809
Other Special Charges / (Income)		 14 15 19 24 20 19 15 9.52 11 8.51 14
Total Other Income / (Expense), net		 0.89 1.14 0.89 1.57 5.06 5.06 -5.74 -1.66 4.93 18 15
Interest & Investment Income		 - - 0.89 1.57 5.06 5.06 -5.74 -1.66 4.93 18 15
Income Tax Expense		 154 187 246 232 201 200 55 310 401 405 379
Basic Earnings per Share		 $4.00 $5.00 $6.55 $9.02 $11.00 $12.21 $3.12 $18.09 $24.17 $26.18 $25.44
Weighted Average Basic Shares Outstanding		 64.34M 63.95M 62.52M 61.56M 59.86M 57.84M 56.35M 54.48M 51.40M 49.30M 47.21M
Diluted Earnings per Share		 $3.98 $4.98 $6.52 $8.96 $10.94 $12.15 $3.11 $17.98 $24.01 $26.03 $25.34
Weighted Average Diluted Shares Outstanding		 64.65M 64.28M 62.85M 61.98M 60.18M 58.11M 56.56M 54.84M 51.74M 49.60M 47.40M
Weighted Average Basic & Diluted Shares Outstanding		 64.30M 62.62M 62.13M 60.61M 58.80M 56.31M 56.21M 52.33M 50.20M 48.27M 45.31M

Quarterly Income Statements for Ulta Beauty

This table shows Ulta Beauty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025 8/2/2025
Net Income / (Loss) Attributable to Common Shareholders		 341 347 300 249 394 313 253 242 393 305 261
Consolidated Net Income / (Loss)		 341 347 300 249 394 313 253 242 393 305 261
Net Income / (Loss) Continuing Operations		 341 347 300 249 394 313 253 242 393 305 261
Total Pre-Tax Income 		452 449 396 330 520 408 334 320 518 405 346
Total Operating Income		 448 442 392 327 517 401 329 319 516 402 345
Total Gross Profit		 1,213 1,055 994 992 1,341 1,070 978 1,006 1,334 1,114 1,092
Total Revenue		 3,227 2,634 2,530 2,489 3,554 2,726 2,552 2,530 3,488 2,848 2,788
Operating Revenue		 3,227 2,634 2,530 2,489 3,554 2,726 2,552 2,530 3,488 2,848 2,788
Total Cost of Revenue		 2,014 1,579 1,536 1,497 2,214 1,656 1,574 1,524 2,154 1,734 1,697
Operating Cost of Revenue		 2,014 1,579 1,536 1,497 2,214 1,656 1,574 1,524 2,154 1,734 1,697
Total Operating Expenses		 765 613 602 665 823 669 649 687 817 712 747
Selling, General & Admin Expense		 763 612 601 661 820 666 645 682 816 711 742
Other Special Charges / (Income)		 2.18 0.66 1.28 3.46 3.11 2.92 4.16 4.88 1.73 1.83 5.11
Total Other Income / (Expense), net		 4.38 7.35 4.45 2.50 3.33 6.90 4.53 1.67 1.99 3.55 1.41
Interest & Investment Income		 4.38 7.35 4.45 2.50 3.33 6.90 4.53 1.67 1.99 3.55 1.41
Income Tax Expense		 111 102 96 80 126 95 81 78 125 100 85
Other Gains / (Losses), net		 - - - - - 0.00 0.00 - - -0.63 -0.60
Basic Earnings per Share		 $6.73 $6.92 $6.05 $5.09 $8.12 $6.51 $5.32 $5.16 $8.45 $6.72 $5.80
Weighted Average Basic Shares Outstanding		 51.40M 50.15M 49.62M 49.01M 49.30M 48.13M 47.51M 46.93M 47.21M 45.36M 44.96M
Diluted Earnings per Share		 $6.67 $6.88 $6.02 $5.07 $8.06 $6.47 $5.30 $5.14 $8.43 $6.70 $5.78
Weighted Average Diluted Shares Outstanding		 51.74M 50.47M 49.85M 49.23M 49.60M 48.38M 47.67M 47.09M 47.40M 45.51M 45.11M
Weighted Average Basic & Diluted Shares Outstanding		 50.20M 49.80M 49.23M 48.56M 48.27M 47.72M 47.11M 46.37M 45.31M 44.95M 44.84M

Annual Cash Flow Statements for Ulta Beauty

This table details how cash moves in and out of Ulta Beauty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Net Change in Cash & Equivalents		 -30 -43 39 -108 132 -17 654 -614 306 29 -63
Net Cash From Operating Activities		 397 376 634 779 956 1,101 810 1,059 1,482 1,476 1,339
Net Cash From Continuing Operating Activities		 397 376 634 779 956 1,101 810 1,059 1,482 1,476 1,339
Net Income / (Loss) Continuing Operations		 257 320 410 555 659 706 176 986 1,242 1,291 1,201
Consolidated Net Income / (Loss)		 257 320 410 555 659 706 176 986 1,242 1,291 1,201
Depreciation Expense		 132 165 210 253 279 296 298 268 241 244 267
Non-Cash Adjustments To Reconcile Net Income		 16 9.79 19 32 30 310 375 329 27 54 31
Changes in Operating Assets and Liabilities, net		 -8.47 -119 -5.10 -60 -11 -210 -38 -524 -29 -113 -161
Net Cash From Investing Activities		 -399 -279 -273 -531 -215 -471 -49 -176 -315 -441 -383
Net Cash From Continuing Investing Activities		 -399 -279 -273 -531 -215 -471 -49 -176 -315 -441 -383
Purchase of Property, Plant & Equipment		 -249 -299 -373 -441 -319 -299 -152 -172 -312 -435 -374
Sale and/or Maturity of Investments		 50 150 190 240 506 -63 104 -4.30 -2.46 -6.16 -8.63
Net Cash From Financing Activities		 -28 -140 -322 -356 -609 -647 -108 -1,497 -861 -1,006 -1,019
Net Cash From Continuing Financing Activities		 -28 -140 -322 -356 -609 -647 -108 -1,497 -861 -1,006 -1,019
Repayment of Debt		 - 0.00 0.00 -0.58 0.00 0.00 -802 0.00 0.00 -195 -204
Repurchase of Common Equity		 -40 -167 -344 -368 -616 -681 -115 -1,522 -900 -996 -1,003
Issuance of Debt		 - - - - 0.00 0.00 800 0.00 0.00 195 200
Other Financing Activities, net		 12 27 23 12 6.98 34 8.88 25 39 -10 -11
Cash Interest Paid		 - - - - 0.00 0.00 6.99 2.13 2.14 3.33 4.16
Cash Income Taxes Paid		 137 179 213 255 196 134 19 371 430 328 386

Quarterly Cash Flow Statements for Ulta Beauty

This table details how cash moves in and out of Ulta Beauty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025 8/2/2025
Net Change in Cash & Equivalents		 487 -101 -248 -267 645 -242 -111 -236 525 -249 -212
Net Cash From Operating Activities		 908 305 124 -71 1,118 159 200 -57 1,037 220 97
Net Cash From Continuing Operating Activities		 908 305 124 -71 1,118 159 200 -57 1,037 220 95
Net Income / (Loss) Continuing Operations		 341 347 300 249 394 313 253 242 393 305 261
Consolidated Net Income / (Loss)		 341 347 300 249 394 313 253 242 393 305 261
Depreciation Expense		 59 58 62 61 63 65 65 67 70 72 71
Non-Cash Adjustments To Reconcile Net Income		 93 87 92 94 120 91 -74 254 -240 104 105
Changes in Operating Assets and Liabilities, net		 416 -187 -330 -476 541 -310 -45 -620 813 -261 -341
Net Cash From Investing Activities		 -108 -110 -96 -109 -126 -94 -98 -115 -76 -86 -474
Net Cash From Continuing Investing Activities		 -108 -110 -96 -109 -126 -94 -98 -115 -76 -86 -474
Purchase of Property, Plant & Equipment		 -108 -110 -95 -106 -124 -91 -95 -114 -74 -79 -77
Sale and/or Maturity of Investments		 0.61 -0.31 -1.37 -3.18 -1.29 -2.56 -2.53 -1.02 -2.52 -7.35 -9.78
Net Cash From Financing Activities		 -314 -296 -275 -87 -348 -308 -212 -64 -435 -382 165
Net Cash From Continuing Financing Activities		 -314 -296 -275 -87 -348 -308 -212 -64 -435 -382 165
Repayment of Debt		 - 0.00 - - - -3.95 -0.14 -0.07 -200 0.00 -333
Repurchase of Common Equity		 -328 -284 -275 -282 -155 -289 -212 -264 -238 -370 -109
Other Financing Activities, net		 14 -13 0.12 -0.41 2.64 -14 0.11 -0.10 2.94 -12 14
Cash Income Taxes Paid		 91 2.82 186 78 61 5.06 228 84 69 7.02 245

Annual Balance Sheets for Ulta Beauty

This table presents Ulta Beauty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Total Assets		 1,983 2,231 2,552 2,909 3,191 4,864 5,090 4,764 5,370 5,707 6,002
Total Current Assets		 1,260 1,375 1,536 1,694 1,915 2,055 2,515 2,281 2,709 2,837 3,029
Cash & Equivalents		 389 346 385 277 409 392 1,046 432 738 767 703
Accounts Receivable		 52 65 89 100 136 139 193 234 199 208 223
Inventories, net		 581 762 944 1,096 1,214 1,294 1,168 1,499 1,603 1,742 1,968
Prepaid Expenses		 67 73 89 99 138 104 107 111 130 116 129
Current Deferred & Refundable Income Taxes		 21 - 0.00 1.49 17 16 0.00 5.91 38 4.25 4.95
Plant, Property, & Equipment, net		 717 848 1,004 1,189 1,226 1,206 996 914 1,009 1,182 1,239
Total Noncurrent Assets		 5.66 8.15 11 25 50 1,603 1,579 1,569 1,652 1,688 1,734
Goodwill		 - - - 0.00 11 11 11 11 11 11 11
Intangible Assets		 - - - 0.00 4.32 3.39 2.47 1.54 1.31 0.51 0.20
Employee Benefit Assets		 5.66 8.15 11 17 21 28 33 38 35 44 48
Other Noncurrent Operating Assets		 - - 0.00 8.66 15 1,561 1,533 1,518 1,604 1,633 1,675
Total Liabilities & Shareholders' Equity		 1,983 2,231 2,552 2,909 3,191 4,864 5,090 4,764 5,370 5,707 6,002
Total Liabilities		 736 788 1,002 1,134 1,371 2,962 3,090 3,229 3,411 3,428 3,513
Total Current Liabilities		 360 396 529 642 824 1,137 1,344 1,558 1,682 1,658 1,779
Short-Term Debt		 - - - - 0.00 240 253 274 283 284 0.00
Accounts Payable		 191 196 260 326 404 414 477 553 560 544 564
Accrued Expenses		 149 187 261 189 221 246 296 365 444 382 380
Current Deferred Revenue		 - - - 113 199 238 274 354 395 437 501
Current Deferred & Payable Income Tax Liabilities		 19 13 8.97 14 - 0.00 43 13 0.00 11 47
Other Current Liabilities		 - - - - - - - - - - 288
Total Noncurrent Liabilities		 376 392 472 492 547 1,825 1,747 1,671 1,729 1,769 1,734
Noncurrent Deferred & Payable Income Tax Liabilities		 74 60 86 59 84 89 65 40 55 86 43
Other Noncurrent Operating Liabilities		 7.44 10 20 25 28 36 38 59 54 56 1,691
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,248 1,443 1,550 1,774 1,820 1,902 2,000 1,535 1,960 2,279 2,488
Total Preferred & Common Equity		 1,248 1,443 1,550 1,774 1,820 1,902 2,000 1,535 1,960 2,279 2,488
Total Common Equity		 1,248 1,443 1,550 1,774 1,820 1,902 2,000 1,535 1,960 2,279 2,488
Common Stock		 578 622 659 700 739 808 848 935 1,025 1,076 1,121
Retained Earnings		 680 832 906 1,093 1,106 1,128 1,189 653 996 1,287 1,474
Treasury Stock		 -9.71 -12 -15 -19 -25 -34 -38 -53 -60 -83 -107

Quarterly Balance Sheets for Ulta Beauty

This table presents Ulta Beauty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 10/29/2022 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 5/3/2025 8/2/2025
Total Assets		 5,332 5,370 5,376 5,249 5,595 5,707 5,632 5,737 5,958 5,987 6,631
Total Current Assets		 2,746 2,709 2,686 2,519 2,792 2,837 2,761 2,799 2,955 2,940 3,069
Cash & Equivalents		 251 738 636 389 122 767 525 414 178 455 243
Accounts Receivable		 200 199 190 174 203 208 203 201 214 225 224
Inventories, net		 2,115 1,603 1,751 1,816 2,321 1,742 1,906 1,998 2,365 2,122 2,407
Prepaid Expenses		 138 130 108 111 117 116 127 132 136 138 166
Current Deferred & Refundable Income Taxes		 43 38 0.00 30 29 4.25 0.00 54 63 0.00 29
Plant, Property, & Equipment, net		 967 1,009 1,020 1,073 1,118 1,182 1,196 1,226 1,264 1,251 1,333
Total Noncurrent Assets		 1,619 1,652 1,670 1,656 1,685 1,688 1,676 1,713 1,739 1,796 2,229
Goodwill		 11 11 11 11 11 11 11 11 11 11 393
Intangible Assets		 0.84 1.31 1.02 0.72 0.59 0.51 0.43 0.36 0.28 0.00 5.47
Employee Benefit Assets		 32 35 37 40 38 44 46 46 49 47 51
Other Noncurrent Operating Assets		 1,575 1,604 1,621 1,605 1,635 1,633 1,619 1,655 1,679 1,737 1,780
Total Liabilities & Shareholders' Equity		 5,332 5,370 5,376 5,249 5,595 5,707 5,632 5,737 5,958 5,987 6,631
Total Liabilities		 3,409 3,411 3,358 3,197 3,566 3,428 3,331 3,389 3,629 3,556 4,027
Total Current Liabilities		 1,698 1,682 1,634 1,491 1,837 1,658 1,573 1,591 1,816 1,764 2,201
Short-Term Debt		 0.00 283 288 287 195 0.00 285 0.00 485 286 289
Accounts Payable		 647 560 621 521 597 544 464 567 593 538 709
Accrued Expenses		 463 444 309 328 405 382 333 348 333 347 460
Current Deferred Revenue		 312 395 357 354 351 437 399 395 405 463 460
Current Deferred & Payable Income Tax Liabilities		 - 0.00 59 0.00 0.00 11 93 0.00 0.00 131 0.00
Other Current Liabilities		 276 - - - 288 284 - 281 - - 283
Total Noncurrent Liabilities		 1,712 1,729 1,724 1,706 1,730 1,769 1,758 1,798 1,813 1,793 1,826
Noncurrent Deferred & Payable Income Tax Liabilities		 39 55 57 56 57 86 90 88 92 46 49
Other Noncurrent Operating Liabilities		 1,673 54 56 57 1,673 1,684 61 1,710 65 57 1,777
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,922 1,960 2,018 2,052 2,029 2,279 2,301 2,348 2,329 2,430 2,604
Total Preferred & Common Equity		 1,922 1,960 2,018 2,052 2,029 2,279 2,301 2,348 2,329 2,430 2,604
Total Common Equity		 1,922 1,960 2,018 2,052 2,029 2,279 2,301 2,348 2,329 2,430 2,604
Common Stock		 999 1,025 1,041 1,050 1,059 1,076 1,092 1,100 1,105 1,130 1,152
Retained Earnings		 983 996 1,059 1,084 1,052 1,287 1,315 1,355 1,330 1,420 1,572
Treasury Stock		 -60 -60 -82 -82 -83 -83 -106 -106 -107 -120 -120

Annual Metrics And Ratios for Ulta Beauty

This table displays calculated financial ratios and metrics derived from Ulta Beauty's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/31/2015 1/30/2016 1/28/2017 2/3/2018 2/2/2019 2/1/2020 1/30/2021 1/29/2022 1/28/2023 2/3/2024 2/1/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.37% 21.06% 23.72% 21.21% 14.14% 10.15% -16.84% 40.30% 18.28% 9.78% 0.79%
EBITDA Growth		 24.96% 23.82% 28.86% 19.98% 9.21% 5.57% -55.33% 192.92% 20.05% 2.23% -4.68%
EBIT Growth		 25.28% 23.36% 29.34% 19.92% 8.76% 5.50% -73.72% 447.88% 26.29% 2.41% -6.74%
NOPAT Growth		 26.53% 24.44% 28.16% 35.42% 18.15% 7.23% -74.33% 447.79% 25.49% 3.14% -6.88%
Net Income Growth		 26.76% 24.45% 28.05% 35.50% 18.61% 7.20% -75.09% 460.66% 26.03% 3.91% -6.96%
EPS Growth		 26.35% 25.13% 30.92% 37.42% 22.10% 11.06% -74.40% 478.14% 33.54% 8.41% -2.65%
Operating Cash Flow Growth		 21.01% -5.22% 68.78% 22.85% 22.68% 15.18% -26.42% 30.72% 39.90% -0.38% -9.32%
Free Cash Flow Firm Growth		 54.21% -125.00% 475.80% 29.67% 98.51% -297.45% 154.53% 32.76% 19.99% -8.01% -7.54%
Invested Capital Growth		 21.34% 65.70% 17.39% 21.28% 2.48% 136.58% -14.61% 3.52% 5.92% 9.56% 8.31%
Revenue Q/Q Growth		 5.86% 5.96% 6.87% 6.46% 2.87% 2.51% -1.71% 6.55% 5.12% 3.01% -0.59%
EBITDA Q/Q Growth		 5.93% 6.73% 8.53% 3.58% 3.06% 0.94% -11.36% 10.10% 3.72% 3.94% 0.36%
EBIT Q/Q Growth		 6.03% 6.75% 9.12% 4.00% 3.24% 0.73% -21.14% 13.21% 4.60% 4.32% -0.05%
NOPAT Q/Q Growth		 6.86% 6.87% 8.63% 13.92% 0.91% 1.25% -21.92% 13.56% 4.01% 4.45% -0.01%
Net Income Q/Q Growth		 6.89% 6.87% 8.58% 13.95% 1.00% 1.15% -22.56% 13.58% 4.31% 4.33% -0.09%
EPS Q/Q Growth		 6.99% 6.87% 9.40% 14.58% 2.05% 2.36% -21.27% 14.96% 5.68% 5.64% 1.48%
Operating Cash Flow Q/Q Growth		 6.11% -5.89% 15.36% 21.69% -3.66% 13.37% 0.94% 9.64% 21.68% 16.56% -5.75%
Free Cash Flow Firm Q/Q Growth		 -3.07% -184.81% 32.35% 67.92% 0.19% 8.27% 13.02% 3.77% -61.18% 23.49% 190.48%
Invested Capital Q/Q Growth		 -10.50% -4.67% -6.10% -8.78% -8.31% -6.44% -11.14% -8.43% 86.95% 62.87% -13.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 35.07% 35.28% 35.99% 35.63% 35.87% 36.24% 31.68% 39.03% 39.62% 39.09% 38.84%
EBITDA Margin		 16.73% 17.11% 17.82% 17.64% 16.88% 16.18% 8.69% 18.14% 18.42% 17.15% 16.22%
Operating Margin		 12.66% 12.90% 13.49% 13.35% 12.72% 12.18% 3.85% 15.03% 16.05% 14.97% 13.85%
EBIT Margin		 12.66% 12.90% 13.49% 13.35% 12.72% 12.18% 3.85% 15.03% 16.05% 14.97% 13.85%
Profit (Net Income) Margin		 7.93% 8.15% 8.44% 9.44% 9.80% 9.54% 2.86% 11.42% 12.17% 11.52% 10.63%
Tax Burden Percent		 62.52% 63.06% 62.49% 70.56% 76.65% 77.91% 76.09% 76.08% 75.59% 76.14% 76.02%
Interest Burden Percent		 100.22% 100.23% 100.14% 100.20% 100.59% 100.56% 97.58% 99.87% 100.30% 101.05% 100.96%
Effective Tax Rate		 37.48% 36.94% 37.51% 29.44% 23.35% 22.09% 23.91% 23.92% 24.41% 23.86% 23.98%
Return on Invested Capital (ROIC)		 39.72% 41.18% 38.93% 44.12% 46.97% 29.56% 5.82% 34.03% 40.78% 39.02% 33.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 39.61% 41.02% 38.81% 43.85% 46.01% 30.33% 5.44% 33.92% 41.06% 40.18% 34.33%
Return on Net Nonoperating Assets (RNNOA)		 -16.87% -15.01% -11.55% -10.72% -10.33% 8.37% 3.19% 21.74% 30.32% 21.89% 17.03%
Return on Equity (ROE)		 22.85% 26.17% 27.38% 33.40% 36.64% 37.93% 9.01% 55.78% 71.09% 60.91% 50.39%
Cash Return on Invested Capital (CROIC)		 20.44% -8.27% 22.93% 24.89% 44.52% -51.59% 21.59% 30.58% 35.03% 29.89% 25.38%
Operating Return on Assets (OROA)		 22.89% 26.41% 27.38% 28.76% 28.00% 22.37% 4.76% 26.33% 32.34% 30.30% 26.73%
Return on Assets (ROA)		 14.34% 16.69% 17.13% 20.34% 21.59% 17.53% 3.53% 20.01% 24.52% 23.31% 20.52%
Return on Common Equity (ROCE)		 22.85% 26.17% 27.38% 33.40% 36.64% 37.93% 9.01% 55.78% 71.09% 60.91% 50.39%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 22.18% 26.43% 31.29% 36.18% 37.11% 8.79% 64.21% 63.39% 56.64% 48.27%
Net Operating Profit after Tax (NOPAT)		 257 319 409 554 655 702 180 987 1,239 1,278 1,190
NOPAT Margin		 7.92% 8.14% 8.43% 9.42% 9.75% 9.49% 2.93% 11.44% 12.13% 11.40% 10.53%
Net Nonoperating Expense Percent (NNEP)		 0.12% 0.16% 0.12% 0.27% 0.96% -0.77% 0.38% 0.11% -0.29% -1.16% -0.97%
Return On Investment Capital (ROIC_SIMPLE)		 20.57% - - - - - - - - - 26.97%
Cost of Revenue to Revenue		 64.93% 64.72% 64.01% 64.37% 64.13% 63.76% 68.32% 60.97% 60.38% 60.91% 61.16%
SG&A Expenses to Revenue		 21.97% 22.00% 22.12% 21.87% 22.86% 23.80% 25.73% 23.89% 23.46% 24.04% 24.86%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 22.41% 22.38% 22.50% 22.29% 23.16% 24.06% 27.83% 24.00% 23.57% 24.12% 24.99%
Earnings before Interest and Taxes (EBIT)		 410 506 655 785 854 901 237 1,297 1,639 1,678 1,565
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 542 671 865 1,038 1,134 1,197 535 1,566 1,880 1,922 1,832
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.81 8.00 10.90 7.54 9.49 8.05 7.88 12.65 13.13 10.77 7.68
Price to Tangible Book Value (P/TBV)		 6.81 8.00 10.90 7.54 9.57 8.11 7.94 12.75 13.21 10.82 7.72
Price to Revenue (P/Rev)		 2.62 2.94 3.48 2.27 2.57 2.07 2.56 2.25 2.52 2.19 1.69
Price to Earnings (P/E)		 33.03 36.06 41.23 24.11 26.24 21.69 89.64 19.70 20.71 19.01 15.91
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.03% 2.77% 2.43% 4.15% 3.81% 4.61% 1.12% 5.08% 4.83% 5.26% 6.28%
Enterprise Value to Invested Capital (EV/IC)		 11.23 11.44 14.51 9.43 11.96 5.02 5.83 7.06 8.61 7.50 5.48
Enterprise Value to Revenue (EV/Rev)		 2.45 2.82 3.39 2.21 2.51 2.26 2.70 2.41 2.63 2.29 1.80
Enterprise Value to EBITDA (EV/EBITDA)		 14.67 16.48 19.05 12.51 14.88 14.00 31.07 13.31 14.31 13.36 11.10
Enterprise Value to EBIT (EV/EBIT)		 19.38 21.85 25.16 16.54 19.75 18.59 70.15 16.06 16.41 15.31 12.99
Enterprise Value to NOPAT (EV/NOPAT)		 31.00 34.65 40.27 23.44 25.77 23.86 92.19 21.11 21.71 20.10 17.09
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.05 29.44 25.97 16.67 17.65 15.21 20.50 19.67 18.15 17.40 15.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 60.23 0.00 68.36 41.55 27.19 0.00 24.87 23.49 25.27 26.24 22.46
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 1.02 0.95 1.20 0.97 0.84 0.77
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.89 0.82 1.02 0.83 0.71 0.66
Financial Leverage		 -0.43 -0.37 -0.30 -0.24 -0.22 0.28 0.59 0.64 0.74 0.54 0.50
Leverage Ratio		 1.59 1.57 1.60 1.64 1.70 2.16 2.55 2.79 2.90 2.61 2.46
Compound Leverage Factor		 1.60 1.57 1.60 1.65 1.71 2.18 2.49 2.78 2.91 2.64 2.48
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 50.47% 48.68% 54.60% 49.27% 45.61% 43.60%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 6.24% 6.50% 8.10% 7.33% 6.77% 6.53%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 44.23% 42.18% 46.50% 41.93% 38.83% 37.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 49.53% 51.32% 45.40% 50.73% 54.39% 56.40%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 1.62 3.55 1.18 1.01 0.99 1.05
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 1.20 1.59 0.90 0.62 0.60 0.67
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 1.42 3.07 1.00 0.86 0.85 0.89
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 2.76 10.53 1.87 1.54 1.50 1.62
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 2.05 4.72 1.43 0.94 0.90 1.03
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 2.42 9.12 1.59 1.31 1.27 1.37
Altman Z-Score		 10.27 12.34 13.84 10.95 11.45 5.79 5.03 6.69 7.92 7.79 6.60
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.50 3.47 2.90 2.64 2.32 1.81 1.87 1.46 1.61 1.71 1.70
Quick Ratio		 1.65 1.37 0.95 0.77 0.66 0.56 0.92 0.43 0.56 0.59 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 132 -64 241 313 620 -1,225 668 887 1,064 979 905
Operating Cash Flow to CapEx		 159.23% 125.64% 169.87% 176.84% 299.35% 368.90% 533.60% 615.18% 474.78% 339.16% 357.48%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.81 2.05 2.03 2.16 2.20 1.84 1.24 1.75 2.01 2.02 1.93
Accounts Receivable Turnover		 65.16 70.05 63.20 62.48 56.95 53.71 37.01 40.45 47.14 55.02 52.38
Inventory Turnover		 4.05 4.16 3.64 3.71 3.73 3.76 3.41 3.95 3.97 4.08 3.72
Fixed Asset Turnover		 4.94 5.44 5.24 5.36 5.56 6.09 5.59 9.04 10.61 10.23 9.33
Accounts Payable Turnover		 12.41 14.75 13.64 12.94 11.80 11.53 9.43 10.22 11.08 12.37 12.47
Days Sales Outstanding (DSO)		 5.60 5.21 5.78 5.84 6.41 6.80 9.86 9.02 7.74 6.63 6.97
Days Inventory Outstanding (DIO)		 90.11 87.65 100.18 98.31 97.91 97.04 106.91 92.51 91.86 89.45 98.02
Days Payable Outstanding (DPO)		 29.40 24.75 26.76 28.20 30.92 31.65 38.69 35.71 32.93 29.50 29.26
Cash Conversion Cycle (CCC)		 66.31 68.10 79.19 75.95 73.40 72.18 78.07 65.82 66.67 66.58 75.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 708 967 1,135 1,377 1,411 3,338 2,850 2,951 3,125 3,424 3,708
Invested Capital Turnover		 5.02 5.06 4.62 4.69 4.82 3.12 1.99 2.98 3.36 3.42 3.17
Increase / (Decrease) in Invested Capital		 125 383 168 242 34 1,927 -488 100 175 299 285
Enterprise Value (EV)		 7,953 11,065 16,477 12,989 16,872 16,750 16,612 20,835 26,894 25,684 20,332
Market Capitalization		 8,492 11,540 16,892 13,386 17,281 15,314 15,761 19,420 25,729 24,540 19,112
Book Value per Share		 $19.38 $22.65 $24.91 $29.09 $30.69 $33.28 $35.49 $28.37 $38.52 $46.94 $53.66
Tangible Book Value per Share		 $19.38 $22.65 $24.91 $29.09 $30.43 $33.03 $35.25 $28.14 $38.28 $46.70 $53.42
Total Capital		 1,248 1,443 1,550 1,774 1,820 3,840 3,896 3,382 3,863 4,190 4,412
Total Debt		 0.00 0.00 0.00 0.00 0.00 1,938 1,897 1,847 1,903 1,911 1,923
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 1,699 1,643 1,573 1,620 1,627 1,635
Net Debt		 -539 -476 -415 -397 -409 1,436 851 1,415 1,165 1,144 1,220
Capital Expenditures (CapEx)		 249 299 373 441 319 299 152 172 312 435 374
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 361 503 592 654 682 655 378 566 573 696 834
Debt-free Net Working Capital (DFNWC)		 901 979 1,007 1,052 1,091 1,158 1,424 997 1,311 1,462 1,537
Net Working Capital (NWC)		 901 979 1,007 1,052 1,091 918 1,171 723 1,028 1,178 1,249
Net Nonoperating Expense (NNE)		 -0.56 -0.72 -0.56 -1.11 -3.88 -3.94 4.36 1.27 -3.73 -13 -11
Net Nonoperating Obligations (NNO)		 -539 -476 -415 -397 -409 1,436 851 1,415 1,165 1,144 1,220
Total Depreciation and Amortization (D&A)		 132 165 210 253 279 296 298 268 241 244 267
Debt-free, Cash-free Net Working Capital to Revenue		 11.15% 12.82% 12.19% 11.12% 10.15% 8.86% 6.15% 6.55% 5.61% 6.21% 7.39%
Debt-free Net Working Capital to Revenue		 27.79% 24.95% 20.74% 17.87% 16.25% 15.65% 23.15% 11.55% 12.84% 13.05% 13.61%
Net Working Capital to Revenue		 27.79% 24.95% 20.74% 17.87% 16.25% 12.41% 19.04% 8.38% 10.07% 10.51% 11.06%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.00 $4.00 $0.00 $0.00 $0.00 $12.21 $0.00 $18.09 $24.17 $26.18 $25.44
Adjusted Weighted Average Basic Shares Outstanding		 64.34M 64.34M 0.00 0.00 0.00 57.84M 0.00 54.48M 51.40M 49.30M 47.21M
Adjusted Diluted Earnings per Share		 $3.98 $3.98 $0.00 $0.00 $0.00 $12.15 $0.00 $17.98 $24.01 $26.03 $25.34
Adjusted Weighted Average Diluted Shares Outstanding		 64.65M 64.65M 0.00 0.00 0.00 58.11M 0.00 54.84M 51.74M 49.60M 47.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 64.23M 64.23M 0.00 0.00 0.00 56.31M 0.00 52.33M 50.20M 48.27M 45.31M
Normalized Net Operating Profit after Tax (NOPAT)		 266 329 421 571 670 717 279 994 1,247 1,284 1,200
Normalized NOPAT Margin		 8.19% 8.37% 8.67% 9.71% 9.97% 9.69% 4.53% 11.52% 12.21% 11.46% 10.62%
Pre Tax Income Margin		 12.69% 12.93% 13.51% 13.37% 12.79% 12.25% 3.76% 15.01% 16.10% 15.13% 13.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 15.53% 52.31% 84.02% 66.20% 93.57% 96.46% 65.34% 154.38% 72.44% 77.13% 83.53%

Quarterly Metrics And Ratios for Ulta Beauty

This table displays calculated financial ratios and metrics derived from Ulta Beauty's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 1/28/2023 4/29/2023 7/29/2023 10/28/2023 2/3/2024 5/4/2024 8/3/2024 11/2/2024 2/1/2025 5/3/2025 8/2/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.22% 12.29% 10.13% 6.42% 10.15% 3.48% 0.88% 1.65% -1.88% 4.49% 9.26%
EBITDA Growth		 15.35% -0.11% 0.28% -7.54% 14.37% -6.87% -13.02% -0.80% 1.14% 1.74% 5.45%
EBIT Growth		 19.17% 1.00% 0.05% -9.57% 15.52% -9.30% -15.94% -2.67% -0.15% 0.21% 4.75%
NOPAT Growth		 16.47% 2.92% 0.38% -9.62% 16.12% -9.83% -16.04% -2.70% -0.02% -1.56% 4.53%
Net Income Growth		 17.76% 4.72% 1.50% -9.14% 15.74% -9.78% -15.84% -2.93% -0.28% -2.57% 3.29%
EPS Growth		 23.98% 9.21% 5.61% -5.06% 20.84% -5.96% -11.96% 1.38% 4.59% 3.55% 9.06%
Operating Cash Flow Growth		 40.98% -28.48% 8.34% -316.11% 23.09% -47.74% 61.04% 19.72% -7.31% 38.08% -51.63%
Free Cash Flow Firm Growth		 -14.01% -101.59% -183.02% -110.03% -42.83% -2,901.94% -27.15% -965.65% 15.10% 125.95% -124.51%
Invested Capital Growth		 5.92% 11.72% 11.03% 25.75% 9.56% 11.86% 9.02% 104.18% 8.31% 7.69% 37.02%
Revenue Q/Q Growth		 37.97% -18.36% -3.97% -1.62% 42.80% -23.31% -6.37% -0.86% 37.85% -18.33% -2.10%
EBITDA Q/Q Growth		 20.58% -1.34% -9.29% -14.31% 49.15% -19.66% -15.28% -2.28% 52.08% -19.18% -12.20%
EBIT Q/Q Growth		 23.70% -1.24% -11.41% -16.45% 58.02% -22.46% -17.89% -3.25% 62.11% -22.18% -14.17%
NOPAT Q/Q Growth		 23.18% 1.16% -13.08% -16.56% 58.26% -21.44% -19.06% -3.30% 62.61% -22.65% -14.06%
Net Income Q/Q Growth		 24.10% 1.85% -13.53% -16.87% 58.07% -20.60% -19.34% -4.11% 62.39% -22.43% -14.48%
EPS Q/Q Growth		 24.91% 3.15% -12.50% -15.78% 58.97% -19.73% -18.08% -3.02% 64.01% -20.52% -13.73%
Operating Cash Flow Q/Q Growth		 2,673.25% -66.44% -59.36% -157.14% 1,679.52% -85.75% 25.23% -128.48% 1,923.72% -78.77% -56.13%
Free Cash Flow Firm Q/Q Growth		 -91.07% -101.66% -1,950.12% -230.28% 150.92% -187.07% 13.16% -2,668.05% 105.50% -80.37% -2,265.15%
Invested Capital Q/Q Growth		 86.95% 4.96% 8.04% -40.68% 62.87% 7.16% 5.30% 11.11% -13.60% 6.54% -32.92%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 37.58% 40.04% 39.28% 39.86% 37.72% 39.25% 38.33% 39.75% 38.24% 39.12% 39.15%
EBITDA Margin		 15.71% 18.98% 17.93% 15.61% 16.31% 17.08% 15.46% 15.24% 16.81% 16.63% 14.92%
Operating Margin		 13.87% 16.78% 15.48% 13.15% 14.55% 14.71% 12.90% 12.59% 14.80% 14.11% 12.37%
EBIT Margin		 13.87% 16.78% 15.48% 13.15% 14.55% 14.71% 12.90% 12.59% 14.80% 14.11% 12.37%
Profit (Net Income) Margin		 10.56% 13.17% 11.86% 10.02% 11.10% 11.49% 9.90% 9.57% 11.28% 10.71% 9.36%
Tax Burden Percent		 75.39% 77.22% 75.77% 75.66% 75.78% 76.77% 75.68% 75.64% 75.87% 75.26% 75.34%
Interest Burden Percent		 100.98% 101.66% 101.14% 100.76% 100.64% 101.72% 101.37% 100.53% 100.39% 100.88% 100.41%
Effective Tax Rate		 24.61% 22.78% 24.23% 24.34% 24.22% 23.23% 24.32% 24.36% 24.13% 24.58% 24.49%
Return on Invested Capital (ROIC)		 35.14% 43.77% 37.37% 57.36% 37.73% 36.72% 29.84% 33.84% 35.58% 31.88% 47.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 35.40% 44.23% 37.60% 55.22% 37.95% 37.13% 30.07% 33.96% 35.71% 32.02% 47.23%
Return on Net Nonoperating Assets (RNNOA)		 26.14% 28.82% 28.68% -2.47% 20.68% 22.61% 20.55% 15.88% 17.71% 19.55% -3.51%
Return on Equity (ROE)		 61.28% 72.59% 66.05% 54.88% 58.41% 59.33% 50.39% 49.71% 53.29% 51.43% 43.98%
Cash Return on Invested Capital (CROIC)		 35.03% 29.10% 26.65% 42.01% 29.89% 24.61% 23.68% -31.29% 25.38% 23.70% 20.94%
Operating Return on Assets (OROA)		 27.95% 33.92% 32.59% 26.18% 29.44% 30.20% 26.59% 24.76% 28.56% 27.72% 23.31%
Return on Assets (ROA)		 21.27% 26.63% 24.97% 19.96% 22.45% 23.58% 20.40% 18.83% 21.76% 21.05% 17.63%
Return on Common Equity (ROCE)		 61.28% 72.59% 66.05% 54.88% 58.41% 59.33% 50.39% 49.71% 53.29% 51.43% 43.98%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 62.34% 61.53% 61.00% 0.00% 54.64% 51.51% 51.62% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 337 341 297 248 392 308 249 241 392 303 260
NOPAT Margin		 10.46% 12.96% 11.73% 9.95% 11.02% 11.29% 9.76% 9.52% 11.23% 10.64% 9.34%
Net Nonoperating Expense Percent (NNEP)		 -0.26% -0.46% -0.23% 2.13% -0.22% -0.40% -0.23% -0.12% -0.13% -0.14% 0.26%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 8.88% 6.88% 9.00%
Cost of Revenue to Revenue		 62.42% 59.96% 60.72% 60.14% 62.28% 60.75% 61.67% 60.25% 61.76% 60.88% 60.85%
SG&A Expenses to Revenue		 23.64% 23.24% 23.74% 26.57% 23.08% 24.43% 25.27% 26.97% 23.39% 24.95% 26.60%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 23.70% 23.26% 23.80% 26.71% 23.17% 24.54% 25.43% 27.16% 23.44% 25.01% 26.78%
Earnings before Interest and Taxes (EBIT)		 448 442 392 327 517 401 329 319 516 402 345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 507 500 454 389 580 466 395 386 586 474 416
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 13.13 13.72 10.81 9.22 10.77 8.34 6.93 7.64 7.68 7.38 8.76
Price to Tangible Book Value (P/TBV)		 13.21 13.80 10.87 9.27 10.82 8.38 6.96 7.68 7.72 7.41 10.35
Price to Revenue (P/Rev)		 2.52 2.64 2.07 1.72 2.19 1.70 1.44 1.57 1.69 1.57 1.96
Price to Earnings (P/E)		 20.71 22.00 17.57 15.11 19.01 15.26 13.45 14.80 15.91 15.03 19.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.83% 4.55% 5.69% 6.62% 5.26% 6.55% 7.43% 6.76% 6.28% 6.65% 5.26%
Enterprise Value to Invested Capital (EV/IC)		 8.61 8.82 6.68 8.93 7.50 5.60 4.60 4.60 5.48 4.92 8.63
Enterprise Value to Revenue (EV/Rev)		 2.63 2.76 2.21 1.73 2.29 1.82 1.57 1.74 1.80 1.70 1.96
Enterprise Value to EBITDA (EV/EBITDA)		 14.31 15.40 12.59 10.15 13.36 10.89 9.73 10.82 11.10 10.57 12.28
Enterprise Value to EBIT (EV/EBIT)		 16.41 17.62 14.41 11.67 15.31 12.55 11.30 12.62 12.99 12.42 14.46
Enterprise Value to NOPAT (EV/NOPAT)		 21.71 23.18 18.95 15.35 20.10 16.52 14.87 16.61 17.09 16.42 19.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.15 21.27 17.28 14.82 17.40 15.44 12.65 13.91 15.19 13.90 17.64
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.27 32.00 26.38 23.68 26.24 24.03 20.28 0.00 22.46 21.55 47.63
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.97 0.94 0.92 0.10 0.84 0.82 0.82 0.92 0.77 0.81 0.11
Long-Term Debt to Equity		 0.83 0.80 0.78 0.00 0.71 0.70 0.70 0.71 0.66 0.70 0.00
Financial Leverage		 0.74 0.65 0.76 -0.04 0.54 0.61 0.68 0.47 0.50 0.61 -0.07
Leverage Ratio		 2.90 2.76 2.67 2.77 2.61 2.55 2.50 2.65 2.46 2.46 2.50
Compound Leverage Factor		 2.93 2.81 2.70 2.79 2.63 2.59 2.53 2.67 2.47 2.48 2.51
Debt to Total Capital		 49.27% 48.47% 47.82% 8.79% 45.61% 45.14% 45.10% 47.90% 43.60% 44.83% 9.99%
Short-Term Debt to Total Capital		 7.33% 7.36% 7.31% 8.79% 6.77% 6.79% 6.58% 10.84% 6.53% 6.49% 9.99%
Long-Term Debt to Total Capital		 41.93% 41.12% 40.51% 0.00% 38.83% 38.34% 38.52% 37.05% 37.06% 38.35% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 50.73% 51.53% 52.18% 91.21% 54.39% 54.86% 54.90% 52.10% 56.40% 55.17% 90.01%
Debt to EBITDA		 1.01 1.01 1.00 0.11 0.99 1.00 1.06 1.17 1.05 1.07 0.16
Net Debt to EBITDA		 0.62 0.67 0.79 0.04 0.60 0.72 0.83 1.08 0.67 0.83 0.02
Long-Term Debt to EBITDA		 0.86 0.86 0.85 0.00 0.85 0.85 0.90 0.91 0.89 0.92 0.00
Debt to NOPAT		 1.54 1.52 1.50 0.16 1.50 1.52 1.61 1.80 1.62 1.67 0.24
Net Debt to NOPAT		 0.94 1.01 1.19 0.06 0.90 1.10 1.27 1.65 1.03 1.28 0.04
Long-Term Debt to NOPAT		 1.31 1.29 1.27 0.00 1.27 1.29 1.38 1.39 1.37 1.43 0.00
Altman Z-Score		 7.19 7.68 6.98 5.75 7.12 6.28 5.63 5.57 6.02 5.72 5.82
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.61 1.64 1.69 1.52 1.71 1.76 1.76 1.63 1.70 1.67 1.39
Quick Ratio		 0.56 0.51 0.38 0.18 0.59 0.46 0.39 0.22 0.52 0.39 0.21
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 163 -2.70 -55 -183 93 -81 -70 -1,949 107 21 -456
Operating Cash Flow to CapEx		 839.91% 277.77% 130.45% -66.61% 900.10% 175.05% 209.43% -49.76% 1,402.24% 278.40% 125.42%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.01 2.02 2.10 1.99 2.02 2.05 2.06 1.97 1.93 1.97 1.88
Accounts Receivable Turnover		 47.14 54.81 60.46 53.97 55.02 57.39 60.33 54.56 52.38 53.28 54.81
Inventory Turnover		 3.97 3.82 3.74 2.99 4.08 3.77 3.64 2.97 3.72 3.47 3.23
Fixed Asset Turnover		 10.61 10.88 10.81 10.44 10.23 10.20 9.85 9.54 9.33 9.33 9.11
Accounts Payable Turnover		 11.08 10.51 11.74 10.65 12.37 12.72 12.76 11.71 12.47 13.95 11.15
Days Sales Outstanding (DSO)		 7.74 6.66 6.04 6.76 6.63 6.36 6.05 6.69 6.97 6.85 6.66
Days Inventory Outstanding (DIO)		 91.86 95.64 97.67 122.17 89.45 96.69 100.28 122.74 98.02 105.21 113.09
Days Payable Outstanding (DPO)		 32.93 34.75 31.09 34.27 29.50 28.69 28.61 31.18 29.26 26.16 32.74
Cash Conversion Cycle (CCC)		 66.67 67.55 72.62 94.66 66.58 74.37 77.72 98.25 75.72 85.90 87.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,125 3,280 3,544 2,102 3,424 3,669 3,863 4,292 3,708 3,951 2,650
Invested Capital Turnover		 3.36 3.38 3.19 5.77 3.42 3.25 3.06 3.55 3.17 3.00 5.08
Increase / (Decrease) in Invested Capital		 175 344 352 431 299 389 320 2,190 285 282 716
Enterprise Value (EV)		 26,894 28,941 23,673 18,774 25,684 20,550 17,787 19,756 20,332 19,455 22,867
Market Capitalization		 25,729 27,679 22,181 18,700 24,540 19,182 16,272 17,793 19,112 17,934 22,820
Book Value per Share		 $38.52 $40.20 $41.20 $41.21 $46.94 $47.67 $49.21 $49.43 $53.66 $53.64 $57.93
Tangible Book Value per Share		 $38.28 $39.97 $40.97 $40.97 $46.70 $47.43 $48.98 $49.20 $53.42 $53.40 $49.08
Total Capital		 3,863 3,916 3,932 2,224 4,190 4,194 4,277 4,470 4,412 4,406 2,893
Total Debt		 1,903 1,898 1,880 195 1,911 1,893 1,929 2,141 1,923 1,975 289
Total Long-Term Debt		 1,620 1,610 1,593 0.00 1,627 1,608 1,648 1,656 1,635 1,689 0.00
Net Debt		 1,165 1,262 1,492 74 1,144 1,368 1,515 1,963 1,220 1,521 46
Capital Expenditures (CapEx)		 108 110 95 106 124 91 95 114 74 79 77
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 573 704 927 1,029 696 948 1,075 1,445 834 1,007 915
Debt-free Net Working Capital (DFNWC)		 1,311 1,340 1,315 1,151 1,462 1,473 1,489 1,623 1,537 1,462 1,157
Net Working Capital (NWC)		 1,028 1,052 1,028 955 1,178 1,188 1,208 1,138 1,249 1,176 868
Net Nonoperating Expense (NNE)		 -3.30 -5.67 -3.37 -1.89 -2.52 -5.30 -3.43 -1.27 -1.51 -2.05 -0.47
Net Nonoperating Obligations (NNO)		 1,165 1,262 1,492 74 1,144 1,368 1,515 1,963 1,220 1,521 46
Total Depreciation and Amortization (D&A)		 59 58 62 61 63 65 65 67 70 72 71
Debt-free, Cash-free Net Working Capital to Revenue		 5.61% 6.70% 8.64% 9.46% 6.21% 8.39% 9.49% 12.72% 7.39% 8.82% 7.85%
Debt-free Net Working Capital to Revenue		 12.84% 12.77% 12.26% 10.57% 13.05% 13.03% 13.15% 14.29% 13.61% 12.80% 9.93%
Net Working Capital to Revenue		 10.07% 10.02% 9.58% 8.78% 10.51% 10.51% 10.67% 10.02% 11.06% 10.30% 7.45%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.73 $6.92 $6.05 $5.09 $8.12 $6.51 $5.32 $5.16 $8.45 $6.72 $5.80
Adjusted Weighted Average Basic Shares Outstanding		 51.40M 50.15M 49.62M 49.01M 49.30M 48.13M 47.51M 46.93M 47.21M 45.36M 44.96M
Adjusted Diluted Earnings per Share		 $6.67 $6.88 $6.02 $5.07 $8.06 $6.47 $5.30 $5.14 $8.43 $6.70 $5.78
Adjusted Weighted Average Diluted Shares Outstanding		 51.74M 50.47M 49.85M 49.23M 49.60M 48.38M 47.67M 47.09M 47.40M 45.51M 45.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 50.20M 49.80M 49.23M 48.56M 48.27M 47.72M 47.11M 46.37M 45.31M 44.95M 44.84M
Normalized Net Operating Profit after Tax (NOPAT)		 339 342 298 250 394 310 252 245 393 304 264
Normalized NOPAT Margin		 10.51% 12.98% 11.77% 10.05% 11.09% 11.37% 9.89% 9.67% 11.27% 10.69% 9.48%
Pre Tax Income Margin		 14.01% 17.06% 15.66% 13.25% 14.64% 14.96% 13.08% 12.65% 14.86% 14.23% 12.42%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 72.44% 83.52% 81.16% 94.45% 77.13% 79.68% 77.59% 76.57% 83.53% 90.83% 81.64%

Financials Breakdown Chart

Key Financial Trends

Ulta Beauty (NASDAQ:ULTA) Financial Summary and Trends (Last 4 Years)

Analyzing the financial data from Q3 2022 through Q4 2024, Ulta Beauty demonstrates consistent growth and strong financial health with some areas worth noting for investors.

  • Revenue Growth: Operating revenue increased from approximately $2.34 billion in Q3 2022 to $3.49 billion in Q4 2024, signaling strong top-line growth over the period.
  • Profitability: Net income has generally increased, with Q4 2024 net income at $393 million, slightly below the Q4 2023 $394 million but showing resilience in earnings.
  • Gross Profit Stability: Gross profit remains strong, around $1.33 billion in Q4 2024, nearly flat compared to $1.34 billion in Q4 2023, indicating effective management of cost of goods sold.
  • Operating Income Maintenance: Operating income held steady around $516 million in Q4 2024, similar to Q4 2023’s $517 million, highlighting controlled operating expenses despite increased revenue.
  • Strong Operating Cash Flow: Net cash from operating activities in Q4 2024 was $1.04 billion, comparable to $1.12 billion in Q4 2023, confirming robust cash generation ability.
  • Controlled Capital Expenditures: Capital spending for property, plant & equipment remains consistent around $70-124 million quarterly, showing disciplined investment.
  • Share Repurchases: The company continues common equity repurchase programs, with $238 million repurchased in Q4 2024, supporting shareholder returns but also reducing equity.
  • Debt Levels and Repayments: The company repaid $200 million in debt in Q4 2024, continuing a cautious approach to managing liabilities.
  • Inventory Levels: Inventories increased from roughly $1.6 billion in Q4 2022 to $2.37 billion in Q3 2024, which could signal either anticipated increased sales or risk of excess stock.
  • Fluctuating Cash Balances: Cash and equivalents have shown variability, e.g., falling from $766 million in Q4 2023 to $178 million in Q3 2024 before increasing to $413 million in Q2 2024 and then $525 million in Q4 2024, possibly reflecting working capital or investment timing swings.

Additional Insights

  • Earnings per share (diluted) showed healthy growth from about $5.34 in Q3 2022 to $8.43 in Q4 2024, reflecting improved profitability and effective share management.
  • The balance sheet remains solid with total assets growing from approximately $5.3 billion in Q3 2022 to $5.96 billion in Q3 2024, supported by a healthy equity base now around $2.33 billion.
  • Current liabilities have increased moderately, mainly due to capital lease obligations and accounts payable increase, consistent with business growth.
  • Operating expenses including selling, general & administrative costs remain high (about $815 million in Q4 2024), which could pressure margins if revenue growth slows.

Conclusion: Ulta Beauty demonstrates steady revenue and profitability growth, strong cash generation, and effective capital management over the last four years. While inventory build-up and operating expenses should be monitored, overall financial trends suggest a well-managed retail business poised to continue delivering value to shareholders.

10/06/25 10:41 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ulta Beauty's Financials

When does Ulta Beauty's financial year end?

According to the most recent income statement we have on file, Ulta Beauty's fiscal year ends in February. Their fiscal year 2025 ended on February 1, 2025.

How has Ulta Beauty's net income changed over the last 10 years?

Ulta Beauty's net income appears to be on an upward trend, with a most recent value of $1.20 billion in 2024, rising from $257.14 million in 2014. The previous period was $1.29 billion in 2023. See where experts think Ulta Beauty is headed by visiting Ulta Beauty's forecast page.

What is Ulta Beauty's operating income?
Ulta Beauty's total operating income in 2024 was $1.56 billion, based on the following breakdown:
  • Total Gross Profit: $4.39 billion
  • Total Operating Expenses: $2.82 billion
How has Ulta Beauty's revenue changed over the last 10 years?

Over the last 10 years, Ulta Beauty's total revenue changed from $3.24 billion in 2014 to $11.30 billion in 2024, a change of 248.5%.

How much debt does Ulta Beauty have?

Ulta Beauty's total liabilities were at $3.51 billion at the end of 2024, a 2.5% increase from 2023, and a 377.6% increase since 2014.

How much cash does Ulta Beauty have?

In the past 10 years, Ulta Beauty's cash and equivalents has ranged from $277.45 million in 2017 to $1.05 billion in 2020, and is currently $703.20 million as of their latest financial filing in 2024.

How has Ulta Beauty's book value per share changed over the last 10 years?

Over the last 10 years, Ulta Beauty's book value per share changed from 19.38 in 2014 to 53.66 in 2024, a change of 176.9%.


Related Companies

This page (NASDAQ:ULTA) was last updated on 10/7/2025 by MarketBeat.com Staff
From Our Partners
An $8 trillion-dollar discovery 17,000 ft underwater
A strange rock pulled from the ocean floor may hold the key to a $16 trillion resource boom. Inside it: materi...
Porter & Company | Sponsoredtc pixel
Forget Tesla — This Tiny AI Stock Is Musk’s Real Play
While Wall Street focused on Tesla’s earnings, Elon Musk was quietly building a supercomputer so powerful it c...
Behind the Markets | Sponsoredtc pixel
URGENT: The Market's 3 Red Flags Are Flashing
Here’s the uncomfortable truth: The smartest investors in the world are already preparing for a crash befor...
StockEarnings | Sponsoredtc pixel
$100 Trillion “AI Metal” Found in American Ghost Town
Jeff Brown recently traveled to a ghost town in the middle of an American desert… To investigate what could...
Brownstone Research | Sponsoredtc pixel
$3,600 gold is nice ... but here’s what most gold bugs are missing
Gold just surged past $3,600, but Weiss Ratings expert Sean Brodrick says the real upside is in select gold st...
Weiss Ratings | Sponsoredtc pixel
Stunning new initiative unfolding in the White House?
what I just learned about what’s unfolding in the White House is truly stunning… And you need to see it for...
Paradigm Press | Sponsoredtc pixel
U.S. Government Sparking Crypto Rally
U.S. Puts GDP on the Blockchain Could this spark the next crypto supercycle? Discover the altcoins poised t...
Crypto 101 Media | Sponsoredtc pixel
Forget AI Stocks — This Device Will REPLACE the Microchip
While everyone's chasing the same AI plays, George Gilder is focused on something completely different. He ...
Banyan Hill Publishing | Sponsoredtc pixel