ULTA
Ulta Beauty, Inc.
ULTA's fundamentals are mixed: revenue grew 11%, but its operating margin fell 1 points to 12%. At 24x earnings, it's trading above its usual 20x.
ULTA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
ULTA's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
ULTA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $448 | -31% |
| Fair | 20x | $561 | -14% |
| Current | 24x | $651 | — |
| Expensive | 29x | $809 | +24% |
Historical ranges are pointers, not guarantees.
ULTA's PE is in its expensive range at 24x.
ULTA Forward outlook
There aren't enough analyst estimates for ULTA to show an outlook.
ULTA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $27.45 | +5.4% |
| Q2 2026 | $26.68 | +4.3% |
| Q1 2026 | $25.64 | +1.2% |
| Q4 2025 | $26.05 | +4.3% |
| Q3 2025 | $26.05 | +4.6% |
| Q2 2025 | $25.57 | -0.2% |
| Q1 2025 | $25.34 | -2.7% |
| Q4 2024 | $24.97 | +1.3% |
ULTA earned $27.45 per share over the past year, up 5.4% from the year before.
ULTA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3B | +8.9% |
| Q2 2026 | $3.2B | +11% |
| Q1 2026 | $3.9B | +12% |
| Q4 2025 | $2.9B | +13% |
| Q3 2025 | $2.8B | +9.3% |
| Q2 2025 | $2.8B | +4.5% |
| Q1 2025 | $3.5B | -1.9% |
| Q4 2024 | $2.5B | +1.7% |
ULTA's revenue has grown year over year for six quarters in a row: $3B last quarter, up 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +0.1 points |
| Q2 2026 | 14% | +0.1 points |
| Q1 2026 | 12% | -2.6 points |
| Q4 2025 | 11% | -1.8 points |
| Q3 2025 | 12% | -0.5 points |
| Q2 2025 | 14% | -0.6 points |
| Q1 2025 | 15% | +0.3 points |
| Q4 2024 | 13% | -0.6 points |
ULTA's operating margin was 13% last quarter, about level with the same quarter a year ago.
ULTA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $38.4M | +96% |
| Q2 2026 | $203.6M | +44% |
| Q1 2026 | $989M | +2.7% |
| Q4 2025 | -$81.6M | +$89.4M |
| Q3 2025 | $19.6M | -81% |
| Q2 2025 | $141M | +106% |
| Q1 2025 | $962.6M | -3.2% |
| Q4 2024 | -$171.1M | +$6M |
ULTA generated $1.1B in free cash flow over the past year, up 21% from the year before.
ULTA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -902K shares |
| 1 year | -4.5% | -2M shares |
| 3 years | -14% | -6.8M shares |
| 5 years | -22% | -12M shares |
| Available history | -25% | -14.7M shares |
ULTA has 43M diluted shares, down 4.5% from a year ago, with $1.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $247.9M |
| Q2 2026 | $545.3M |
| Q1 2026 | $197.4M |
| Q4 2025 | $224.7M |
| Q3 2025 | $109.5M |
| Q2 2025 | $369.8M |
| Q1 2025 | $237.9M |
| Q4 2024 | $263.6M |
ULTA spent $1.2B buying back its own shares over the past year, up 24% from the year before.
ULTA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | 0.0x | Very low |
ULTA's net debt is less than a year of its operating earnings (EBITDA).
ULTA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 86.9 | Overbought |
ULTA's weekly RSI is 68 (neutral) and its Stochastic is 87 (overbought).
ULTA PE vs Consumer Cyclical Sector
| Metric | ULTA | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 18x | 32% above |
| PE % | 72 | 47 | 25 pts above |
ULTA is trading at 24x earnings, a 32% premium to the Consumer Cyclical sector's median of 18x.
ULTA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $601.6 | 8.2% above |
| 20 week MA | $548.9 | 19% above |
| 50 week MA | $565.1 | 15% above |
| 100 week MA | $508.9 | 28% above |
| 200 week MA | $475.4 | 37% above |
ULTA is in an uptrend: it's above all five of its weekly moving averages, and 37% above its 200-week average.
ULTA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $253.2 | $264.6 | +4.5% |
| 2021 | $264.6 | $392.4 | +48% |
| 2022 | $392.4 | $456.4 | +16% |
| 2023 | $456.4 | $490.0 | +7.4% |
| 2024 | $490.0 | $442.2 | -9.8% |
| 2025 | $442.2 | $607.5 | +37% |
| 2026 YTD | $607.5 | $651.0 | +7.2% |
ULTA has finished higher in five of the last six years. It's up 7.2% so far in 2026.