Ulta Beauty (ULTA) stock
Consumer Discretionary · Other Specialty Retail
Ulta Beauty (ULTA) is an Other Specialty Retail company in the Consumer Discretionary sector, headquartered in Bolingbrook, Illinois. As of October 23, 2026, ULTA closed at $624.46, a market capitalization of $26.70 billion, the 347th largest company in the S&P 500. Over the last twelve months it generated $12.96 billion in revenue (+9% year over year) and $1.15 billion in free cash flow. The stock trades at 22.8x trailing earnings and 19.5x forward earnings.
- 1-year total return: +19.1% (dividends reinvested)
- 5-year return: +10.9% a year
- 52-week range: $443.60 – $714.97
- Gross margin 43.1%, operating margin 12.5%
- FI Handbook report card: B- across 10 metrics
- 29th largest of 47 Consumer Discretionary stocks in the S&P 500
ULTA price chart
1Y price change: +19.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ULTA | +14.8% | +3.2% | +19.1% | +18.7% | +10.9% | +9.5% | +17.4% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2007.
ULTA key statistics
- Market cap
- $26.7B
- #347 in S&P 500
- P/E (TTM)
- 22.8x
- Forward P/E
- 19.5x
- EPS (TTM)
- $27.44
- Revenue (TTM)
- $13.0B
- +9%
- Free cash flow
- $1.1B
- Gross margin
- 43.1%
- Operating margin
- 12.5%
- Return on equity
- 46.1%
- Dividend yield
- None
- 52-week range
- $443.60 – $714.97
- Beta
- 0.84
- Price / sales
- 2.1x
- EV / EBITDA
- 15.0x
- Debt / equity
- 0.95x
- Employees
- 21,382
ULTA report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth8.9%C
- Gross margin43.1%B
- Operating margin12.5%C
- FCF margin8.9%C
- Return on equity46.1%A
- Net debt / EBITDA1.2xC
- Forward P/E19.5xB
- PEG ratio2.0xC
- Shareholder yield3.4%B
- Share count change / yr-4.5%A
Ulta Beauty financials
Revenue went from $4.9B in fiscal 2017 to $12.4B in fiscal 2026, growing 11.0% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.9B | $6.7B | $7.4B | $6.2B | $8.6B | $10.2B | $11.2B | $11.3B | $12.4B |
| Gross profit | $1.7B | $2.1B | $2.4B | $2.7B | $1.9B | $3.4B | $4.0B | $4.4B | $4.4B | $4.8B |
| Operating income | $654.8M | $785.3M | $854.1M | $901.1M | $236.8M | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Net income | $409.8M | $555.2M | $658.6M | $705.9M | $175.8M | $985.8M | $1.2B | $1.3B | $1.2B | $1.2B |
| EPS (diluted) | $6.52 | $8.96 | $10.94 | $12.15 | $3.11 | $17.98 | $24.01 | $26.03 | $25.34 | $25.64 |
| Free cash flow | $260.9M | $338.7M | $636.7M | $802.8M | $658.5M | $887.1M | $1.2B | $1.0B | $964.1M | $1.1B |
| Buybacks | $344.3M | $367.6M | $616.2M | $681.0M | $114.9M | $1.5B | $900.0M | $995.7M | $1.0B | $901.4M |
| Diluted shares | 62.9M | 62.0M | 60.2M | 58.1M | 56.6M | 54.8M | 51.7M | 49.6M | 47.4M | 45.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ULTA?
A reverse DCF asks what growth the current price requires. With an enterprise value of $29.0B and $1.1B of trailing free cash flow, Ulta Beauty needs to grow free cash flow about 16.4% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 10.2% a year over the last five years.
P/E ratio history
Current 24.4x vs. median 33.7x (10th–90th percentile 17.3x–55.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ULTA analyst price targets
25 analysts' average 12-month target is $635.84 (+2% vs. $624.46). Targets range from $500.00 to $731.00. 68% rate it a buy.
ULTA earnings
Next report: December 3, 2026. Ulta Beauty has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $3.0B (+9% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 27, 2026 | $6.20 | $6.55 | +5.6% |
| Jun 2, 2026 | $6.89 | $7.74 | +12.3% |
| Mar 12, 2026 | $8.03 | $8.01 | -0.2% |
| Dec 4, 2025 | $4.61 | $5.14 | +11.5% |
| Aug 28, 2025 | $5.10 | $5.78 | +13.2% |
| May 29, 2025 | $5.80 | $6.70 | +15.5% |
| Mar 13, 2025 | $7.14 | $8.46 | +18.4% |
| Dec 5, 2024 | $4.52 | $5.14 | +13.6% |
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ULTA news
- Ulta Beauty Inc. (ULTA) Is a Trending Stock: Facts to Know Before Betting on It · Oct 23, 2026
- Ulta Beauty's website traffic just surged a whopping 48% · Oct 22, 2026
- For retailers who use Flock cameras, brand reputation may be at risk · Oct 22, 2026
- Ulta Beauty, Inc. (ULTA) Gains 21% During the Third Quarter · Oct 22, 2026
- Ulta Beauty (ULTA), What Is Behind The Fresh Attention? · Oct 20, 2026
ULTA stock FAQ
What is ULTA's market cap?
Ulta Beauty's market capitalization is $26.70 billion as of October 23, 2026, ranking 347th in the S&P 500.
What is ULTA's P/E ratio?
ULTA trades at a trailing price-to-earnings ratio of 22.8x and a forward P/E of 19.5x. Its median P/E over the period we track is 33.7x.
Does ULTA pay a dividend?
No. Ulta Beauty does not currently pay a regular cash dividend.
How much has ULTA stock returned?
Including reinvested dividends, ULTA returned +19.1% over one year, +10.9% a year over five years, +9.5% a year over ten years through October 23, 2026.
Is ULTA stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Ulta Beauty must grow free cash flow about 16% a year for the next decade. Its free cash flow grew 10% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ULTA price target?
25 analysts cover ULTA with an average 12-month price target of $635.84, +2% from the current price. 68% of them rate it a buy.
When does ULTA report earnings?
Ulta Beauty is expected to report earnings on December 3, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Ulta Beauty have?
Ulta Beauty has about 21,382 full-time employees, or $605,908 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology