Ulta Beauty (ULTA)


Market Price (9/1/2026): $544.41 | Market Cap: $23.4 BilInvestor Relations Sector: Consumer Discretionary | Industry: Other Specialty Retail

Ulta Beauty (ULTA)


Market Price (9/1/2026): $544.41
Market Cap: $23.4 Bil
Sector: Consumer Discretionary
Industry: Other Specialty Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%

Stock buyback support
Stock Buyback 3Y Total is 3.2 Bil

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more.

Key risks
ULTA key risks include [1] eroding market share in the prestige beauty segment due to intense competition and [2] rising inventory shrink from organized retail crime.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
3 Stock buyback support
Stock Buyback 3Y Total is 3.2 Bil
4 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more.
5 Key risks
ULTA key risks include [1] eroding market share in the prestige beauty segment due to intense competition and [2] rising inventory shrink from organized retail crime.

ULTA in ETFs

Weight = ULTA's share of each fund

SPY0.04%
VOO0.03%
IVV0.04%
VTI0.03%
ITOT0.03%
IWB0.03%
RSP0.21%
VTV0.08%
+28 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

Ulta Beauty (ULTA) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Ulta Beauty reported robust financial results for its fiscal second quarter of 2026, which ended on August 1, 2026, surpassing analyst expectations for both sales and earnings. Net sales increased by 8.9% year-over-year to $3.04 billion, exceeding average estimates that ranged from $2.96 billion to $2.99 billion. Diluted earnings per share (EPS) rose by 13.3% to $6.55, outperforming consensus estimates of $6.17 to $6.22 per share. Additionally, comparable sales grew by 3.8%.

2. The company raised its full-year fiscal 2026 financial guidance, signaling confidence in sustained growth. Following its strong Q2 performance, Ulta Beauty updated its outlook, now expecting net sales growth between 6.7% and 7.2% (up from 6%-7%), comparable sales growth between 3.2% and 3.7% (up from 2.5%-3.5%), operating income growth between 8.3% and 9.3% (up from 6.5%-9%), and diluted EPS between $28.70 and $29.00 (up from $28.36-$28.80).

Show more
Updated on 8/1/2026

Ulta Beauty (ULTA) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Ulta Beauty reported robust financial results for its fiscal second quarter of 2026, which ended on August 1, 2026, surpassing analyst expectations for both sales and earnings. Net sales increased by 8.9% year-over-year to $3.04 billion, exceeding average estimates that ranged from $2.96 billion to $2.99 billion. Diluted earnings per share (EPS) rose by 13.3% to $6.55, outperforming consensus estimates of $6.17 to $6.22 per share. Additionally, comparable sales grew by 3.8%.

2. The company raised its full-year fiscal 2026 financial guidance, signaling confidence in sustained growth. Following its strong Q2 performance, Ulta Beauty updated its outlook, now expecting net sales growth between 6.7% and 7.2% (up from 6%-7%), comparable sales growth between 3.2% and 3.7% (up from 2.5%-3.5%), operating income growth between 8.3% and 9.3% (up from 6.5%-9%), and diluted EPS between $28.70 and $29.00 (up from $28.36-$28.80).

3. Ulta Beauty enhanced its shareholder return strategy by increasing its share repurchase program for fiscal 2026. The company's planned stock repurchase authorization for fiscal 2026 was raised to $1.8 billion from $1.5 billion. In the first six months of fiscal 2026, Ulta Beauty had already repurchased 1.4 million shares of its common stock at a cost of $791.1 million.

4. Strategic growth initiatives, including strength in key product categories and the Space NK acquisition, contributed to positive results. Ulta Beauty reported robust growth in prestige beauty, fragrance, and exclusive product offerings, with the K-beauty category achieving double-digit sales growth. The acquisition of Space NK also played a role in boosting sales, particularly in the UK market, and contributed to overall sales growth.

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Stock Movement Drivers

Fundamental Drivers

The 5.6% change in ULTA stock from 5/31/2026 to 8/31/2026 was primarily driven by a 4.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120268312026Change
Stock Price ($)508.85537.105.6%
Change Contribution By: 
Total Revenues ($ Mil)12,39312,9564.5%
Net Income Margin (%)9.3%9.3%0.3%
P/E Multiple19.619.1-2.5%
Shares Outstanding (Mil)44433.2%
Cumulative Contribution5.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 8/31/2026
ReturnCorrelation
ULTA5.6% 
Market (SPY)1.4%6.6%
Sector (XLY)-3.5%18.4%

Fundamental Drivers

The -21.6% change in ULTA stock from 2/28/2026 to 8/31/2026 was primarily driven by a -25.9% change in the company's P/E Multiple.
(LTM values as of)22820268312026Change
Stock Price ($)684.79537.10-21.6%
Change Contribution By: 
Total Revenues ($ Mil)11,98212,9568.1%
Net Income Margin (%)9.9%9.3%-6.0%
P/E Multiple25.719.1-25.9%
Shares Outstanding (Mil)45434.1%
Cumulative Contribution-21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 8/31/2026
ReturnCorrelation
ULTA-21.6% 
Market (SPY)12.1%19.1%
Sector (XLY)-0.0%24.6%

Fundamental Drivers

The 9.0% change in ULTA stock from 8/31/2025 to 8/31/2026 was primarily driven by a 11.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120258312026Change
Stock Price ($)492.73537.109.0%
Change Contribution By: 
Total Revenues ($ Mil)11,65512,95611.2%
Net Income Margin (%)10.3%9.3%-9.4%
P/E Multiple18.419.13.4%
Shares Outstanding (Mil)45434.7%
Cumulative Contribution9.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 8/31/2026
ReturnCorrelation
ULTA9.0% 
Market (SPY)19.9%18.5%
Sector (XLY)1.2%25.7%

Fundamental Drivers

The 29.4% change in ULTA stock from 8/31/2023 to 8/31/2026 was primarily driven by a 20.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120238312026Change
Stock Price ($)415.03537.1029.4%
Change Contribution By: 
Total Revenues ($ Mil)10,73012,95620.7%
Net Income Margin (%)11.8%9.3%-20.6%
P/E Multiple16.319.116.9%
Shares Outstanding (Mil)504315.5%
Cumulative Contribution29.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 8/31/2026
ReturnCorrelation
ULTA29.4% 
Market (SPY)76.3%34.8%
Sector (XLY)39.7%38.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ULTA Return44%14%4%-11%39%-14%80%
Peers Return57%-14%26%-18%-6%25%61%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
ULTA Win Rate67%67%58%42%58%62% 
Peers Win Rate67%45%55%47%45%72% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ULTA Max Drawdown-13%-21%-33%-43%-28%-36% 
Peers Max Drawdown-22%-47%-47%-45%-47%-33% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: EL, TGT, SBH, ELF, BBWI. See ULTA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/31/2026 (YTD)

How Low Can It Go

EventULTAS&P 500
2025 US Tariff Shock
  % Loss-12.6%-18.8%
  % Gain to Breakeven14.5%23.1%
  Time to Breakeven11 days79 days
2024 Yen Carry Trade Unwind
  % Loss-19.1%-7.8%
  % Gain to Breakeven23.5%8.5%
  Time to Breakeven36 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.7%-9.5%
  % Gain to Breakeven21.5%10.5%
  Time to Breakeven42 days24 days
2023 SVB Regional Banking Crisis
  % Loss-22.4%-6.7%
  % Gain to Breakeven28.8%7.1%
  Time to Breakeven253 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-17.2%-24.5%
  % Gain to Breakeven20.8%32.4%
  Time to Breakeven3 days427 days
2020 COVID-19 Crash
  % Loss-56.7%-33.7%
  % Gain to Breakeven131.0%50.9%
  Time to Breakeven302 days140 days

Compare to EL, TGT, SBH, ELF, BBWI

In The Past

Ulta Beauty's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventULTAS&P 500
2023 SVB Regional Banking Crisis
  % Loss-22.4%-6.7%
  % Gain to Breakeven28.8%7.1%
  Time to Breakeven253 days31 days
2020 COVID-19 Crash
  % Loss-56.7%-33.7%
  % Gain to Breakeven131.0%50.9%
  Time to Breakeven302 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.9%-17.9%
  % Gain to Breakeven35.0%21.8%
  Time to Breakeven18 days123 days
2008-2009 Global Financial Crisis
  % Loss-75.3%-53.4%
  % Gain to Breakeven304.4%114.4%
  Time to Breakeven214 days1085 days

Compare to EL, TGT, SBH, ELF, BBWI

In The Past

Ulta Beauty's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ulta Beauty (ULTA)

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Ulta Beauty, Inc. (ULTA) operates as a leading specialty retailer of beauty products and services across the United States. The company offers a comprehensive range of beauty items, encompassing cosmetics, fragrances, skincare, haircare, and bath and body products, alongside professional salon styling tools. This extensive product assortment caters to a broad consumer market interested in beauty and personal care.

The company differentiates itself by providing both well-known third-party brands and its own private label products, such as the Ulta Beauty Collection of cosmetics and skincare. In addition to product sales, Ulta Beauty offers professional salon services, including hair, skin, makeup, and brow services, within its retail locations. Ulta Beauty serves its customers through an expansive omnichannel network, consisting of over 1,300 physical stores across all 50 states, complemented by its e-commerce website, ulta.com, and mobile applications.

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AI Analysis | Feedback

  • Sephora, but with drug store brands and in-store salons.
  • The Home Depot of beauty.

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  • Cosmetics: A wide range of makeup products for face, eyes, and lips.
  • Fragrances: Perfumes and colognes from various brands.
  • Skincare Products: Products designed for facial and body skin care.
  • Haircare Products: Shampoos, conditioners, treatments, and styling products.
  • Bath and Body Products: Items for bathing, body cleansing, and moisturizing.
  • Salon Styling Tools: Professional and consumer-grade tools for hair styling.
  • Professional Hair Products: Hair products specifically formulated for professional use or professional-grade.
  • Private Label Products: Cosmetics, skincare, bath products, and gifts sold under Ulta Beauty's own brands.
  • Hair Services: Professional salon services including cuts, styling, and coloring.
  • Skin Services: Treatments and consultations for facial and body skin.
  • Makeup Services: Professional makeup application and artistic services.
  • Brow Services: Services for shaping, tinting, and maintaining eyebrows.
  • Nail Services: Manicures, pedicures, and other nail care treatments.

AI Analysis | Feedback

Ulta Beauty (ULTA) primarily sells its beauty products and services directly to individual consumers. The company operates as a retailer through its physical stores, e-commerce website (ulta.com), and mobile applications. Here are three categories of customers that Ulta Beauty serves:
  • Everyday Beauty Shoppers: This broad category includes individuals seeking a wide array of beauty products for their daily routines, ranging from cosmetics and skincare to haircare and fragrances. These customers appreciate Ulta's extensive selection of both mass-market and prestige brands, often looking for convenience and value.
  • Beauty Enthusiasts & Trend Followers: These customers are more deeply engaged with the beauty industry. They frequently seek out new product launches, professional-grade items, and trending brands. They are often influenced by social media and beauty content, making more frequent purchases and often exploring higher-end or specialized products.
  • Salon & Service-Oriented Customers: This category encompasses individuals who visit Ulta Beauty for its in-store salon services, including hair, skin, makeup, and brow services, as well as nail services. While they may also purchase products, their primary motivation for visiting is often to receive professional beauty treatments and consultations.

AI Analysis | Feedback

  • L'Oréal S.A. (LRLCY)
  • The Estée Lauder Companies Inc. (EL)
  • Coty Inc. (COTY)
  • e.l.f. Beauty, Inc. (ELF)
  • Shiseido Company, Limited (SSCDF)

AI Analysis | Feedback

Kecia Steelman, President and Chief Executive Officer

Kecia Steelman was appointed President and Chief Executive Officer of Ulta Beauty in January 2025. She joined Ulta Beauty in July 2014 and has held various leadership roles, including Senior Vice President of Store Operations, Chief Store Operations Officer, Chief Operating Officer, and President and COO. Before her tenure at Ulta Beauty, Steelman served in leadership positions at Family Dollar Stores from 2009 to 2014 and Home Depot from 2005 to 2009. Her career in retail began in 1993 at Target Corporation, where she held roles in retail operations and merchandising. Steelman started her career as a single mom working an $8-an-hour job at Target.

Scott Settersten, Chief Financial Officer, Treasurer and Assistant Secretary

Scott Settersten has served as Ulta Beauty's Chief Financial Officer since March 2013. He joined the company in January 2005 as Director of Financial Reporting. Prior to joining Ulta Beauty, Settersten spent 15 years with PricewaterhouseCoopers LLP as a certified public accountant, working in assurance and risk management practices. He oversees core accounting, finance, tax, treasury, risk and control, financial planning and analysis (FP&A), and investor relations activities, in addition to procurement, loss prevention, and real estate functions. Settersten also serves on the board of directors as the audit committee chair for Kimble International Inc.

Amiee Bayer-Thomas, Chief Retail Officer

Amiee Bayer-Thomas was named Chief Retail Officer in January 2025. In this role, she is responsible for all aspects of Ulta Beauty's store and services operations, leading 1,500 store teams nationwide, and overseeing real estate growth and development, store design, and the company's loss prevention strategy. She joined Ulta Beauty in September 2016 and previously held positions including Chief Store Operations Officer and Chief Supply Chain Officer. Before Ulta Beauty, Bayer-Thomas held leadership roles at various retail companies, including JCPenney and The Limited.

Jodi Caro, General Counsel, Chief Risk & Compliance Officer and Corporate Secretary

Jodi Caro has served as Ulta Beauty's General Counsel and Chief Compliance Officer since August 2015. She also holds the titles of Chief Risk & Compliance Officer and Corporate Secretary, and Chief Privacy Officer. Prior to joining Ulta Beauty, Caro was Vice President, General Counsel, Secretary, and Chief Compliance and Ethics Officer for Integrys Energy Group for over seven years. She also founded and operated her own law practice, providing general counsel and corporate services to a range of companies. Caro was a co-founder and General Counsel of Looking Glass Networks, a privately held telecommunications company. She played a significant role in negotiating Ulta Beauty's strategic partnership with Target.

Monica Arnaudo, Chief Merchandising Officer

Monica Arnaudo has served as Ulta Beauty's Chief Merchandising Officer since joining the company in 2017, initially as Senior Vice President of Merchandising. She possesses over three decades of experience in the beauty industry. Arnaudo has held prior leadership roles at retailers and beauty companies such as Sephora, L'Oréal, Smashbox Cosmetics, Bare Escentuals, Estee Lauder Companies, and Chanel. She has been instrumental in diversifying Ulta Beauty's product assortment. Monica Arnaudo announced her plans to retire in the spring of 2025.

AI Analysis | Feedback

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Key Risks to Ulta Beauty's Business

  1. Intensified Competition and Potential Market Share Erosion: Ulta Beauty operates within a highly competitive beauty retail landscape, facing significant pressure from direct rivals such as Sephora (which has expanded its reach through partnerships with Kohl's), other specialty beauty retailers, and a growing presence of online platforms like Amazon. The company reported a loss of market share in the beauty category for the first time in 2024, indicating a heightened competitive environment and potential challenges in maintaining its market position. This intense competition, coupled with a "beauty normalization" period (a slowdown from post-pandemic highs), puts continuous pressure on Ulta to innovate and retain customers.
  2. Macroeconomic Headwinds and Shifting Consumer Spending: Ulta Beauty is susceptible to macroeconomic pressures, including persistent inflation and elevated interest rates, which can impact its core middle-income customers. These economic factors may lead consumers to reduce discretionary spending on beauty products or "trade down" to more affordable alternatives, directly affecting Ulta's sales, particularly in its prestige beauty segments. This represents a core external risk for the business, as fluctuating consumer sentiment and a more cautious consumer base could result in slower comparable sales growth.
  3. Operational Pressures and Margin Compression: The company faces several operational challenges that contribute to margin compression. Persistent retail theft, often referred to as "shrink," continues to be a notable drain on profitability, despite Ulta's investments in security measures. Additionally, as a business with a significant service component, Ulta is sensitive to rising labor costs and wage inflation for its skilled salon associates. Furthermore, the scheduled winding down of its "shop-in-shop" partnership with Target by August 2026 carries execution risk and will eliminate a royalty revenue stream, presenting a challenge that management aims to offset with other growth initiatives. Increased selling, general, and administrative (SG&A) expenses due to strategic investments also contribute to pressure on operating margins.
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The rapid growth and integration of direct purchasing capabilities within major social media platforms (e.g., TikTok Shop, Instagram Shopping), which allows consumers to discover and purchase beauty products directly through these apps, potentially bypassing traditional multi-brand retailers like Ulta Beauty for product transactions.

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Ulta Beauty, Inc. operates in several large addressable markets within the United States, offering a wide range of beauty products and salon services.

United States Beauty and Personal Care Products Market

The overall U.S. beauty and personal care products market was estimated at approximately $136.03 billion in 2024 and is projected to expand to about $195.83 billion by 2033. Other estimates place the market at $109.56 billion in 2025, expected to reach $196.33 billion by 2033. This broader market, including cosmetics, skincare, and haircare, was valued at around $107 billion in 2025 and is forecast to reach $155 billion by 2033.

United States Cosmetics Market

The U.S. cosmetics market, which encompasses skincare, haircare, makeup, and fragrances, was valued at approximately $97.89 billion in 2024 and is projected to reach about $149.53 billion in 2033. Another report estimates the market at $67.54 billion in 2025, growing to $101.59 billion by 2032.

United States Skincare Market

The U.S. skincare market was valued at around $30.01 billion in 2024 and is projected to reach $39.81 billion by 2030. Other data indicates the market was worth approximately $25.04 billion in 2024 and is predicted to grow to about $36.56 billion by 2034. The skincare segment held the largest share of the U.S. beauty and personal care products market in 2023.

United States Haircare Market

In 2025, the U.S. haircare market was valued at approximately $23.21 billion, with projections showing growth to about $32.31 billion by 2034. Other figures show the market at $20.84 billion in 2024, expected to reach $22.05 billion in 2025. By 2035, the U.S. hair care product market is anticipated to reach $41.65 billion.

United States Fragrance Market

The U.S. fragrance market was valued at roughly $15.69 billion in 2024 and is estimated to attain $23.8 billion by 2033. Another report indicates a market size of $13.04 billion in 2024, projected to reach $17.18 billion by 2030.

United States Salon Services Market

The U.S. beauty salon market is projected to reach $95.99 billion by 2033, increasing from $53.19 billion in 2024. The hair salon market specifically in the U.S. and Canada was $57.4 billion in 2025, with an expectation to reach $91.1 billion in 2035. For hair salons in the U.S., the market size was $60.6 billion in 2024 and $60.0 billion in 2025.

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Ulta Beauty (ULTA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. New Store Expansion and International Growth: Ulta Beauty plans to continue its physical footprint expansion with 50 to 60 net new store openings projected for fiscal year 2026. Additionally, the company is embarking on international expansion, notably through a joint venture with Axo to launch and operate Ulta Beauty in Mexico in 2025. This is complemented by the acquisition of Space NK, which aids its presence in the UK market.
  2. Enhanced Product Assortment and Brand Launches: The company is focused on strengthening its product offerings by introducing new and exclusive brands and expanding strategic cross-category platforms. Recent successful brand launches, including Sol de Janeiro, Charlotte Tilbury, WYN by Serena Williams, and Kylie Jenner fragrance, have contributed to sales growth and new member acquisition. Ulta Beauty is also expanding its online marketplace with a wide array of established and emerging brands.
  3. Omnichannel Development and Digital Innovation: Ulta Beauty is investing in its digital platforms and "buy-anywhere and fulfill-anywhere" capabilities to enhance the customer experience. The company is increasing marketing investments across various digital platforms and recently announced an expanded strategic integration with TikTok Shop. Investments in AI and automation are also aimed at improving guest services and inventory management.
  4. Loyalty Program Enhancement and Customer Engagement: The Ultamate Rewards loyalty program is a significant driver of repeat business for Ulta Beauty. The company plans to enhance this program by offering more personalized rewards and experiences to its growing base of active members, which numbered 46.7 million as of fiscal 2025.

AI Analysis | Feedback

Share Repurchases

  • In fiscal 2025, Ulta Beauty returned $890.5 million to shareholders through share repurchases.
  • As of January 31, 2026, $1.8 billion remained available under a $3.0 billion share repurchase program authorized in October 2024. This authorization replaced a previous program from March 2024.
  • For fiscal 2026, Ulta Beauty plans to return approximately $1.0 billion to shareholders through share repurchases.

Outbound Investments

  • In fiscal 2025, Ulta Beauty strategically acquired luxury retailer Space NK.
  • Ulta Beauty established a joint venture with Grupo Axo to expand internationally, opening its first store in Mexico City in August 2025.

Capital Expenditures

  • Ulta Beauty invested $434.8 million in capital expenditures during fiscal 2025. These investments focused on new stores, relocations, remodels, information technology systems, and supply chain optimization.
  • For fiscal 2026, projected capital expenditures are expected to range from $400 million to $450 million.
  • The primary focus for capital expenditures in fiscal 2026 includes opening 50 to 60 net new stores, optimizing the supply chain, and investing in information technology.

Better Bets vs. Ulta Beauty (ULTA)

Peer Outperformance in Other Specialty Retail

ULTA has outperformed 82% of its 17 Other Specialty Retail peers over 5Y. Other Specialty Retail ranks 22nd of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Other Specialty Retail constituents that ULTA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
89%
of 19 industry peers · 9.0% return
3Y
95%
of 19 industry peers · 29.1% return
5Y
82%
of 17 industry peers · 38.6% return
No Other Specialty Retail peer with a comparable growth profile has beaten ULTA by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Other Specialty Retail is ULTA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -9.6%96.0%69.2% LINC 291% · CVSA 257% · PRDO 222%
Homebuilding 18 -4.8%16.9%42.0% GRBK 182% · PHM 142% · TOL 135%
Automotive Retail 18 -15.2%0.9%12.4% MUSA 242% · PAG 173% · ORLY 125%
Hotels, Resorts & Cruise Lines 22 14.1%44.7%11.6% RCL 236% · MAR 164% · HLT 156%
Home Improvement Retail 5 -19.0%-6.5%6.7% HD 14% · LOW 11% · HVT 7%
Specialty Stores 7 -5.2%24.4%3.4% FIVE 14% · DKS 10% · SIG 9%
Distributors 4 -9.4%-25.3%-8.5% ARMK 134% · GPC 27% · LKQ -44%
Restaurants 33 -5.7%-12.4%-9.8% EAT 327% · CAKE 162% · RAVE 143%
Specialized Consumer Services 10 -12.0%25.3%-13.9% HRB 133% · FTDR 85% · SCI 39%
Footwear 9 52.0%31.9%-16.0% WEYS 151% · DECK 26% · SHOO 21%
Home Furnishings 4 -7.8%15.9%-16.9% SGI 50% · LZB 1% · MHK -35%
Leisure Products 13 -18.3%-22.2%-30.6% GOLF 85% · HAS 16% · MCFT -12%
Leisure Facilities 11 1.2%-7.7%-35.4% OSW 145% · JAKK 94% · ESCA 9%
Apparel Retail 25 0.1%-0.4%-36.1% ANF 300% · DXLG 188% · URBN 139%
Automotive Parts & Equipment 38 -11.9%-11.1%-38.0% MOD 1348% · GTX 289% · STRT 89%
Apparel, Accessories & Luxury Goods 27 -4.3%-9.9%-40.1% TPR 246% · RL 223% · ELA 221%
Household Appliances 18 7.0%33.0%-41.9% KEQU 181% · FLXS 156% · HBB 111%
Casinos & Gaming 19 -15.3%-30.2%-49.1% MCRI 107% · RSI 75% · RRR 49%
Broadline Retail 15 6.4%12.5%-53.3% DDS 314% · AMZN 49% · EBAY 48%
Computer & Electronics Retail 3 -18.0%-0.2%-61.8% BBY -14% · UPBD -62% · GME -65%
Automobile Manufacturers 8 -64.9%-50.5%-70.6% GM 83% · TSLA 50% · F 45%
Other Specialty Retail ← 18 -32.3%-48.4%-78.9% TLF 109% · BBW 93% · WINA 90%
Consumer Electronics 11 -10.1%-15.7%-80.0% AXIL 2610% · GRMN 79% · TBCH -55%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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Financials

ULTAELTGTSBHELFBBWIMedian
NameUlta Bea.Estee La.Target Sally Be.e.l.f. B.Bath & B. 
Mkt Price-------
Mkt Cap23.137.273.11.66.43.914.8
Rev LTM12,95615,049107,7053,7291,7627,21010,083
Op Inc LTM1,6321,6776,0233142011,2071,420
FCF LTM1,1491,3164,4562412801,0311,090
FCF 3Y Avg1,0301,1424,223190152833932
CFO LTM1,5681,7738,7233682971,2731,420
CFO 3Y Avg1,4231,8027,8902951691,0601,242

Growth & Margins

ULTAELTGTSBHELFBBWIMedian
NameUlta Bea.Estee La.Target Sally Be.e.l.f. B.Bath & B. 
Rev Chg LTM11.2%5.0%2.0%1.1%31.2%-2.2%3.5%
Rev Chg 3Y Avg6.5%-1.7%-0.1%-0.3%39.4%-1.1%-0.2%
Rev Chg Q8.9%6.3%5.3%0.2%35.5%-2.3%5.8%
QoQ Delta Rev Chg LTM1.9%1.5%1.2%0.1%7.7%-0.5%1.4%
Op Inc Chg LTM2.3%47.0%11.0%-4.7%28.9%-4.4%6.7%
Op Inc Chg 3Y Avg-0.3%2.7%9.9%-0.7%23.6%-0.4%1.2%
Op Mgn LTM12.6%11.1%5.6%8.4%11.4%16.7%11.3%
Op Mgn 3Y Avg13.4%9.7%5.5%8.3%11.8%17.1%10.7%
QoQ Delta Op Mgn LTM0.0%0.6%1.1%0.2%3.4%0.9%0.7%
CFO/Rev LTM12.1%11.8%8.1%9.9%16.9%17.7%11.9%
CFO/Rev 3Y Avg11.9%11.9%7.4%8.0%11.0%14.5%11.5%
FCF/Rev LTM8.9%8.7%4.1%6.5%15.9%14.3%8.8%
FCF/Rev 3Y Avg8.6%7.6%3.9%5.1%9.8%11.4%8.1%

Valuation

ULTAELTGTSBHELFBBWIMedian
NameUlta Bea.Estee La.Target Sally Be.e.l.f. B.Bath & B. 
Mkt Cap23.137.273.11.66.43.914.8
P/S1.82.50.70.43.70.51.2
P/Op Inc14.122.212.15.032.13.213.1
P/EBIT14.243.712.05.049.83.113.1
P/E19.1204.216.68.1108.25.017.9
P/CFO14.721.08.44.221.73.011.5
Total Yield5.2%1.9%8.8%12.3%0.9%24.4%7.0%
Dividend Yield0.0%1.4%2.8%0.0%0.0%4.2%0.7%
FCF Yield 3Y Avg5.3%3.6%7.3%16.9%2.9%14.2%6.3%
D/E0.10.20.31.00.11.20.3
Net D/E0.10.20.20.90.11.00.2

Returns

ULTAELTGTSBHELFBBWIMedian
NameUlta Bea.Estee La.Target Sally Be.e.l.f. B.Bath & B. 
1M Rtn-------
3M Rtn-------
6M Rtn-------
12M Rtn-------
3Y Rtn-------
1M Excs Rtn-------
3M Excs Rtn-------
6M Excs Rtn-------
12M Excs Rtn-------
3Y Excs Rtn-------

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Retail stores, salon services, and e-commerce12,39311,29611,20710,209 
Cosmetics    3,711
Fragrance    1,208
Haircare    1,726
Other    259
Services    259
Skincare    1,467
Total12,39311,29611,20710,2098,631


Net Income by Segment
$ Mil2026202520242023
Retail stores, salon services, and e-commerce1,1531,2011,2911,242
Total1,1531,2011,2911,242


Price Behavior

Price Behavior
Market Price$537.10 
Market Cap ($ Bil)23.1 
First Trading Date10/25/2007 
Distance from 52W High-24.0% 
   50 Days200 Days
DMA Price$498.31$555.16
DMA Trendindeterminateup
Distance from DMA7.8%-3.3%
 3M1YR
Volatility37.0%34.8%
Downside Capture-6.2460.75
Upside Capture27.5957.81
Correlation (SPY)7.4%17.6%
ULTA Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.140.420.170.530.460.80
Up Beta1.370.740.090.490.180.93
Down Beta-2.28-0.700.500.570.400.72
Up Capture149%118%18%17%47%43%
Bmk +ve Days10213268138427
Stock +ve Days9233360122369
Down Capture127%-18%-7%94%68%93%
Bmk -ve Days11213259113324
Stock -ve Days12193167129381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ULTA
ULTA1.2%36.3%0.10-
Sector ETF (XLY)0.2%19.4%-0.1124.7%
Equity (SPY)19.3%12.8%1.1117.2%
Gold (GLD)29.8%29.0%0.896.9%
Commodities (DBC)41.3%20.4%1.58-11.1%
Real Estate (VNQ)9.2%13.7%0.4015.2%
Bitcoin (BTCUSD)-30.9%43.7%-0.7210.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ULTA
ULTA7.7%34.7%0.28-
Sector ETF (XLY)6.2%24.1%0.2146.4%
Equity (SPY)12.9%17.2%0.5743.3%
Gold (GLD)19.4%18.7%0.842.0%
Commodities (DBC)11.0%19.5%0.443.2%
Real Estate (VNQ)1.9%18.9%-0.0033.8%
Bitcoin (BTCUSD)9.5%52.7%0.3618.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ULTA
ULTA6.9%38.6%0.30-
Sector ETF (XLY)12.2%22.2%0.5050.7%
Equity (SPY)15.2%17.9%0.7248.2%
Gold (GLD)12.3%16.3%0.622.0%
Commodities (DBC)7.6%18.1%0.3414.8%
Real Estate (VNQ)4.9%20.7%0.2041.9%
Bitcoin (BTCUSD)63.4%66.2%1.0313.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity2.0 Mil
Short Interest: % Change Since 7312026-13.3%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest3.4 days
Basic Shares Quantity43.0 Mil
Short % of Basic Shares4.7%

Earnings Returns History

Updated 9/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/2026-4.2%  
6/2/2026-4.8%-3.4%-6.8%
3/12/2026-14.2%-14.5%-15.7%
12/4/202512.7%11.1%22.7%
8/28/2025-7.1%-3.0%4.3%
5/29/202511.8%10.7%10.9%
3/13/202513.7%8.4%14.9%
12/5/20249.0%7.9%9.0%
...
SUMMARY STATS   
# Positive91112
# Negative151211
Median Positive10.8%7.0%6.8%
Median Negative-4.0%-3.2%-5.7%
Max Positive13.7%15.0%22.7%
Max Negative-14.2%-14.5%-23.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/2026-4.2%  
6/2/2026-4.8%-3.4%-6.8%
3/12/2026-14.2%-14.5%-15.7%
12/4/202512.7%11.1%22.7%
8/28/2025-7.1%-3.0%4.3%
5/29/202511.8%10.7%10.9%
3/13/202513.7%8.4%14.9%
12/5/20249.0%7.9%9.0%
8/29/2024-4.0%0.0%5.9%
5/30/20242.5%-0.2%-0.3%
3/14/2024-5.2%-7.4%-23.4%
11/30/202310.8%15.0%14.2%
8/24/2023-3.7%-1.8%-5.8%
5/25/2023-13.4%-12.9%-4.7%
3/9/20230.2%-1.2%1.8%
12/1/2022-0.3%1.9%-0.2%
8/25/2022-1.9%1.2%-7.5%
5/26/202212.5%7.0%2.1%
3/10/2022-2.9%2.1%5.8%
12/2/2021-1.3%5.4%7.7%
8/25/2021-0.3%-0.6%-2.0%
5/27/20215.2%-0.5%4.5%
3/11/2021-8.4%-8.1%-5.7%
12/3/2020-3.5%-6.0%-3.2%
SUMMARY STATS   
# Positive91112
# Negative151211
Median Positive10.8%7.0%6.8%
Median Negative-4.0%-3.2%-5.7%
Max Positive13.7%15.0%22.7%
Max Negative-14.2%-14.5%-23.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202606/02/202610-Q
01/31/202603/26/202610-K
10/31/202512/04/202510-Q
07/31/202508/28/202510-Q
04/30/202505/29/202510-Q
01/31/202503/27/202510-K
10/31/202412/05/202410-Q
07/31/202408/29/202410-Q
04/30/202405/30/202410-Q
01/31/202403/26/202410-K
10/31/202311/30/202310-Q
07/31/202308/24/202310-Q
04/30/202305/25/202310-Q
01/31/202303/24/202310-K
10/31/202212/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202606/02/202610-Q
01/31/202603/26/202610-K
10/31/202512/04/202510-Q
07/31/202508/28/202510-Q
04/30/202505/29/202510-Q
01/31/202503/27/202510-K
10/31/202412/05/202410-Q
07/31/202408/29/202410-Q
04/30/202405/30/202410-Q
01/31/202403/26/202410-K
10/31/202311/30/202310-Q
07/31/202308/24/202310-Q
04/30/202305/25/202310-Q
01/31/202303/24/202310-K
10/31/202212/01/202210-Q
07/31/202208/25/202210-Q
04/30/202205/26/202210-Q
01/31/202203/25/202210-K
10/31/202112/02/202110-Q
07/31/202108/25/202110-Q
04/30/202105/27/202110-Q
01/31/202103/26/202110-K
10/31/202012/03/202010-Q
07/31/202008/27/202010-Q
04/30/202005/28/202010-Q
01/31/202003/27/202010-K
10/31/201912/05/201910-Q

Recent Forward Guidance

Updated 8/28/2026

Latest: Q2 2026 Earnings Reported 8/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Comparable sales growthReported3.2%3.45%3.7% 0.4%RaisedGuidance: 3.0% for 2026
2026 Share RepurchasesReported 1.00 Bil    
2026 Net sales growthReported6.7%6.95%7.2% 0.4%RaisedGuidance: 6.5% for 2026
2026 Operating income growthReported8.3%8.8%9.3% 1.0%RaisedGuidance: 7.75% for 2026
2026 Diluted earnings per shareReported28.728.9290.9% RaisedGuidance: 28.6 for 2026

Prior: Q1 2026 Earnings Reported 6/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Comparable sales growthReported2.5%3.0%3.5% 0.0%AffirmedGuidance: 3.0% for 2026
2026 Net sales growthReported6.0%6.5%7.0% 0.0%AffirmedGuidance: 6.5% for 2026
2026 Operating income growthReported6.5%7.75%9.0% 0.2%RaisedGuidance: 7.5% for 2026
2026 Diluted earnings per shareReported28.428.628.81.0% RaisedGuidance: 28.3 for 2026
2026 Capital expendituresReported400.00 Mil425.00 Mil450.00 Mil0.0% AffirmedGuidance: 425.00 Mil for 2026

Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Comparable sales growthReported2.5%3.0%3.5%   
2026 Net sales growthReported6.0%6.5%7.0% 2.0%Higher NewActual: 4.55% for 2025
2026 Operating income growthReported6.0%7.5%9.0%   
2026 Diluted earnings per shareReported28.128.328.611.6% Higher NewActual: 25.4 for 2025
2026 Capital expendituresReported400.00 Mil425.00 Mil450.00 Mil   

Q3 2025 Earnings Reported 12/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Comparable salesReported0.040.050.05 1.6%RaisedGuidance: 0.03 for 2025
2025 Net salesReported 12.30 Bil 2.1% RaisedGuidance: 12.05 Bil for 2025
2025 Operating marginReported12.3%12.35%12.4% 0.4%RaisedGuidance: 11.95% for 2025
2025 Diluted earnings per shareReported25.225.425.55.3% RaisedGuidance: 24.1 for 2025

Insider Activity

Updated 6/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mrkonic, George R JR DirectSell6162026475.84383182,2471,143,919Form
2Mrkonic, George R JR DirectSell4072026539.29452243,7591,285,128Form
3Smith, Mike C DirectSell9082025528.43500264,2151,195,837Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mrkonic, George R JR DirectSell6162026475.84383182,2471,143,919Form
2Mrkonic, George R JR DirectSell4072026539.29452243,7591,285,128Form
3Smith, Mike C DirectSell9082025528.43500264,2151,195,837Form

Investor Activity (13F)

Updated Sep 1, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
FFG Partners, LLC$9.6 Mil3.8%35ADD +12.1%13F
Coerente Capital Management$20.0 Mil3.7%47Hold13F
Cartenna Capital, LP$84.9 Mil3.7%41New13F
Rempart Asset Management Inc.$15.5 Mil3.3%36TRIM -10.4%13F
Bender Robert & Associates$11.0 Mil2.6%45Hold13F
Boothe Investment Group, Inc.$7.0 Mil2.3%40TRIM -35.4%13F
Stanley Capital Management, LLC$12.4 Mil2.1%40Hold13F
Broad Bay Capital Management, LP$16.8 Mil1.7%24New13F
Smead Capital Management, Inc.$65.3 Mil1.4%32TRIM -13.0%13F
Sanders Capital, LLC$997.4 Mil1.2%44ADD +51.0%13F
Hook Mill Capital Partners, LP$12.7 Mil1.1%39TRIM -25.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cartenna Capital, LP$84.9 Mil3.7%41New13F
Broad Bay Capital Management, LP$16.8 Mil1.7%24New13F
Sanders Capital, LLC$997.4 Mil1.2%44ADD +51.0%13F
FFG Partners, LLC$9.6 Mil3.8%35ADD +12.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Agave Capital Management Ltd$28.5 Mil4.8%23ExitedDec 31, 202513F
Boothe Investment Group, Inc.$7.0 Mil2.3%40TRIM -35.4%Mar 31, 202613F
Hook Mill Capital Partners, LP$12.7 Mil1.1%39TRIM -25.1%Mar 31, 202613F
Smead Capital Management, Inc.$65.3 Mil1.4%32TRIM -13.0%Mar 31, 202613F
Rempart Asset Management Inc.$15.5 Mil3.3%36TRIM -10.4%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sanders Capital, LLC$997.4 Mil1.2%44ADD +51.0%13F
Cartenna Capital, LP$84.9 Mil3.7%41New13F
Smead Capital Management, Inc.$65.3 Mil1.4%32TRIM -13.0%13F
Coerente Capital Management$20.0 Mil3.7%47Hold13F
Broad Bay Capital Management, LP$16.8 Mil1.7%24New13F
Rempart Asset Management Inc.$15.5 Mil3.3%36TRIM -10.4%13F
Hook Mill Capital Partners, LP$12.7 Mil1.1%39TRIM -25.1%13F
Stanley Capital Management, LLC$12.4 Mil2.1%40Hold13F
Bender Robert & Associates$11.0 Mil2.6%45Hold13F
FFG Partners, LLC$9.6 Mil3.8%35ADD +12.1%13F
Boothe Investment Group, Inc.$7.0 Mil2.3%40TRIM -35.4%13F
Core Cache Last Updated: 8/31/2026