Ulta Beauty, Inc. (ULTA) Key Metrics
ULTA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $25.35B
- Enterprise value
- $25.56B
- P/E (TTM)
- 21.6 10-yr median 23.4
- Forward P/E
- 19.6
- PEG ratio
- 1.96
- Price / sales
- 2.0 10-yr median 2.3
- Price / book
- 8.8 10-yr median 10.0
- EV / EBITDA
- 13.2 10-yr median 14.4
- Dividend yield
- —
- Beta
- 0.84
ULTA key metrics, FY2017–FY2026
Fiscal year ended January 31, 2026 · U.S. dollarsULTA valuation Price multiples at each fiscal year-end price.
ULTA returns How much profit the business earns on the capital it uses.
ULTA per-share figures Results divided by the shares outstanding at year-end.
ULTA financial health Debt, liquidity and how easily interest is covered.
ULTA efficiency & capital use Working capital cycle and where the cash goes.
ULTA valuation history
ULTA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ULTA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ULTA cash returned to shareholders
ULTA price vs earnings per share
ULTA key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $29.13B | $19.54B | $24.90B | $26.59B | $19.95B | $15.82B | $15.57B | $17.57B | $13.76B | $17.11B |
| Enterprise value | $30.81B | $20.76B | $26.04B | $27.76B | $21.36B | $16.67B | $17.00B | $17.16B | $13.37B | $16.70B |
| P/E ratio | 25.3 | 16.3 | 19.3 | 21.4 | 20.2 | 90.0 | 22.1 | 26.7 | 24.8 | 41.8 |
| Price / sales | 2.4 | 1.7 | 2.2 | 2.6 | 2.3 | 2.6 | 2.1 | 2.6 | 2.3 | 3.5 |
| Price / book | 10.4 | 7.9 | 10.9 | 13.6 | 13.0 | 7.9 | 8.2 | 9.7 | 7.8 | 11.0 |
| Price / free cash flow | 27.3 | 20.3 | 23.9 | 22.7 | 22.5 | 24.0 | 19.4 | 27.6 | 40.6 | 65.6 |
| Price / operating cash flow | 19.4 | 14.6 | 16.9 | 17.9 | 18.8 | 19.5 | 14.1 | 18.4 | 17.7 | 27.0 |
| EV / sales | 2.5 | 1.8 | 2.3 | 2.7 | 2.5 | 2.7 | 2.3 | 2.6 | 2.3 | 3.4 |
| EV / EBITDA | 16.8 | 11.2 | 13.4 | 14.7 | 13.6 | 31.2 | 14.1 | 15.1 | 12.9 | 19.3 |
| EV / free cash flow | 28.9 | 21.5 | 25.0 | 23.7 | 24.1 | 25.3 | 21.2 | 26.9 | 39.5 | 64.0 |
| Earnings yield | 4.0% | 6.1% | 5.2% | 4.7% | 4.9% | 1.1% | 4.5% | 3.7% | 4.0% | 2.4% |
| Free cash flow yield | 3.7% | 4.9% | 4.2% | 4.4% | 4.4% | 4.2% | 5.2% | 3.6% | 2.5% | 1.5% |
| Dividend yield | — | — | 0.0% | — | — | 0.1% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 3.1% | 5.3% | 4.1% | 3.4% | 7.7% | 0.8% | 4.4% | 3.5% | 2.7% | 2.0% |
| Share price at fiscal year-end | $647.36 | $412.15 | $502.05 | $513.96 | $363.74 | $279.76 | $267.91 | $291.92 | $222.10 | $272.28 |
| Per share | ||||||||||
| Revenue per share | $275.45 | $238.28 | $225.97 | $197.31 | $157.38 | $108.77 | $127.32 | $111.61 | $94.95 | $77.24 |
| Earnings per share | $25.64 | $25.34 | $26.03 | $24.01 | $17.98 | $3.11 | $12.15 | $10.94 | $8.96 | $6.52 |
| Operating cash flow per share | $33.40 | $28.24 | $29.77 | $28.64 | $19.32 | $14.33 | $18.95 | $15.89 | $12.58 | $10.09 |
| Free cash flow per share | $23.74 | $20.34 | $20.99 | $22.61 | $16.18 | $11.64 | $13.82 | $10.58 | $5.46 | $4.15 |
| Cash per share | $10.99 | $14.83 | $15.46 | $14.26 | $7.87 | $18.50 | $8.65 | $6.80 | $6.41 | $6.60 |
| Book value per share | $62.31 | $52.49 | $45.96 | $37.88 | $28.00 | $35.35 | $32.74 | $30.25 | $28.63 | $24.66 |
| Tangible book value per share | $52.76 | $52.26 | $45.73 | $37.64 | $27.77 | $35.12 | $32.49 | $29.99 | $28.63 | $24.66 |
| Dividends per share | — | — | $0.21 | — | — | $0.22 | — | — | — | — |
| Capex per share | $9.66 | $7.90 | $8.78 | $6.03 | $3.14 | $2.69 | $5.14 | $5.31 | $7.11 | $5.94 |
| Debt per share | $48.50 | $40.57 | $38.53 | $36.78 | $33.67 | $33.54 | $33.36 | — | — | — |
| Shares outstanding | 45.0M | 47.4M | 49.6M | 51.7M | 54.8M | 56.6M | 58.1M | 60.2M | 62.0M | 62.9M |
| Change in shares outstanding | −5.1% | −4.4% | −4.1% | −5.7% | −3.0% | −2.7% | −3.4% | −2.9% | −1.4% | −2.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 43.6% | 50.4% | 60.9% | 71.1% | 55.8% | 9.0% | 37.9% | 36.6% | 33.4% | 27.4% |
| Return on invested capital (ROIC) | 28.6% | 33.7% | 39.2% | 41.0% | 32.8% | 7.7% | 30.2% | 48.1% | 45.5% | 40.0% |
| Return on assets (ROA) | 17.7% | 20.5% | 23.3% | 24.5% | 20.0% | 3.5% | 17.5% | 21.6% | 20.3% | 17.1% |
| Return on tangible assets | 17.6% | 20.0% | 22.7% | 23.2% | 20.7% | 3.5% | 14.6% | 20.7% | 19.1% | 16.1% |
| Free cash flow margin | 8.6% | 8.5% | 9.3% | 11.5% | 10.3% | 10.7% | 10.9% | 9.5% | 5.8% | 5.4% |
| Income quality (OCF / net income) | 1.30 | 1.11 | 1.14 | 1.19 | 1.07 | 4.61 | 1.56 | 1.45 | 1.40 | 1.55 |
| Financial health | ||||||||||
| Total debt | $2.18B | $1.92B | $1.91B | $1.90B | $1.85B | $1.90B | $1.94B | — | — | — |
| Cash & short-term investments | $494.2M | $703.2M | $766.6M | $737.9M | $431.6M | $1.05B | $502.3M | $409.3M | $397.4M | $415.0M |
| Net debt | $1.69B | $1.22B | $1.14B | $1.17B | $1.42B | $850.8M | $1.44B | −$409.3M | −$397.4M | −$415.0M |
| Debt / equity | 0.78 | 0.77 | 0.84 | 0.97 | 1.20 | 0.95 | 1.02 | — | — | — |
| Debt / assets | 0.31 | 0.32 | 0.33 | 0.35 | 0.39 | 0.37 | 0.40 | — | — | — |
| Net debt / EBITDA | 0.92 | 0.66 | 0.59 | 0.62 | 0.90 | 1.59 | 1.19 | −0.36 | −0.38 | −0.48 |
| Current ratio | 1.41 | 1.70 | 1.71 | 1.61 | 1.46 | 1.87 | 1.81 | 2.32 | 2.64 | 2.90 |
| Quick ratio | 0.43 | 0.60 | 0.66 | 0.66 | 0.50 | 1.00 | 0.67 | 0.85 | 0.93 | 1.12 |
| Interest coverage | 866.7 | — | 95.7 | 334.3 | 752.0 | 54.7 | 182.0 | 172.7 | 516.3 | 756.6 |
| Working capital | $919.8M | $1.25B | $1.18B | $1.03B | $723.2M | $1.17B | $918.1M | $1.09B | $1.05B | $1.01B |
| Invested capital | $4.49B | $3.71B | $3.42B | $3.13B | $2.95B | $2.85B | $3.34B | $1.41B | $1.38B | $1.14B |
| Tangible asset value | $2.37B | $2.48B | $2.27B | $1.95B | $1.52B | $1.99B | $1.89B | $1.81B | $1.77B | $1.55B |
| Net current asset value | −$1.05B | −$484.5M | −$591.2M | −$701.3M | −$947.8M | −$575.6M | −$906.5M | $543.9M | $559.3M | $534.6M |
| Graham number | $189.59 | $172.99 | $164.06 | $143.06 | $106.41 | $49.73 | $94.60 | $86.30 | $75.97 | $60.15 |
| Graham net-net per share | −$53.10 | −$34.99 | −$32.95 | −$33.27 | −$34.15 | −$23.26 | −$29.40 | −$4.19 | −$1.84 | −$0.77 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $10.4M | — | — | $12.2M | — | — | — | — |
| Share buybacks (net) | $901.4M | $1.03B | $1.02B | $907.0M | $1.54B | $118.2M | $690.5M | $622.3M | $371.8M | $347.1M |
| Dividend payout ratio | — | — | 0.8% | — | — | 7.0% | — | — | — | — |
| Dividends + buybacks / free cash flow | 84.4% | 106.5% | 98.8% | 77.5% | 173.3% | 19.8% | 86.0% | 97.7% | 109.8% | 133.0% |
| Capex / revenue | 3.5% | 3.3% | 3.9% | 3.1% | 2.0% | 2.5% | 4.0% | 4.8% | 7.5% | 7.7% |
| Capex / operating cash flow | 28.9% | 28.0% | 29.5% | 21.1% | 16.3% | 18.7% | 27.1% | 33.4% | 56.5% | 58.9% |
| Capex / depreciation | 1.45 | 1.40 | 1.79 | 1.29 | 0.64 | 0.51 | 1.01 | 1.14 | 1.74 | 1.78 |
| Stock-based compensation / revenue | 0.3% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% |
| R&D / revenue | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| SG&A / revenue | 26.6% | 25.1% | 24.4% | 23.5% | 23.9% | 25.7% | 23.8% | 23.2% | 22.3% | 22.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 7.7 | 7.0 | 6.6 | 7.7 | 9.0 | 9.9 | 6.8 | 6.4 | 5.8 | 5.8 |
| Days of inventory on hand | 100.3 | 98.0 | 89.4 | 91.9 | 92.5 | 106.9 | 97.0 | 97.9 | 98.3 | 100.2 |
| Days payables outstanding | 30.2 | 29.3 | 29.5 | 32.9 | 35.7 | 38.7 | 31.6 | 30.9 | 28.2 | 26.8 |
| Cash conversion cycle (days) | 77.8 | 75.7 | 66.6 | 66.7 | 65.8 | 78.1 | 72.2 | 73.4 | 76.0 | 79.2 |
| Receivables turnover | 47.71 | 52.38 | 55.02 | 47.14 | 40.45 | 37.01 | 53.71 | 56.95 | 62.48 | 63.20 |
| Payables turnover | 12.08 | 12.47 | 12.37 | 11.08 | 10.22 | 9.43 | 11.53 | 11.80 | 12.94 | 13.64 |
| Inventory turnover | 3.64 | 3.72 | 4.08 | 3.97 | 3.95 | 3.41 | 3.76 | 3.73 | 3.71 | 3.64 |
| Asset turnover | 1.91 | 1.93 | 2.02 | 2.01 | 1.75 | 1.24 | 1.84 | 2.20 | 2.16 | 2.03 |
| Average receivables | $259.8M | $215.6M | $203.7M | $216.6M | $213.4M | $166.2M | $137.8M | $117.9M | $94.2M | $76.8M |
| Average payables | $624.8M | $553.9M | $551.8M | $556.1M | $514.9M | $445.5M | $409.0M | $364.9M | $292.6M | $227.8M |
| Average inventory | $2.07B | $1.86B | $1.67B | $1.55B | $1.33B | $1.23B | $1.25B | $1.16B | $1.02B | $852.9M |
| Intangibles / total assets | 6.1% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.5% | 0.0% | 0.0% |
Computed from ULTA's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ULTA valuation and financial ratios
At the end of fiscal 2026 (January 31, 2026), Ulta Beauty traded at 25.3 times earnings, against a 10-year median of 23.4. Based on the latest twelve months, the trailing P/E is 21.6 and the forward P/E is 19.6. Ulta Beauty earned a return on equity of 43.6% and a return on invested capital of 28.6% in fiscal 2026. It ended the year with $2.2 billion of debt and $494.2 million in cash and short-term investments, net debt of $1.7 billion. It returned $901.4 million to shareholders: $0 in dividends and $901.4 million in share buybacks, 84% of free cash flow. The share count fell 28.4% from 62.9M to 45.0M over 9 years.
See the ULTA income statement, the ULTA chart for price history, or the ULTA stock overview for the latest quote and news.
ULTA key metrics FAQ
What is Ulta Beauty's P/E ratio?
Ulta Beauty's trailing P/E ratio is 21.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.6. At the end of fiscal 2026 it was 25.3, compared with a 10-year median of 23.4.
What is Ulta Beauty's EV/EBITDA?
Ulta Beauty's enterprise value was 16.8 times EBITDA at the end of fiscal 2026 (enterprise value $30.8 billion, EBITDA $1.8 billion); the current EV/EBITDA is 13.2.
What is Ulta Beauty's return on equity?
Ulta Beauty's return on equity (ROE) was 43.6% in fiscal 2026: net income of $1.2 billion on average shareholders' equity of $2.6 billion.
What is Ulta Beauty's ROIC?
Ulta Beauty's return on invested capital was 28.6% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ulta Beauty have?
Ulta Beauty had total debt of $2.2 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.78 and $1.7 billion of net debt (0.92 times EBITDA).
Does Ulta Beauty buy back its shares?
Yes. Ulta Beauty spent $901.4 million on net share repurchases in fiscal 2026 Shares outstanding changed −5.1% over the year, to 45.0M..
What is Ulta Beauty's free cash flow yield?
Ulta Beauty generated $1.1 billion of free cash flow in fiscal 2026, a free cash flow yield of 3.7% on its market value at year-end ($29.1 billion).
What is Ulta Beauty's current ratio?
Ulta Beauty's current ratio was 1.41 at the end of fiscal 2026: current assets were 1.41 times current liabilities.