Ulta Beauty, Inc.
- Open
- 519.57
- Day high
- 543.58
- Day low
- 518.60
- Prev close
- 517.50
- Volume
- 1.1M
- Mkt cap
- $23.0B
- P/E (TTM)
- 19.5
- EPS (TTM)
- $27.55
- P/B
- 8.7
- P/S
- 1.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$182K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Ulta Beauty, Inc. (ULTA) is a Consumer Cyclical company listed on NASDAQ. The stock is up 1% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering ULTA.
Ulta Beauty, Inc. (ULTA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ULTA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $6.22 | $6.55 | +5.4% | $3.0B | +1.4% |
| Jun 2, 2026 | $6.89 | $7.74 | +12.4% | $3.2B | +1.4% |
| Mar 12, 2026 | $8.12 | $8.01 | -1.3% | $3.9B | +1.8% |
| Dec 4, 2025 | $4.63 | $5.14 | +11.1% | $2.9B | +5.5% |
| Aug 28, 2025 | $5.10 | $5.78 | +13.2% | $2.8B | +4.3% |
| May 29, 2025 | $5.82 | $6.70 | +15.1% | $2.8B | +2.0% |
| Mar 13, 2025 | $7.15 | $8.46 | +18.3% | $3.5B | +0.3% |
| Dec 5, 2024 | $4.54 | $5.14 | +13.2% | $2.5B | +1.0% |
| Aug 29, 2024 | $5.48 | $5.30 | -3.2% | $2.6B | -2.1% |
| May 30, 2024 | $6.26 | $6.47 | +3.3% | $2.7B | -0.2% |
| Mar 14, 2024 | $7.52 | $8.08 | +7.4% | $3.6B | +0.6% |
| Nov 30, 2023 | $4.98 | $5.07 | +1.9% | $2.5B | -28.5% |
ULTA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | MRKONIC GEORGE R JRdirector | Sell | 383 | $475.84 |
| Jun 11, 2026 | Ruiz Giseldirector | Grant | 404 | — |
| Jun 11, 2026 | GARCIA KELLY Edirector | Grant | 404 | — |
| Jun 11, 2026 | Landry Stephenie Leedirector | Grant | 404 | — |
| Jun 11, 2026 | LITTLE PATRICIA Adirector | Grant | 404 | — |
| Jun 11, 2026 | Halligan Catherine Anndirector | Grant | 404 | — |
| Jun 11, 2026 | Brok Martindirector | Grant | 404 | — |
| Jun 11, 2026 | Nagler Lornadirector | Grant | 404 | — |
| Jun 11, 2026 | Smith Mike C.director | Grant | 404 | — |
| Jun 11, 2026 | MRKONIC GEORGE R JRdirector | Grant | 404 | — |
| Apr 7, 2026 | MRKONIC GEORGE R JRdirector | Sell | 452 | $539.29 |
| Apr 2, 2026 | Steelman Keciaofficer: President and CEO | Grant | 10,889 | — |
| Apr 2, 2026 | Casares Rene G.officer: Chief Legal Officer | Grant | 1,263 | — |
| Apr 2, 2026 | Steelman Keciaofficer: President and CEO | Grant | 37,070 | $522.71 |
| Apr 2, 2026 | DelOrefice Christopherofficer: Chief Financial Officer | Grant | 14,363 | $522.71 |
Source: ULTA SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full ULTA insider & 13F page →Ulta Beauty, Inc. company profile
Overview
Ulta Beauty, Inc. (NASDAQ:ULTA) is the largest specialty beauty retailer in the United States, operating over 1,300 stores across all 50 states. Founded in 1990 and originally known as Ulta Salon, Cosmetics & Fragrance, Inc., the company went public in 2007 and rebranded to Ulta Beauty in 2017. Headquartered in Bolingbrook, Illinois, Ulta has established itself as a dominant force in the beauty retail industry by offering an extensive range of cosmetics, skincare, haircare, and fragrance products alongside professional salon services. The company has built a comprehensive omnichannel platform that includes physical retail locations, e-commerce through ulta.com, mobile applications, and strategic partnerships.
Business
Ulta Beauty operates as a specialty beauty retailer in the highly fragmented beauty industry, which encompasses cosmetics, skincare, haircare, fragrances, and related beauty services. The beauty industry is characterized by constant innovation, seasonal trends, and strong brand loyalty, with consumers ranging from everyday shoppers to beauty enthusiasts seeking the latest products and professional services. Core Product Categories and Services: 1. Cosmetics and Makeup: Ulta offers an extensive selection of makeup products including foundations, lipsticks, eyeshadows, and other color cosmetics from both prestige brands (like MAC, Urban Decay, and Benefit) and mass market brands (like Maybelline and L'Oréal). This category represents a significant portion of sales, though it has faced some challenges recently with mid-single-digit declines. 2. Skincare Products: This has become Ulta's fastest-growing category, featuring cleansers, moisturizers, serums, and treatments from brands ranging from drugstore favorites to luxury skincare lines. The skincare segment has consistently delivered double-digit comparable sales growth, reflecting the broader consumer trend toward skincare-focused beauty routines. 3. Haircare and Styling: The company sells both professional-grade hair products used in salons and consumer haircare products, including shampoos, conditioners, styling tools, and hair accessories. Ulta also offers professional hair products that are typically only available through licensed professionals. 4. Fragrances and Bath Products: This category includes perfumes, colognes, body lotions, and bath products, which has shown strong double-digit growth and represents a key differentiator for Ulta compared to other beauty retailers. 5. Salon Services: Ulta operates full-service salons within most of its stores, offering hair services (cuts, color, styling), skin services (facials, brow shaping), makeup application, and nail services. The services business has shown consistent growth and helps drive customer loyalty and product attachment. 6. Private Label Products: The company develops and sells its own Ulta Beauty Collection, which includes cosmetics, skincare, and bath products, providing higher margins and exclusive offerings to customers. The beauty retail industry is experiencing significant expansion, with over 1,000 new beauty distribution points opening annually, creating intense competition. However, the overall beauty market continues to grow, driven by social media influence, increasing male participation in beauty routines, and the premiumization of beauty products.
Revenue model
Ulta Beauty generates revenue through multiple interconnected channels that create a comprehensive beauty ecosystem. The company's primary revenue stream comes from product sales across its retail locations and digital platforms, with customers paying retail prices for beauty products ranging from affordable drugstore brands to luxury cosmetics and skincare. Revenue Streams: 1. Retail Product Sales: The majority of revenue comes from selling third-party beauty brands and private label products through physical stores and online channels. Ulta operates on a traditional retail model, purchasing products from suppliers and selling them at marked-up prices to consumers. 2. Salon Services: Professional beauty services generate additional revenue and have shown consistent growth with high single-digit increases. These services not only provide direct revenue but also drive product sales as customers often purchase related products after receiving services. 3. Ulta Beauty Media Network: The company has developed a retail media business where beauty brands pay for advertising and promotional placement within Ulta's ecosystem, including digital advertising, in-store displays, and targeted marketing campaigns. 4. Loyalty Program: While not directly generating revenue, the Ulta Beauty Rewards program (with 44.4 million active members) drives customer retention and increases purchase frequency, with loyalty members representing the vast majority of sales. Margin Influencing Factors: Several factors can positively or negatively impact Ulta's profitability. Positive margin drivers include the growing skincare and fragrance categories which typically carry higher margins, the expansion of private label products, increased attachment rates from salon services, and the company's ability to negotiate better terms with suppliers due to its market position. The loyalty program also enables more targeted and efficient promotional spending. Margin pressures come from the increasingly competitive promotional environment, with new beauty retailers and online platforms forcing more aggressive discounting. Inventory shrinkage has become a significant issue, requiring investments in security measures and locked display cases. The company also faces pressure from the shift toward lower-margin mass market products in some categories, supply chain inflation, and the need for continuous technology investments to maintain competitive digital capabilities. Additionally, the proliferation of new beauty distribution points means Ulta must work harder to maintain customer traffic and market share.
Competitive moat
Ulta Beauty possesses a moderate to strong competitive moat built primarily around its unique positioning as a comprehensive beauty destination, though this moat faces increasing pressure from new competitors and changing consumer behaviors. Key Moat Elements: Ulta's strongest competitive advantage lies in its "All Things Beauty, All in One Place" proposition, offering an unmatched breadth of products across all price points and categories under one roof. This includes everything from $3 drugstore lipstick to $300 luxury skincare, combined with professional salon services. This comprehensive assortment is difficult for competitors to replicate at scale. The company's Ulta Beauty Rewards loyalty program with 44.4 million active members creates significant switching costs and provides valuable customer data for personalized marketing. The program generates strong customer retention and enables more efficient promotional spending compared to broad-based advertising. Ulta's scale advantages provide negotiating power with suppliers for better pricing, exclusive product launches, and favorable terms. The company's size allows it to secure prime real estate locations and invest in technology infrastructure that smaller competitors cannot match. Moat Vulnerabilities: However, Ulta's moat is under pressure from several directions. The company faces intense competition from Sephora's expansion, including partnerships with Kohl's that bring prestige beauty to more convenient locations. Direct-to-consumer brands are bypassing traditional retail channels, and e-commerce platforms like Amazon are expanding their beauty offerings with competitive pricing and convenience. The proliferation of beauty distribution points (over 1,000 new locations annually) is fragmenting the market, and social media platforms are enabling new discovery and purchase behaviors that don't require traditional retail visits. Additionally, drugstore chains and mass retailers are upgrading their beauty sections and securing exclusive brand partnerships. While Ulta maintains advantages in assortment breadth, services integration, and loyalty program sophistication, the company must continuously innovate and invest to defend its market position. The moat remains meaningful but is not impregnable, requiring ongoing strategic execution to maintain competitive advantages.
Risks & safety
Ulta Beauty demonstrates a strong financial position with solid cash generation and manageable debt levels, though recent performance pressures warrant monitoring. Liquidity and Solvency: - Strong cash position of $703 million and current ratio of 1.70, indicating solid short-term liquidity - Positive free cash flow of $964 million annually demonstrates strong cash generation capabilities - Debt-to-equity ratio of 0.77 is reasonable for a retail company, indicating manageable leverage - No significant solvency concerns given strong operational cash flows of $1.34 billion Valuation Metrics: - P/E ratio of 16.2x appears reasonable for a specialty retailer, though higher than distressed levels - EV/EBITDA of 11.2x suggests moderate valuation relative to cash flow generation - Price-to-book ratio of 7.8x reflects premium valuation typical of successful retail franchises - Graham number analysis suggests potential overvaluation at current levels Other Considerations: - Recent comparable sales growth challenges (flat to slightly positive) indicate operational headwinds - Operating margin compression expected in 2025 (11.7-11.8% vs. historical 13%+) suggests near-term profitability pressure - Strong return on equity of 48% demonstrates efficient capital utilization, though this includes one-time benefits - Inventory management appears solid with no significant working capital concerns
Recent development
Over the past few years, Ulta Beauty has undergone significant strategic evolution in response to intensifying competitive pressures and changing consumer behaviors. The company has launched its "Ulta Beauty Unleashed" strategic framework, focusing on three key pillars: driving core business growth, scaling new accretive businesses, and realigning its operational foundation. Brand Portfolio Expansion: Ulta has aggressively expanded its brand portfolio, adding over 25 new brands annually, including exclusive partnerships with emerging brands like ILIA Beauty, DIBS Beauty, and celebrity-founded lines like Wyn Beauty and Orebella. The company launched Luxury at Ulta Beauty to compete more effectively in the prestige segment and has significantly expanded its Conscious Beauty platform to cater to sustainability-focused consumers. Digital and Technology Transformation: The company completed a major ERP system upgrade called Project SOAR, though this initially caused some operational disruptions. Ulta has enhanced its digital capabilities with GLAMlab 2.0 for virtual try-ons, launched the UB Community digital forum, and expanded its DoorDash partnership for same-day delivery. The company is also preparing to launch a new curated marketplace in the second half of 2025. Wellness and Services Expansion: Recognizing the growing wellness trend, Ulta is launching 20 new wellness brands and expanding its wellness shop concept. The services business continues to grow, with investments in new service offerings and enhanced salon experiences. Organizational Restructuring: The company has undergone significant leadership changes, including new roles for chief merchandising and digital officer, chief marketing officer, and chief legal officer. Ulta has also centralized store functions and streamlined its cost structure to improve operational efficiency. New Revenue Streams: The Ulta Beauty Media Network has been established as a retail media business, and the company is exploring international expansion opportunities, beginning with plans for Mexico. The partnership with Target has expanded to over 500 locations, creating an additional distribution channel.
ULTA company profile · for informational purposes only — not investment advice.
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