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NASDAQ NMS - GLOBAL MARKET · Retail · CIK 0001403568
$635.01
+4.62% · live
Updated
$28.05B market value
From Ulta Beauty, Inc.'s FY2026 10-K, filed Mar 26, 2026 · read the filing
Ulta Beauty runs retail stores. It took in $12.39B last year, which makes it a large company. Of every dollar it sells, about 9 cents is left as profit.
The financial picture is led by debt, with profitability and growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by 2 insiders, not under a pre-arranged plan.
$1.4M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Generally healthy, with a few things to watch.
From Ulta Beauty, Inc.'s FY2026 annual filing · share price scored separately
Largest year-over-year changes in FY2026
Cash
$703.2M → $424.2M
Capital spending
$374.5M → $434.8M
Revenue
$11.30B → $12.39B
Gross profit
$4.39B → $4.85B
Measured against FY2025, from the 10-K filed Mar 26, 2026
Deteriorated: -39.7%
$703.2M to $424.2MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +16.1%
$374.5M to $434.8MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
How the latest move compares (quote live), and what was published around it
ULTA rose 4.62% on the latest quote. The average Consumer Discretionary company tracked here moved +2.31%, and the S&P 500 −1.04%. That is 2.3 points above its sector and 5.7 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 9% a year for the next 10 years. Over the last 10 years it grew by about 30% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 9 cents of every dollar of sales as profit, earning $1.15B last year.
Slowly. Sales grew 9.7% last year.
No — it holds more cash than debt, with $362.0M left over after paying off every borrowing. For every $1 it owes, it owns $1.67 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2026 annual filing
Last year it earned $1.15B and generated $1.50B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202610-K · Mar 26, 2026Filing for FY2026 | FY202510-K · Mar 27, 2025Filing for FY2025 | FY202410-K · Mar 26, 2024Filing for FY2024 | FY202310-K · Mar 24, 2023Filing for FY2023 | FY202210-K · Mar 25, 2022Filing for FY2022 | ChangeFY2026 vs FY2025 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $12.39B | $11.30B | $11.21B | $10.21B | $8.63B | +9.7% |
| Cost of revenue | $7.55B | $6.91B | $6.83B | $6.16B | $5.26B | +9.3% |
| Gross profit | $4.85B | $4.39B | $4.38B | $4.04B | $3.37B | +10.4% |
| Gross marginGross profit ÷ revenueWhat is this? | 39.1% | 38.8% | 39.1% | 39.6% | 39.0% | +0.3 pts |
| Selling, general and administrative | $3.30B | $2.81B | $2.69B | $2.40B | $2.06B | +17.4% |
| Operating income | $1.53B | $1.56B | $1.68B | $1.64B | $1.30B | −2.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 12.4% | 13.9% | 15.0% | 16.1% | 15.0% | −1.5 pts |
| Income before tax | $1.53B | $1.58B | $1.70B | $1.64B | $1.30B | −3.1% |
| Net income | $1.15B | $1.20B | $1.29B | $1.24B | $985.8M | −4.0% |
| Net marginNet income ÷ revenueWhat is this? | 9.3% | 10.6% | 11.5% | 12.2% | 11.4% | −1.3 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $26.12 | $26.13 | $26.72 | $24.67 | $18.85 | −0.1% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| ULTAUlta Beauty, Inc. · this page | 7.3/10 | 5/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 2,000 shares at $545.88 ($1.1M)
Holds 40,489 shares after this filing.
Sold on the open market — 600 shares at $537.31 ($322.4K)
Holds 7,168 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +8.9% · Cash -34.7% · Gross profit +8.7% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following Ulta Beauty, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 5 subsidiaries named in its 10-K. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Source: Exhibit 21 of the 10-K filed 2026-03-26. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ULTA's 10-K for fiscal year 2026 (period ending 2026-01-31, filed Mar 26, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2026 | 7.3 | 5/8 | 10-K, filed Mar 26, 2026 |
| FY2025 | 7.3 | 4/8 | 10-K, filed Mar 27, 2025 |
| FY2024 | 7.3 | 7/8 | 10-K, filed Mar 26, 2024 |
| FY2023 | 8.7 | 8/8 | 10-K, filed Mar 24, 2023 |
| FY2022 | 8.7 | 7/8 | 10-K, filed Mar 25, 2022 |
| FY2021 | 4.7 | 5/8 | 10-K, filed Mar 26, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
3.84
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2026 filing as filed with the SEC.
Improved: +9.7%
$11.30B to $12.39BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +10.4%
$4.39B to $4.85BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: −1.5 pts
13.9% to 12.4%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1.3 pts
10.6% to 9.3%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +10.8%
$964.1M to $1.07BNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: -3.9%
46.0M to 44.2MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 27, 2026 — read it.
Deteriorated: -34.7%
$242.7M to $158.5MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +8.9%
$2.79B to $3.04BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +8.7%
$1.09B to $1.19BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +10.1%
$344.9M to $379.6MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +8.1%
$260.9M to $282.0MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +13.3%
$5.81 to $6.59Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -4.6%
44.9M to 42.8MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 27, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -15.3%
$448.3M to $379.6MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -17.2%
$340.5M to $282.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -16.3%
$7.87 to $6.59Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -6.4%
$1.27B to $1.19BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: −1.7 pts
14.2% to 12.5%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1.5 pts
10.8% to 9.3%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -1.0%
43.2M to 42.8MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 7% and 11%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 35 analysts covering this company, as of . Their views, not this site's.
Of 35 analysts publishing on this company, 9 say strong buy, 16 say buy and 10 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 5.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 25.2x — investors pay $25.2 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 9.7% |
| 9.3% |
| 24.31x |
| 1.50x |
| TSCOTRACTOR SUPPLY CO /DE/ | 7.3/10 | 6/9 | 4.3% | 7.1% | 16.70x | 3.24x |
|---|
| CHWYChewy, Inc. | 4.7/10 | 6/8 | 6.2% | 1.8% | 41.50x | 5.76x |
|---|
| Median of peers | 6.0/10 | — | 5.3% | 4.4% | 29.10x | 4.50x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Was granted or awarded shares — 2,933 shares
Holds 5,083 shares after this filing.
Was granted or awarded shares — 271 shares
Holds 271 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 2,000 shares ($1.1M) on or after .
Shares originally obtained via RSU / PSU Lapses.
Filed notice to sell 600 shares ($322.4K) on or after .
Shares originally obtained via Restricted Stock Lapse.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join · Reported another event
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Amended its charter or changed its financial year · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +11.1% · Free cash flow +44.4% · Cash -63.4% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2026
Revenue +9.7% · Operating margin −1.5 pts · Cash -39.7% — against FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Revenue +12.9% · Operating margin −1.8 pts · Cash +15.3% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Reported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +9.3% · Cash -41.4% · Shares in issue -5.1% — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Reported another event
Read the filingReported another event
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join · Reported another event
Read the filingCoverage from the last 30 days
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