# Ulta Beauty, Inc. Common Stock (ULTA) — Stock CV

Ulta Beauty, Inc. is a $24.4B consumer company. Revenue shrank 14.1% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~1.3 years of free cash flow. It trades at 20.2× earnings — around the middle of its own history.

> Ulta Beauty is the largest specialized beauty retailer in the US with more than 1,500 stores and e-commerce. The firm offers cosmetics (38% of 2025 sales), fragrances (13%), skin care (24%), and hair care products (19%).

## Identity

- **Ticker**: ULTA
- **Sector**: Consumer Cyclical
- **Industry**: Retail-Retail Stores, Nec
- **Headquarters**: BOLINGBROOK, IL
- **Employees**: 65 000
- **Website**: https://www.ulta.com
- **Market cap**: $24.4B
- **Last price**: $569.80
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $28.0B
- **Net income**: $2.74B
- **Free cash flow**: $1.76B
- **Net debt**: $2.31B
- **P/E**: 20.2
- **Revenue growth (YoY)**: -14.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 18 |
| Profitability | 70 |
| Health | 67 |
| Quality | 82 |
| Moat | 75 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [ ] Revenue growing — -14.1% YoY
- [x] Profitable — $2.74B TTM
- [x] Profit growing — +2.2% YoY
- [x] Generates cash — $1.76B TTM
- [x] Debt under control — ~1.3y of cash flow to repay
- [x] Established company — $24.4B market cap
- [x] Not printing shares — -16.8% shares over ~5y
- [x] Proven track record — 12/12 profitable years
- [x] Financially stable — Altman Z 5.1 — safe
- [x] Valuation not extreme — P/E 20.2

## Experience (career milestones)

- **FY2023** — Best year on record: $3.18B net income
- **FY2016** — Profitable every year on record: 12 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $11.3B in first reported year
- **FY2016** — Positive free cash flow every year since: 12-year streak
- **Oct 25, 2007** — The company became publicly traded on the NASDAQ
- **1990** — Founded in 1990, the company was initially called Ulta3 to suggest a third option for consumers to purchase beauty…

## Strengths

- Interest covered 857.9× by operating earnings
- High returns on invested capital (ROIC 19.4%)
- Altman Z-Score 5.14 — low bankruptcy-risk zone

## Watch-outs

- Revenue shrinking 14.1% year over year

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $26.7B | $3.18B | $1.51B |
| FY2024 | $27.1B | $2.89B | $1.21B |
| FY2025 | $29.4B | $2.82B | $1.45B |
| FY2026 | $30.3B | $2.91B | $1.59B |
| FY2027 | $9.36B | $963M | $446M |

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Source: https://stockcv.com/ULTA — derived from company filings; may be delayed or incomplete. Information, not investment advice.