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Ulta Beauty

ULTA
59
Specialty Retail · Consumer Cyclical
Also trades as: 0LIB.L GBP 5.92 (-2.60%)
Price
$592.94
-16.30 (-2.68%)
Market Cap
$25.35B
Exchange
NASDAQ
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality
Good
20/30
Growth
Good
12/20
Cash Flow
Strong
8/10
Stability
Strong
8/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

56 of 95 counted points = Winston Score 59. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−18.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 54.8M (2022) → 45.0M (2026)

§Winston Score History

The full picture

Ulta Beauty runs a chain of beauty stores across the United States that sells makeup, skincare, haircare, and fragrance products. Its customers are mostly everyday shoppers looking for both affordable drugstore brands and high-end luxury brands all in one place — something most competitors do not offer. Ulta also operates full-service hair salons inside many of its roughly 1,400 stores, making it the largest beauty retailer in the US.

Ulta makes money by selling products directly to consumers in its stores and through its website, with no subscription model. It operates exclusively in the United States, generating around $11 billion in annual revenue. Its loyalty program, Ultamate Rewards, has over 40 million active members and creates strong repeat purchasing habits, which is a key competitive advantage. The main risk Ulta faces is growing competition from Sephora's expansion inside Target stores and from online beauty retailers, which could pressure both store traffic and market share.

Politician Trades

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8 Congressional buys and 9 sells on ULTA in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$213M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ulta Beauty is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
39.1%
Modest — 39.1% gross margin
Profit after running costs
Operating Margin
12.5%
Healthy — 12.5% operating margin
Return on the money invested
ROCE
31.4%
Exceptional — 31.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+11.2%
Steady sales growth (+11.2% YoY)
Profit growth
EPS YoY
+5.2%
Modest earnings growth (+5.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
130%
Turns 130% of profit into real cash
Spare cash per sale
FCF Margin
8.2%
Modest free cash flow (8.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.95
Moderate — manageable debt (0.95)
Covers its interest
Interest Cover
165.98x
Comfortably covers interest (166.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.5x
Growth-priced — P/E 21.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+5.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.5 → 16.5)

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Dividends

Not applicable for this business.
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