Ulta Beauty

ULTA

Specialty Retail · Consumer Cyclical

Also trades as: 0LIB.L

Price

$521.46

+6.32 (+1.23%)

Market Cap

$22.42B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 2, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

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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

16 trades / 12mo

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

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Growth Profile

For growth stock investors

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

Revenue Growth

+11.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-5.4% YoY

YoY Growth Rate

Earnings declining

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

$494M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Ulta Beauty is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

40.1%

Healthy — 40.1% gross margin

Profit after running costs

Operating Margin

14.2%

Healthy — 14.2% operating margin

Return on the money invested

ROCE

58.5%

Exceptional — 58.5% 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

+11.3%

Steady sales growth (+11.3% YoY)

Profit growth

EPS YoY

+4.2%

Modest earnings growth (+4.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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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

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

215.36x

Comfortably covers interest (215.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 14.8)

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Dividends

Not applicable for this business.

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