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Ulta Beauty Inc.
ULTAConsumer DiscretionaryGenerated Sep 5, 2026, 02:31 PM UTC
ULTA (Ulta Beauty Inc.) analytical snapshot. Revenue grew +9.7% YoY to $12.39B. 5-year revenue CAGR +7.5%; 10y CAGR +11.0%. Net margin at 9.31% (contracting ▼). Market cap $24.12B at $564.12 per share. Trailing P/E 22.00, P/S 1.95, P/B 9.12. EV/Operating income ≈ 16.15 (EV $24.76B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score 6 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$24.12B
42.76M shares
Price
$564.12
NMS
P/E (ttm)
22.00
Revenue (FY)
$12.39B
YoY +9.7%
Net margin
9.31%
▼ 2.86pp
Free cash flow
$1.07B
8.62% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score -10Stable
80% conf
Latest annual report (10-K) filed Mar 26, 2026. Latest quarterly report (10-Q) filed Aug 27, 2026. 23 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Mar 26, 2026.
- Latest quarterly report (10-Q) filed Aug 27, 2026.
- 23 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 1 sell transactions — net selling $182.2K.
- ~10,000+ recent 13F-HR filings reference Ulta Beauty Inc.; broad institutional reporting.
- Recent filers include Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P., Parallax Volatility Advisers, L.P..
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Mar 26, 2026
Annual report
Latest 10-Q
Aug 27, 2026
8-K (recent)
23
Insider net
-$182.2K
0B/1S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Parallax Volatility Advisers, L.P. | 13F-HR | Feb 16, 2021 |
| Parallax Volatility Advisers, L.P. | 13F-HR | May 14, 2021 |
| Parallax Volatility Advisers, L.P. | 13F-HR | Feb 14, 2022 |
| Parallax Volatility Advisers, L.P. | 13F-HR | Nov 15, 2021 |
| WEDGEWOOD PARTNERS INC | 13F-HR | Aug 14, 2019 |
Recent insider Form 4 activity
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| MRKONIC GEORGE R JR | Jun 16, 2026 | -$182.2K | 0/1 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Aug 27, 2026 | 8-K | 8-K |
| Aug 17, 2026 | 8-K | 8-K |
| Jul 14, 2026 | 8-K | 8-K |
| Jun 9, 2026 | 8-K | 8-K |
| Jun 2, 2026 | 8-K | 8-K |
| Mar 12, 2026 | 8-K | 8-K |
| Dec 18, 2025 | 8-K | 8-K |
| Dec 4, 2025 | 8-K | 8-K |
Insider Form 4 sentiment (transactions)
Buys: 0
Sells: 1
Buys
Sells
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -21Deteriorating
66% conf
2 risk signal(s), 2 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Revenue grew +9.7% but receivables grew +32.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +32.6% YoY vs revenue growth of +9.7%. The +22.9% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Material weakness in internal controls: The term "material weakness" "internal control" appears in 5 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.30x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +16.3% to $582.4M, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Revenue grew +9.7% but receivables grew +32.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$12.39B
+9.7% YoY
Gross profit
$4.85B
+10.4% YoY
Operating income
$1.53B
-2.0% YoY
Net income
$1.15B
-4.0% YoY
Operating cash flow
$1.50B
+12.3% YoY
Capex
$434.8M
+16.1% YoY
Total assets
$7.00B
+16.6% YoY
Total liabilities
$4.20B
+19.4% YoY
Filing quality score
71/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $11.30B | $12.39B | $1.10B | +9.7% |
| Gross profit | $4.39B | $4.85B | $458.0M | +10.4% |
| Operating income | $1.56B | $1.53B | $-32.0M | -2.0% |
| Net income | $1.20B | $1.15B | $-47.6M | -4.0% |
| Operating cash flow | $1.34B | $1.50B | $164.2M | +12.3% |
| Capex | $374.5M | $434.8M | $60.4M | +16.1% |
| Total assets | $6.00B | $7.00B | $997.6M | +16.6% |
| Total liabilities | $3.51B | $4.20B | $682.5M | +19.4% |
| Cash & equivalents | $703.2M | $424.2M | $-279.0M | -39.7% |
| Stockholders equity | $2.49B | $2.80B | $315.1M | +12.7% |
| Accounts receivable | $223.3M | $296.2M | $72.9M | +32.6% |
| SG&A expense | $2.81B | $3.30B | $487.8M | +17.4% |
| Interest expense | $587000 | $185000 | $-402000 | -68.5% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | IndefiniteLivedIntangibleAssetsPeriodIncreaseDecrease, IndefinitelivedIntangibleAssetsAcquired, ProceedsFromSaleOfShortTermInvestments |
| Removed | AccountsReceivableNetCurrent, AccrualForTaxesOtherThanIncomeTaxesCurrent, AccruedAdvertisingCurrent, AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AllocatedShareBasedCompensationExpense, AllowanceForDoubtfulAccountsReceivableCurrent, CapitalizedComputerSoftwareAmortization1, Cash, ContractualObligation, CreditAndDebitCardReceivablesAtCarryingValue |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 5 | 2 | Ongoing |
| Impairment charge | medium | 5 | 1 | Ongoing |
| Restructuring | medium | 5 | 2 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 0 | NEW |
Filing signal breakdown
Red flags: 2
Positive: 2
Watch: 1
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 20Improving
80% conf
Revenue grew +9.7% YoY to $12.39B. 5-year revenue CAGR +7.5%; 10y CAGR +11.0%. Net margin at 9.31% (contracting ▼).
- Revenue grew +9.7% YoY to $12.39B.
- 5-year revenue CAGR +7.5%; 10y CAGR +11.0%.
- Net margin at 9.31% (contracting ▼).
- Return on equity 41.14%, ROA 16.48%, ROIC 54.68%.
- Gross margin 39.10%, operating margin 12.37%.
- Free cash flow margin 8.62% ($1.07B).
- Net income down ▼ +4.0% YoY.
- Debt/equity 0.30, current ratio 1.35, net debt $641.5M.
- Asset turnover 1.78 — capital efficiency.
Revenue (FY)
$12.39B
YoY +9.7%
Net margin
9.31%
▼ 2.86pp
ROE
41.14%
ROA 16.48%
ROIC
54.68%
EPS (diluted)
$25.64
FY2025
Free cash flow
$1.07B
8.62% margin
Debt / equity
0.30
Cash $158.5M
Current ratio
1.35
Equity $2.64B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2025 | $11.30B | +0.8% | 38.84 | 13.85 | 10.63 | $964.1M | 48.27 |
| 2026 | $12.39B | +9.7% | 39.10 | 12.37 | 9.31 | $1.07B | 41.14 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Nov 2, 2024 | $2.53B | — | — | 9.57% |
| May 3, 2025 | $2.85B | — | +12.6% | 10.71% |
| Aug 2, 2025 | $2.79B | — | -2.1% | 9.36% |
| Nov 1, 2025 | $2.86B | — | +2.5% | 8.08% |
| May 2, 2026 | $3.16B | — | +10.7% | 10.76% |
| Aug 1, 2026 | $3.04B | — | -4.1% | 9.29% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score -15Deteriorating
95% conf
Market cap $24.12B at $564.12 per share. Trailing P/E 22.00, P/S 1.95, P/B 9.12. EV/Operating income ≈ 16.15 (EV $24.76B).
- Market cap $24.12B at $564.12 per share.
Market cap
$24.12B
42.76M shares
P/E (ttm)
22.00
P/S
1.95
P/B
9.12
EV
$24.76B
Intrinsic (DCF)
$582.28
+3.2% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 65Improving
85% conf
Price $564.12 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 73.49 (overbought).
- Price $564.12 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$564.12
NMS
RSI(14)
73.49
50-DMA
$505.67
200-DMA
$556.30
Volatility (ann.)
34.95%
52w range
$443.60–$714.97
-21.1% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.77%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.77%
10Y−2Y
0.41pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -10Stable
90% conf
Composite risk Moderate. Leverage debt/equity 0.30 (low). Liquidity current ratio 1.35 (adequate).
- Composite risk: Moderate.
Risk level
Moderate
Debt / equity
0.30
Current ratio
1.35
Margin stdev
2.70pp
Cash / assets
2.28%
Liab / assets
62.04%
ProFull breakdown & reasoning locked
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Ulta Beauty Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
14.32
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+9.7%** YoY to $12.39B..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ULTA stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Intuit Inc. INTU | 35 | Supportive |
| CF Industries CF | 34 | Supportive |
| MercadoLibre Inc. MELI | 29 | Supportive |
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