Ulta Beauty
Financial ratios & Valuation

Forward Multiples (2026 – 2029)

2026202620262027202720272028202820292029
Price/Earnings ratio
17.2917.4818.1417.4515.7616.1913.5614.3111.6712.45
Price/Sales ratio
2.272.242.272.272.122.152.002.051.861.90
Earnings per Share (EPS)
$29.82$29.50$28.43$29.56$32.73$31.85$38.02$36.03$44.18$41.42

Historical Multiples (2010 – 2022)

2010 2011 2012 2016 2017 2019 2020 2022 TTM Median
Valuation Ratios
Price/Earnings ratio
28.4135.6342.2136.2041.4126.4821.9519.8321.4641.41
Price/Sales ratio
0.911.732.852.953.492.592.092.262.613.49
Price/Book Value ratio
3.826.288.688.0210.949.588.1412.7313.608.02
Price/Cash Flow ratio
6.4714.3222.9830.8226.7318.2414.0718.4517.9926.73
Price/Free Cash Flow ratio
10.6831.8455.03151.0365.0327.3919.3022.0322.7965.03
Price/Earnings Growth ratio
0.550.481.071.441.331.201.990.040.661.33
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
30.79%33.26%34.72%35.27%35.99%35.87%36.24%39.02%39.61%35.27%
Operating Profit Margin
5.57%8.17%11.04%12.90%13.48%12.71%12.18%15.03%16.05%12.90%
Pretax Profit Margin
5.39%8.11%11.01%12.93%13.50%12.79%12.24%15.01%16.09%12.93%
Net Profit Margin
3.22%4.88%6.77%8.15%8.44%9.80%9.54%11.42%12.17%8.15%
Effective Tax Rate
40.29%39.88%38.51%36.93%37.50%23.34%22.09%23.92%24.40%37.50%
Return on Assets
7.11%9.71%12.56%14.34%16.05%20.63%14.51%20.69%23.13%14.34%
Return On Equity
13.46%17.63%20.56%22.17%26.43%36.18%37.11%64.20%67.18%22.17%
Return on Capital Employed
15.96%20.96%24.76%27.59%32.37%36.07%24.18%40.46%44.42%27.59%
Liquidity Ratios
Current Ratio
2.072.473.51N/AN/AN/AN/AN/A1.61N/A
Quick Ratio
0.130.811.691.541.110.850.660.500.551.11
Cash ratio
0.030.681.530.870.720.490.340.270.430.72
Days of Sales Outstanding
4.025.595.376.046.667.396.879.887.136.04
Days of Inventory outstanding
89.2482.1577.02109.47110.87102.90100.10103.9894.94110.87
Operating Cycle
93.2787.7482.39115.52117.54110.30106.98113.8696.70117.54
Days of Payables Outstanding
24.3232.7427.2128.1930.4834.2332.0338.3333.1328.19
Cash Conversion Cycle
68.9454.9955.1887.3387.0576.0674.9475.53-2.5987.05
Debt Ratios
Debt Ratio
0.470.440.38N/AN/AN/A0.040.050.63N/A
Debt Equity Ratio
0.890.810.63N/AN/AN/A0.120.171.74N/A
Long-term Debt to Capitalization
N/AN/AN/AN/AN/AN/AN/AN/A0.45N/A
Total Debt to Capitalization
N/AN/AN/AN/AN/AN/A0.110.150.49N/A
Interest Coverage Ratio
30.97157.48334.24N/AN/AN/AN/AN/A332.10N/A
Cash Flow to Debt Ratio
N/AN/AN/AN/AN/AN/A4.593.860.77N/A
Company Equity Multiplier
1.891.811.631.541.641.752.553.102.741.54
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.140.120.120.090.130.140.140.120.140.09
Free Cash Flow / Operating Cash Flow Ratio
0.600.440.410.200.410.660.720.830.780.20
Cash Flow Coverage Ratio
N/AN/AN/AN/AN/AN/A4.593.860.77N/A
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/A4.593.865.23N/A
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A