ULTA
Ulta Beauty, Inc.
Next earnings Aug 26, 2026 · consensus $6.26 EPS, $3.04B rev
Last earnings -1.2% on 2026-06-02
$461.33
▲ +0.48%$461.33▼ -1.39%
over 1Y
L $450.75H $706.82
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.5%
1W-5.0%
1M-6.8%
3M-14.2%
YTD-25.6%
1Y-1.4%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 34 analysts
Buy
Best-in-class beauty retailer at a cheap 17.8x with 41% ROE; margin slippage is the offset, valuation does the work.
Revenue (FY2026) $12.4B · FY2026
The read
The fundamentals carry the rating, but the price is rich (~22% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
Ulta Beauty is a dominant US beauty specialty retailer (1,591 stores as of January 31, 2026) trading at a notably undemanding valuation. At $456.13 the stock is just 17.8x FY diluted EPS of $25.64 and 1.6x sales — cheap for a business earning a 41.1% return on equity. FY2026 revenue grew 9.7% to $12.4B, extending a multi-year growth record (from $8.63B in FY2022), and gross profit rose 10.4% to $4.85B with a healthy 39.1% gross margin.
The blemish is profitability: net income fell 4.0% to $1.15B and operating income slipped 2.0% to $1.53B, so operating margin (12.4%) and net margin (9.3%) are off prior peaks even as the top line grew. Diluted EPS still rose 1.2% to $25.64, helped by a 3.5% reduction in the share count via $901M of buybacks — capital discipline that supports per-share value even when net income dips. Operating cash flow grew 12.3% to $1.50B, comfortably funding both buybacks and $435M of capex (up 16.1%) for store growth and the international Space NK footprint.
Is ULTA a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~60d expiry
- Long call 460 @ ~30.31 est
- Short call 505 @ ~13.52 est
debit $1,679max +$2,821max −$1,679BE 476.79
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $8.63B | $10.2B | $11.2B | $11.3B | $12.4B |
| Gross profit | $3.37B | $4.04B | $4.38B | $4.39B | $4.85B |
| Operating income | $1.30B | $1.64B | $1.68B | $1.56B | $1.53B |
| Net income | $986M | $1.24B | $1.29B | $1.20B | $1.15B |
| Diluted EPS | $17.98 | $24.01 | $26.03 | $25.34 | $25.64 |
| Net margin | 11.4% | 12.2% | 11.5% | 10.6% | 9.3% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$19.5B
EV / EBITDA10.6
EV / Sales1.6
EV / FCF18.2
P / FCF18.6
PEG (trailing)—
Earnings yield5.8%
FCF yield5.4%
Quality & risk
ROIC (est.)42.3%
Free cash flow$1.07B
Total debt$62.3M
Net cash$362M
Altman Z-Score5.83 safe
Piotroski F-Score5/8
Capital returns
Buyback yield4.5%
Dividend yield (est.)0.3%
Shareholder yield4.9%
Shares Δ YoY-3.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-16open ↗144Filing2026-06-15open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗S-8 POSFiling2026-06-10open ↗
Frequently asked
- Is Ulta Beauty, Inc. (ULTA) a buy?
- ULTA currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Best-in-class beauty retailer at a cheap 17.8x with 41% ROE; margin slippage is the offset, valuation does the work.
- What is ULTA's fair value?
- A Modified-Graham model based on ULTA's SEC fundamentals estimates a fair value of about $361.30. It is an estimate from reported earnings, not a price target.
- Is ULTA overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ULTA currently appears overvalued relative to its SEC-grounded earnings power.
- What is Ulta Beauty, Inc.'s quality score?
- ULTA scores 65.42269670021224/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001403568, latest 10-Q filed 2026-06-02) · EODHD · Proprietary analysis · as of 6/21/2026, 8:42:05 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:42 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.