At a glance
Ulta Beauty Inc is worth $27.26B, about 25 times its fiscal 2026 earnings. Revenue grew 9.7% to $12.39B in fiscal 2026, with 9.3% kept as profit; over 5 years it has grown 15.0% a year. It pays no dividend; it spent $5.32B buying back its shares over FY2022–FY2026. The stock returned +22.6% over the past year with dividends reinvested and +11.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.4% in the 2020 crash (S&P 500: 33.7%) and 20.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows.
The business in plain English
Ulta Beauty is the largest specialty beauty retailer in the U.S. It sells cosmetics, fragrance, skin care, hair care, bath and body, and wellness products, and it offers salon services inside its stores. Its main selling point is range: about 30,000 products from about 600 brands. These cover mass (drugstore-priced), prestige (department-store) and professional salon lines. Its target shopper is what it calls the “beauty enthusiast.”
Like most retailers, it makes money by buying products from brands and selling them at a markup. Its top ten brand partners, including L'Oréal and Estée Lauder, made up about 51% of net sales in the fiscal year ended January 31, 2026. Its own Ulta Beauty Collection and long-term exclusives were about 4% of net sales. Adding short-term exclusives brought that to about 11%. Revenue for the year was $12.4 billion, up 9.7%, and net income was $1.15 billion.
Stores are the heart of the business. Its annual report for that year listed more than 1,500 U.S. stores, mostly in busy strip shopping centers. That year, 73% of loyalty members shopped only in stores. Shoppers who also buy through its website and apps have historically spent over three times as much as store-only shoppers. Outside the U.S., it owns Space NK, a luxury beauty chain in the U.K. and Ireland. It also has a joint venture in Mexico and a franchise in the Middle East.
Price history
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ULTA +22.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $3.04B, up 8.9% from a year earlier, and net income was $282.0M (+8.1%).
- For fiscal 2026, revenue was $12.39B (+9.7% year over year; +15.0% a year from FY2021 to FY2026) with a 9.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +15.0% good |
|---|---|
| Operating margin | 12.4% watch |
| Free cash flow margin | 8.6% watch |
| Return on equity (FY2026) | 41.1% good |
| Return on assets (FY2026) | 16.5% good |
| Net cash (cash minus debt) | $-126.1M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.15B | $175.8M | $658.5M |
| FY2022 | $8.63B | $985.8M | $887.1M |
| FY2023 | $10.21B | $1.24B | $1.17B |
| FY2024 | $11.21B | $1.29B | $1.04B |
| FY2025 | $11.30B | $1.20B | $964.1M |
| FY2026 | $12.39B | $1.15B | $1.07B |
Valuation snapshot
| Market value | $27.26B |
|---|---|
| P/E ratio | 24.9 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Ulta Beauty’s market value went from $15.87B at the end of 2016 to $27.26B on Nov 2, 2026, up 72%; since the end of 2025 it is up 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.26B | +1.6% |
| 2025 | $26.84B | +33.1% |
| 2024 | $20.17B | -15.2% |
| 2023 | $23.79B | -0.3% |
| 2022 | $23.87B | +6.9% |
| 2021 | $22.32B | +37.9% |
| 2020 | $16.18B | +11.8% |
| 2019 | $14.47B | -0.4% |
| 2018 | $14.52B | +6.5% |
| 2017 | $13.64B | -14.0% |
| 2016 | $15.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ULTA price data to Nov 2, 2026 | +5.4% | +22.6% | +18.8% | +11.4% | +10.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.4% |
| 2025 | +39.1% |
| 2024 | -11.2% |
| 2023 | +4.5% |
| 2022 | +13.8% |
| 2021 | +43.6% |
| 2020 | +13.4% |
| 2019 | +3.4% |
| 2018 | +9.5% |
| 2017 | -12.3% |
| 2016 | +37.8% |
| 2015 | +44.7% |
| 2014 | +32.5% |
| 2013 | -1.8% |
| 2012 | +53.1% |
| 2011 | +90.9% |
| 2010 | +87.2% |
| 2009 | +119.3% |
| 2008 | -51.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.7% over that stretch · deepest drop along the way 57.4%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.7% over that stretch · deepest drop along the way 20.7%, back to its old high 3.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($1.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 17, 2026 | Kecia Steelman President and CEO | sell | $1.1M |
| Sep 11, 2026 | Lorna Nagler Director | sell | $322K |
| Apr 7, 2026 | George R Jr Mrkonic Director | sell | $244K |
| Jun 15, 2026 | George R Jr Mrkonic Director | sell | $182K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.6% | Jun 30, 2025 |
| Vanguard Capital Management | 7.6% | Mar 31, 2026 |
| Sanders Capital, LLC | 5.74% | Jun 30, 2026 |
| STATE STREET CORPORATION | 4.4% | Mar 31, 2025 |
ETFs with the most weight in ULTA
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.22% |
| SPGP Invesco S&P 500 GARP ETF | 1.81% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 1.72% |
| XRT SPDR S&P Retail ETF | 1.54% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 1.17% |
| RTH VanEck Retail ETF | 1.02% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 0.81% |
| PSET Principal Quality ETF | 0.75% |
What could go wrong
- Heavy reliance on a few big brands. Its top ten brand partners, including L'Oréal and Estée Lauder, accounted for about 51% of net sales in the year ended January 31, 2026. A supplier's financial trouble or reduced promotional support could hurt results.
- Fierce competition with few barriers. New rivals can enter beauty easily. Ulta competes with big discount chains, drug stores, specialty retailers, online-only sellers and marketplaces run by social media platforms. Any of them could draw shoppers away.
- Misreading trends or stocking the wrong products. Beauty tastes change quickly. If Ulta misjudges trends, it could carry too much of what shoppers no longer want and too little of what they do. That would hurt sales and profits.
- Store expansion could fall short. Ulta sees room for more than 1,800 U.S. stores over the long term, at about $2.4 million per new store. Weak sites could disappoint, and rules in its credit line could restrict openings.
- Overseas expansion adds new risks. Ulta owns Space NK in the U.K. and Ireland and has a Mexico joint venture and a Middle East franchise. Conflicts in the Middle East and cartel violence in Mexico could hurt results.
- Shoppers can cut back on beauty. Beauty products and salon services are discretionary, meaning shoppers can put them off. Inflation, tariffs, job losses or a recession could reduce spending, including on pricier prestige products and premium salon services.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Ulta Beauty pays no dividend, so it provides no regular income. An income investor would need to sell shares to raise cash. Instead, it buys back its own shares, which gives each remaining share a bigger slice of profits. It spent about $5.3 billion on buybacks over the five fiscal years ended January 31, 2026. That included about $901 million in the final year, when free cash flow (cash generated after capital spending) was about $1.07 billion. Shares outstanding fell 21% between November 2021 and August 2026. The company can suspend buybacks at any time.
The share price has fallen sharply in some downturns. In the 2020 COVID crash it dropped 57.4% and took about 10 months to recover. In the 2022 market slump it fell 20.7% but recovered in about 3.5 months. As of October 28, 2026, its deepest fall in about 19 years of price history was 87.9%. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Ulta Beauty pay a dividend?
No. Ulta Beauty paid no dividends in the five fiscal years ended January 31, 2026, and its dividend yield was 0% as of October 28, 2026. Instead, it returns cash by buying back its own shares. It spent about $5.3 billion on buybacks over those five years. That helped shrink the share count by 21% between November 2021 and August 2026. Investors who need regular income would have to sell shares to get cash from this stock.
How does Ulta Beauty make money?
Ulta Beauty sells beauty and wellness products in its stores, on its website and through its apps. It also offers salon services inside its stores. It stocks about 30,000 products from about 600 brands. Its top ten brand partners, such as L'Oréal and Estée Lauder, accounted for about 51% of net sales in the fiscal year ended January 31, 2026. That year, revenue was $12.4 billion and net income was $1.15 billion, or about 9 cents of profit per dollar of sales.
How many stores does Ulta Beauty have?
More than 1,500 in the U.S., according to its annual report for the fiscal year ended January 31, 2026. Most are in convenient, high-traffic spots such as strip shopping centers. A typical store is about 10,000 square feet, including a salon of roughly 950 square feet. The company believes it could eventually grow to more than 1,800 U.S. stores. Outside the U.S., it owns Space NK in the U.K. and Ireland and has a joint venture in Mexico and a franchise in the Middle East.
How has Ulta Beauty stock performed over the long term?
It has risen over the long run, with big swings. As of October 28, 2026, the share price was up 19.4% over one year. It gained 10.8% a year over five years and 9.8% a year over 10 years, or about 156% in total. Because Ulta pays no dividend, the price change is essentially the whole return. Calendar years varied widely: the stock lost 11.2% in 2024, gained 39.1% in 2025, and was up 2.4% for 2026 through October 28. Past returns do not predict future results.
What is Ulta Beauty's P/E ratio?
About 24.2 as of October 28, 2026. That is based on earnings per share of $25.64 for the fiscal year ended January 31, 2026. The P/E (price-to-earnings) ratio shows how many dollars investors pay for each dollar of yearly profit. Earnings per share were roughly flat at $26.03, $25.34 and $25.64 in the three fiscal years ended January 31, 2026. Net income slipped over that time, so buybacks that reduced the share count helped hold earnings per share up. Ulta's market value was about $26.5 billion on October 28, 2026.