Ulta Beauty, Inc. (ULTA) Stock

Ulta Beauty, Inc. (ULTA) is a Consumer Discretionary stock trading at $514.98 (as of 2026-08-20), with a market capitalization of $22.52B and a trailing P/E of 19.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ulta Beauty, Inc. operates beauty product retail stores in the United States and sells cosmetics and fragrance, skincare and haircare, bath and body products, and related items, including private label and Ulta Beauty branded products. It also offers salon services and nail services, and distributes products through ulta.com and mobile applications.

Understand Ulta Beauty, Inc.: how it makes money

Ulta Beauty operates beauty product retail stores in the United States, selling cosmetics, fragrances, skincare, haircare, bath and body products, and salon services (hair, skin, makeup, brows, and nails), and it also sells its own private label products.

Ulta's profit model is structurally driven by in-store beauty merchandising, where product mix (including private label) and the store-based salon services it offers both influence how much the company can earn per customer visit.

Revenue by segment (latest quarter)
Net sales	$2.9B
Other rev	$0.1B

Business quality (Solid): Clear business model (beauty retail plus in-store salon services and private label products), but the dataset provided here includes limited operational KPIs (only Other revenue), so it is harder to validate performance drivers beyond the consolidated financials.

Valuation: At 19× earnings, ULTA trades in line with the Retail average (19×). Note: one-time items can distort reported P/E.

Bull case

Store-based beauty breadth: Stores offer cosmetics, fragrances, skincare, haircare, bath and body products, plus salon services, which can support multi-product purchasing in a single location.
Private label assortment: Ulta sells private label products (for example, the Ulta Beauty Collection), giving it a branded product category it controls for merchandising in addition to other Ulta branded offerings.

Bear case

Discretionary demand sensitivity: Sales depend on consumer spending for discretionary beauty products and services, so softer consumer demand could weigh on performance.
Salon traffic and mix risk: Because salon services are a key in-store offering, changes in customer demand for hair, skin, makeup, brow, and nail services can affect overall results.
Limited visibility from provided KPIs: With only Other revenue shown as an operating KPI candidate, the provided information does not include the most common retail traffic or productivity measures, which limits signal on underlying trends.

Valuation — source: SEC EDGAR (first-party)
Price	$514.98
Market Cap	$22.52B
P/E Ratio	19.8
EV / EBITDA	12.5
Price / Book	8.73
Price / Sales	1.93
FCF Yield	2.6%
DCF Value (model)	$622.47
DCF Upside vs Price	20.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$12.39B
Net Margin	9.3%
Revenue Growth (YoY)	9.7%
EPS Growth (YoY)	1.1%
FCF Growth (YoY)	10.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	6.22 (safe)

Valuation vs Sector & Industry
Stock P/E	19.8
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Retail)	19.5
vs Sector	-3.3%
vs Industry	1.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($3.25B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Consumer Discretionary
Industry	Retail
CEO	Kecia L. Steelman
Employees	20,000
Country	US
IPO Date	2007-10-25

Related Companies (Business model: Brick-and-Mortar Retail (incl. Omnichannel); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.