Ulta BeautyULTA

Ulta BeautyULTA

Revenue: is the business selling more than it used to?

$12.4B+21% YoYFY 2025

→Revenue reached $12.4B in 2025, compounding +7% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $13.0B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Net income: how much of that revenue becomes profit?

$1.2B−7% YoYFY 2025

→Net income was $1.2B in 2025, compounding -2% a year over three years. Trailing twelve-month profit stands at $1.2B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

How fast is it growing, year by year?

+21.4%revenue growth, FY 2025

→Revenue grew +21% in 2025 against a five-year average of +26%. Earnings went the other way (-7%) even as sales grew, so margins compressed: costs rose faster than revenue. 2021's +461% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Revenue per share: is your slice growing as fast as the company?

$275.45revenue per share, FY 2025

→Revenue per share reached $275.45 in 2025, compounding +12% a year against +7% for ULTA as a whole. Buybacks added roughly 5.1 points to your per-share result. Free cash flow per share stands at $23.74.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Free cash flow: what is left in real cash after everything?

$1.1B−9% YoYFY 2025

→Free cash flow was $1.1B in 2025, compounding -3% a year since 2022. The trailing twelve months stand at $1.1B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Where does each dollar of revenue actually go?

→Of $12.4B in 2025 sales, $1.2B reaches net profit - 9 cents on the dollar. The largest single deduction is producing the product ($7.5B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

How much of every sales dollar ends up as free cash?

→9 cents of every sales dollar became free cash in 2025, down 3 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 4% of revenue (stock compensation 0%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently -6% against +21%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 4 points to 12% since 2022. After everything, 9 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

What does it earn on the money it uses?

→ROE of 46% and ROCE of 32% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

What has the market paid for ULTA over time?

21.0xP/E today

→At 21.0x earnings, the market is paying 40% less than ULTA's own 6-year median of 34.7x. Pessimism is priced in - the question is whether it is deserved.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

What cash return does the business throw off per dollar of market value?

4.8%FCF yield today

→Every dollar of market value currently buys 4.8% of annual free cash flow, right at ULTA's 6-year median of 4.9%.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Could it handle its debt if things went wrong?

→Debt of $340M sits against $158M of cash, or 0.1x shareholders' equity. Earnings cover the interest bill 8726 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Is the company's own capital growing?

→The company's own capital grew from $2.3B in 2023 to $2.6B (+16%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

How much goes back, and how much leaks out as stock comp?

→Shareholders received $901M in buybacks and $62M in dividends in 2025. Stock compensation issued $37M of new shares in the same year, offsetting 4% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

How fast is your ownership being diluted - or concentrated?

→The share count shrank 13.0% in 2025, averaging 7.2% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Does ULTA earn more on its capital than that capital costs?

→ULTA earns 32.1% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 44.4% in 2022, so the trend is down, though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

ULTA has issued or retired shares - did shareholders end up better off?

→ULTA has shrunk its share count -24% from 2009 to 2025, so each remaining share owns more of the business. Revenue per share is +1234% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Ulta BeautyULTA

Are the people running it buying or selling?

→Insiders sold $1M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 37 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01