Ulta Beauty

ULTA

Specialty Retail · Consumer Cyclical

Price

$479.57

+0.71 (+0.15%)

Market Cap

$20.62B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−18.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 54.8M (2022) → 45.0M (2026)

Ulta Beauty, Inc. operates as a retailer of beauty products in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; professional hair products; salon services, including hair, skin, makeup, and brow services; and nail services. It also provides its private label products, such as the Ulta Beauty Collection branded cosmetics, skincare, and bath products, as well as Ulta Beauty branded products; and th

Winston Score History

Politician Trades

13 trades / 12mo

5 Congressional buys and 8 sells on ULTA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-5.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$424M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Ulta Beauty is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

38.1%

Modest — 38.1% gross margin

Operating Margin

12.3%

Healthy — 12.3% operating margin

ROCE

15.1%

Strong — 15.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+13.5%

Fast-growing sales (13.5% YoY)

EPS YoY

+8.6%

Earnings growing (8.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

187%

Turns 187% of profit into real cash

FCF Margin

13.9%

Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

246.52x

Comfortably covers interest (246.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 13.3)

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Dividends

Not applicable for this business.

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