Ulta Beauty, Inc.
ULTA · Retail-Retail Stores, NEC · 43.0M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $947M (gross $996M, SBC $48M)
Reference price $475.84 · est. market cap ~$20.5B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Ulta is the dominant U.S. specialty-beauty retailer with a loyalty/scale moat and top-decile returns and cash generation.
Strengths
- ROA 16.5% (93rd pct), ROE 41% (85th pct), operating margin 12.4% and net margin 9.3% (85th pct)
- FCF 100th pct (>$1B), best-in-class loyalty program and 1,500+ store omnichannel scale
- Revenue +9.7% with category leadership in a large, resilient beauty market
Risks
- Net income down ~4% with macro/discretionary spending and tariff cost pressures
- Highly competitive, low-barrier beauty retail with mass and online entrants
- International expansion (Space NK, Mexico, Middle East) adds execution risk
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
39.1%
Operating margin
12.4%
Net margin
9.3%
Return on equity
41.1%
Return on assets
16.5%
Revenue growth (QoQ)
10.7%
Net-income growth
-4.0%
Current ratio
1.4×
Free cash flow
$1.1B
EBITDA
$1.8B
Tangible book value
$2.6B
Cash & investments
$494M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | MRKONIC GEORGE R JR | Sell | 383 | $475.84 |
| 2026-06-10 | Smith Mike C. | Grant | 404 | — |
| 2026-06-10 | Nagler Lorna | Grant | 404 | — |
| 2026-06-10 | MRKONIC GEORGE R JR | Grant | 404 | — |
| 2026-06-10 | Landry Stephenie Lee | Grant | 404 | — |
| 2026-06-10 | Halligan Catherine Ann | Grant | 404 | — |
| 2026-06-10 | GARCIA KELLY E | Grant | 404 | — |
| 2026-06-10 | Brok Martin | Grant | 404 | — |
| 2026-04-07 | MRKONIC GEORGE R JR | Sell | 452 | $539.29 |
| 2026-03-31 | Lialios Christopher | Grant | 519 | — |
| 2026-03-31 | Steelman Kecia | Grant | 11K | — |
| 2026-03-31 | Ryan Anita Jane | Grant | 1.4K | — |
| 2026-03-31 | DelOrefice Christopher | Grant | 4.2K | — |
| 2026-03-31 | Casares Rene G. | Grant | 1.3K | — |
| 2026-03-15 | Steelman Kecia | Tax withheld | 393 | $535.72 |
| 2026-03-15 | Steelman Kecia | Tax withheld | 1.5K | $535.72 |
| 2026-03-15 | Ryan Anita Jane | Tax withheld | 80 | $535.75 |
| 2026-03-15 | Ryan Anita Jane | Tax withheld | 189 | $535.75 |
| 2026-02-12 | Steelman Kecia | Grant | 3.4K | — |
| 2026-02-12 | Ryan Anita Jane | Grant | 644 | — |
| 2025-12-15 | Halligan Catherine Ann | Gift | 340 | — |
| 2025-12-09 | DelOrefice Christopher | Grant | 1.8K | — |
| 2025-12-09 | DelOrefice Christopher | Grant | 3.6K | — |
| 2025-09-04 | Smith Mike C. | Sell | 500 | $528.43 |
| 2025-09-01 | Landry Stephenie Lee | Grant | 277 | — |
| 2025-09-01 | Brok Martin | Grant | 277 | — |
| 2025-06-11 | Smith Mike C. | Grant | 383 | — |
| 2025-06-11 | Petz Heidi G | Grant | 383 | — |
| 2025-06-11 | Nagler Lorna | Grant | 383 | — |
| 2025-06-11 | MRKONIC GEORGE R JR | Grant | 383 | — |
| 2025-06-11 | LITTLE PATRICIA A | Grant | 383 | — |
| 2025-06-11 | Halligan Catherine Ann | Grant | 383 | — |
| 2025-06-11 | GARCIA KELLY E | Grant | 383 | — |
| 2025-04-01 | Caro Jodi J | Option exercise | 902 | $174.45 |
| 2025-04-01 | Caro Jodi J | Sell | 902 | $369.16 |
| 2025-03-31 | Ryan Anita Jane | Grant | 2.0K | — |
| 2025-03-31 | Ryan Anita Jane | Grant | 1.4K | — |
| 2025-03-31 | Oyibo Paula M | Grant | 2.2K | — |
| 2025-03-31 | Steelman Kecia | Grant | 13K | — |
| 2025-03-20 | Steelman Kecia | Buy | 1.4K | $346.89 |
| 2025-03-15 | Caro Jodi J | Grant | 2.4K | — |
| 2025-03-15 | Caro Jodi J | Tax withheld | 1.0K | $357.48 |
| 2025-03-15 | Caro Jodi J | Tax withheld | 480 | $357.48 |
| 2025-03-15 | Steelman Kecia | Grant | 8.8K | — |
| 2025-03-15 | Steelman Kecia | Tax withheld | 3.9K | $357.48 |
| 2025-03-15 | Steelman Kecia | Tax withheld | 1.5K | $357.48 |
| 2025-03-15 | Oyibo Paula M | Grant | 616 | — |
| 2025-03-15 | Oyibo Paula M | Tax withheld | 181 | $357.48 |
| 2025-03-15 | Oyibo Paula M | Tax withheld | 68 | $357.48 |
| 2025-03-15 | Ryan Anita Jane | Grant | 1.6K | — |
| 2025-03-15 | Ryan Anita Jane | Tax withheld | 473 | $357.48 |
| 2025-03-15 | Ryan Anita Jane | Tax withheld | 174 | $357.48 |
| 2025-01-31 | Oyibo Paula M | Tax withheld | 136 | $418.53 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2026-06-02 | ResultsExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2025-12-18 | Exec/director changeExhibits | filing ↗ |
| 2025-12-04 | ResultsExhibits | filing ↗ |
| 2025-10-16 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-08-28 | ResultsExhibits | filing ↗ |
| 2025-08-21 | Exec/director changeOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001104659-26-071896 ↗ |
| 10-Q | 2026-06-02 | 2026-05-02 | 0001104659-26-069491 ↗ |
| 8-K | 2026-06-02 | 2026-06-02 | 0001104659-26-069464 ↗ |
| 10-K | 2026-03-26 | 2026-01-31 | 0001104659-26-035243 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001104659-26-027061 ↗ |
| 8-K | 2025-12-18 | 2025-12-15 | 0001104659-25-122603 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001104659-25-118457 ↗ |
| 10-Q | 2025-12-04 | 2025-11-01 | 0001104659-25-118458 ↗ |
| 8-K | 2025-10-16 | 2025-10-10 | 0001104659-25-099926 ↗ |
| 8-K | 2025-08-28 | 2025-08-28 | 0001558370-25-011803 ↗ |
| 10-Q | 2025-08-28 | 2025-08-02 | 0001558370-25-011804 ↗ |
| 8-K | 2025-08-21 | 2025-08-20 | 0001558370-25-011702 ↗ |