---
title: Ulta Beauty (ULTA) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ulta
ticker: ULTA
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Specialty Retail
---
# Ulta Beauty (ULTA)

Ulta Beauty (ULTA) closed at $592.94 on Oct 16, 2026, overvalued by 17% vs its model value of $505.76 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $592.94 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $505.76 |
| Price vs model | overvalued by 17% vs model |
| Range of that model | $350.14 – $993.69 |
| Market value | $25.4B |
| P/E (fiscal 2026) | 23.1 |
| Net margin (fiscal 2026) | 9.3% |
| Free cash flow (fiscal 2026) | $1.1B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 0.84 |
| Cost of capital (WACC) | 8.79% |
| Business classification | Mature & Stable (Low/slowing growth (~5% recent), Moderate margins (9% net margin), Highly cyclical earnings) |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $505.76 | $350.14 | $993.69 |
| DCF · Perpetuity growth · 10y | cross check | $529.85 | $375.63 | $1,004.38 |
| DCF · EBITDA exit · 5y | cross check | $460.53 | $294.31 | $657.21 |
| DCF · EBITDA exit · 10y | cross check | $493.17 | $334.54 | $707.31 |
| P/E · peers | cross check | $414.26 | $182.05 | $3,453.15 |
| P/E · own history | cross check | $557.23 | $456.67 | $604.58 |
| PEG | sanity check | $336.88 | $336.88 | $336.88 |
| EV/EBITDA · peers | cross check | $382.10 | $256.70 | $1,063.43 |
| EV/Revenue · peers | cross check | $347.15 | $182.33 | $602.44 |
| Earnings power value | cross check | $279.06 | $239.54 | $334.85 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($1.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 17, 2026 | Steelman Kecia | President and CEO | Open-market sell | 2,000 | $1.1M |
| Sep 11, 2026 | Nagler Lorna | Director | Open-market sell | 600 | $322,387.6 |
| Sep 1, 2026 | GARCIA KELLY E | Chief Technology Officer | Grant / award | 2,933 | $0 |
| Sep 1, 2026 | GARCIA KELLY E | Chief Technology Officer | Grant / award | 3,565 | $0 |
| Sep 1, 2026 | Olson Brieane Lee | Director | Grant / award | 271 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 27, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1403568/000110465926102442/ulta-20260801x10q.htm |
| Aug 27, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1403568/000110465926102438/ulta-20260827x8k.htm |
| Aug 17, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1403568/000110465926097497/ulta-20260813x8k.htm |
| Jul 14, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1403568/000110465926083524/ulta-20260714x8k.htm |
| Jun 10, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1403568/000110465926072404/tmb-20260610xs8.htm |

## About

Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Collection for cosmetics, skincare, and bath items, alongside other Ulta Beauty branded merchandise and gift options. As of March 10, 2022, Ulta Beauty operated 1,308 retail stores across all 50 U.S. states. Its products are also available for purchase via its website, ulta.com, and through its mobile applications. Incorporated in 1990, the enterprise was initially known as Ulta Salon, Cosmetics & Frag…

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Source: https://sweetvaluelab.com/stocks/ulta (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.