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Ulta Beauty, Inc. ( we, us, our, Ulta Beauty, or the Company ) is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. The Company was founded in Illinois in 1990 as a beauty retailer at a time when prestige, mass, and salon products were sold through distinct channels…
12.37% operating margin is respectable but not wide. ROIC at 24.51%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 9.7%, steady but not accelerating.
ROIC dropped from 27.58% to 24.51%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$12.71B
▲ +9.7% YoY
Net Income (TTM)
$1.19B
▼ -4.0% YoY
Op. Margin
12.43%
▼ -1.5pp YoY
ROIC
23.93%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.13B
▲ +10.8% YoY
Op. Cash Flow (TTM)
$1.54B
▲ +12.3% YoY
Net Debt
$2.08B
Cash & Equiv.
$221M
5Y CAGR: +15.0%
5Y CAGR: +10.2%
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