Ulta Beauty, Inc. (ULTA)

Retail-Retail Stores, NEC

Latest Price

$512.83

TTM P/E

19.22

Normalized P/E

20.63

Div Yield

Book Value

58.95

P/B Ratio

8.70

Valuation metrics

EPS: $25.64

Book value / share: $63.48

Formula: √(22.5 × EPS × BVPS)

Graham Number

$191.36

63% downside

Norm. op. income: $1.3B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$233.28

55% downside

Base FCF: $1.0B (median of recent 5yr)

Growth: 14%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$782.01

+52% upside

EPS: $25.64

Target P/E: 21×

Formula: EPS × P/E

P/E Fair Value

$538.44

+5% upside

96.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	4.07M	$2.13B	9.40%	-39.7K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	2.88M	$1.51B	6.67%	--	2026-03-31
STATE STREET CORP	2.00M	$1.05B	4.63%	-23.0K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	1.96M	$1.02B	4.53%	--	2026-03-31
Sanders Capital, LLC	1.91M	$997.0M	4.41%	+644.4K	2026-03-31
DIAMANT ASSET MANAGEMENT, INC.	1.47M	$1.47B	3.41%	+1.47M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	1.27M	$663.0M	2.94%	+32.4K	2026-03-31
MORGAN STANLEY	1.12M	$585.0M	2.59%	+29.4K	2026-03-31
PRICE T ROWE ASSOCIATES INC /MD/	983.7K	$514.0M	2.27%	-7.4K	2026-03-31
T. Rowe Price Investment Management, Inc.	970.4K	$507.0M	2.24%	+332.2K	2026-03-31