Ulta Beauty, Inc. (ULTA)

Retail-Retail Stores, NEC

Latest Price

$546.17

TTM P/E

19.90

Normalized P/E

21.91

Div Yield

Book Value

61.83

P/B Ratio

8.83

Valuation metrics

EPS: $25.64

Book value / share: $63.48

Formula: √(22.5 × EPS × BVPS)

Graham Number

$191.36

65% 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

57% 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

+43% upside

EPS: $25.64

Target P/E: 22×

Formula: EPS × P/E

P/E Fair Value

$564.08

+3% upside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	4.03M	$1.81B	9.41%	-39.7K	2026-06-30
Vanguard Capital Management LLC	2.85M	$1.28B	6.65%	-38.8K	2026-06-30
Sanders Capital, LLC	2.46M	$1.11B	5.75%	+552.8K	2026-06-30
State Street Corp	2.02M	$913.0M	4.73%	+22.0K	2026-06-30
Vanguard Portfolio Management LLC	1.94M	$875.0M	4.54%	-17.6K	2026-06-30
Price T Rowe Associates Inc	1.53M	$689.0M	3.57%	+544.7K	2026-06-30
Geode Capital Management, LLC	1.23M	$555.0M	2.88%	-38.3K	2026-06-30
Morgan Stanley	1.04M	$469.0M	2.43%	-78.4K	2026-06-30
T. Rowe Price Investment Management, Inc.	871.8K	$393.0M	2.04%	-98.6K	2026-06-30
Franklin Resources Inc	848.9K	$382.0M	1.98%	+220.3K	2026-06-30