Price to Book Value (P/BV)
since 2008
Calculation
Ulta Beauty Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2023 | 13.16 | = | 513.98 | ÷ | 39.04 | 39.04 | = | 1,959,811 | ÷ | 50,195,089 | |
| Mar 25, 2022 | 13.46 | = | 395.07 | ÷ | 29.34 | 29.34 | = | 1,535,373 | ÷ | 52,327,263 | |
| Mar 26, 2021 | 8.52 | = | 303.00 | ÷ | 35.58 | 35.58 | = | 1,999,549 | ÷ | 56,205,592 | |
| Mar 27, 2020 | 5.16 | = | 174.45 | ÷ | 33.78 | 33.78 | = | 1,902,094 | ÷ | 56,309,476 | |
| Apr 2, 2019 | 11.22 | = | 347.30 | ÷ | 30.95 | 30.95 | = | 1,820,218 | ÷ | 58,803,744 | |
| Apr 3, 2018 | 6.98 | = | 204.38 | ÷ | 29.27 | 29.27 | = | 1,774,217 | ÷ | 60,611,334 | |
| Mar 28, 2017 | 11.34 | = | 282.86 | ÷ | 24.95 | 24.95 | = | 1,550,218 | ÷ | 62,132,265 | |
| Mar 30, 2016 | 8.42 | = | 194.11 | ÷ | 23.04 | 23.04 | = | 1,442,886 | ÷ | 62,618,206 | |
| Apr 1, 2015 | 7.77 | = | 150.98 | ÷ | 19.42 | 19.42 | = | 1,247,509 | ÷ | 64,230,316 | |
| Apr 2, 2014 | 6.42 | = | 100.11 | ÷ | 15.60 | 15.60 | = | 1,003,094 | ÷ | 64,295,291 | |
| Apr 3, 2013 | 6.63 | = | 82.00 | ÷ | 12.36 | 12.36 | = | 786,942 | ÷ | 63,670,003 | |
| Mar 28, 2012 | 10.00 | = | 93.59 | ÷ | 9.36 | 9.36 | = | 584,704 | ÷ | 62,474,444 | |
| Mar 30, 2011 | 7.34 | = | 48.71 | ÷ | 6.64 | 6.64 | = | 402,533 | ÷ | 60,654,795 | |
| Mar 31, 2010 | 4.51 | = | 22.62 | ÷ | 5.02 | 5.02 | = | 292,608 | ÷ | 58,293,399 | |
| Apr 2, 2009 | 1.56 | = | 6.63 | ÷ | 4.24 | 4.24 | = | 244,968 | ÷ | 57,744,488 | |
| Apr 16, 2008 | 3.81 | = | 14.12 | ÷ | 3.71 | 3.71 | = | 211,503 | ÷ | 56,995,738 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Ulta Beauty Inc. Annual Report.
The financial data reflects a long-term expansion in both the intrinsic book value and the market valuation of the equity from 2008 to 2023, characterized by steady asset growth and cyclical market premiums.
- Book Value per Share (BVPS) Progression
- A consistent upward trajectory in the book value per share is observed, rising from US$ 3.71 in 2008 to US$ 39.04 by 2023. This growth indicates a sustained increase in the net asset base over the fifteen-year period. A brief contraction occurred in 2022, where the value declined to US$ 29.34, followed by a significant recovery in 2023.
- Price to Book Value (P/BV) Volatility
- The P/BV ratio exhibits substantial volatility, fluctuating between a minimum of 1.56 in 2009 and a maximum of 13.46 in 2022. This variance suggests that the market's willingness to pay a premium over the accounting value of the company has shifted dramatically, moving from a valuation near book value during the 2009 period to a high-premium valuation in the current decade.
- Analysis of Valuation Cycles
- Three distinct valuation phases are evident. An initial growth phase between 2010 and 2012 saw the ratio climb from 4.51 to 10.00. A subsequent period of instability occurred between 2013 and 2019, with the ratio oscillating between 6.42 and 11.34. Finally, a sharp contraction to 5.16 in 2020 was followed by a steep ascent to a peak of 13.46 in 2022, indicating a strong market rebound and increased investor optimism regarding future earnings.
- Relationship Between Share Price and Book Value
- While both metrics trended upward over the long term, the share price experienced significantly more aggressive growth and sharper corrections than the book value. The expansion of the P/BV ratio, particularly from 2021 onward, indicates that the market valuation has become increasingly decoupled from tangible book value, placing a higher premium on intangible assets or growth expectations.
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Comparison to Competitors
Ulta Beauty Inc., P/BV, long-term trends, comparison to competitors
| Ulta Beauty Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Mar 24, 2023 | 13.16 | 8.84 | 187.12 | — | 13.86 |
| Mar 25, 2022 | 13.46 | 7.25 | — | — | 12.14 |
| Mar 26, 2021 | 8.52 | 11.60 | 95.58 | 90.79 | 13.68 |
| Mar 27, 2020 | 5.16 | 17.86 | — | 25.96 | 9.42 |
| Apr 2, 2019 | 11.22 | 16.11 | — | 24.01 | 12.79 |
| Apr 3, 2018 | 6.98 | 18.34 | 139.52 | 11.89 | 10.23 |
| Mar 28, 2017 | 11.34 | 24.98 | 41.08 | 10.87 | 11.27 |
| Mar 30, 2016 | 8.42 | 20.47 | 25.88 | 8.87 | 12.09 |
| Apr 1, 2015 | 7.77 | 20.65 | 15.76 | 7.10 | 11.23 |
| Apr 2, 2014 | 6.42 | 15.33 | 8.68 | 4.20 | 10.18 |
| Apr 3, 2013 | 6.63 | 16.90 | 5.83 | 2.99 | 9.36 |
| Mar 28, 2012 | 10.00 | 15.14 | 4.23 | 2.28 | 9.20 |
| Mar 30, 2011 | 7.34 | 10.52 | 3.21 | 1.96 | 6.30 |
| Mar 31, 2010 | 4.51 | 11.25 | 2.85 | 1.84 | 6.12 |
| Apr 2, 2009 | 1.56 | 10.60 | 2.36 | 1.49 | 4.96 |
| Apr 16, 2008 | 3.81 | 9.43 | 2.79 | 2.22 | 6.74 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Ulta Beauty Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Ulta Beauty Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 24, 2023 | 13.16 | 11.65 |
| Mar 25, 2022 | 13.46 | 11.07 |
| Mar 26, 2021 | 8.52 | 14.31 |
| Mar 27, 2020 | 5.16 | 20.07 |
| Apr 2, 2019 | 11.22 | 19.77 |
| Apr 3, 2018 | 6.98 | 20.07 |
| Mar 28, 2017 | 11.34 | 23.06 |
| Mar 30, 2016 | 8.42 | 18.06 |
| Apr 1, 2015 | 7.77 | 14.67 |
| Apr 2, 2014 | 6.42 | 9.31 |
| Apr 3, 2013 | 6.63 | 7.64 |
| Mar 28, 2012 | 10.00 | 5.82 |
| Mar 30, 2011 | 7.34 | 4.12 |
| Mar 31, 2010 | 4.51 | 3.84 |
| Apr 2, 2009 | 1.56 | 3.13 |
| Apr 16, 2008 | 3.81 | 3.23 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
Comparison to Industry (Consumer Discretionary)
Ulta Beauty Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Ulta Beauty Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 24, 2023 | 13.16 | 10.06 |
| Mar 25, 2022 | 13.46 | 9.41 |
| Mar 26, 2021 | 8.52 | 13.21 |
| Mar 27, 2020 | 5.16 | 17.99 |
| Apr 2, 2019 | 11.22 | 13.59 |
| Apr 3, 2018 | 6.98 | 11.35 |
| Mar 28, 2017 | 11.34 | 10.74 |
| Mar 30, 2016 | 8.42 | 8.39 |
| Apr 1, 2015 | 7.77 | 7.17 |
| Apr 2, 2014 | 6.42 | 5.83 |
| Apr 3, 2013 | 6.63 | 5.12 |
| Mar 28, 2012 | 10.00 | 4.39 |
| Mar 30, 2011 | 7.34 | 3.84 |
| Mar 31, 2010 | 4.51 | 4.04 |
| Apr 2, 2009 | 1.56 | 4.72 |
| Apr 16, 2008 | 3.81 | 4.98 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).