Price to Earnings (P/E)
since 2008
Calculation
Ulta Beauty Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income available to common stockholders1 (in thousands) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2023 | 20.77 | = | 513.98 | ÷ | 24.75 | 24.75 | = | 1,242,408 | ÷ | 50,195,089 | |
| Mar 25, 2022 | 20.97 | = | 395.07 | ÷ | 18.84 | 18.84 | = | 985,837 | ÷ | 52,327,263 | |
| Mar 26, 2021 | 96.85 | = | 303.00 | ÷ | 3.13 | 3.13 | = | 175,835 | ÷ | 56,205,592 | |
| Mar 27, 2020 | 13.91 | = | 174.45 | ÷ | 12.54 | 12.54 | = | 705,945 | ÷ | 56,309,476 | |
| Apr 2, 2019 | 31.01 | = | 347.30 | ÷ | 11.20 | 11.20 | = | 658,559 | ÷ | 58,803,744 | |
| Apr 3, 2018 | 22.31 | = | 204.38 | ÷ | 9.16 | 9.16 | = | 555,234 | ÷ | 60,611,334 | |
| Mar 28, 2017 | 42.89 | = | 282.86 | ÷ | 6.59 | 6.59 | = | 409,760 | ÷ | 62,132,265 | |
| Mar 30, 2016 | 37.98 | = | 194.11 | ÷ | 5.11 | 5.11 | = | 320,008 | ÷ | 62,618,206 | |
| Apr 1, 2015 | 37.71 | = | 150.98 | ÷ | 4.00 | 4.00 | = | 257,135 | ÷ | 64,230,316 | |
| Apr 2, 2014 | 31.73 | = | 100.11 | ÷ | 3.15 | 3.15 | = | 202,849 | ÷ | 64,295,291 | |
| Apr 3, 2013 | 30.26 | = | 82.00 | ÷ | 2.71 | 2.71 | = | 172,549 | ÷ | 63,670,003 | |
| Mar 28, 2012 | 48.62 | = | 93.59 | ÷ | 1.93 | 1.93 | = | 120,264 | ÷ | 62,474,444 | |
| Mar 30, 2011 | 41.60 | = | 48.71 | ÷ | 1.17 | 1.17 | = | 71,030 | ÷ | 60,654,795 | |
| Mar 31, 2010 | 33.50 | = | 22.62 | ÷ | 0.68 | 0.68 | = | 39,356 | ÷ | 58,293,399 | |
| Apr 2, 2009 | 15.15 | = | 6.63 | ÷ | 0.44 | 0.44 | = | 25,268 | ÷ | 57,744,488 | |
| Apr 16, 2008 | 57.01 | = | 14.12 | ÷ | 0.25 | 0.25 | = | 14,116 | ÷ | 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 trajectory from 2008 to 2023 is characterized by substantial growth in both equity value and profitability, although the valuation multiple has exhibited significant volatility across different market cycles.
- Share Price and Earnings Growth
- A consistent upward trend is observed in share prices, which rose from 14.12 US$ in 2008 to 513.98 US$ by 2023. This appreciation was largely supported by a robust increase in earnings per share (EPS), which grew from 0.25 US$ to 24.75 US$ over the same period, reflecting a significant expansion in the company's earning capacity.
- Valuation Multiple Trends
- The Price to Earnings (P/E) ratio experienced an initial sharp contraction, falling from 57.01 in 2008 to 15.15 in 2009. Between 2010 and 2017, the ratio remained relatively elevated, fluctuating primarily between 30.26 and 42.89, suggesting a period of sustained market confidence and a growth-oriented valuation.
- Impact of Earnings Volatility
- A notable anomaly occurred between 2020 and 2021. While the P/E ratio sat at 13.91 in 2020, it spiked to 96.85 in 2021. This surge was not driven by an increase in share price alone, but by a precipitous decline in EPS, which dropped from 12.54 US$ in 2020 to 3.13 US$ in 2021, causing the valuation multiple to expand drastically relative to the diminished earnings.
- Recent Valuation Stabilization
- Following the 2021 peak, the P/E ratio converged toward a more stable range, recording 20.97 in 2022 and 20.77 in 2023. This normalization coincided with a strong recovery in earnings, with EPS rising to 18.84 US$ and 24.75 US$ in the final two years of the period, indicating that the share price growth has returned to a closer alignment with fundamental earnings performance.
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Comparison to Competitors
Ulta Beauty Inc., P/E, 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 | 20.77 | 58.66 | 17.09 | 17.65 | 25.22 |
| Mar 25, 2022 | 20.97 | — | 19.94 | 17.84 | 22.20 |
| Mar 26, 2021 | 96.85 | 48.08 | 24.51 | 22.36 | 881.78 |
| Mar 27, 2020 | 13.91 | 78.20 | 17.38 | 11.96 | 17.13 |
| Apr 2, 2019 | 31.01 | 86.30 | 18.87 | 37.80 | 21.11 |
| Apr 3, 2018 | 22.31 | 79.30 | 23.51 | 20.26 | 20.19 |
| Mar 28, 2017 | 42.89 | 228.25 | 22.37 | 22.62 | 22.11 |
| Mar 30, 2016 | 37.98 | 166.52 | 23.32 | 26.67 | 22.87 |
| Apr 1, 2015 | 37.71 | 463.73 | 23.15 | 26.24 | 21.62 |
| Apr 2, 2014 | 31.73 | — | 20.18 | 21.79 | 20.15 |
| Apr 3, 2013 | 30.26 | 601.07 | 22.86 | 21.13 | 17.99 |
| Mar 28, 2012 | 48.62 | — | 19.49 | 20.46 | 19.73 |
| Mar 30, 2011 | 41.60 | 129.38 | 18.15 | 17.66 | 14.54 |
| Mar 31, 2010 | 33.50 | 67.02 | 20.76 | 19.70 | 14.57 |
| Apr 2, 2009 | 15.15 | 61.80 | 18.59 | 12.26 | 12.02 |
| Apr 16, 2008 | 57.01 | 39.07 | 11.24 | 12.74 | 18.61 |
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/E, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Ulta Beauty Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 24, 2023 | 20.77 | 39.66 |
| Mar 25, 2022 | 20.97 | 63.32 |
| Mar 26, 2021 | 96.85 | 40.84 |
| Mar 27, 2020 | 13.91 | 49.11 |
| Apr 2, 2019 | 31.01 | 48.49 |
| Apr 3, 2018 | 22.31 | 45.41 |
| Mar 28, 2017 | 42.89 | 60.50 |
| Mar 30, 2016 | 37.98 | 47.75 |
| Apr 1, 2015 | 37.71 | 45.72 |
| Apr 2, 2014 | 31.73 | 38.28 |
| Apr 3, 2013 | 30.26 | 39.66 |
| Mar 28, 2012 | 48.62 | 37.17 |
| Mar 30, 2011 | 41.60 | 26.94 |
| Mar 31, 2010 | 33.50 | 27.21 |
| Apr 2, 2009 | 15.15 | 21.68 |
| Apr 16, 2008 | 57.01 | 14.47 |
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/E, long-term trends, comparison to industry (consumer discretionary)
| Ulta Beauty Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 24, 2023 | 20.77 | 33.63 |
| Mar 25, 2022 | 20.97 | 46.01 |
| Mar 26, 2021 | 96.85 | 39.27 |
| Mar 27, 2020 | 13.91 | 73.74 |
| Apr 2, 2019 | 31.01 | 39.37 |
| Apr 3, 2018 | 22.31 | 33.13 |
| Mar 28, 2017 | 42.89 | 47.03 |
| Mar 30, 2016 | 37.98 | 29.19 |
| Apr 1, 2015 | 37.71 | 24.70 |
| Apr 2, 2014 | 31.73 | 29.48 |
| Apr 3, 2013 | 30.26 | 26.50 |
| Mar 28, 2012 | 48.62 | 20.90 |
| Mar 30, 2011 | 41.60 | 11.38 |
| Mar 31, 2010 | 33.50 | 17.54 |
| Apr 2, 2009 | 15.15 | 18.66 |
| Apr 16, 2008 | 57.01 | 303.41 |
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).