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 share price of the company demonstrated significant growth over the analyzed period, increasing from $14.12 in 2008 to $513.98 in 2023. Despite intermittent declines, such as the drop from $282.86 in 2017 to $204.38 in 2018 and from $347.3 in 2019 to $174.45 in 2020, the overall trend was upward, with notable acceleration in recent years.
Earnings per share (EPS) exhibited a strong upward trajectory, rising from $0.25 in 2008 to $24.75 in 2023. There were minor setbacks, such as the plunge to $3.13 in 2021, likely reflecting an unusual event or market condition, followed by a substantial recovery to $18.84 in 2022 and further growth in 2023.
The price-to-earnings (P/E) ratio showed considerable volatility throughout the period. It started at a high level of 57.01 in 2008, decreased markedly to 15.15 in 2009, and fluctuated mostly between the low 20s to mid-40s subsequently. A pronounced spike occurred in 2021, reaching 96.85, corresponding with the EPS decline, implying market expectations remained elevated despite lower earnings. The ratio then normalized to around 20.97 and 20.77 in 2022 and 2023 respectively, indicating a more balanced valuation relative to earnings.
Overall, the data reflects a company with substantial appreciation in market value, supported by generally increasing profitability as measured by EPS. The P/E ratio movements suggest periods of shifting market sentiment and valuation adjustment, particularly during earnings contractions and recoveries. The most recent years indicate strong earnings growth accompanied by a stabilization of valuation metrics.
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).