Price to Operating Profit (P/OP)
since 2008
Calculation
Ulta Beauty Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2023 | 15.74 | = | 513.98 | ÷ | 32.64 | 32.64 | = | 1,638,610 | ÷ | 50,195,089 | |
| Mar 25, 2022 | 15.93 | = | 395.07 | ÷ | 24.80 | 24.80 | = | 1,297,492 | ÷ | 52,327,263 | |
| Mar 26, 2021 | 71.91 | = | 303.00 | ÷ | 4.21 | 4.21 | = | 236,820 | ÷ | 56,205,592 | |
| Mar 27, 2020 | 10.90 | = | 174.45 | ÷ | 16.00 | 16.00 | = | 901,094 | ÷ | 56,309,476 | |
| Apr 2, 2019 | 23.91 | = | 347.30 | ÷ | 14.52 | 14.52 | = | 854,080 | ÷ | 58,803,744 | |
| Apr 3, 2018 | 15.77 | = | 204.38 | ÷ | 12.96 | 12.96 | = | 785,291 | ÷ | 60,611,334 | |
| Mar 28, 2017 | 26.84 | = | 282.86 | ÷ | 10.54 | 10.54 | = | 654,824 | ÷ | 62,132,265 | |
| Mar 30, 2016 | 24.01 | = | 194.11 | ÷ | 8.09 | 8.09 | = | 506,297 | ÷ | 62,618,206 | |
| Apr 1, 2015 | 23.63 | = | 150.98 | ÷ | 6.39 | 6.39 | = | 410,415 | ÷ | 64,230,316 | |
| Apr 2, 2014 | 19.65 | = | 100.11 | ÷ | 5.10 | 5.10 | = | 327,588 | ÷ | 64,295,291 | |
| Apr 3, 2013 | 18.65 | = | 82.00 | ÷ | 4.40 | 4.40 | = | 279,978 | ÷ | 63,670,003 | |
| Mar 28, 2012 | 29.80 | = | 93.59 | ÷ | 3.14 | 3.14 | = | 196,195 | ÷ | 62,474,444 | |
| Mar 30, 2011 | 24.85 | = | 48.71 | ÷ | 1.96 | 1.96 | = | 118,884 | ÷ | 60,654,795 | |
| Mar 31, 2010 | 19.35 | = | 22.62 | ÷ | 1.17 | 1.17 | = | 68,153 | ÷ | 58,293,399 | |
| Apr 2, 2009 | 8.27 | = | 6.63 | ÷ | 0.80 | 0.80 | = | 46,301 | ÷ | 57,744,488 | |
| Apr 16, 2008 | 17.23 | = | 14.12 | ÷ | 0.82 | 0.82 | = | 46,721 | ÷ | 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 long-term growth in both share price and operating profit per share, although the price-to-operating profit (P/OP) ratio exhibits significant volatility and periodic anomalies.
- Share Price Performance
- A strong upward trend is observed in the share price, which ascended from 14.12 USD in 2008 to 513.98 USD by 2023. This growth was not linear, as marked declines occurred in 2009, 2018, and 2020, followed by rapid recoveries.
- Operating Profitability Trends
- Operating profit per share demonstrated consistent growth for the majority of the period, rising from 0.82 USD in 2008 to 32.64 USD in 2023. A sharp and temporary contraction occurred in 2021, where the figure dropped to 4.21 USD, representing a significant departure from the established growth trend before returning to high levels in 2022 and 2023.
- P/OP Ratio Interpretation
- The P/OP ratio reflects varying market valuations relative to operating performance. From 2010 to 2017, the ratio generally remained between 18 and 30, suggesting a period of relatively stable valuation. A profound spike to 71.91 occurred in 2021, resulting from the divergence between a recovering share price and a sudden decline in operating profit per share. Following this anomaly, the ratio normalized and stabilized at approximately 15.74 to 15.93 during 2022 and 2023, indicating a lower valuation multiple relative to the current operating profit levels compared to the 2010-2017 era.
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Comparison to Competitors
Ulta Beauty Inc., P/OP, long-term trends, comparison to competitors
| Ulta Beauty Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Mar 24, 2023 | 15.74 | 48.43 | 12.16 | 11.18 |
| Mar 25, 2022 | 15.93 | 86.50 | 14.22 | 12.45 |
| Mar 26, 2021 | 71.91 | 64.48 | 17.25 | 13.52 |
| Mar 27, 2020 | 10.90 | 72.85 | 12.33 | 8.11 |
| Apr 2, 2019 | 23.91 | 68.77 | 13.51 | 21.77 |
| Apr 3, 2018 | 15.77 | 64.31 | 13.82 | 10.61 |
| Mar 28, 2017 | 26.84 | 168.60 | 13.26 | 11.97 |
| Mar 30, 2016 | 24.01 | 94.32 | 13.88 | 13.66 |
| Apr 1, 2015 | 23.63 | 123.77 | 14.03 | 14.77 |
| Apr 2, 2014 | 19.65 | 925.12 | 11.86 | — |
| Apr 3, 2013 | 18.65 | 221.06 | 13.35 | — |
| Mar 28, 2012 | 29.80 | 183.43 | 11.36 | — |
| Mar 30, 2011 | 24.85 | 94.71 | 10.38 | — |
| Mar 31, 2010 | 19.35 | 54.92 | 11.50 | — |
| Apr 2, 2009 | 8.27 | 49.38 | 9.64 | — |
| Apr 16, 2008 | 17.23 | 29.93 | 6.82 | — |
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).