Price to Sales (P/S)
since 2008
Calculation
Ulta Beauty Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2023 | 2.53 | = | 513.98 | ÷ | 203.38 | 203.38 | = | 10,208,580 | ÷ | 50,195,089 | |
| Mar 25, 2022 | 2.40 | = | 395.07 | ÷ | 164.94 | 164.94 | = | 8,630,889 | ÷ | 52,327,263 | |
| Mar 26, 2021 | 2.77 | = | 303.00 | ÷ | 109.45 | 109.45 | = | 6,151,953 | ÷ | 56,205,592 | |
| Mar 27, 2020 | 1.33 | = | 174.45 | ÷ | 131.38 | 131.38 | = | 7,398,068 | ÷ | 56,309,476 | |
| Apr 2, 2019 | 3.04 | = | 347.30 | ÷ | 114.22 | 114.22 | = | 6,716,615 | ÷ | 58,803,744 | |
| Apr 3, 2018 | 2.11 | = | 204.38 | ÷ | 97.09 | 97.09 | = | 5,884,506 | ÷ | 60,611,334 | |
| Mar 28, 2017 | 3.62 | = | 282.86 | ÷ | 78.14 | 78.14 | = | 4,854,737 | ÷ | 62,132,265 | |
| Mar 30, 2016 | 3.10 | = | 194.11 | ÷ | 62.67 | 62.67 | = | 3,924,116 | ÷ | 62,618,206 | |
| Apr 1, 2015 | 2.99 | = | 150.98 | ÷ | 50.46 | 50.46 | = | 3,241,369 | ÷ | 64,230,316 | |
| Apr 2, 2014 | 2.41 | = | 100.11 | ÷ | 41.54 | 41.54 | = | 2,670,573 | ÷ | 64,295,291 | |
| Apr 3, 2013 | 2.35 | = | 82.00 | ÷ | 34.87 | 34.87 | = | 2,220,256 | ÷ | 63,670,003 | |
| Mar 28, 2012 | 3.29 | = | 93.59 | ÷ | 28.43 | 28.43 | = | 1,776,151 | ÷ | 62,474,444 | |
| Mar 30, 2011 | 2.03 | = | 48.71 | ÷ | 23.99 | 23.99 | = | 1,454,838 | ÷ | 60,654,795 | |
| Mar 31, 2010 | 1.08 | = | 22.62 | ÷ | 20.98 | 20.98 | = | 1,222,771 | ÷ | 58,293,399 | |
| Apr 2, 2009 | 0.35 | = | 6.63 | ÷ | 18.78 | 18.78 | = | 1,084,646 | ÷ | 57,744,488 | |
| Apr 16, 2008 | 0.88 | = | 14.12 | ÷ | 16.00 | 16.00 | = | 912,141 | ÷ | 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.
An analysis of the financial metrics from 2008 to 2023 reveals a long-term trajectory of expansion in both equity valuation and operational revenue per share. While both share price and sales per share experienced substantial growth over the fifteen-year period, the Price to Sales (P/S) ratio exhibited significant volatility, indicating fluctuating market sentiment regarding the company's valuation premium.
- Sales per Share Performance
- A consistent upward trend is observed in sales per share, which rose from US$16.00 in 2008 to US$203.38 in 2023. This growth was nearly linear for most of the period, with the only notable exception occurring between 2020 and 2021, when sales per share declined from US$131.38 to US$109.45 before resuming a strong recovery.
- Share Price Evolution
- The share price demonstrated significant appreciation, increasing from US$14.12 in 2008 to US$513.98 in 2023. Despite the overall growth, periods of volatility are evident, specifically in 2009 and 2020, where sharp declines were followed by rapid recoveries.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated considerably, starting at 0.88 in 2008 and reaching a historical low of 0.35 in 2009. A sustained expansion phase occurred between 2010 and 2017, with the ratio peaking at 3.62. Subsequent years were characterized by instability, including a drop to 2.11 in 2018 and a low of 1.33 in 2020. From 2021 through 2023, the ratio stabilized within a narrow range of 2.40 to 2.53.
- Valuation Dynamics
- The divergence between the steady increase in sales per share and the volatile P/S ratio suggests that market valuation has not always tracked operational performance linearly. The peak in the P/S ratio in 2017 indicates a period of maximum market optimism, while the stabilization observed from 2021 onwards suggests a maturation of the valuation multiple relative to the company's revenue generation.
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Comparison to Competitors
Ulta Beauty Inc., P/S, 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 | 2.53 | 3.10 | 1.86 | 1.17 | 1.77 |
| Mar 25, 2022 | 2.40 | 2.06 | 2.17 | 1.56 | 1.50 |
| Mar 26, 2021 | 2.77 | 3.41 | 2.39 | 1.46 | 2.48 |
| Mar 27, 2020 | 1.33 | 4.32 | 1.77 | 0.71 | 1.34 |
| Apr 2, 2019 | 3.04 | 3.56 | 1.94 | 1.23 | 1.66 |
| Apr 3, 2018 | 2.11 | 3.43 | 2.01 | 1.02 | 1.47 |
| Mar 28, 2017 | 3.62 | 3.89 | 1.88 | 1.08 | 1.53 |
| Mar 30, 2016 | 3.10 | 2.90 | 1.85 | 1.15 | 1.68 |
| Apr 1, 2015 | 2.99 | 2.58 | 1.77 | 1.26 | 1.65 |
| Apr 2, 2014 | 2.41 | 1.85 | 1.38 | 0.93 | 1.57 |
| Apr 3, 2013 | 2.35 | 2.21 | 1.39 | 0.82 | 1.33 |
| Mar 28, 2012 | 3.29 | 2.03 | 1.08 | 0.75 | 1.27 |
| Mar 30, 2011 | 2.03 | 1.70 | 0.89 | 0.73 | 0.89 |
| Mar 31, 2010 | 1.08 | 2.26 | 0.83 | 0.74 | 0.87 |
| Apr 2, 2009 | 0.35 | 2.27 | 0.59 | 0.56 | 0.56 |
| Apr 16, 2008 | 0.88 | 1.31 | 0.64 | 0.74 | 0.77 |
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/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Ulta Beauty Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 24, 2023 | 2.53 | 2.59 |
| Mar 25, 2022 | 2.40 | 1.99 |
| Mar 26, 2021 | 2.77 | 2.94 |
| Mar 27, 2020 | 1.33 | 3.23 |
| Apr 2, 2019 | 3.04 | 2.73 |
| Apr 3, 2018 | 2.11 | 2.56 |
| Mar 28, 2017 | 3.62 | 2.67 |
| Mar 30, 2016 | 3.10 | 2.16 |
| Apr 1, 2015 | 2.99 | 1.97 |
| Apr 2, 2014 | 2.41 | 1.47 |
| Apr 3, 2013 | 2.35 | 1.52 |
| Mar 28, 2012 | 3.29 | 1.30 |
| Mar 30, 2011 | 2.03 | 1.06 |
| Mar 31, 2010 | 1.08 | 1.10 |
| Apr 2, 2009 | 0.35 | 0.83 |
| Apr 16, 2008 | 0.88 | 0.76 |
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/S, long-term trends, comparison to industry (consumer discretionary)
| Ulta Beauty Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 24, 2023 | 2.53 | 2.63 |
| Mar 25, 2022 | 2.40 | 2.27 |
| Mar 26, 2021 | 2.77 | 3.58 |
| Mar 27, 2020 | 1.33 | 3.81 |
| Apr 2, 2019 | 3.04 | 2.33 |
| Apr 3, 2018 | 2.11 | 2.05 |
| Mar 28, 2017 | 3.62 | 2.06 |
| Mar 30, 2016 | 3.10 | 1.68 |
| Apr 1, 2015 | 2.99 | 1.57 |
| Apr 2, 2014 | 2.41 | 1.32 |
| Apr 3, 2013 | 2.35 | 1.33 |
| Mar 28, 2012 | 3.29 | 1.06 |
| Mar 30, 2011 | 2.03 | 0.97 |
| Mar 31, 2010 | 1.08 | 0.96 |
| Apr 2, 2009 | 0.35 | 0.92 |
| Apr 16, 2008 | 0.88 | 0.66 |
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).