Stock Analysis on Net

Ulta Beauty Inc. (NASDAQ:ULTA)

This company has been moved to the archive! The financial data has not been updated since August 24, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Ulta Beauty Inc., adjusted financial ratios

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Activity Ratio
Total Asset Turnover
Reported 1.90 1.81 1.21 1.52 2.10 2.02
Adjusted 1.91 1.83 1.22 1.53 1.24 1.14
Liquidity Ratio
Current Ratio
Reported 1.61 1.46 1.87 1.81 2.32 2.64
Adjusted 2.11 1.89 2.35 2.29 3.07 3.20
Solvency Ratios
Debt to Equity
Reported 0.00 0.00 0.00 0.00 0.00 0.00
Adjusted 0.79 0.96 0.81 0.87 1.09 1.15
Debt to Capital
Reported 0.00 0.00 0.00 0.00 0.00 0.00
Adjusted 0.44 0.49 0.45 0.46 0.52 0.53
Financial Leverage
Reported 2.74 3.10 2.55 2.56 1.75 1.64
Adjusted 2.23 2.47 2.18 2.18 2.60 2.64
Profitability Ratios
Net Profit Margin
Reported 12.17% 11.42% 2.86% 9.54% 9.80% 9.44%
Adjusted 12.68% 11.93% 3.04% 10.09% 11.43% 8.96%
Return on Equity (ROE)
Reported 63.39% 64.21% 8.79% 37.11% 36.18% 31.29%
Adjusted 53.89% 53.87% 8.04% 33.66% 36.97% 27.07%
Return on Assets (ROA)
Reported 23.13% 20.69% 3.45% 14.51% 20.64% 19.09%
Adjusted 24.19% 21.81% 3.70% 15.43% 14.20% 10.25%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ulta Beauty Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Ulta Beauty Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Ulta Beauty Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Ulta Beauty Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Ulta Beauty Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ulta Beauty Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Ulta Beauty Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ulta Beauty Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Ulta Beauty Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Net sales 10,208,580 8,630,889 6,151,953 7,398,068 6,716,615 5,884,506
Total assets 5,370,411 4,764,379 5,089,969 4,863,872 3,191,172 2,908,687
Activity Ratio
Total asset turnover1 1.90 1.81 1.21 1.52 2.10 2.02
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net sales2 10,249,678 8,710,085 6,188,801 7,436,549 6,802,533 5,884,506
Adjusted total assets3 5,371,487 4,765,384 5,090,737 4,865,235 5,477,235 5,144,579
Activity Ratio
Adjusted total asset turnover4 1.91 1.83 1.22 1.53 1.24 1.14

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).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 10,208,580 ÷ 5,370,411 = 1.90

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 10,249,678 ÷ 5,371,487 = 1.91

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ulta Beauty Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets 2,709,304 2,281,183 2,514,777 2,055,317 1,914,861 1,693,743
Current liabilities 1,681,775 1,558,010 1,343,713 1,137,261 823,736 642,166
Liquidity Ratio
Current ratio1 1.61 1.46 1.87 1.81 2.32 2.64
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 2,710,380 2,282,188 2,515,545 2,056,680 1,915,512 1,695,114
Adjusted current liabilities3 1,287,098 1,204,431 1,069,330 899,726 624,682 529,030
Liquidity Ratio
Adjusted current ratio4 2.11 1.89 2.35 2.29 3.07 3.20

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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 2,709,304 ÷ 1,681,775 = 1.61

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 2,710,380 ÷ 1,287,098 = 2.11

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Ulta Beauty Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt
Stockholders’ equity 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Solvency Ratio
Debt to equity1 0.00 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 1,903,176 1,846,756 1,896,801 1,938,347 2,285,412 2,234,521
Adjusted stockholders’ equity3 2,410,910 1,929,650 2,340,059 2,230,359 2,103,787 1,948,127
Solvency Ratio
Adjusted debt to equity4 0.79 0.96 0.81 0.87 1.09 1.15

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 1,959,811 = 0.00

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 1,903,176 ÷ 2,410,910 = 0.79

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Ulta Beauty Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total capital 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Solvency Ratio
Debt to capital1 0.00 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 1,903,176 1,846,756 1,896,801 1,938,347 2,285,412 2,234,521
Adjusted total capital3 4,314,086 3,776,406 4,236,860 4,168,706 4,389,199 4,182,648
Solvency Ratio
Adjusted debt to capital4 0.44 0.49 0.45 0.46 0.52 0.53

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 1,959,811 = 0.00

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 1,903,176 ÷ 4,314,086 = 0.44

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Ulta Beauty Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets 5,370,411 4,764,379 5,089,969 4,863,872 3,191,172 2,908,687
Stockholders’ equity 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Solvency Ratio
Financial leverage1 2.74 3.10 2.55 2.56 1.75 1.64
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 5,371,487 4,765,384 5,090,737 4,865,235 5,477,235 5,144,579
Adjusted stockholders’ equity3 2,410,910 1,929,650 2,340,059 2,230,359 2,103,787 1,948,127
Solvency Ratio
Adjusted financial leverage4 2.23 2.47 2.18 2.18 2.60 2.64

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 5,370,411 ÷ 1,959,811 = 2.74

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 5,371,487 ÷ 2,410,910 = 2.23

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Ulta Beauty Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income 1,242,408 985,837 175,835 705,945 658,559 555,234
Net sales 10,208,580 8,630,889 6,151,953 7,398,068 6,716,615 5,884,506
Profitability Ratio
Net profit margin1 12.17% 11.42% 2.86% 9.54% 9.80% 9.44%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,299,231 1,039,548 188,136 750,641 777,837 527,431
Adjusted net sales3 10,249,678 8,710,085 6,188,801 7,436,549 6,802,533 5,884,506
Profitability Ratio
Adjusted net profit margin4 12.68% 11.93% 3.04% 10.09% 11.43% 8.96%

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).

1 2023 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 1,242,408 ÷ 10,208,580 = 12.17%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 1,299,231 ÷ 10,249,678 = 12.68%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ulta Beauty Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income 1,242,408 985,837 175,835 705,945 658,559 555,234
Stockholders’ equity 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Profitability Ratio
ROE1 63.39% 64.21% 8.79% 37.11% 36.18% 31.29%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,299,231 1,039,548 188,136 750,641 777,837 527,431
Adjusted stockholders’ equity3 2,410,910 1,929,650 2,340,059 2,230,359 2,103,787 1,948,127
Profitability Ratio
Adjusted ROE4 53.89% 53.87% 8.04% 33.66% 36.97% 27.07%

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).

1 2023 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 1,242,408 ÷ 1,959,811 = 63.39%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 1,299,231 ÷ 2,410,910 = 53.89%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Ulta Beauty Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income 1,242,408 985,837 175,835 705,945 658,559 555,234
Total assets 5,370,411 4,764,379 5,089,969 4,863,872 3,191,172 2,908,687
Profitability Ratio
ROA1 23.13% 20.69% 3.45% 14.51% 20.64% 19.09%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,299,231 1,039,548 188,136 750,641 777,837 527,431
Adjusted total assets3 5,371,487 4,765,384 5,090,737 4,865,235 5,477,235 5,144,579
Profitability Ratio
Adjusted ROA4 24.19% 21.81% 3.70% 15.43% 14.20% 10.25%

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).

1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,242,408 ÷ 5,370,411 = 23.13%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,299,231 ÷ 5,371,487 = 24.19%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ulta Beauty Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.