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.

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Ulta Beauty Inc., solvency ratios

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Debt Ratios
Debt to equity 0.00 0.00 0.00 0.00 0.00 0.00
Debt to equity (including operating lease liability) 0.97 1.20 0.95 1.02 0.00 0.00
Debt to capital 0.00 0.00 0.00 0.00 0.00 0.00
Debt to capital (including operating lease liability) 0.49 0.55 0.49 0.50 0.00 0.00
Debt to assets 0.00 0.00 0.00 0.00 0.00 0.00
Debt to assets (including operating lease liability) 0.35 0.39 0.37 0.40 0.00 0.00
Financial leverage 2.74 3.10 2.55 2.56 1.75 1.64
Coverage Ratios
Interest coverage
Fixed charge coverage 6.10 5.16 1.76 4.14 4.28 4.26

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Ulta Beauty Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Ulta Beauty Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Ulta Beauty Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Ulta Beauty Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Ulta Beauty Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Equity

Ulta Beauty Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
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
Benchmarks
Debt to Equity, Competitors2
Amazon.com Inc. 0.39 0.59 0.54 0.66 0.83
Home Depot Inc. 27.65 11.29
Lowe’s Cos. Inc. 15.16 9.79 4.45
TJX Cos. Inc. 0.53 0.56 1.04 0.38 0.44 0.43
Debt to Equity, Sector
Consumer Discretionary Distribution & Retail 0.82 1.06 0.93 1.17 1.44
Debt to Equity, Industry
Consumer Discretionary 1.42 1.61 1.56 2.26 2.44

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.

Debt to Equity (including Operating Lease Liability)

Ulta Beauty Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liabilities 283,293 274,118 253,415 239,629
Non-current operating lease liabilities 1,619,883 1,572,638 1,643,386 1,698,718
Total debt (including operating lease liability) 1,903,176 1,846,756 1,896,801 1,938,347
 
Stockholders’ equity 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Solvency Ratio
Debt to equity (including operating lease liability)1 0.97 1.20 0.95 1.02 0.00 0.00
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.77 1.06 0.96 1.08 1.25
Home Depot Inc. 32.24 13.16
Lowe’s Cos. Inc. 18.24 12.04 4.45
TJX Cos. Inc. 2.00 2.08 2.66 1.93 0.44 0.43
Debt to Equity (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 1.31 1.67 1.46 1.76 1.82
Debt to Equity (including Operating Lease Liability), Industry
Consumer Discretionary 1.77 2.00 1.93 2.69 2.70

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 1,903,176 ÷ 1,959,811 = 0.97

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Ulta Beauty Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Debt to Capital

Ulta Beauty Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
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
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
Benchmarks
Debt to Capital, Competitors2
Amazon.com Inc. 0.28 0.37 0.35 0.40 0.45
Home Depot Inc. 0.97 1.04 0.92 1.11 1.07
Lowe’s Cos. Inc. 1.72 1.24 0.94 0.91 0.82
TJX Cos. Inc. 0.35 0.36 0.51 0.27 0.31 0.30
Debt to Capital, Sector
Consumer Discretionary Distribution & Retail 0.45 0.51 0.48 0.54 0.59
Debt to Capital, Industry
Consumer Discretionary 0.59 0.62 0.61 0.69 0.71

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.

Debt to Capital (including Operating Lease Liability)

Ulta Beauty Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liabilities 283,293 274,118 253,415 239,629
Non-current operating lease liabilities 1,619,883 1,572,638 1,643,386 1,698,718
Total debt (including operating lease liability) 1,903,176 1,846,756 1,896,801 1,938,347
Stockholders’ equity 1,959,811 1,535,373 1,999,549 1,902,094 1,820,218 1,774,217
Total capital (including operating lease liability) 3,862,987 3,382,129 3,896,350 3,840,441 1,820,218 1,774,217
Solvency Ratio
Debt to capital (including operating lease liability)1 0.49 0.55 0.49 0.50 0.00 0.00
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.43 0.51 0.49 0.52 0.56
Home Depot Inc. 0.97 1.04 0.93 1.09 1.07
Lowe’s Cos. Inc. 1.60 1.20 0.95 0.92 0.82
TJX Cos. Inc. 0.67 0.68 0.73 0.66 0.31 0.30
Debt to Capital (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 0.57 0.63 0.59 0.64 0.65
Debt to Capital (including Operating Lease Liability), Industry
Consumer Discretionary 0.64 0.67 0.66 0.73 0.73

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,903,176 ÷ 3,862,987 = 0.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Ulta Beauty Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Debt to Assets

Ulta Beauty Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Total debt
Total assets 5,370,411 4,764,379 5,089,969 4,863,872 3,191,172 2,908,687
Solvency Ratio
Debt to assets1 0.00 0.00 0.00 0.00 0.00 0.00
Benchmarks
Debt to Assets, Competitors2
Amazon.com Inc. 0.15 0.19 0.18 0.19 0.23
Home Depot Inc. 0.57 0.56 0.53 0.61 0.66
Lowe’s Cos. Inc. 0.78 0.55 0.47 0.49 0.47
TJX Cos. Inc. 0.12 0.12 0.20 0.09 0.16 0.16
Debt to Assets, Sector
Consumer Discretionary Distribution & Retail 0.24 0.25 0.24 0.26 0.31
Debt to Assets, Industry
Consumer Discretionary 0.35 0.36 0.37 0.42 0.44

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 assets = Total debt ÷ Total assets
= 0 ÷ 5,370,411 = 0.00

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.

Debt to Assets (including Operating Lease Liability)

Ulta Beauty Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liabilities 283,293 274,118 253,415 239,629
Non-current operating lease liabilities 1,619,883 1,572,638 1,643,386 1,698,718
Total debt (including operating lease liability) 1,903,176 1,846,756 1,896,801 1,938,347
 
Total assets 5,370,411 4,764,379 5,089,969 4,863,872 3,191,172 2,908,687
Solvency Ratio
Debt to assets (including operating lease liability)1 0.35 0.39 0.37 0.40 0.00 0.00
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Amazon.com Inc. 0.29 0.33 0.31 0.31 0.34
Home Depot Inc. 0.66 0.64 0.62 0.73 0.66
Lowe’s Cos. Inc. 0.87 0.66 0.56 0.60 0.47
TJX Cos. Inc. 0.45 0.44 0.50 0.47 0.16 0.16
Debt to Assets (including Operating Lease Liability), Sector
Consumer Discretionary Distribution & Retail 0.38 0.40 0.38 0.40 0.39
Debt to Assets (including Operating Lease Liability), Industry
Consumer Discretionary 0.44 0.45 0.45 0.50 0.48

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,903,176 ÷ 5,370,411 = 0.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Ulta Beauty Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Financial Leverage

Ulta Beauty Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
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
Benchmarks
Financial Leverage, Competitors2
Amazon.com Inc. 2.61 3.17 3.04 3.44 3.63
Home Depot Inc. 48.94 21.39
Lowe’s Cos. Inc. 32.52 20.02 9.47
TJX Cos. Inc. 4.45 4.74 5.28 4.06 2.84 2.73
Financial Leverage, Sector
Consumer Discretionary Distribution & Retail 3.46 4.18 3.82 4.44 4.62
Financial Leverage, Industry
Consumer Discretionary 4.04 4.43 4.25 5.41 5.56

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 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Ulta Beauty Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Interest Coverage

Ulta Beauty Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Net income 1,242,408 985,837 175,835 705,945 658,559 555,234
Add: Income tax expense 401,136 309,992 55,250 200,205 200,582 231,625
Add: Interest expense
Earnings before interest and tax (EBIT) 1,643,544 1,295,829 231,085 906,150 859,141 786,859
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Amazon.com Inc. 12.80 -1.51 22.09 15.69 9.73
Home Depot Inc. 14.90 17.14 13.60 13.25 14.85
Lowe’s Cos. Inc. 8.79 13.49 9.88 8.83 6.21
TJX Cos. Inc. 56.19 37.80 1.46 75.57 65.36 60.98
Interest Coverage, Sector
Consumer Discretionary Distribution & Retail 13.19 7.64 15.91 14.50 11.71
Interest Coverage, Industry
Consumer Discretionary 10.61 7.74 10.83 6.26 9.85

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
Interest coverage = EBIT ÷ Interest expense
= 1,643,544 ÷ 0 =

2 Click competitor name to see calculations.


Fixed Charge Coverage

Ulta Beauty Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data (US$ in thousands)
Net income 1,242,408 985,837 175,835 705,945 658,559 555,234
Add: Income tax expense 401,136 309,992 55,250 200,205 200,582 231,625
Add: Interest expense
Earnings before interest and tax (EBIT) 1,643,544 1,295,829 231,085 906,150 859,141 786,859
Add: Operating lease cost 322,195 311,546 304,743 289,007 262,275 241,559
Earnings before fixed charges and tax 1,965,739 1,607,375 535,828 1,195,157 1,121,416 1,028,418
 
Interest expense
Operating lease cost 322,195 311,546 304,743 289,007 262,275 241,559
Fixed charges 322,195 311,546 304,743 289,007 262,275 241,559
Solvency Ratio
Fixed charge coverage1 6.10 5.16 1.76 4.14 4.28 4.26
Benchmarks
Fixed Charge Coverage, Competitors2
Amazon.com Inc. 3.73 0.47 5.24 4.63 3.65
Home Depot Inc. 9.07 9.94 8.97 8.26 7.80
Lowe’s Cos. Inc. 5.77 8.02 6.05 5.04 3.68
TJX Cos. Inc. 3.31 3.17 1.04 3.43 3.39 3.35
Fixed Charge Coverage, Sector
Consumer Discretionary Distribution & Retail 4.61 2.82 5.29 5.11 4.46
Fixed Charge Coverage, Industry
Consumer Discretionary 4.73 3.37 5.01 3.19 4.32

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,965,739 ÷ 322,195 = 6.10

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Ulta Beauty Inc. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.