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 Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

Ulta Beauty Inc., short-term (operating) activity ratios

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Turnover Ratios
Inventory turnover 3.84 3.51 3.60 3.65 3.55 3.45
Receivables turnover 51.19 36.93 31.86 53.09 49.33 59.01
Payables turnover 11.02 9.52 8.81 11.39 10.66 11.63
Working capital turnover 9.94 11.93 5.25 8.06 6.16 5.60
Average No. Days
Average inventory processing period 95 104 101 100 103 106
Add: Average receivable collection period 7 10 11 7 7 6
Operating cycle 102 114 112 107 110 112
Less: Average payables payment period 33 38 41 32 34 31
Cash conversion cycle 69 76 71 75 76 81

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Ulta Beauty Inc. inventory turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Ulta Beauty Inc. receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Ulta Beauty Inc. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Ulta Beauty Inc. working capital turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Ulta Beauty Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Ulta Beauty Inc. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Ulta Beauty Inc. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Ulta Beauty Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Ulta Beauty Inc. cash conversion cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Inventory Turnover

Ulta Beauty Inc., inventory turnover 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)
Cost of sales 6,164,070 5,262,335 4,202,794 4,717,004 4,307,304 3,787,697
Merchandise inventories, net 1,603,451 1,499,218 1,168,215 1,293,701 1,214,329 1,096,424
Short-term Activity Ratio
Inventory turnover1 3.84 3.51 3.60 3.65 3.55 3.45
Benchmarks
Inventory Turnover, Competitors2
Amazon.com Inc. 9.15 8.40 8.34 9.80 8.08
Home Depot Inc. 4.20 4.55 5.25 5.00 5.10
Lowe’s Cos. Inc. 3.50 3.65 3.71 3.73 3.85
TJX Cos. Inc. 6.21 5.82 5.66 6.13 6.08 6.09
Inventory Turnover, Sector
Consumer Discretionary Distribution & Retail 6.18 6.10 6.36 6.83 6.07
Inventory Turnover, Industry
Consumer Discretionary 7.05 6.73 7.05 7.53 7.82

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).

1 2023 Calculation
Inventory turnover = Cost of sales ÷ Merchandise inventories, net
= 6,164,070 ÷ 1,603,451 = 3.84

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Ulta Beauty Inc. inventory turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Receivables Turnover

Ulta Beauty Inc., receivables turnover 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 sales 10,208,580 8,630,889 6,151,953 7,398,068 6,716,615 5,884,506
Receivables, net 199,422 233,682 193,109 139,337 136,168 99,719
Short-term Activity Ratio
Receivables turnover1 51.19 36.93 31.86 53.09 49.33 59.01
Benchmarks
Receivables Turnover, Competitors2
Amazon.com Inc. 16.86 19.32 23.26 26.09 22.26
Home Depot Inc. 47.45 44.12 44.15 52.34 55.89
Lowe’s Cos. Inc.
TJX Cos. Inc. 88.70 93.79 69.69 108.00 112.54 109.62
Receivables Turnover, Sector
Consumer Discretionary Distribution & Retail 23.15 26.52 30.59 35.28 33.53
Receivables Turnover, Industry
Consumer Discretionary 17.96 17.99 21.11 21.76 21.69

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
Receivables turnover = Net sales ÷ Receivables, net
= 10,208,580 ÷ 199,422 = 51.19

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Ulta Beauty Inc. receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Payables Turnover

Ulta Beauty Inc., payables turnover 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)
Cost of sales 6,164,070 5,262,335 4,202,794 4,717,004 4,307,304 3,787,697
Accounts payable 559,527 552,730 477,052 414,009 404,016 325,758
Short-term Activity Ratio
Payables turnover1 11.02 9.52 8.81 11.39 10.66 11.63
Benchmarks
Payables Turnover, Competitors2
Amazon.com Inc. 3.59 3.63 3.46 3.22 3.51
Home Depot Inc. 9.14 7.45 7.52 9.33 9.16
Lowe’s Cos. Inc. 6.16 5.65 5.51 6.42 5.85
TJX Cos. Inc. 9.53 7.77 5.09 11.17 10.53 10.25
Payables Turnover, Sector
Consumer Discretionary Distribution & Retail 4.61 4.48 4.19 4.25 4.75
Payables Turnover, Industry
Consumer Discretionary 5.23 4.84 4.67 4.77 5.59

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
Payables turnover = Cost of sales ÷ Accounts payable
= 6,164,070 ÷ 559,527 = 11.02

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Ulta Beauty Inc. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.

Working Capital Turnover

Ulta Beauty Inc., working capital turnover 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)
Current assets 2,709,304 2,281,183 2,514,777 2,055,317 1,914,861 1,693,743
Less: Current liabilities 1,681,775 1,558,010 1,343,713 1,137,261 823,736 642,166
Working capital 1,027,529 723,173 1,171,064 918,056 1,091,125 1,051,577
 
Net sales 10,208,580 8,630,889 6,151,953 7,398,068 6,716,615 5,884,506
Short-term Activity Ratio
Working capital turnover1 9.94 11.93 5.25 8.06 6.16 5.60
Benchmarks
Working Capital Turnover, Competitors2
Amazon.com Inc. 77.32 24.33 60.82 32.92
Home Depot Inc. 16.81 417.56 24.87 76.81 59.68
Lowe’s Cos. Inc. 50.26 245.54 24.92 530.50
TJX Cos. Inc. 23.22 17.40 6.51 23.97 13.27 10.67
Working Capital Turnover, Sector
Consumer Discretionary Distribution & Retail 42.11 21.83 63.17 38.37
Working Capital Turnover, Industry
Consumer Discretionary 16.06 19.31 10.96 13.27 32.45

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
Working capital turnover = Net sales ÷ Working capital
= 10,208,580 ÷ 1,027,529 = 9.94

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Ulta Beauty Inc. working capital turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Average Inventory Processing Period

Ulta Beauty Inc., average inventory processing period 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
Inventory turnover 3.84 3.51 3.60 3.65 3.55 3.45
Short-term Activity Ratio (no. days)
Average inventory processing period1 95 104 101 100 103 106
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Amazon.com Inc. 40 43 44 37 45
Home Depot Inc. 87 80 70 73 72
Lowe’s Cos. Inc. 104 100 98 98 95
TJX Cos. Inc. 59 63 65 60 60 60
Average Inventory Processing Period, Sector
Consumer Discretionary Distribution & Retail 59 60 57 53 60
Average Inventory Processing Period, Industry
Consumer Discretionary 52 54 52 48 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).

1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.84 = 95

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Ulta Beauty Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Average Receivable Collection Period

Ulta Beauty Inc., average receivable collection period 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
Receivables turnover 51.19 36.93 31.86 53.09 49.33 59.01
Short-term Activity Ratio (no. days)
Average receivable collection period1 7 10 11 7 7 6
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Amazon.com Inc. 22 19 16 14 16
Home Depot Inc. 8 8 8 7 7
Lowe’s Cos. Inc.
TJX Cos. Inc. 4 4 5 3 3 3
Average Receivable Collection Period, Sector
Consumer Discretionary Distribution & Retail 16 14 12 10 11
Average Receivable Collection Period, Industry
Consumer Discretionary 20 20 17 17 17

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 51.19 = 7

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Ulta Beauty Inc. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.

Operating Cycle

Ulta Beauty Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data
Average inventory processing period 95 104 101 100 103 106
Average receivable collection period 7 10 11 7 7 6
Short-term Activity Ratio
Operating cycle1 102 114 112 107 110 112
Benchmarks
Operating Cycle, Competitors2
Amazon.com Inc. 62 62 60 51 61
Home Depot Inc. 95 88 78 80 79
Lowe’s Cos. Inc.
TJX Cos. Inc. 63 67 70 63 63 63
Operating Cycle, Sector
Consumer Discretionary Distribution & Retail 75 74 69 63 71
Operating Cycle, Industry
Consumer Discretionary 72 74 69 65 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
Operating cycle = Average inventory processing period + Average receivable collection period
= 95 + 7 = 102

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Ulta Beauty Inc. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Average Payables Payment Period

Ulta Beauty Inc., average payables payment period 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
Payables turnover 11.02 9.52 8.81 11.39 10.66 11.63
Short-term Activity Ratio (no. days)
Average payables payment period1 33 38 41 32 34 31
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Amazon.com Inc. 102 101 105 113 104
Home Depot Inc. 40 49 49 39 40
Lowe’s Cos. Inc. 59 65 66 57 62
TJX Cos. Inc. 38 47 72 33 35 36
Average Payables Payment Period, Sector
Consumer Discretionary Distribution & Retail 79 81 87 86 77
Average Payables Payment Period, Industry
Consumer Discretionary 70 75 78 76 65

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 11.02 = 33

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Ulta Beauty Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.

Cash Conversion Cycle

Ulta Beauty Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018
Selected Financial Data
Average inventory processing period 95 104 101 100 103 106
Average receivable collection period 7 10 11 7 7 6
Average payables payment period 33 38 41 32 34 31
Short-term Activity Ratio
Cash conversion cycle1 69 76 71 75 76 81
Benchmarks
Cash Conversion Cycle, Competitors2
Amazon.com Inc. -40 -39 -45 -62 -43
Home Depot Inc. 55 39 29 41 39
Lowe’s Cos. Inc.
TJX Cos. Inc. 25 20 -2 30 28 27
Cash Conversion Cycle, Sector
Consumer Discretionary Distribution & Retail -4 -7 -18 -23 -6
Cash Conversion Cycle, Industry
Consumer Discretionary 2 -1 -9 -11 -1

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 95 + 733 = 69

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Ulta Beauty Inc. cash conversion cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.