Ulta Beauty Inc., current enterprise value calculation

Current share price (P)	$422.74
No. shares of common stock outstanding	49,228,649
US$ in thousands
Common equity (market value)¹	20,810,919)
Total equity	20,810,919)
Add: Total debt (book value)	—)
Total equity and debt	20,810,919)
Less: Cash and cash equivalents	737,877)
Less: Short-term investments	—)
Enterprise value (EV)	20,073,042)

Based on: 10-K (reporting date: 2023-01-28).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 422.74 × 49,228,649

Ulta Beauty Inc., EV calculation

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Share price^1, 2	$513.98	$395.07	$303.00	$174.45	$347.30	$204.38
No. shares of common stock outstanding¹	50,195,089	52,327,263	56,205,592	56,309,476	58,803,744	60,611,334
US$ in thousands
Common equity (market value)³	25,799,272)	20,672,932)	17,030,294)	9,823,188)	20,422,540)	12,387,744)
Total equity	25,799,272)	20,672,932)	17,030,294)	9,823,188)	20,422,540)	12,387,744)
Add: Total debt (book value)	—)	—)	—)	—)	—)	—)
Total equity and debt	25,799,272)	20,672,932)	17,030,294)	9,823,188)	20,422,540)	12,387,744)
Less: Cash and cash equivalents	737,877)	431,560)	1,046,051)	392,325)	409,251)	277,445)
Less: Short-term investments	—)	—)	—)	110,000)	—)	120,000)
Enterprise value (EV)	25,061,395)	20,241,372)	15,984,243)	9,320,863)	20,013,289)	11,990,299)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Ulta Beauty Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 513.98 × 50,195,089

The financial data reveals significant fluctuations and overall upward trends in equity and enterprise value over the six-year period analyzed.

Common equity (market value) and Total equity: Both common equity (market value) and total equity exhibit identical values across all periods, indicating that the entirety of equity is attributed to common shareholders. Starting at approximately 12.39 billion USD in early 2018, equity saw a considerable increase to over 20.42 billion USD by early 2019. However, there was a marked decline in 2020, with equity dropping to approximately 9.82 billion USD. Following this trough, equity values rebounded sharply, reaching 17.03 billion USD in early 2021 and continuing to rise to 20.67 billion USD in early 2022. The most recent data from early 2023 shows equity peaking near 25.80 billion USD, which is the highest value in the series and significantly above the initial 2018 figure.
Total equity and debt: This line mirrors the total equity values exactly for all periods, suggesting no outstanding debt or that debt is negligible or accounted for separately. The pattern follows the same trajectory as equity, including the steep decline in 2020 and subsequent recovery.
Enterprise value (EV): The enterprise value follows a similar general pattern to equity. It increased from about 11.99 billion USD in early 2018 to approximately 20.01 billion USD in early 2019. It then decreased sharply to 9.32 billion USD in early 2020, reflecting the dip observed in equity values. After 2020, EV rose consistently, reaching 15.98 billion USD in early 2021, 20.24 billion USD in early 2022, and 25.06 billion USD by early 2023. Although the EV values are slightly lower than total equity values in each period, their movement closely tracks the same trend.

Overall, the data highlights a strong recovery phase following a sharp contraction in 2020, with substantial growth in both equity and enterprise value leading up to 2023. This pattern may correspond to external economic factors influencing the 2020 downturn, after which the company experienced robust expansion and value appreciation.

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Ulta Beauty Inc. (NASDAQ:ULTA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)