Question 1

What is Ulta Beauty's P/FCF ratio?

Accepted Answer

Ulta Beauty (ULTA) P/FCF ratio is 20.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Ulta Beauty?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Ulta Beauty specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Ulta Beauty's P/FCF ratio high or low?

Accepted Answer

Ulta Beauty's P/FCF ratio of 20.3× is below its own 5-year average of 21.8× and above the sector median of 17.1×. That places the current reading at the 30th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Ulta Beauty's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Ulta Beauty (ULTA) P/FCF ratio has ranged from a low of 9.0× in 2009 to a high of 254.9× in 2009. The 5-year average is 21.8× and the 5-year median is 22.1×.

Question 7

What was Ulta Beauty's P/FCF ratio in 2026?

Accepted Answer

Ulta Beauty (ULTA) P/FCF ratio at the end of 2026 was 29.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Ulta Beauty's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$29B	$986M	29.5×	+9.7×	Jan 31, 2026
2025	$19.1B	$964M	19.8×	-3.6×	Jan 31, 2025
2024	$24.3B	$1.04B	23.4×	+1.1×	Jan 31, 2024
2023	$26B	$1.17B	22.2×	+0.4×	Jan 31, 2023
2022	$19.3B	$887M	21.8×	-2.3×	Jan 31, 2022
2021	$15.9B	$658M	24.1×	+5.1×	Jan 31, 2021
2020	$15.3B	$803M	19.0×	-7.9×	Jan 31, 2020
2019	$17.1B	$637M	26.9×	-13.1×	Jan 31, 2019
2018	$13.5B	$339M	40.0×	-24.9×	Jan 31, 2018
2017	$16.9B	$261M	64.9×	-84.9×	Jan 31, 2017
2016	$11.5B	$76.7M	149.8×	+92.3×	Jan 31, 2016
2015	$8.48B	$148M	57.5×	+3.4×	Jan 31, 2015
2014	$5.51B	$102M	54.1×	-69.7×	Jan 31, 2014
2013	$6.25B	$50.4M	123.9×	+72.3×	Jan 31, 2013
2012	$4.76B	$92.3M	51.6×	+23.3×	Jan 31, 2012
2011	$2.24B	$79.4M	28.2×	+17.2×	Jan 31, 2011
2010	$1.15B	$105M	11.0×	—	Jan 31, 2010
2009	$337M	-$35.7M	—	—	Jan 31, 2009
2008	$868M	-$55M	—	—	Jan 31, 2008
2007	$339M	—	—	—	Jan 31, 2007
2006	$208M	—	—	—	Jan 31, 2006


DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
D.R. Horton (DHI)	14.2×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Carnival Corporation (CCL)	11.9×
Lululemon Athletica (LULU)	11.6×
Toll Brothers (TOL)	11.1×
Hasbro (HAS)	9.8×
PDD Holdings (PDD)	9.5×
LKQ (LKQ)	9.3×
KB Home (KBH)	8.8×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	4.8×
General Motors (GM)	4.3×

P/FCF Ratio for Ulta Beauty (ULTA) 2010-2026

P/FCF Ratio daily chart for Ulta Beauty (ULTA)

Historical P/FCF Ratio for Ulta Beauty (ULTA) from 2006 to 2026

About P/FCF Ratio at Ulta Beauty (ULTA)

Ulta Beauty P/FCF Ratio by Year

Ulta Beauty P/FCF Ratio 2026: 29.5×

Ulta Beauty P/FCF Ratio 2025: 19.8×

Ulta Beauty P/FCF Ratio 2024: 23.4×

Ulta Beauty P/FCF Ratio 2023: 22.2×

Ulta Beauty P/FCF Ratio 2022: 21.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Ulta Beauty (ULTA) Key Financials