Ulta Beauty, Inc. (ULTA)

Executive Summary

Ulta Beauty is the largest specialty beauty retailer in the United States, operating 1,519 stores across the country as of March 2026 and an expanding international footprint following the 2025 acquisition of UK-based Space NK. The company is the only national retailer that pairs the full assortment ladder — mass to prestige to salon services — under one roof, and that breadth is the single most underappreciated structural advantage in the story. We at T&T Capital Management initiated work on ULTA when the stock traded near $325 in mid-2024 on the back of decelerating comparable sales and the well-telegraphed expansion of Sephora-at-Kohl’s.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers