ULTAUlta Beauty, Inc.

Retail-Retail Stores, NEC

Revenue: $12.4B; 9.7% YoY
Operating margin: 12.4%; 11% YoY
EBITDA: $1.8B; 0.1% YoY
Market cap: $27.4B
Employees: 65,000; $191K revenue each
Net debt / EBITDA: 0.3×; $642M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
130% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$191K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$8.6B	$10.2B	$11.2B	$11.3B	$12.4B	9.7%
Operating income	$1.3B	$1.6B	$1.7B	$1.6B	$1.5B	2.0%
Net income	$986M	$1.2B	$1.3B	$1.2B	$1.2B	4.0%
Operating cash flow	$1.1B	$1.5B	$1.5B	$1.3B	$1.5B	12%
Capex	$172M	$312M	$435M	$374M	$435M	16%
Stock-based comp	$47M	$43M	$48M	$43M	$37M	13%
Buybacks	$1.5B	$900M	$996M	$1.0B	$901M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 4
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	231	159
FY2025	—	—	160	213
FY2024	—	—	189	174
FY2023	—	—	189	124
FY2022	—	—	134	150