Ulta Beauty, Inc.

ULTA

Quality scores

Data as of Sep 5, 2026

5 / 9

Neutral

5/9 — middling fundamentals (neutral zone).

PassROA > 0 — ROA last year = 16.48 %
PassFCF > 0 — FCF last year = 1,067.95 mill.
FailFCF > net income (accrual quality) — FCF 1,067.95 vs. net income 1,153.48 (mill.)
FailRising ROA — ROA 16.48 % vs. prior year 20.01 %

Test 5: no long-term debt breakdown; approximated with total debt / assets.

Z-Score (original)

6.35

Safe zone

Z''-Score (non-manufacturing)

7.09

Safe zone

Ratio	Value
X1 — Working capital / Total assets	0.13
X2 — Retained earnings / Total assets	0.25
X3 — EBIT / Total assets	0.22
X4 — Market cap / Total liabilities	5.59
X4 — Book equity / Total liabilities	0.67
X5 — Sales / Total assets	1.77