What is Ulta Beauty, Inc.'s free cash flow margin?

Ulta Beauty, Inc. (ULTA) reported free cash flow margin of 9.5% in Q1 2026.

What does free cash flow margin mean?

How much real, spendable cash each sales dollar generates after reinvestment.

How do you interpret free cash flow margin?

A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.

How does free cash flow margin compare across companies?

Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.

Ulta Beauty, Inc. ULTA Free cash flow margin

Free cash flow margin at other companies

Walmart WMT

1.7%-0.2pp

AmazonAMZN

1.4%-1.8pp

Estee Lauder Companies Inc.EL

8.7%+2.3pp

Church & DwightCHD

15.3%+2.2pp

KenvueKVUE

11.9%+2.4pp

Colgate-PalmoliveCL

18.1%+0.7pp

Other financials

Income statement

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Revenue$3.2B+11.1%

Gross profit$1.3B+13.8%

Operating income$448.3M+11.6%

Net income$340.5M+11.6%

EPS (diluted)$7.74+15.5%

Balance sheet

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Cash & equivalents$166.3M-63.4%

Total debt$2.3B+16.6%

Total equity$2.6B+6.2%

Total assets$6.9B+15.2%

Cash flow

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Operating cash flow$261.9M+19.0%

CapEx$58.3M-26.3%

Free cash flow$203.6M+44.4%

Valuation

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Market cap$19.61B+16.5%

Enterprise value$21.74B+18.3%

P/E16.5×+2.4×

P/S1.5×+0.1×

Profitability

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Gross margin39.3%+0.5pp

Operating margin12.4%-1.3pp

Net margin9.4%-1.1pp

Returns & leverage

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Return on equity47.4%-3.0pp

Debt / equity0.9×+0.1×

Current ratio1.3×-0.4×

Where this comes from

Calculated from Ulta Beauty, Inc.’s reported figures.

free cash flow/total revenue=9.5%

Based on trailing twelve months.

The official record: Ulta Beauty, Inc.’s 10-Q, filed June 2, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ulta Beauty, Inc.'s free cash flow margin?: Ulta Beauty, Inc. (ULTA) reported free cash flow margin of 9.5% in Q1 2026.
What does free cash flow margin mean?: How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?: A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?: Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.