BBY vs ULTA: Best Buy Co. and Ulta Beauty compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ulta Beauty is the larger company, worth $24.4B, about 1.2 times Best Buy Co..
- Ulta Beauty grew revenue faster over the last year (+8.9% vs +3.6%).
- Ulta Beauty keeps more of each dollar of revenue as operating profit (12.5% vs 4.0%).
- On earnings, Best Buy Co. is the cheaper stock (19.0x vs 21.8x).
- Ulta Beauty's price assumes faster free cash flow growth: about 7% a year, against 2% for Best Buy Co. (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BBY | ULTA |
|---|---|---|
| Market cap | $20.1B | $24.4B |
| Share price | $87.01 | $570.37 |
| Revenue (last fiscal year) | $41.7B | $12.4B |
| Free cash flow (last fiscal year) | $1.3B | $1.1B |
| Revenue growth, last year | +3.6% | +8.9% |
| Revenue growth per year, last 5 fiscal years | -5.3% | +9.5% |
| Operating margin | 4.0% | 12.5% |
| Net margin | 3.0% | 9.3% |
| Return on equity | 40.0% | 45.8% |
| P/E (trailing) | 19.0x | 21.8x |
| Price / free cash flow | 16.0x | 22.9x |
| EV / EBITDA | 8.59x | 14.4x |
| FCF growth the price implies | 2.1% | 6.7% |
| Dividend yield | 4.1% | — |
| Debt / equity | 4.06x | 1.63x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 3 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Best Buy Co.
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $51.8B | $2.5B | 5.9% |
| 2023 | $46.3B | $894M | 3.9% |
| 2024 | $43.5B | $675M | 3.6% |
| 2025 | $41.5B | $1.4B | 3.0% |
| 2026 | $41.7B | $1.3B | 3.3% |
Ulta Beauty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $8.6B | $887M | 15.0% |
| 2023 | $10.2B | $1.2B | 16.1% |
| 2024 | $11.2B | $1.0B | 15.0% |
| 2025 | $11.3B | $964M | 13.9% |
| 2026 | $12.4B | $1.1B | 12.4% |
Where the revenue comes from
Best Buy Co. · by segments, 2026
Domestic$38.3B92%
International$3.4B8%
Ulta Beauty · by segments, 2019
Retail stores$5.6B84%
E-commerce$752M11%
Salon services$301M4%
Other$49M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BBY in InvestinglyQuestions
Which is bigger, Best Buy Co. or Ulta Beauty?
Ulta Beauty (ULTA), at $24.4B against $20.1B.
Is BBY or ULTA cheaper?
By trailing P/E, Best Buy Co. (19.0x) is cheaper than Ulta Beauty (21.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, BBY or ULTA?
Ulta Beauty: revenue grew +8.9% over the last year, against +3.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.