CASY vs ULTA: Caseys General Stores 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, close to Caseys General Stores's $23.0B.
- Caseys General Stores grew revenue faster over the last year (+24.3% vs +8.9%).
- On earnings, Ulta Beauty is the cheaper stock (21.8x vs 35.7x).
- Caseys General Stores's price assumes faster free cash flow growth: about 11% a year, against 7% for Ulta Beauty (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 | CASY | ULTA |
|---|---|---|
| Market cap | $23.0B | $24.4B |
| Share price | $646.27 | $570.37 |
| Revenue (last fiscal year) | $17.6B | $12.4B |
| Free cash flow (last fiscal year) | $722M | $1.1B |
| Revenue growth, last year | +24.3% | +8.9% |
| Revenue growth per year, last 5 fiscal years | +7.9% | +9.5% |
| Operating margin | — | 12.5% |
| Net margin | 4.1% | 9.3% |
| Return on equity | 18.9% | 45.8% |
| P/E (trailing) | 35.7x | 21.8x |
| Price / free cash flow | 39.3x | 22.9x |
| EV / EBITDA | 24.5x | 14.4x |
| FCF growth the price implies | 11.1% | 6.7% |
| Dividend yield | 0.34% | — |
| Debt / equity | 1.23x | 1.63x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 6 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Caseys General Stores
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $13.0B | $462M | — |
| 2023 | $15.1B | $405M | — |
| 2024 | $14.9B | $371M | — |
| 2025 | $15.9B | $585M | — |
| 2026 | $17.6B | $722M | — |
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
Caseys General Stores · by products, 2020
Fuel$5.5B60%
Grocery and other merchandise$2.5B27%
Prepared food and fountain$1.1B12%
Other$62M1%
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 CASY in InvestinglyQuestions
Which is bigger, Caseys General Stores or Ulta Beauty?
Ulta Beauty (ULTA), at $24.4B against $23.0B.
Is CASY or ULTA cheaper?
By trailing P/E, Ulta Beauty (21.8x) is cheaper than Caseys General Stores (35.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CASY or ULTA?
Caseys General Stores: revenue grew +24.3% over the last year, against +8.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.