DKS vs ULTA: Dick’s Sporting Goods 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 2.0 times Dick’s Sporting Goods.
- Dick’s Sporting Goods grew revenue faster over the last year (+53.2% vs +8.9%).
- Ulta Beauty keeps more of each dollar of revenue as operating profit (12.5% vs 5.5%).
- On earnings, Dick’s Sporting Goods is the cheaper stock (13.8x vs 21.8x).
- Dick’s Sporting Goods'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 | DKS | ULTA |
|---|---|---|
| Market cap | $12.3B | $24.4B |
| Share price | $136.65 | $570.37 |
| Revenue (last fiscal year) | $17.2B | $12.4B |
| Free cash flow (last fiscal year) | $400M | $1.1B |
| Revenue growth, last year | +53.2% | +8.9% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +9.5% |
| Operating margin | 5.5% | 12.5% |
| Net margin | 4.0% | 9.3% |
| Return on equity | 14.7% | 45.8% |
| P/E (trailing) | 13.8x | 21.8x |
| Price / free cash flow | 25.6x | 22.9x |
| EV / EBITDA | 10.6x | 14.4x |
| FCF growth the price implies | 10.6% | 6.7% |
| Dividend yield | 3.4% | — |
| Debt / equity | 2.19x | 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.
Dick’s Sporting Goods
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $12.3B | $1.3B | 16.5% |
| 2023 | $12.4B | $558M | 11.8% |
| 2024 | $13.0B | $940M | 9.9% |
| 2025 | $13.4B | $509M | 11.0% |
| 2026 | $17.2B | $400M | 6.4% |
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
Dick’s Sporting Goods · by products, 2026
Footwear$6.9B40%
Hardlines$5.0B29%
Apparel$4.9B28%
Other$383M2%
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 DKS in InvestinglyQuestions
Which is bigger, Dick’s Sporting Goods or Ulta Beauty?
Ulta Beauty (ULTA), at $24.4B against $12.3B.
Is DKS or ULTA cheaper?
By trailing P/E, Dick’s Sporting Goods (13.8x) is cheaper than Ulta Beauty (21.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, DKS or ULTA?
Dick’s Sporting Goods: revenue grew +53.2% 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.