ULTA vs WSM: Ulta Beauty and Williams-Sonoma compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Williams-Sonoma is the larger company, worth $28.4B, close to Ulta Beauty's $24.4B.
- Ulta Beauty grew revenue faster over the last year (+8.9% vs +6.7%).
- Williams-Sonoma keeps more of each dollar of revenue as operating profit (19.2% vs 12.5%).
- On earnings, Ulta Beauty is the cheaper stock (21.8x vs 27.3x).
- Williams-Sonoma's price assumes faster free cash flow growth: about 9% 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 | ULTA | WSM |
|---|---|---|
| Market cap | $24.4B | $28.4B |
| Share price | $570.37 | $241.78 |
| Revenue (last fiscal year) | $12.4B | $7.8B |
| Free cash flow (last fiscal year) | $1.1B | $1.1B |
| Revenue growth, last year | +8.9% | +6.7% |
| Revenue growth per year, last 5 fiscal years | +9.5% | -1.4% |
| Operating margin | 12.5% | 19.2% |
| Net margin | 9.3% | 14.7% |
| Return on equity | 45.8% | 55.1% |
| P/E (trailing) | 21.8x | 27.3x |
| Price / free cash flow | 22.9x | 26.9x |
| EV / EBITDA | 14.4x | 16.7x |
| FCF growth the price implies | 6.7% | 8.9% |
| Dividend yield | — | 1.1% |
| Debt / equity | 1.63x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 2 |
| Insider purchases, last 12 months | 6 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Williams-Sonoma
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $8.2B | $1.1B | 17.6% |
| 2023 | $8.7B | $699M | 17.3% |
| 2024 | $7.8B | $1.5B | 16.1% |
| 2025 | $7.7B | $1.1B | 18.5% |
| 2026 | $7.8B | $1.1B | 18.1% |
Where the revenue comes from
Ulta Beauty · by segments, 2019
Retail stores$5.6B84%
E-commerce$752M11%
Salon services$301M4%
Other$49M1%
Williams-Sonoma · by segments, 2026
Pottery Barn$3.0B38%
West Elm$1.9B24%
Williams Sonoma 2$1.4B17%
Pottery Barn Kids and Teen$1.1B15%
Other$448M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ULTA in InvestinglyQuestions
Which is bigger, Ulta Beauty or Williams-Sonoma?
Williams-Sonoma (WSM), at $28.4B against $24.4B.
Is ULTA or WSM cheaper?
By trailing P/E, Ulta Beauty (21.8x) is cheaper than Williams-Sonoma (27.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, ULTA or WSM?
Ulta Beauty: revenue grew +8.9% over the last year, against +6.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.