Ulta BeautyFRA:34U +1.31%94 Cyclically Adjusted PS Ratio is 2.49 as of Jul. 11, 2026, which is 37% below its 10-year median of 3.94. GuruFocus rates FRA:34U with a GF Score™ of 94/100 and a GF Value™ of €478.11 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 796 Retail - Cyclical companies, Ulta Beauty ranks worse than 86.31% on this metric.
The historical rank and industry rank for Ulta Beauty's Cyclically Adjusted PS Ratio or its related term are showing as below:
FRA:34U'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 2.15 Med: 3.94 Max: 6.94
Current: 2.43
During the past years, Ulta Beauty's highest Cyclically Adjusted PS Ratio was 6.94. The lowest was 2.15. And the median was 3.94.
FRA:34U's Cyclically Adjusted PS Ratio is ranked worse than 86.31% of 796
companies
in the Retail - Cyclical industry
Industry Median: 0.49
vs FRA:34U: 2.43
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Ulta Beauty's adjusted revenue per share data for the three months ended in Apr. 2026 was €61.530. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is €161.21 for the trailing ten years ended in Apr. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Ulta Beauty (FRA:34U) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Ulta Beauty Cyclically Adjusted PS Ratio Related Terms
Ulta Beauty Cyclically Adjusted PS Ratio Historical Data
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The historical data trend for Ulta Beauty's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:34U vs DKS, BBY, TSCO: Cyclically Adjusted PS Ratio Comparison
For the Specialty Retail subindustry, Ulta Beauty's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ulta Beauty Cyclically Adjusted PS Ratio vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's Cyclically Adjusted PS Ratio falls into.
Ulta Beauty Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
Ulta Beauty's Cyclically Adjusted PS Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 2.49 mean?
Ulta Beauty (FRA:34U) has a Cyclically Adjusted PS Ratio of 2.49 as of Jul. 11, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Ulta Beauty and its competitors. This is 37% below median its historical median of 3.94. Over the past decade, Ulta Beauty's Cyclically Adjusted PS Ratio has ranged from 2.15 to 6.94. According to the industry distribution chart, Ulta Beauty ranks #687 out of 796 companies in the Retail - Cyclical industry, placing it in the top 86.3%.
Is Ulta Beauty's Cyclically Adjusted PS Ratio too high?
Ulta Beauty's current Cyclically Adjusted PS Ratio of 2.49 is 37% below median its 10-year median of 3.94. Over the past 10 years, this metric has ranged from a low of 2.15 to a high of 6.94. The Retail - Cyclical industry median Cyclically Adjusted PS Ratio is 0.49. Ulta Beauty's value of 2.49 is 408.2% above this industry median. Based on the distribution chart, Ulta Beauty ranks #687 out of 796 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Ulta Beauty has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ulta Beauty's Cyclically Adjusted PS Ratio compare to DKS and BBY?
According to the Retail - Cyclical industry distribution chart, Ulta Beauty ranks #687 out of 796 companies for Cyclically Adjusted PS Ratio. This places Ulta Beauty in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 0.49. Ulta Beauty's value of 2.49 is 408.2% above this benchmark. Historically, Ulta Beauty's own Cyclically Adjusted PS Ratio has ranged from 2.15 to 6.94 over the past decade. While the company's 10-year median is 3.94 vs. the industry median of 0.49, Ulta Beauty has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Retail - Cyclical company?
The median Cyclically Adjusted PS Ratio among Retail - Cyclical companies is 0.49, based on 796 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ulta Beauty's current Cyclically Adjusted PS Ratio of 2.49 is 408.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Ulta Beauty and its competitors. For the Retail - Cyclical industry, the median Cyclically Adjusted PS Ratio is 0.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ulta Beauty's current Cyclically Adjusted PS Ratio is 2.49, which is 37% below median its own 10-year median of 3.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ulta Beauty stock overvalued right now?
Based on GuruFocus' analysis, Ulta Beauty (FRA:34U) is currently considered Modestly Undervalued. The stock's GF Value™ is €478.11, compared to a current price of €401.00 — trading 16.1% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 2.49, which is 37% below median its 10-year median of 3.94 and 408.2% above the Retail - Cyclical industry median of 0.49. Ulta Beauty's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Cyclically Adjusted PS Ratio is 2.49 as of Jul. 11, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ulta Beauty (FRA:34U) Overvalued in 2026?
Based on GuruFocus' analysis, Ulta Beauty stock appears to be undervalued.
The current stock price of €401.00 is trading 16.1% below its estimated GF Value™ of €478.11.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
Cyclically Adjusted PS Ratio: 2.49 (37% below median its 10-year median of 3.94)
GF Value™: €478.11 vs. price of €401.00 (16.1% below fair value)
Industry Position: 408.2% above the Retail - Cyclical median (#687 of 796)
No single metric tells the full story. See the FRA:34U stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ulta Beauty is the largest specialized beauty retailer in the US with more than 1,500 freestanding stores. The firm offers cosmetics (38% of 2025 sales), fragrances (13%), skin care (24%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for 4% of its revenue and drive customer traffic. Outside of the US, Ulta operates premium beauty retailer Space NK (86 stores at year-end 2025 in the UK and Ireland) and has franchised stores in Mexico, and a joint venture in the Middle East. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.
94GF Score
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