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Ulta BeautyFRA:34U +2.23%92 Debt-to-EBITDA is 1.08 as of Apr. 2026, which is 8% below its 10-year median of 1.17. GuruFocus rates FRA:34U with a GF Score™ of 92/100 and a GF Value™ of €488.83 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 901 Retail - Cyclical companies, Ulta Beauty ranks better than 73.58% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Ulta Beauty's Debt-to-EBITDA or its related term are showing as below:
FRA:34U'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.99 Med: 1.17 Max: 2.86
Current: 1.21
During the past 13 years, the highest Debt-to-EBITDA Ratio of Ulta Beauty was 2.86. The lowest was 0.99. And the median was 1.17.
FRA:34U's Debt-to-EBITDA is ranked better than 73.58% of 901
companies
in the Retail - Cyclical industry
Industry Median: 2.4
vs FRA:34U: 1.21
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Ulta Beauty Debt-to-EBITDA Related Terms
Ulta Beauty Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Ulta Beauty's Debt-to-EBITDA 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: Debt-to-EBITDA Comparison
For the Specialty Retail subindustry, Ulta Beauty's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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 Debt-to-EBITDA vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's Debt-to-EBITDA falls into.
* 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Apr. 2026) EBITDA data.
Ulta Beauty (FRA:34U) has a Debt-to-EBITDA of 1.08 as of Apr. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Ulta Beauty. This is near median its historical median of 1.17. Over the past decade, Ulta Beauty's Debt-to-EBITDA has ranged from 0.99 to 2.86. According to the industry distribution chart, Ulta Beauty ranks #238 out of 901 companies in the Retail - Cyclical industry, placing it in the top 26.4%.
Is Ulta Beauty's Debt-to-EBITDA too high?
Ulta Beauty's current Debt-to-EBITDA of 1.08 is near median its 10-year median of 1.17. Over the past 10 years, this metric has ranged from a low of 0.99 to a high of 2.86. The Retail - Cyclical industry median Debt-to-EBITDA is 2.40. Ulta Beauty's value of 1.08 is 55% below this industry median. Based on the distribution chart, Ulta Beauty ranks #238 out of 901 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Ulta Beauty has a GF Score™ of 92/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ulta Beauty's Debt-to-EBITDA compare to DKS and BBY?
According to the Retail - Cyclical industry distribution chart, Ulta Beauty ranks #238 out of 901 companies for Debt-to-EBITDA. This puts Ulta Beauty in the upper half of its industry. The industry median Debt-to-EBITDA is 2.40. Ulta Beauty's value of 1.08 is 55% below this benchmark. Historically, Ulta Beauty's own Debt-to-EBITDA has ranged from 0.99 to 2.86 over the past decade. While the company's 10-year median is 1.17 vs. the industry median of 2.40, Ulta Beauty has consistently been below 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 Debt-to-EBITDA for a Retail - Cyclical company?
The median Debt-to-EBITDA among Retail - Cyclical companies is 2.40, based on 901 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ulta Beauty's current Debt-to-EBITDA of 1.08 is 55% below 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 Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Ulta Beauty. For the Retail - Cyclical industry, the median Debt-to-EBITDA is 2.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ulta Beauty's current Debt-to-EBITDA is 1.08, which is near median its own 10-year median of 1.17. 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 €488.83, compared to a current price of €427.10 — trading 12.6% below its estimated fair value. The current Debt-to-EBITDA is 1.08, which is near median its 10-year median of 1.17 and 55% below the Retail - Cyclical industry median of 2.40. Ulta Beauty's overall GF Score™ is 92/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Debt-to-EBITDA is 1.08 as of Apr. 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 €427.10 is trading 12.6% below its estimated GF Value™ of €488.83.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
Debt-to-EBITDA: 1.08 (near median its 10-year median of 1.17)
GF Value™: €488.83 vs. price of €427.10 (12.6% below fair value)
Industry Position: 55% below the Retail - Cyclical median (#238 of 901)
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.
92GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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