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Ulta Beauty Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Ulta Beauty has an F-score of 5 indicating the company's financial situation is typical for a stable company.

NAS:ULTA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 9
Current: 5

3
9

During the past 13 years, the highest Piotroski F-Score of Ulta Beauty was 9. The lowest was 3. And the median was 7.


Ulta Beauty Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Ulta Beauty Annual Data
Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 8.00 7.00 8.00

Ulta Beauty Quarterly Data
Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 7.00 5.00 5.00

Competitive Comparison
* 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.


Ulta Beauty Piotroski F-Score Distribution

* The bar in red indicates where Ulta Beauty's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Oct19) TTM:Last Year (Oct18) TTM:
Net Income was 214.674 + 192.221 + 161.258 + 129.747 = $698 Mil.
Cash Flow from Operations was 413.913 + 271.678 + 175.658 + 110.17 = $971 Mil.
Revenue was 2124.716 + 1743.029 + 1666.607 + 1682.514 = $7,217 Mil.
Gross Profit was 740.859 + 644.847 + 605.899 + 623.433 = $2,615 Mil.
Average Total Assets from the begining of this year (Oct18)
to the end of this year (Oct19) was
(3332.691 + 3191.172 + 4766.353 + 4710.375 + 4928.848) / 5 = $4185.8878 Mil.
Total Assets at the begining of this year (Oct18) was $3,333 Mil.
Long-Term Debt & Capital Lease Obligation was $1,707 Mil.
Total Current Assets was $2,097 Mil.
Total Current Liabilities was $1,257 Mil.
Net Income was 208.173 + 164.396 + 148.323 + 131.166 = $652 Mil.

Revenue was 1937.592 + 1543.667 + 1488.221 + 1560.011 = $6,529 Mil.
Gross Profit was 658.347 + 560.713 + 535.461 + 572.278 = $2,327 Mil.
Average Net Income from the begining of last year (Oct17)
to the end of last year (Oct18) was
(2834.873 + 2908.687 + 3022.249 + 3073.349 + 3332.691) / 5 = $3034.3698 Mil.
Total Assets at the begining of last year (Oct17) was $2,835 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $2,026 Mil.
Total Current Liabilities was $984 Mil.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Ulta Beauty's current Net Income (TTM) was 698. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Ulta Beauty's current Cash Flow from Operations (TTM) was 971. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets(Oct18)
=697.9/3332.691
=0.20941035

ROA (Last Year)=Net Income/Total Assets(Oct17)
=652.058/2834.873
=0.23001313

Ulta Beauty's return on assets of this year was 0.20941035. Ulta Beauty's return on assets of last year was 0.23001313. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Ulta Beauty's current Net Income (TTM) was 698. Ulta Beauty's current Cash Flow from Operations (TTM) was 971. ==> 971 > 698 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Oct19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Oct18 to Oct19
=1706.806/4185.8878
=0.40775245

Ulta Beauty's gearing of this year was 0.40775245. Ulta Beauty's gearing of last year was 0. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Oct19)=Total Current Assets/Total Current Liabilities
=2097.468/1256.92
=1.66873628

Current Ratio (Last Year: Oct18)=Total Current Assets/Total Current Liabilities
=2025.973/984.083
=2.058742

Ulta Beauty's current ratio of this year was 1.66873628. Ulta Beauty's current ratio of last year was 2.058742. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Ulta Beauty's number of shares in issue this year was 57.8. Ulta Beauty's number of shares in issue last year was 60.1. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2615.038/7216.866
=0.36235092

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2326.799/6529.491
=0.35635228

Ulta Beauty's gross margin of this year was 0.36235092. Ulta Beauty's gross margin of last year was 0.35635228. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Oct18)
=7216.866/3332.691
=2.16547709

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct17)
=6529.491/2834.873
=2.30327461

Ulta Beauty's asset turnover of this year was 2.16547709. Ulta Beauty's asset turnover of last year was 2.30327461. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Ulta Beauty has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Ulta Beauty  (NAS:ULTA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Ulta Beauty Piotroski F-Score Related Terms

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