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Ulta Beauty Piotroski F-Score

: 6 (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 6 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   Med: 6   Max: 8
Current: 6

3
8

During the past 13 years, the highest Piotroski F-Score of Ulta Beauty was 8. The lowest was 3. And the median was 6.


Ulta Beauty Piotroski F-Score Historical Data

* 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.

* Premium members only.

Ulta Beauty Annual Data
Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 7.00 8.00 6.00 6.00

Ulta Beauty Quarterly Data
Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21
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 6.00 5.00 5.00 6.00 6.00

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?

* 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.

This Year (Jan21) TTM:Last Year (Jan20) TTM:
Net Income was -78.509 + 8.052 + 74.798 + 171.494 = $176 Mil.
Cash Flow from Operations was -24.318 + 40.307 + 243.056 + 551.31 = $810 Mil.
Revenue was 1173.21 + 1228.009 + 1552.033 + 2198.701 = $6,152 Mil.
Gross Profit was 303.605 + 329.007 + 545.519 + 771.028 = $1,949 Mil.
Average Total Assets from the begining of this year (Jan20)
to the end of this year (Jan21) was
(4863.872 + 5530.551 + 5497.121 + 4870.994 + 5089.969) / 5 = $5170.5014 Mil.
Total Assets at the begining of this year (Jan20) was $4,864 Mil.
Long-Term Debt & Capital Lease Obligation was $1,643 Mil.
Total Current Assets was $2,515 Mil.
Total Current Liabilities was $1,344 Mil.
Net Income was 192.221 + 161.258 + 129.747 + 222.719 = $706 Mil.

Revenue was 1743.029 + 1666.607 + 1682.514 + 2305.918 = $7,398 Mil.
Gross Profit was 644.847 + 605.899 + 623.433 + 806.885 = $2,681 Mil.
Average Total Assets from the begining of last year (Jan19)
to the end of last year (Jan20) was
(3191.172 + 4766.353 + 4710.375 + 4928.848 + 4863.872) / 5 = $4492.124 Mil.
Total Assets at the begining of last year (Jan19) was $3,191 Mil.
Long-Term Debt & Capital Lease Obligation was $1,699 Mil.
Total Current Assets was $2,055 Mil.
Total Current Liabilities was $1,137 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

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 176. ==> 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 810. ==> 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 (Jan20)
=175.835/4863.872
=0.03615124

ROA (Last Year)=Net Income/Total Assets (Jan19)
=705.945/3191.172
=0.2212181

Ulta Beauty's return on assets of this year was 0.03615124. Ulta Beauty's return on assets of last year was 0.2212181. ==> 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 176. Ulta Beauty's current Cash Flow from Operations (TTM) was 810. ==> 810 > 176 ==> 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: Jan21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan20 to Jan21
=1643.386/5170.5014
=0.31783881

Gearing (Last Year: Jan20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan19 to Jan20
=1698.718/4492.124
=0.37815474

Ulta Beauty's gearing of this year was 0.31783881. Ulta Beauty's gearing of last year was 0.37815474. ==> This year is lower or equal to last year. ==> Score 1.

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: Jan21)=Total Current Assets/Total Current Liabilities
=2514.777/1343.713
=1.87151349

Current Ratio (Last Year: Jan20)=Total Current Assets/Total Current Liabilities
=2055.317/1137.261
=1.80725181

Ulta Beauty's current ratio of this year was 1.87151349. Ulta Beauty's current ratio of last year was 1.80725181. ==> This year's current ratio is higher. ==> Score 1.

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 56.66. Ulta Beauty's number of shares in issue last year was 57.232. ==> 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
=1949.159/6151.953
=0.31683581

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2681.064/7398.068
=0.36240056

Ulta Beauty's gross margin of this year was 0.31683581. Ulta Beauty's gross margin of last year was 0.36240056. ==> Last year's gross margin is higher ==> Score 0.

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 (Jan20)
=6151.953/4863.872
=1.26482625

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jan19)
=7398.068/3191.172
=2.31829184

Ulta Beauty's asset turnover of this year was 1.26482625. Ulta Beauty's asset turnover of last year was 2.31829184. ==> 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+1+1+1+0+0
=6

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

Ulta Beauty has an F-score of 6 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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