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Ulta BeautyFRA:34U +1.92%92 Graham Number is €148.72 as of Apr. 2026, which is 100% below its 10-year median of 3.15. GuruFocus rates FRA:34U with a GF Score™ of 92/100 and a GF Value™ of €482.69 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 754 Retail - Cyclical companies, Ulta Beauty ranks worse than 79.44% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-18), the stock price of Ulta Beauty is €413.20. Ulta Beauty's graham number for the quarter that ended in Apr. 2026 was €148.72. Therefore, Ulta Beauty's Price to Graham Number ratio for today is 2.78.
The historical rank and industry rank for Ulta Beauty's Graham Number or its related term are showing as below:
FRA:34U'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.18 Med: 3.15 Max: 4.83
Current: 2.76
During the past 13 years, the highest Price to Graham Number ratio of Ulta Beauty was 4.83. The lowest was 2.18. And the median was 3.15.
FRA:34U's Price-to-Graham-Number is ranked worse than 79.44% of 754
companies
in the Retail - Cyclical industry
Industry Median: 1.21
vs FRA:34U: 2.76
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ulta Beauty (FRA:34U) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Ulta Beauty's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
413.20
/
148.72
=
2.78
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Ulta Beauty Graham Number Related Terms
Ulta Beauty Graham Number Historical Data
* Premium members only.
The historical data trend for Ulta Beauty's Graham Number 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: Graham Number Comparison
For the Specialty Retail subindustry, Ulta Beauty's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's Price-to-Graham-Number 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.
Ulta Beauty (FRA:34U) has a Graham Number of €148.72 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ulta Beauty and its competitors. This is 4621% above median its historical median of 3.15. Over the past decade, Ulta Beauty's Graham Number has ranged from 2.18 to 4.83. According to the industry distribution chart, Ulta Beauty ranks #599 out of 754 companies in the Retail - Cyclical industry, placing it in the top 79.4%.
Is Ulta Beauty's Graham Number too high?
Ulta Beauty's current Graham Number of €148.72 is 4621% above median its 10-year median of 3.15. Over the past 10 years, this metric has ranged from a low of 2.18 to a high of 4.83. Based on the distribution chart, Ulta Beauty ranks #599 out of 754 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. 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 Graham Number compare to DKS and BBY?
According to the Retail - Cyclical industry distribution chart, Ulta Beauty ranks #599 out of 754 companies for Graham Number. This places Ulta Beauty in the lower half of its industry. The industry median Graham Number is 1.21. Historically, Ulta Beauty's own Graham Number has ranged from 2.18 to 4.83 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.21, based on 754 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ulta Beauty and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ulta Beauty's current Graham Number is €148.72, which is 4621% above median its own 10-year median of 3.15. 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 €482.69, compared to a current price of €413.20 — trading 14.4% below its estimated fair value. The current Graham Number is €148.72, which is 4621% above median its 10-year median of 3.15. 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 Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Graham Number is €148.72 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 €413.20 is trading 14.4% below its estimated GF Value™ of €482.69.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
Graham Number: €148.72 (4621% above median its 10-year median of 3.15)
GF Value™: €482.69 vs. price of €413.20 (14.4% below fair value)
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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