Ulta BeautyFRA:34U +5.21%96 PB Ratio is 8.32 as of Jun. 26, 2026, which is 11% below its 10-year median of 9.39. GuruFocus rates FRA:34U with a GF Score™ of 96/100 and a GF Value™ of €487.50 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,077 Retail - Cyclical companies, Ulta Beauty ranks worse than 91.27% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-26), Ulta Beauty's share price is €424.40. Ulta Beauty's Book Value per Share for the quarter that ended in Apr. 2026 was €51.03. Hence, Ulta Beauty's PB Ratio of today is 8.32.
Good Sign:
Ulta Beauty Inc stock PB Ratio (=8.14) is close to 1-year low of 7.64.
The historical rank and industry rank for Ulta Beauty's PB Ratio or its related term are showing as below:
FRA:34U'
s PB Ratio Range Over the Past 10 Years
Min: 4.41 Med: 9.39 Max: 14.17
Current: 8.14
During the past 13 years, Ulta Beauty's highest PB Ratio was 14.17. The lowest was 4.41. And the median was 9.39.
FRA:34U's PB Ratio is ranked worse than 91.27% of 1077
companies
in the Retail - Cyclical industry
Industry Median: 1.44
vs FRA:34U: 8.14
During the past 12 months, Ulta Beauty's average Book Value Per Share Growth Rate was 10.60% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 17.70% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 15.10% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 9.50% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Ulta Beauty was 34.70% per year. The lowest was -1.90% per year. And the median was 17.30% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Ulta Beauty PB Ratio Related Terms
Ulta Beauty PB Ratio Historical Data
* Premium members only.
The historical data trend for Ulta Beauty's PB 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.
For the Specialty Retail subindustry, Ulta Beauty's PB Ratio, along with its competitors' market caps and PB 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 PB Ratio vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's PB Ratio distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Ulta Beauty's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Ulta Beauty (FRA:34U) has a PB Ratio of 8.32 as of Jun. 26, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Ulta Beauty and its competitors. This is 11% below median its historical median of 9.39. Over the past decade, Ulta Beauty's PB Ratio has ranged from 4.41 to 14.17. According to the industry distribution chart, Ulta Beauty ranks #983 out of 1077 companies in the Retail - Cyclical industry, placing it in the top 91.3%.
Is Ulta Beauty's PB Ratio too high?
Ulta Beauty's current PB Ratio of 8.32 is 11% below median its 10-year median of 9.39. Over the past 10 years, this metric has ranged from a low of 4.41 to a high of 14.17. The Retail - Cyclical industry median PB Ratio is 1.44. Ulta Beauty's value of 8.32 is 477.8% above this industry median. Based on the distribution chart, Ulta Beauty ranks #983 out of 1077 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Ulta Beauty has a GF Score™ of 96/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ulta Beauty's PB Ratio compare to WSM and DKS?
According to the Retail - Cyclical industry distribution chart, Ulta Beauty ranks #983 out of 1077 companies for PB Ratio. This places Ulta Beauty in the lower half of its industry. The industry median PB Ratio is 1.44. Ulta Beauty's value of 8.32 is 477.8% above this benchmark. Historically, Ulta Beauty's own PB Ratio has ranged from 4.41 to 14.17 over the past decade. While the company's 10-year median is 9.39 vs. the industry median of 1.44, 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 PB Ratio for a Retail - Cyclical company?
The median PB Ratio among Retail - Cyclical companies is 1.44, based on 1,077 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ulta Beauty's current PB Ratio of 8.32 is 477.8% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Ulta Beauty and its competitors. For the Retail - Cyclical industry, the median PB Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ulta Beauty's current PB Ratio is 8.32, which is 11% below median its own 10-year median of 9.39. 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 €487.50, compared to a current price of €424.40 — trading 12.9% below its estimated fair value. The current PB Ratio is 8.32, which is 11% below median its 10-year median of 9.39 and 477.8% above the Retail - Cyclical industry median of 1.44. Ulta Beauty's overall GF Score™ is 96/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current PB Ratio is 8.32 as of Jun. 26, 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 €424.40 is trading 12.9% below its estimated GF Value™ of €487.50.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
PB Ratio: 8.32 (11% below median its 10-year median of 9.39)
GF Value™: €487.50 vs. price of €424.40 (12.9% below fair value)
Industry Position: 477.8% above the Retail - Cyclical median (#983 of 1077)
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.
96GF Score
Get the complete analysis for FRA:34U
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:34U has been successfully added to your 
