Ulta BeautyFRA:34U +1.31%94 Return-on-Tangible-Asset is 20.94% as of Apr. 2026, which is 4% above its 10-year median of 20.20. GuruFocus rates FRA:34U with a GF Score™ of 94/100 and a GF Value™ of €478.11 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,130 Retail - Cyclical companies, Ulta Beauty ranks better than 94.34% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Ulta Beauty's annualizedNet Income for the quarter that ended in Apr. 2026 was €1,164 Mil. Ulta Beauty's average total tangible assets for the quarter that ended in Apr. 2026 was €5,561 Mil. Therefore, Ulta Beauty's annualized Return-on-Tangible-Asset for the quarter that ended in Apr. 2026 was 20.94%.
The historical rank and industry rank for Ulta Beauty's Return-on-Tangible-Asset or its related term are showing as below:
FRA:34U'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 3.54 Med: 20.2 Max: 24.58
Current: 18.66
During the past 13 years, Ulta Beauty's highest Return-on-Tangible-Asset was 24.58%. The lowest was 3.54%. And the median was 20.20%.
FRA:34U's Return-on-Tangible-Asset is ranked better than 94.34% of 1130
companies
in the Retail - Cyclical industry
Industry Median: 2.93
vs FRA:34U: 18.66
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Ulta Beauty Return-on-Tangible-Asset Related Terms
Ulta Beauty Return-on-Tangible-Asset Historical Data
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The historical data trend for Ulta Beauty's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the Specialty Retail subindustry, Ulta Beauty's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's Return-on-Tangible-Asset 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 Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Apr. 2026) net income data.
What does a Return-on-Tangible-Asset of 20.94% mean?
Ulta Beauty (FRA:34U) has a Return-on-Tangible-Asset of 20.94% as of Apr. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Ulta Beauty and its competitors. This is near median its historical median of 20.20. Over the past decade, Ulta Beauty's Return-on-Tangible-Asset has ranged from 3.54 to 24.58. According to the industry distribution chart, Ulta Beauty ranks #64 out of 1130 companies in the Retail - Cyclical industry, placing it in the top 5.7%.
Is Ulta Beauty's Return-on-Tangible-Asset too high?
Ulta Beauty's current Return-on-Tangible-Asset of 20.94% is near median its 10-year median of 20.20. Over the past 10 years, this metric has ranged from a low of 3.54 to a high of 24.58. The Retail - Cyclical industry median Return-on-Tangible-Asset is 2.93. Ulta Beauty's value of 20.94% is 614.7% above this industry median. Based on the distribution chart, Ulta Beauty ranks #64 out of 1130 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Ulta Beauty has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ulta Beauty's Return-on-Tangible-Asset compare to DKS and BBY?
According to the Retail - Cyclical industry distribution chart, Ulta Beauty ranks #64 out of 1130 companies for Return-on-Tangible-Asset. This places Ulta Beauty in the top 6% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 2.93. Ulta Beauty's value of 20.94% is 614.7% above this benchmark. Historically, Ulta Beauty's own Return-on-Tangible-Asset has ranged from 3.54 to 24.58 over the past decade. While the company's 10-year median is 20.20 vs. the industry median of 2.93, 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 Return-on-Tangible-Asset for a Retail - Cyclical company?
The median Return-on-Tangible-Asset among Retail - Cyclical companies is 2.93, based on 1,130 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ulta Beauty's current Return-on-Tangible-Asset of 20.94% is 614.7% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Ulta Beauty and its competitors. For the Retail - Cyclical industry, the median Return-on-Tangible-Asset is 2.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ulta Beauty's current Return-on-Tangible-Asset is 20.94%, which is near median its own 10-year median of 20.20. 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 €478.11, compared to a current price of €401.00 — trading 16.1% below its estimated fair value. The current Return-on-Tangible-Asset is 20.94%, which is near median its 10-year median of 20.20 and 614.7% above the Retail - Cyclical industry median of 2.93. Ulta Beauty's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Return-on-Tangible-Asset is 20.94% 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 €401.00 is trading 16.1% below its estimated GF Value™ of €478.11.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
Return-on-Tangible-Asset: 20.94% (near median its 10-year median of 20.20)
GF Value™: €478.11 vs. price of €401.00 (16.1% below fair value)
Industry Position: 614.7% above the Retail - Cyclical median (#64 of 1130)
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.
94GF Score
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