Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Ulta BeautyMIC:ULTA-RM 92 Return-on-Tangible-Asset is 17.34% as of Jul. 2026, which is 14% below its 10-year median of 20.20. GuruFocus rates MIC:ULTA-RM with a GF Score™ of 92/100. The stock has 2 warning signs investors should review. Among 1,137 Retail - Cyclical companies, Ulta Beauty ranks better than 93.93% 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 Jul. 2026 was $1,128.02 Mil. Ulta Beauty's average total tangible assets for the quarter that ended in Jul. 2026 was $6,504.81 Mil. Therefore, Ulta Beauty's annualized Return-on-Tangible-Asset for the quarter that ended in Jul. 2026 was 17.34%.
The historical rank and industry rank for Ulta Beauty's Return-on-Tangible-Asset or its related term are showing as below:
MIC:ULTA-RM'
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%.
MIC:ULTA-RM's Return-on-Tangible-Asset is ranked better than 93.93% of 1137
companies
in the Retail - Cyclical industry
Industry Median: 3.02
vs MIC:ULTA-RM: 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
* Premium members only.
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.
MIC:ULTA-RM 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 (Jul. 2026) net income data.
What does a Return-on-Tangible-Asset of 17.34% mean?
Ulta Beauty (MIC:ULTA-RM) has a Return-on-Tangible-Asset of 17.34% as of Jul. 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 14% below 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 #69 out of 1137 companies in the Retail - Cyclical industry, placing it in the top 6.1%.
Is Ulta Beauty's Return-on-Tangible-Asset too high?
Ulta Beauty's current Return-on-Tangible-Asset of 17.34% is 14% below 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 3.02. Ulta Beauty's value of 17.34% is 474.2% above this industry median. Based on the distribution chart, Ulta Beauty ranks #69 out of 1137 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 92/100, 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 #69 out of 1137 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 3.02. Ulta Beauty's value of 17.34% is 474.2% 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 3.02, 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 3.02, based on 1,137 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 17.34% is 474.2% 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 3.02 — 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 17.34%, which is 14% below 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?
Ulta Beauty (MIC:ULTA-RM) has a current Return-on-Tangible-Asset of 17.34%. The current Return-on-Tangible-Asset is 17.34%, which is 14% below median its 10-year median of 20.20 and 474.2% above the Retail - Cyclical industry median of 3.02. 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 Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Ulta Beauty (MIC:ULTA-RM), the current Return-on-Tangible-Asset is 17.34% as of Jul. 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.
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.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIC:ULTA-RM has been successfully added to your 
