Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.
Ulta Beauty's operating assets for the quarter that ended in Apr. 2026 was €5,706 Mil. Ulta Beauty's operating liabilities for the quarter that ended in Apr. 2026 was €1,720 Mil. Ulta Beauty's Total Assets for the quarter that ended in Jan. 2026 was €5,956 Mil. Therefore, Ulta Beauty's scaled net operating assets (SNOA) for the quarter that ended in Apr. 2026 was 0.67.
Ulta Beauty Scaled Net Operating Assets Related Terms
Ulta Beauty Scaled Net Operating Assets Historical Data
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The historical data trend for Ulta Beauty's Scaled Net Operating Assets 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 WSM, DKS, TSCO: Scaled Net Operating Assets Comparison
For the Specialty Retail subindustry, Ulta Beauty's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Scaled Net Operating Assets distribution charts can be found below:
* The bar in red indicates where Ulta Beauty's Scaled Net Operating Assets 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.
What does a Scaled Net Operating Assets of 0.67 mean?
Ulta Beauty (FRA:34U) has a Scaled Net Operating Assets of 0.67 as of Apr. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Ulta Beauty and its competitors.
Is Ulta Beauty's Scaled Net Operating Assets too high?
Ulta Beauty's current Scaled Net Operating Assets is 0.67. 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 Scaled Net Operating Assets compare to WSM and DKS?
Ulta Beauty's Scaled Net Operating Assets of 0.67 can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Retail - Cyclical company?
A good Scaled Net Operating Assets depends on the Retail - Cyclical industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Ulta Beauty and its competitors. Ulta Beauty's current Scaled Net Operating Assets is 0.67. 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 €477.96, compared to a current price of €418.60 — trading 12.4% below its estimated fair value. The current Scaled Net Operating Assets is 0.67. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Scaled Net Operating Assets is 0.67 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 €418.60 is trading 12.4% below its estimated GF Value™ of €477.96.
GuruFocus considers Ulta Beauty to be Modestly Undervalued.
Key valuation signals for FRA:34U:
Scaled Net Operating Assets: 0.67
GF Value™: €477.96 vs. price of €418.60 (12.4% 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.
96GF Score
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