Ulta Beauty (FRA:34U) Asset Turnover: 0.46 (As of Apr. 2026)


FRA:34U Ulta Beauty Inc FRA:34U
96 GF Score
Price €418.60
GF Value €487.50
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Ulta Beauty Asset Turnover?

Ulta Beauty FRA:34U -1.37% 96 Asset Turnover is 0.46 as of Apr. 2026. 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.

Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. Ulta Beauty's Revenue for the three months ended in Apr. 2026 was €2,705 Mil. Ulta Beauty's Total Assets for the quarter that ended in Apr. 2026 was €5,926 Mil. Therefore, Ulta Beauty's Asset Turnover for the quarter that ended in Apr. 2026 was 0.46.

Asset Turnover is linked to ROE % through Du Pont Formula. Ulta Beauty's annualized ROE % for the quarter that ended in Apr. 2026 was 50.71%. It is also linked to ROA % through Du Pont Formula. Ulta Beauty's annualized ROA % for the quarter that ended in Apr. 2026 was 19.65%.

Ulta Beauty  (FRA:34U) Asset Turnover Explanation

Asset Turnover is linked to ROE % through Du Pont Formula.

Ulta Beauty's annulized ROE % for the quarter that ended in Apr. 2026 is

ROE %**(Q: Apr. 2026 )
=Net Income/Total Stockholders Equity
=1164.404/2296.227
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(1164.404 / 10820.392)*(10820.392 / 5925.9165)*(5925.9165/ 2296.227)
=Net Margin %*Asset Turnover*Equity Multiplier
=10.76 %*1.8259*2.5807
=ROA %*Equity Multiplier
=19.65 %*2.5807
=50.71 %

Note: The Net Income data used here is four times the quarterly (Apr. 2026) net income data. The Revenue data used here is four times the quarterly (Apr. 2026) revenue data.

* 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.

** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.

It is also linked to ROA % through Du Pont Formula:

Ulta Beauty's annulized ROA % for the quarter that ended in Apr. 2026 is

ROA %(Q: Apr. 2026 )
=Net Income/Total Assets
=1164.404/5925.9165
=(Net Income / Revenue)*(Revenue / Total Assets)
=(1164.404 / 10820.392)*(10820.392 / 5925.9165)
=Net Margin %*Asset Turnover
=10.76 %*1.8259
=19.65 %

Note: The Net Income data used here is four times the quarterly (Apr. 2026) net income data. The Revenue data used here is four times the quarterly (Apr. 2026) revenue data.

* 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

In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.

Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.

Ulta Beauty Asset Turnover Related Terms

Ulta Beauty Asset Turnover Historical Data

* Premium members only.

The historical data trend for Ulta Beauty's Asset Turnover 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.

Ulta Beauty Asset Turnover Chart

Ulta Beauty Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Asset Turnover
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.82 2.06 2.01 1.98 1.79

Ulta Beauty Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Asset Turnover Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.46 0.43 0.42 0.55 0.46

FRA:34U vs WSM, DKS, TSCO: Asset Turnover Comparison

For the Specialty Retail subindustry, Ulta Beauty's Asset Turnover, along with its competitors' market caps and Asset Turnover 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 Asset Turnover vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Ulta Beauty's Asset Turnover distribution charts can be found below:

* The bar in red indicates where Ulta Beauty's Asset Turnover falls into.


FRA:34U
96GF Score
Ulta Beauty Inc FRA:34U
Asset Turnover is just one metric. See GF Score™, valuation, warning signs, and more.
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Ulta Beauty Asset Turnover Calculation

Asset Turnover measures how quickly a company turns over its asset through sales.

Ulta Beauty's Asset Turnover for the fiscal year that ended in Jan. 2026 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: Jan. 2026 )/( (Total Assets (A: Jan. 2025 )+Total Assets (A: Jan. 2026 ))/ count )
=10546.29/( (5797.635+5956.399)/ 2 )
=10546.29/5877.017
=1.79

Ulta Beauty's Asset Turnover for the quarter that ended in Apr. 2026 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Apr. 2026 )/( (Total Assets (Q: Jan. 2026 )+Total Assets (Q: Apr. 2026 ))/ count )
=2705.098/( (5956.399+5895.434)/ 2 )
=2705.098/5925.9165
=0.46

* 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.

Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.

Frequently Asked Questions Learn more about Asset Turnover →
What does a Asset Turnover of 0.46 mean?
Ulta Beauty (FRA:34U) has a Asset Turnover of 0.46 as of Apr. 2026. Asset turnover equals current-period sales over average total assets over the past two periods. View historical data on Ulta Beauty and its competitors.
Is Ulta Beauty's Asset Turnover too high?
Ulta Beauty's current Asset Turnover is 0.46. 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 Asset Turnover compare to WSM and DKS?
Ulta Beauty's Asset Turnover of 0.46 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 Asset Turnover for a Retail - Cyclical company?
A good Asset Turnover depends on the Retail - Cyclical industry context. However, Asset Turnover 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 Asset Turnover mean?
A high Asset Turnover can signal that a stock is expensive relative to its fundamentals. Asset turnover equals current-period sales over average total assets over the past two periods. View historical data on Ulta Beauty and its competitors. Ulta Beauty's current Asset Turnover is 0.46. 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 €418.60 — trading 14.1% below its estimated fair value. The current Asset Turnover is 0.46. 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 Asset Turnover calculated?
Asset Turnover is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Asset Turnover is 0.46 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 14.1% below its estimated GF Value™ of €487.50. GuruFocus considers Ulta Beauty to be Modestly Undervalued.

Key valuation signals for FRA:34U:

  • Asset Turnover: 0.46
  • GF Value™: €487.50 vs. price of €418.60 (14.1% below fair value)
  • GF Score™: 96/100 with 2 warning signs

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 Business Description

Address 1000 Remington Boulevard, Suite 120, Bolingbrook, IL, USA, 60440
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

Asset Turnover is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€418.60
Price
€487.50
GF Value