Stock Analysis on Net
Stock Analysis on Net

Ulta Beauty Inc. (NASDAQ:ULTA)

This company has been moved to the archive! The financial data has not been updated since August 24, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Ulta Beauty Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jul 29, 2023 61.53% = 24.05% × 2.56
Apr 29, 2023 62.34% = 23.40% × 2.66
Jan 28, 2023 63.39% = 23.13% × 2.74
Oct 29, 2022 61.96% = 22.34% × 2.77
Jul 30, 2022 63.97% = 22.88% × 2.80
Apr 30, 2022 62.27% = 21.69% × 2.87
Jan 29, 2022 64.21% = 20.69% × 3.10
Oct 30, 2021 43.69% = 16.41% × 2.66
Jul 31, 2021 38.70% = 14.68% × 2.64
May 1, 2021 26.27% = 9.53% × 2.76
Jan 30, 2021 8.79% = 3.45% × 2.55
Oct 31, 2020 12.24% = 4.66% × 2.63
Aug 1, 2020 15.93% = 5.13% × 3.10
May 2, 2020 24.81% = 7.87% × 3.15
Feb 1, 2020 37.11% = 14.51% × 2.56
Nov 2, 2019 37.78% = 14.16% × 2.67
Aug 3, 2019 38.02% = 14.85% × 2.56
May 4, 2019 35.35% = 14.40% × 2.45
Feb 2, 2019 36.18% = 20.64% × 1.75
Nov 3, 2018 35.52% = 19.57% × 1.82
Aug 4, 2018 34.51% = 20.35% × 1.70
May 5, 2018 33.16% = 19.57% × 1.69
Feb 3, 2018 31.29% = 19.09% × 1.64
Oct 28, 2017 — = — × 1.75
Jul 29, 2017 — = — × 1.65
Apr 29, 2017 — = — × 1.65

Based on: 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Ulta Beauty Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jul 29, 2023 61.53% = 11.77% × 2.04 × 2.56
Apr 29, 2023 62.34% = 11.99% × 1.95 × 2.66
Jan 28, 2023 63.39% = 12.17% × 1.90 × 2.74
Oct 29, 2022 61.96% = 12.26% × 1.82 × 2.77
Jul 30, 2022 63.97% = 12.08% × 1.89 × 2.80
Apr 30, 2022 62.27% = 12.03% × 1.80 × 2.87
Jan 29, 2022 64.21% = 11.42% × 1.81 × 3.10
Oct 30, 2021 43.69% = 10.72% × 1.53 × 2.66
Jul 31, 2021 38.70% = 9.50% × 1.55 × 2.64
May 1, 2021 26.27% = 7.01% × 1.36 × 2.76
Jan 30, 2021 8.79% = 2.86% × 1.21 × 2.55
Oct 31, 2020 12.24% = 3.63% × 1.28 × 2.63
Aug 1, 2020 15.93% = 4.41% × 1.16 × 3.10
May 2, 2020 24.81% = 6.37% × 1.23 × 3.15
Feb 1, 2020 37.11% = 9.54% × 1.52 × 2.56
Nov 2, 2019 37.78% = 9.67% × 1.46 × 2.67
Aug 3, 2019 38.02% = 9.86% × 1.51 × 2.56
May 4, 2019 35.35% = 9.92% × 1.45 × 2.45
Feb 2, 2019 36.18% = 9.80% × 2.10 × 1.75
Nov 3, 2018 35.52% = 9.99% × 1.96 × 1.82
Aug 4, 2018 34.51% = 9.91% × 2.05 × 1.70
May 5, 2018 33.16% = 9.67% × 2.02 × 1.69
Feb 3, 2018 31.29% = 9.44% × 2.02 × 1.64
Oct 28, 2017 — = — × — × 1.75
Jul 29, 2017 — = — × — × 1.65
Apr 29, 2017 — = — × — × 1.65

Based on: 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Ulta Beauty Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jul 29, 2023 24.05% = 11.77% × 2.04
Apr 29, 2023 23.40% = 11.99% × 1.95
Jan 28, 2023 23.13% = 12.17% × 1.90
Oct 29, 2022 22.34% = 12.26% × 1.82
Jul 30, 2022 22.88% = 12.08% × 1.89
Apr 30, 2022 21.69% = 12.03% × 1.80
Jan 29, 2022 20.69% = 11.42% × 1.81
Oct 30, 2021 16.41% = 10.72% × 1.53
Jul 31, 2021 14.68% = 9.50% × 1.55
May 1, 2021 9.53% = 7.01% × 1.36
Jan 30, 2021 3.45% = 2.86% × 1.21
Oct 31, 2020 4.66% = 3.63% × 1.28
Aug 1, 2020 5.13% = 4.41% × 1.16
May 2, 2020 7.87% = 6.37% × 1.23
Feb 1, 2020 14.51% = 9.54% × 1.52
Nov 2, 2019 14.16% = 9.67% × 1.46
Aug 3, 2019 14.85% = 9.86% × 1.51
May 4, 2019 14.40% = 9.92% × 1.45
Feb 2, 2019 20.64% = 9.80% × 2.10
Nov 3, 2018 19.57% = 9.99% × 1.96
Aug 4, 2018 20.35% = 9.91% × 2.05
May 5, 2018 19.57% = 9.67% × 2.02
Feb 3, 2018 19.09% = 9.44% × 2.02
Oct 28, 2017 — = — × —
Jul 29, 2017 — = — × —
Apr 29, 2017 — = — × —

Based on: 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2024 is the increase in asset turnover ratio.