Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Ulta Beauty Inc., short-term (operating) activity ratios (quarterly data)
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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Ulta Beauty Inc. inventory turnover ratio deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Ulta Beauty Inc. receivables turnover ratio improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Ulta Beauty Inc. payables turnover ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 exceeding Q4 2023 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Ulta Beauty Inc. working capital turnover ratio improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Ulta Beauty Inc. number of days of inventory outstanding deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Ulta Beauty Inc. number of days of payables outstanding increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Ulta Beauty Inc. cash conversion cycle deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
Inventory Turnover
Ulta Beauty Inc., inventory turnover calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Cost of sales | 1,536,197) | 1,579,406) | 2,014,270) | 1,375,976) | 1,368,949) | 1,404,875) | 1,702,059) | 1,206,301) | 1,169,244) | 1,184,731) | 1,427,673) | 1,006,514) | 899,002) | 869,605) | 1,499,033) | 1,059,081) | 1,060,708) | 1,098,182) | 1,383,857) | 987,733) | 952,760) | 982,954) | 1,279,245) | 849,053) | 820,528) | 838,871) | ||||||||
| Merchandise inventories, net | 1,815,539) | 1,751,235) | 1,603,451) | 2,114,669) | 1,666,130) | 1,570,552) | 1,499,218) | 1,916,343) | 1,443,685) | 1,353,565) | 1,168,215) | 1,439,098) | 1,368,543) | 1,340,566) | 1,293,701) | 1,616,920) | 1,315,999) | 1,250,037) | 1,214,329) | 1,484,565) | 1,219,685) | 1,136,816) | 1,096,424) | 1,349,714) | 1,144,702) | 1,048,431) | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Inventory turnover1 | 3.58 | 3.62 | 3.84 | 2.77 | 3.41 | 3.49 | 3.51 | 2.60 | 3.32 | 3.34 | 3.60 | 2.97 | 3.16 | 3.35 | 3.65 | 2.85 | 3.44 | 3.54 | 3.55 | 2.83 | 3.33 | 3.46 | 3.45 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 9.21 | 9.94 | 9.15 | 8.41 | 8.01 | 8.49 | 8.40 | 7.80 | 7.30 | 7.90 | 8.34 | 8.69 | 10.90 | 10.54 | 9.80 | 8.76 | 9.81 | 9.33 | 8.08 | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 4.43 | 4.08 | 4.20 | 4.07 | 3.96 | 4.01 | 4.55 | 4.76 | 5.06 | 4.87 | 5.25 | 5.13 | 5.83 | 4.93 | 5.00 | 4.65 | 4.91 | 4.65 | 5.10 | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 3.57 | 3.28 | 3.50 | 3.23 | 3.29 | 3.14 | 3.65 | 3.82 | 3.66 | 3.44 | 3.71 | 3.64 | 3.90 | 3.52 | 3.73 | 3.57 | 3.58 | 3.26 | 3.85 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 5.56 | 5.64 | 6.21 | 4.26 | 5.04 | 5.10 | 5.82 | 4.90 | 6.04 | 5.35 | 5.66 | 5.08 | 6.88 | 5.59 | 6.13 | 4.64 | 5.64 | 5.59 | 6.08 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Inventory turnover
= (Cost of salesQ2 2024
+ Cost of salesQ1 2024
+ Cost of salesQ4 2023
+ Cost of salesQ3 2023)
÷ Merchandise inventories, net
= (1,536,197 + 1,579,406 + 2,014,270 + 1,375,976)
÷ 1,815,539 = 3.58
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Ulta Beauty Inc. inventory turnover ratio deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
Receivables Turnover
Ulta Beauty Inc., receivables turnover calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Net sales | 2,529,809) | 2,634,263) | 3,226,773) | 2,338,793) | 2,297,113) | 2,345,901) | 2,729,388) | 1,995,775) | 1,967,207) | 1,938,519) | 2,198,701) | 1,552,033) | 1,228,009) | 1,173,210) | 2,305,918) | 1,682,514) | 1,666,607) | 1,743,029) | 2,124,716) | 1,560,011) | 1,488,221) | 1,543,667) | 1,937,592) | 1,342,181) | 1,289,854) | 1,314,879) | ||||||||
| Receivables, net | 174,444) | 190,282) | 199,422) | 200,304) | 180,514) | 192,754) | 233,682) | 169,212) | 154,416) | 154,342) | 193,109) | 136,271) | 127,992) | 88,691) | 139,337) | 112,888) | 107,263) | 110,046) | 136,168) | 102,353) | 103,666) | 100,274) | 99,719) | 82,934) | 67,593) | 62,936) | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Receivables turnover1 | 61.51 | 55.17 | 51.19 | 48.48 | 51.90 | 46.89 | 36.93 | 47.87 | 49.58 | 44.82 | 31.86 | 45.93 | 49.92 | 76.99 | 53.09 | 63.93 | 66.14 | 62.85 | 49.33 | 63.79 | 60.88 | 60.97 | 59.01 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Home Depot Inc. | 40.37 | 36.97 | 47.45 | 42.15 | 41.67 | 38.76 | 44.12 | 41.81 | 43.47 | 39.00 | 44.15 | 47.12 | 46.57 | 42.95 | 52.34 | 49.72 | 48.38 | 47.32 | 55.89 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 93.48 | 85.71 | 88.70 | 86.31 | 89.32 | 86.53 | 93.79 | 74.20 | 70.21 | 60.88 | 69.69 | 72.02 | 75.94 | 213.66 | 108.00 | 91.76 | 106.12 | 100.60 | 112.54 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Receivables turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Receivables, net
= (2,529,809 + 2,634,263 + 3,226,773 + 2,338,793)
÷ 174,444 = 61.51
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Ulta Beauty Inc. receivables turnover ratio improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
Payables Turnover
Ulta Beauty Inc., payables turnover calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Cost of sales | 1,536,197) | 1,579,406) | 2,014,270) | 1,375,976) | 1,368,949) | 1,404,875) | 1,702,059) | 1,206,301) | 1,169,244) | 1,184,731) | 1,427,673) | 1,006,514) | 899,002) | 869,605) | 1,499,033) | 1,059,081) | 1,060,708) | 1,098,182) | 1,383,857) | 987,733) | 952,760) | 982,954) | 1,279,245) | 849,053) | 820,528) | 838,871) | ||||||||
| Accounts payable | 521,315) | 621,272) | 559,527) | 647,117) | 586,851) | 585,500) | 552,730) | 747,451) | 535,257) | 552,837) | 477,052) | 478,501) | 398,011) | 466,043) | 414,009) | 594,993) | 450,117) | 407,345) | 404,016) | 574,480) | 409,849) | 372,664) | 325,758) | 447,293) | 313,483) | 319,352) | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Payables turnover1 | 12.48 | 10.20 | 11.02 | 9.04 | 9.68 | 9.36 | 9.52 | 6.67 | 8.95 | 8.17 | 8.81 | 8.93 | 10.87 | 9.63 | 11.39 | 7.73 | 10.07 | 10.86 | 10.66 | 7.32 | 9.92 | 10.55 | 11.63 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 3.84 | 4.24 | 3.59 | 4.14 | 4.22 | 4.34 | 3.63 | 4.22 | 3.91 | 4.03 | 3.46 | 3.76 | 3.98 | 3.93 | 3.22 | 3.57 | 3.77 | 4.39 | 3.51 | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 8.51 | 8.20 | 9.14 | 8.43 | 7.19 | 6.59 | 7.45 | 7.32 | 7.47 | 6.44 | 7.52 | 6.42 | 6.73 | 7.35 | 9.33 | 7.91 | 7.62 | 6.99 | 9.16 | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 6.02 | 5.39 | 6.16 | 5.22 | 5.03 | 4.59 | 5.65 | 5.62 | 5.28 | 4.52 | 5.51 | 4.48 | 4.18 | 4.63 | 6.42 | 5.54 | 5.18 | 4.26 | 5.85 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 8.26 | 8.43 | 9.53 | 7.11 | 8.74 | 8.16 | 7.77 | 5.97 | 6.96 | 6.17 | 5.09 | 4.13 | 10.64 | 25.79 | 11.17 | 8.45 | 11.00 | 10.97 | 10.53 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Payables turnover
= (Cost of salesQ2 2024
+ Cost of salesQ1 2024
+ Cost of salesQ4 2023
+ Cost of salesQ3 2023)
÷ Accounts payable
= (1,536,197 + 1,579,406 + 2,014,270 + 1,375,976)
÷ 521,315 = 12.48
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Ulta Beauty Inc. payables turnover ratio decreased from Q4 2023 to Q1 2024 but then increased from Q1 2024 to Q2 2024 exceeding Q4 2023 level. |
Working Capital Turnover
Ulta Beauty Inc., working capital turnover calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Current assets | 2,519,248) | 2,685,980) | 2,709,304) | 2,745,815) | 2,442,913) | 2,531,867) | 2,281,183) | 2,833,693) | 2,494,934) | 2,563,756) | 2,514,777) | 2,245,009) | 2,799,188) | 2,728,820) | 2,055,317) | 2,097,468) | 1,920,600) | 2,019,332) | 1,914,861) | 2,025,973) | 1,830,158) | 1,802,699) | 1,693,743) | 1,646,288) | 1,592,494) | 1,672,972) | ||||||||
| Less: Current liabilities | 1,491,174) | 1,633,900) | 1,681,775) | 1,697,771) | 1,502,054) | 1,599,747) | 1,558,010) | 1,624,116) | 1,381,533) | 1,522,763) | 1,343,713) | 1,230,343) | 1,061,329) | 1,096,179) | 1,137,261) | 1,256,920) | 1,064,934) | 1,045,605) | 823,736) | 984,083) | 758,755) | 745,092) | 642,166) | 714,712) | 570,277) | 584,252) | ||||||||
| Working capital | 1,028,074) | 1,052,080) | 1,027,529) | 1,048,044) | 940,859) | 932,120) | 723,173) | 1,209,577) | 1,113,401) | 1,040,993) | 1,171,064) | 1,014,666) | 1,737,859) | 1,632,641) | 918,056) | 840,548) | 855,666) | 973,727) | 1,091,125) | 1,041,890) | 1,071,403) | 1,057,607) | 1,051,577) | 931,576) | 1,022,217) | 1,088,720) | ||||||||
| Net sales | 2,529,809) | 2,634,263) | 3,226,773) | 2,338,793) | 2,297,113) | 2,345,901) | 2,729,388) | 1,995,775) | 1,967,207) | 1,938,519) | 2,198,701) | 1,552,033) | 1,228,009) | 1,173,210) | 2,305,918) | 1,682,514) | 1,666,607) | 1,743,029) | 2,124,716) | 1,560,011) | 1,488,221) | 1,543,667) | 1,937,592) | 1,342,181) | 1,289,854) | 1,314,879) | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Working capital turnover1 | 10.44 | 9.98 | 9.94 | 9.27 | 9.96 | 9.70 | 11.93 | 6.70 | 6.88 | 6.64 | 5.25 | 6.17 | 3.68 | 4.18 | 8.06 | 8.59 | 8.29 | 7.10 | 6.16 | 6.27 | 5.89 | 5.78 | 5.60 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 39.93 | 53.59 | 77.32 | — | — | — | — | — | — | — | 24.33 | 31.50 | 19.23 | 69.81 | 60.82 | 31.47 | 18.92 | 47.22 | 32.92 | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 20.37 | 22.32 | 16.81 | 16.73 | 30.40 | 43.84 | 417.56 | 41.45 | 90.49 | 48.51 | 24.87 | 13.79 | 16.66 | 28.53 | 76.81 | 68.95 | 57.87 | 124.59 | 59.68 | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 20.16 | 20.34 | 50.26 | 23.32 | 41.46 | 25.26 | 245.54 | 23.72 | 27.67 | 24.04 | 24.92 | 11.60 | 12.67 | 20.57 | 530.50 | 119.81 | 74.71 | 46.13 | — | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 25.35 | 24.41 | 23.22 | 28.07 | 29.41 | 20.26 | 17.40 | 14.05 | 12.91 | 7.40 | 6.51 | 6.91 | 8.72 | 6.55 | 23.97 | 24.08 | 23.99 | 26.62 | 13.27 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Working capital turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Working capital
= (2,529,809 + 2,634,263 + 3,226,773 + 2,338,793)
÷ 1,028,074 = 10.44
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Ulta Beauty Inc. working capital turnover ratio improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
Average Inventory Processing Period
Ulta Beauty Inc., average inventory processing period calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||||||
| Inventory turnover | 3.58 | 3.62 | 3.84 | 2.77 | 3.41 | 3.49 | 3.51 | 2.60 | 3.32 | 3.34 | 3.60 | 2.97 | 3.16 | 3.35 | 3.65 | 2.85 | 3.44 | 3.54 | 3.55 | 2.83 | 3.33 | 3.46 | 3.45 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||||||||
| Average inventory processing period1 | 102 | 101 | 95 | 132 | 107 | 105 | 104 | 140 | 110 | 109 | 101 | 123 | 115 | 109 | 100 | 128 | 106 | 103 | 103 | 129 | 110 | 106 | 106 | — | — | — | ||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 40 | 37 | 40 | 43 | 46 | 43 | 43 | 47 | 50 | 46 | 44 | 42 | 33 | 35 | 37 | 42 | 37 | 39 | 45 | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 82 | 89 | 87 | 90 | 92 | 91 | 80 | 77 | 72 | 75 | 70 | 71 | 63 | 74 | 73 | 78 | 74 | 78 | 72 | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 102 | 111 | 104 | 113 | 111 | 116 | 100 | 96 | 100 | 106 | 98 | 100 | 94 | 104 | 98 | 102 | 102 | 112 | 95 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 66 | 65 | 59 | 86 | 72 | 72 | 63 | 74 | 60 | 68 | 65 | 72 | 53 | 65 | 60 | 79 | 65 | 65 | 60 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.58 = 102
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Ulta Beauty Inc. number of days of inventory outstanding deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |
Average Receivable Collection Period
Ulta Beauty Inc., average receivable collection period calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||||||
| Receivables turnover | 61.51 | 55.17 | 51.19 | 48.48 | 51.90 | 46.89 | 36.93 | 47.87 | 49.58 | 44.82 | 31.86 | 45.93 | 49.92 | 76.99 | 53.09 | 63.93 | 66.14 | 62.85 | 49.33 | 63.79 | 60.88 | 60.97 | 59.01 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||||||||
| Average receivable collection period1 | 6 | 7 | 7 | 8 | 7 | 8 | 10 | 8 | 7 | 8 | 11 | 8 | 7 | 5 | 7 | 6 | 6 | 6 | 7 | 6 | 6 | 6 | 6 | — | — | — | ||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||||||||||||
| Home Depot Inc. | 9 | 10 | 8 | 9 | 9 | 9 | 8 | 9 | 8 | 9 | 8 | 8 | 8 | 8 | 7 | 7 | 8 | 8 | 7 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 6 | 5 | 5 | 5 | 2 | 3 | 4 | 3 | 4 | 3 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 61.51 = 6
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. |
Operating Cycle
Ulta Beauty Inc., operating cycle calculation (quarterly data)
No. days
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||||||
| Average inventory processing period | 102 | 101 | 95 | 132 | 107 | 105 | 104 | 140 | 110 | 109 | 101 | 123 | 115 | 109 | 100 | 128 | 106 | 103 | 103 | 129 | 110 | 106 | 106 | — | — | — | ||||||||
| Average receivable collection period | 6 | 7 | 7 | 8 | 7 | 8 | 10 | 8 | 7 | 8 | 11 | 8 | 7 | 5 | 7 | 6 | 6 | 6 | 7 | 6 | 6 | 6 | 6 | — | — | — | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Operating cycle1 | 108 | 108 | 102 | 140 | 114 | 113 | 114 | 148 | 117 | 117 | 112 | 131 | 122 | 114 | 107 | 134 | 112 | 109 | 110 | 135 | 116 | 112 | 112 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Operating Cycle, Competitors2 | ||||||||||||||||||||||||||||||||||
| Home Depot Inc. | 91 | 99 | 95 | 99 | 101 | 100 | 88 | 86 | 80 | 84 | 78 | 79 | 71 | 82 | 80 | 85 | 82 | 86 | 79 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 70 | 69 | 63 | 90 | 76 | 76 | 67 | 79 | 65 | 74 | 70 | 77 | 58 | 67 | 63 | 83 | 68 | 69 | 63 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 102 + 6 = 108
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. |
Average Payables Payment Period
Ulta Beauty Inc., average payables payment period calculation (quarterly data)
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||||||
| Payables turnover | 12.48 | 10.20 | 11.02 | 9.04 | 9.68 | 9.36 | 9.52 | 6.67 | 8.95 | 8.17 | 8.81 | 8.93 | 10.87 | 9.63 | 11.39 | 7.73 | 10.07 | 10.86 | 10.66 | 7.32 | 9.92 | 10.55 | 11.63 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||||||||
| Average payables payment period1 | 29 | 36 | 33 | 40 | 38 | 39 | 38 | 55 | 41 | 45 | 41 | 41 | 34 | 38 | 32 | 47 | 36 | 34 | 34 | 50 | 37 | 35 | 31 | — | — | — | ||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | 95 | 86 | 102 | 88 | 87 | 84 | 101 | 86 | 93 | 91 | 105 | 97 | 92 | 93 | 113 | 102 | 97 | 83 | 104 | — | — | — | — | — | — | — | ||||||||
| Home Depot Inc. | 43 | 45 | 40 | 43 | 51 | 55 | 49 | 50 | 49 | 57 | 49 | 57 | 54 | 50 | 39 | 46 | 48 | 52 | 40 | — | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 61 | 68 | 59 | 70 | 72 | 79 | 65 | 65 | 69 | 81 | 66 | 81 | 87 | 79 | 57 | 66 | 70 | 86 | 62 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 44 | 43 | 38 | 51 | 42 | 45 | 47 | 61 | 52 | 59 | 72 | 88 | 34 | 14 | 33 | 43 | 33 | 33 | 35 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 12.48 = 29
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Ulta Beauty Inc. number of days of payables outstanding increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024. |
Cash Conversion Cycle
Ulta Beauty Inc., cash conversion cycle calculation (quarterly data)
No. days
| Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | Feb 3, 2018 | Oct 28, 2017 | Jul 29, 2017 | Apr 29, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||||||
| Average inventory processing period | 102 | 101 | 95 | 132 | 107 | 105 | 104 | 140 | 110 | 109 | 101 | 123 | 115 | 109 | 100 | 128 | 106 | 103 | 103 | 129 | 110 | 106 | 106 | — | — | — | ||||||||
| Average receivable collection period | 6 | 7 | 7 | 8 | 7 | 8 | 10 | 8 | 7 | 8 | 11 | 8 | 7 | 5 | 7 | 6 | 6 | 6 | 7 | 6 | 6 | 6 | 6 | — | — | — | ||||||||
| Average payables payment period | 29 | 36 | 33 | 40 | 38 | 39 | 38 | 55 | 41 | 45 | 41 | 41 | 34 | 38 | 32 | 47 | 36 | 34 | 34 | 50 | 37 | 35 | 31 | — | — | — | ||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Cash conversion cycle1 | 79 | 72 | 69 | 100 | 76 | 74 | 76 | 93 | 76 | 72 | 71 | 90 | 88 | 76 | 75 | 87 | 76 | 75 | 76 | 85 | 79 | 77 | 81 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | ||||||||||||||||||||||||||||||||||
| Home Depot Inc. | 48 | 54 | 55 | 56 | 50 | 45 | 39 | 36 | 31 | 27 | 29 | 22 | 17 | 32 | 41 | 39 | 34 | 34 | 39 | — | — | — | — | — | — | — | ||||||||
| TJX Cos. Inc. | 26 | 26 | 25 | 39 | 34 | 31 | 20 | 18 | 13 | 15 | -2 | -11 | 24 | 53 | 30 | 40 | 35 | 36 | 28 | — | — | — | — | — | — | — | ||||||||
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).
1 Q2 2024 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 102 + 6 – 29 = 79
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Ulta Beauty Inc. cash conversion cycle deteriorated from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024. |