Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Ulta Beauty Inc., EBITDA calculation

US$ in thousands

12 months ended:	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Net income	1,242,408)	985,837)	175,835)	705,945)	658,559)	555,234)
Add: Income tax expense	401,136)	309,992)	55,250)	200,205)	200,582)	231,625)
Earnings before tax (EBT)	1,643,544)	1,295,829)	231,085)	906,150)	859,141)	786,859)
Add: Interest expense	—)	—)	—)	—)	—)	—)
Earnings before interest and tax (EBIT)	1,643,544)	1,295,829)	231,085)	906,150)	859,141)	786,859)
Add: Depreciation and amortization	241,372)	268,460)	297,772)	295,599)	279,472)	252,713)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,884,916)	1,564,289)	528,857)	1,201,749)	1,138,613)	1,039,572)

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Ulta Beauty Inc. EBITDA increased from 2021 to 2022 and from 2022 to 2023.

Ulta Beauty Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	20,073,042)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,884,916)
Valuation Ratio
EV/EBITDA	10.65
Benchmarks
EV/EBITDA, Competitors¹
Amazon.com Inc.	26.37
Home Depot Inc.	17.14
Lowe’s Cos. Inc.	12.85
TJX Cos. Inc.	19.17
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	23.05
EV/EBITDA, Industry
Consumer Discretionary	24.02

Based on: 10-K (reporting date: 2023-01-28).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Ulta Beauty Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	25,061,395)	20,241,372)	15,984,243)	9,320,863)	20,013,289)	11,990,299)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	1,884,916)	1,564,289)	528,857)	1,201,749)	1,138,613)	1,039,572)
Valuation Ratio
EV/EBITDA³	13.30	12.94	30.22	7.76	17.58	11.53
Benchmarks
EV/EBITDA, Competitors⁴
Amazon.com Inc.	19.88	28.04	21.27	32.24	26.57	—
Home Depot Inc.	12.29	14.08	16.53	12.34	13.36	—
Lowe’s Cos. Inc.	11.98	12.43	14.41	8.98	18.22	—
TJX Cos. Inc.	15.36	13.00	65.35	10.33	12.61	—
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	17.44	20.13	20.16	24.23	21.23	—
EV/EBITDA, Industry
Consumer Discretionary	17.94	19.55	21.16	29.01	17.75	—

Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 25,061,395 ÷ 1,884,916 = 13.30

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Ulta Beauty Inc. EV/EBITDA ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Ulta Beauty Inc. (NASDAQ:ULTA)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical