Discounted Cash Flow

Ulta Beauty, Inc.

ULTA · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.9b $320.0m 8.2% $5.00
2017 $4.9b (23.7%) $409.8m (28.0%) $260.9m 8.4% (3.5%) $6.55 (31.0%)
2018 $5.9b (21.2%) $555.2m (35.5%) $338.7m (29.8%) 9.4% (11.8%) $9.02 (37.7%)
2019 $6.7b (14.1%) $658.6m (18.6%) $636.7m (88.0%) 9.8% (3.9%) $11.00 (22.0%)
2020 $7.4b (10.1%) $705.9m (7.2%) $802.8m (26.1%) 9.5% (-2.7%) $12.21 (11.0%)
2021 $6.2b (-16.8%) $175.8m (-75.1%) $658.5m (-18.0%) 2.9% (-70.0%) $3.12 (-74.4%)
2022 $8.6b (40.3%) $985.8m (460.7%) $887.1m (34.7%) 11.4% (299.6%) $18.09 (479.8%)
2023 $10.2b (18.3%) $1.2b (26.0%) $1.2b (31.9%) 12.2% (6.5%) $24.17 (33.6%)
2024 $11.2b (9.8%) $1.3b (3.9%) $1.0b (-11.0%) 11.5% (-5.3%) $26.18 (8.3%)
2025 $11.3b (0.8%) $1.2b (-7.0%) $964.1m (-7.4%) 10.6% (-7.7%) $25.44 (-2.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model