$ULTA — HOLD 📊 | 6 MONTHS THESIS

Ulta Beauty, Inc. operates as a specialty beauty retailer in the United States, Mexico, and Kuwait. 🎯 FQ2 FY2026 (ends Aug) | reported Aug 27 | Rev $3.0B | GAAP EPS $6.55 vs $6.20 🟢 | GAAP op margin 12.5% 💡 Price implies ~18.7x forward EPS vs a company compounding EPS ~11% (FY26E $28.99 → FY27E $32.15) with raised revenue guidance — a multiple that historically belonged to a no-growth retailer, not one with a 45M+ loyalty file and international optionality (Space NK, Mexico JV). 🏢 Business Quality: 7/10 📊 Valuation: Market cap $23.25B on 42.76M shares. FY26E (ending Jan-2027) revenue ~$13.28B (+7.1%), EPS $28.99 → P/E 18.7x, P/S ~1.75x. 🔮 Catalyst: FQ3 FY2026 earnings (quarter ending ~Nov 1, 2026) and FQ4/holiday report ⚖️ Hold — prior Hold stands — a flip to Buy at confidence 6 (<7) was blocked with no material change. 📊 Our read: HOLD. Full analysis → https://stockduty.xyz/s/ULTA0921 Also in play: $AMZN $TSLA $HD $MCD $TJX

Ulta Beauty, Inc. operates as a specialty beauty retailer in the United States, Mexico, and Kuwait.