AllAnalyst Report
logoMorningstarDecember 08, 2021

Ulta Beauty, Inc.: Narrow-Moat Ulta’s E-Commerce and Brand Strength Have Allowed a Quick Recovery From the Pandemic

Symbols
ULTA
Sector(s)
Consumer Cyclical
Rating
Current Price
$413.50
Fair Value
Economic Moat
Stewardship
Summary

Ulta Beauty is the largest specialized beauty retailer in the U.S. with approximately 1,300 stores. The firm offers makeup (44% of 2020 sales), fragrances, skincare, and haircare (20% of 2020 sales) products, and bath and body items. Ulta offers private-label products and merchandise from more than 500 vendors. It also offers salon services, including hair, makeup, skin, and brow services, in all stores. Most Ulta st

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Analyst Profile

David Swartz

Equity Analyst
David Swartz is an equity analyst in the consumer sector research group for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers consumer-focused companies in retail and apparel.Before joining Morningstar in 2018, Swartz worked as a money manager and equity analyst for a family office in the Seattle area. He also worked as an analyst and fund manager for three equity hedge funds in the San Francisco Bay Area.Swartz holds a bachelor’s degree in economics from the University of California at Berkeley and a master’s degree in economics from Yale University. He also holds a certificate in finance (investment management specialization) from UC Berkeley Extension.