Ulta Beauty, Inc.
$23.69B- Market cap
- $24.12B
- Debt
- +$62.29M
- Cash
- −$494.24M
Capital structure 100% equity / 0% debt · EV / Revenue 1.91x · EV / EBITDA 14.00x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: ULTA stock price at premium vs HRMY $564.16 current versus $399.93 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at HRMY's multiple
Implied fair value · at ULTA's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple discount
Expensive
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: ULTA FY 2026 (ended Jan 31, 2026) · HRMY FY 2025 (ended Dec 31, 2025). Fiscal years are not aligned.
Trendline
Six fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 100% equity / 0% debt · EV / Revenue 1.91x · EV / EBITDA 14.00x
Capital structure 94% equity / 6% debt · EV / Revenue 2.13x · EV / EBITDA 7.28x
ULTA carries the larger enterprise value at $23.69B against $1.85B; ULTA trades on the lower EV / Revenue multiple (1.91x vs 2.13x); HRMY on the lower EV / EBITDA (7.28x vs 14.00x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
ULTA BEAUTY, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
HARMONY BIOSCIENCES HOLDINGS, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.02x
0.19x
Net debt / EBITDA
Leverage against operating earnings
-0.26x
-2.41x
Cash and equivalents
Liquid reserves on the balance sheet
$494.24M
$775.34M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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