Flagship explainer

What drives ULTA BEAUTY, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity44%Tax burden75%net income ÷ pretax incomeInterest burden100%pretax ÷ operating incomeOperating margin12%operating income ÷ revenueAsset turnover1.91×revenue ÷ average assetsEquity multiplier2.46×average assets ÷ average equityAs of 2026-01-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$1.2BFY2026
Income before tax$1.5BFY2026
Operating income$1.5BFY2026
$12.4BFY2026
Ending assets$7.0BFY2026
Beginning assets$6.0BFY2025
$2.8BFY2026
$2.5BFY2025
Source: · event Jan 31, 2026 · retrieved Jul 26, 2026 · annual-row source set
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ULTA dupont explainer — Buy Like Buffett · Buy Like Buffett