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Bolingbrook, Illinois-based Ulta Beauty, Inc. (ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, skincare, fragrance, haircare, wellness products, and salon services. With a market cap of $22.4 billion, the company transformed beauty retail by bringing prestige, mass-market, and professional salon products under one roof, catering to beauty enthusiasts across a wide range of price points.
ULTA has largely missed out on the broader market’s strong run over the past year. ULTA has gained 1.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 18.3%. The divergence has widened in 2026, with ULTA down 11% year to date even as the SPX has climbed 11.8%.
