U.S. specialty beauty retailer
Ulta Beauty, Inc.
Ulta Beauty sells cosmetics, skincare, haircare products, and salon services through stores, e-commerce, and partner locations. It sources inventory from global and emerging brands, while expanding internationally through joint-venture and franchise royalties and acquisitions.
Business categories Apparel, Luxury & Beauty · Consumer Brands & Commerce · primary
ULTA Updated Sep 24, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Ulta Beauty, Inc. is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 5 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2026 total revenue of $12.393 billion
- Segments · Cosmetics · Skincare and wellness · Haircare · Fragrance · Services · Other
Revenue from
- Target Corporation High confidence
The shop-in-shop network in Target stores and on target.com was a named external sales channel for Ulta Beauty. The companies agreed not to renew the partnership after the current agreement ends in August 2026.Confirms EN McKinsey & Company Published Jul 6, 2023: Meeting beauty consumers where they are and where they are going - Grupo Axo High confidence
The Mexican joint venture with Grupo Axo licenses the Ulta Beauty name and operating model to run local stores. Ulta Beauty earns royalties from its international operations, but it did not disclose the counterparty-specific amount.
Pays to
- L’Oréal S.A. High confidence
L’Oréal is one of the ten largest brand partners identified by Ulta Beauty in its 10-K. The filing does not disclose individual purchases or sales contribution. - The Estée Lauder Companies Inc. High confidence
The Estée Lauder Companies is one of the ten largest brand partners identified by Ulta Beauty in its 10-K. The filing does not disclose individual purchases or sales contribution. - iFamilySC Co., Ltd. Medium confidence
iFamilySC's rom&nd products entered Ulta Beauty's online and offline channels in August 2025. Meritz Securities had identified initial rom&nd shipments to Ulta Beauty as part of the June increase in Korean cosmetics exports to the U.S.Confirms KO Maeil Business Newspaper Published Aug 8, 2025: iFamilySC's color cosmetics brand rom&nd enters Ulta Beauty in the U.S.Confirms KO Meritz Securities Research Center Published Jul 1, 2025: June cosmetics exports: concerns behind strong results
Investments
- Space NK Limited High confidence· Amount $399M · 2025-07-10 · Net assets acquired in the Space NK acquisition
Ulta Beauty acquired 100% of U.K. and Ireland beauty retailer Space NK in July 2025. The finalized purchase-price allocation in the 10-K reports net assets acquired of $399.152 million.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CVS Health | lead2 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Target Corporation | lead1 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Ulta Beauty, Inc. | node | +43.6 | +13.8 | +4.5 | -11.2 | +39.1 | -6.8 |
| The Estée Lauder Companies Inc. | benef1 | +40 | -32.3 | -40.1 | -47.6 | +42.1 | +0.2 |
| International Flavors & Fragrances | benef2 | +41.5 | -28.3 | -19.5 | +6.3 | -18.4 | +27.5 |
| Shopify | benef2 | +21.7 | -74.8 | +124.4 | +36.5 | +51.4 | -9.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Ulta Beauty, Inc. operates across U.S. specialty beauty retailer. It is -6.8% in 2026. The demand side (avg +72.9%) is well ahead of the stock (-6.8%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is Target Corporation (+72.9%) and the furthest behind is The Estée Lauder Companies Inc. (+0.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It sources inventory from global and emerging brands, while expanding internationally through joint-venture and franchise royalties and acquisitions.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple