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Star vs Ulta Beauty: revenue, profit, margins and growth compared

Star brought in $1.8B of revenue in fiscal 2025, Ulta Beauty $12.4B in fiscal 2025. Revenue changed by +1.0% at Star and +9.7% at Ulta Beauty on the year before, so Ulta Beauty grew faster. Star kept 4.1% of its revenue as net profit, Ulta Beauty 9.3%. Free cash flow was $56M at Star and $1.1B at Ulta Beauty.

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Side by side, latest fiscal year

SGUULTA
Fiscal year endedFY2025 (September 30, 2025)FY2025 (January 31, 2026)
Revenue$1.8B$12.4B
Revenue growth+1.0%+9.7%
Net income$73.5M$1.2B
Net margin4.1%9.3%
Free cash flow$56M$1.1B
Free cash flow margin3.1%8.6%
Earnings per share (diluted)n/a$25.64
Cash$24.7M$424.2M
Debt$188.1Mn/a
Price to earningsn/a21.3
Market value$421M$23.4B
Dividend yieldn/an/a
Rank by revenue in sector#372 of 778 · Consumer discretionary#104 of 778 · Consumer discretionary

Over the years

Revenue
SGU FY2018: $1.7BSGU FY2019: $1.8BSGU FY2020: $1.5BSGU FY2021: $1.5BSGU FY2022: $2BSGU FY2023: $2BSGU FY2024: $1.8BSGU FY2025: $1.8BULTA FY2018: $6.7BULTA FY2019: $7.4BULTA FY2020: $6.2BULTA FY2021: $8.6BULTA FY2022: $10.2BULTA FY2023: $11.2BULTA FY2024: $11.3BULTA FY2025: $12.4BFY18FY19FY20FY21FY22FY23FY24FY25
SGU $1.8BULTA $12.4B
Net income
SGU FY2018: $55.5MSGU FY2019: $17.6MSGU FY2020: $55.9MSGU FY2021: $87.7MSGU FY2022: $35.3MSGU FY2023: $31.9MSGU FY2024: $35.2MSGU FY2025: $73.5MULTA FY2018: $658.6MULTA FY2019: $705.9MULTA FY2020: $175.8MULTA FY2021: $985.8MULTA FY2022: $1.2BULTA FY2023: $1.3BULTA FY2024: $1.2BULTA FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
SGU $73.5MULTA $1.2B
Net margin
SGU FY2018: 3.3%SGU FY2019: 1.0%SGU FY2020: 3.8%SGU FY2021: 5.9%SGU FY2022: 1.8%SGU FY2023: 1.6%SGU FY2024: 2.0%SGU FY2025: 4.1%ULTA FY2018: 9.8%ULTA FY2019: 9.5%ULTA FY2020: 2.9%ULTA FY2021: 11.4%ULTA FY2022: 12.2%ULTA FY2023: 11.5%ULTA FY2024: 10.6%ULTA FY2025: 9.3%FY18FY19FY20FY21FY22FY23FY24FY25
SGU 4.1%ULTA 9.3%
Revenue growth
SGU FY2019: +4.5%SGU FY2020: -16.3%SGU FY2021: +2.0%SGU FY2022: +34.0%SGU FY2023: -2.7%SGU FY2024: -9.6%SGU FY2025: +1.0%ULTA FY2019: +10.1%ULTA FY2020: -16.8%ULTA FY2021: +40.3%ULTA FY2022: +18.3%ULTA FY2023: +9.8%ULTA FY2024: +0.8%ULTA FY2025: +9.7%FY19FY20FY21FY22FY23FY24FY25
SGU +1.0%ULTA +9.7%
Free cash flow
SGU FY2018: $43.9MSGU FY2019: $86.1MSGU FY2020: $161.5MSGU FY2021: $53.8MSGU FY2022: $15.2MSGU FY2023: $114.6MSGU FY2024: $100.3MSGU FY2025: $56MULTA FY2018: $636.7MULTA FY2019: $802.8MULTA FY2020: $658.5MULTA FY2021: $887.1MULTA FY2022: $1.2BULTA FY2023: $1BULTA FY2024: $964.1MULTA FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
SGU $56MULTA $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Star and Ulta Beauty

Which is bigger by revenue, Star or Ulta Beauty?

Ulta Beauty is bigger by revenue: $12.4B in fiscal 2025, against $1.8B for Star in fiscal 2025.

Which keeps more of its revenue as profit, Star or Ulta Beauty?

Star had a net margin of 4.1% in fiscal 2025; Ulta Beauty had 9.3% in fiscal 2025.

Which grew revenue faster, Star or Ulta Beauty?

In their latest fiscal years revenue changed by +1.0% at Star and +9.7% at Ulta Beauty.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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