Ulta Beauty

Ulta has historically carried no long‑term debt and generates substantial operating cash flow. As of Q2 FY2025, cash was roughly $243 million with a temporary $289 million revolver draw to fund the Space NK acquisition, and leases are the principal fixed obligations.

Trailing cash from operations and capex imply roughly $0.95 billion of TTM free cash flow, providing ample coverage for capex, international pilots, and repurchases. Inventory intensity is material but manageable given velocity, vendor funding, and strong turns, and shrink trends have improved.

Overall resilience is high given flexible store leases, healthy margins, and proven cash conversion.