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Posted by
Two Blokes Jun 10 -
Filed in
Stock
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6 views
Ulta remains a high-quality business with strong fundamentals, loyal customers, and a pristine balance sheet, now trading at a good—not deep value—price. The 2025 investment thesis centers on margin expansion, not top line growth; operational improvements could lift margins from 14% back to 16%, unlocking shareholder value. Ulta's future growth levers include a high-margin media business, international expansion, new product categories, and continued buybacks, but risks remain around execution and competition.
