vs
Side-by-side financial comparison of APA Corporation (APA) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $2.2B, roughly 1.3× APA Corporation). APA Corporation runs the higher net margin — 15.0% vs 8.1%, a 6.9% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs -24.3%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% CAGR vs 1.4%).
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
APA vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $2.9B |
| Net Profit | $331.0M | $230.9M |
| Gross Margin | — | 40.4% |
| Operating Margin | 32.5% | 10.8% |
| Net Margin | 15.0% | 8.1% |
| Revenue YoY | -24.3% | 12.9% |
| Net Profit YoY | -22.1% | -4.7% |
| EPS (diluted) | $0.79 | $5.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.2B | $2.9B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.3B | $2.8B | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $2.8B | $2.7B | ||
| Q1 24 | $2.1B | $3.6B |
| Q4 25 | $331.0M | $230.9M | ||
| Q3 25 | $205.0M | $260.9M | ||
| Q2 25 | $603.0M | $305.1M | ||
| Q1 25 | $418.0M | — | ||
| Q4 24 | $425.0M | $242.2M | ||
| Q3 24 | $-223.0M | $252.6M | ||
| Q2 24 | $541.0M | $313.1M | ||
| Q1 24 | $212.0M | $394.4M |
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
| Q4 25 | 32.5% | 10.8% | ||
| Q3 25 | 33.7% | 12.4% | ||
| Q2 25 | 31.8% | 14.1% | ||
| Q1 25 | 31.9% | — | ||
| Q4 24 | 31.4% | 12.6% | ||
| Q3 24 | -5.2% | 12.9% | ||
| Q2 24 | 34.4% | 14.7% | ||
| Q1 24 | 32.2% | 14.5% |
| Q4 25 | 15.0% | 8.1% | ||
| Q3 25 | 9.0% | 9.4% | ||
| Q2 25 | 26.0% | 10.7% | ||
| Q1 25 | 15.4% | — | ||
| Q4 24 | 14.6% | 9.6% | ||
| Q3 24 | -8.1% | 9.9% | ||
| Q2 24 | 19.0% | 11.5% | ||
| Q1 24 | 9.9% | 11.1% |
| Q4 25 | $0.79 | $5.14 | ||
| Q3 25 | $0.57 | $5.78 | ||
| Q2 25 | $1.67 | $6.70 | ||
| Q1 25 | $0.96 | — | ||
| Q4 24 | $0.97 | $5.14 | ||
| Q3 24 | $-0.60 | $5.30 | ||
| Q2 24 | $1.46 | $6.47 | ||
| Q1 24 | $0.44 | $8.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $516.0M | $204.9M |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $6.1B | $2.6B |
| Total Assets | $17.8B | $7.0B |
| Debt / EquityLower = less leverage | 0.70× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $516.0M | $204.9M | ||
| Q3 25 | $475.0M | $242.7M | ||
| Q2 25 | $107.0M | $454.6M | ||
| Q1 25 | $67.0M | — | ||
| Q4 24 | $625.0M | $177.8M | ||
| Q3 24 | $64.0M | $414.0M | ||
| Q2 24 | $160.0M | $524.6M | ||
| Q1 24 | $102.0M | $766.6M |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $6.0B | — | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.7B | — | ||
| Q1 24 | $5.2B | — |
| Q4 25 | $6.1B | $2.6B | ||
| Q3 25 | $6.0B | $2.6B | ||
| Q2 25 | $5.9B | $2.4B | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.3B | $2.3B | ||
| Q3 24 | $5.1B | $2.3B | ||
| Q2 24 | $5.4B | $2.3B | ||
| Q1 24 | $2.6B | $2.3B |
| Q4 25 | $17.8B | $7.0B | ||
| Q3 25 | $17.7B | $6.6B | ||
| Q2 25 | $18.1B | $6.0B | ||
| Q1 25 | $18.5B | — | ||
| Q4 24 | $19.4B | $6.0B | ||
| Q3 24 | $19.4B | $5.7B | ||
| Q2 24 | $20.2B | $5.6B | ||
| Q1 24 | $15.0B | $5.7B |
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 1.13× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 1.99× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $808.0M | $5.6M |
| Free Cash FlowOCF − Capex | — | $-81.6M |
| FCF MarginFCF / Revenue | — | -2.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | 2.44× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $808.0M | $5.6M | ||
| Q3 25 | $1.5B | $96.5M | ||
| Q2 25 | $1.2B | $220.0M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.0B | $-56.8M | ||
| Q3 24 | $1.3B | $199.5M | ||
| Q2 24 | $877.0M | $159.3M | ||
| Q1 24 | $368.0M | $1.1B |
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M | ||
| Q1 24 | — | $994.0M |
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 28.0% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 3.5% |
| Q4 25 | 2.44× | 0.02× | ||
| Q3 25 | 7.12× | 0.37× | ||
| Q2 25 | 1.96× | 0.72× | ||
| Q1 25 | 2.62× | — | ||
| Q4 24 | 2.44× | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | 1.62× | 0.51× | ||
| Q1 24 | 1.74× | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
ULTA
Segment breakdown not available.
