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Side-by-side financial comparison of KeyCorp (KEY) 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 $2.0B, roughly 1.4× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 8.1%, a 17.4% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 12.9%). KeyCorp produced more free cash flow last quarter ($2.1B vs $-81.6M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs 7.2%).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
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.
KEY vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.9B |
| Net Profit | $510.0M | $230.9M |
| Gross Margin | — | 40.4% |
| Operating Margin | 32.3% | 10.8% |
| Net Margin | 25.4% | 8.1% |
| Revenue YoY | 131.8% | 12.9% |
| Net Profit YoY | 309.0% | -4.7% |
| EPS (diluted) | $0.43 | $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 | $2.0B | $2.9B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $865.0M | $2.5B | ||
| Q3 24 | $695.0M | $2.6B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.5B | $3.6B |
| Q4 25 | $510.0M | $230.9M | ||
| Q3 25 | $489.0M | $260.9M | ||
| Q2 25 | $425.0M | $305.1M | ||
| Q1 25 | $405.0M | — | ||
| Q4 24 | $-244.0M | $242.2M | ||
| Q3 24 | $-410.0M | $252.6M | ||
| Q2 24 | $274.0M | $313.1M | ||
| Q1 24 | $219.0M | $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 | 32.3% | 10.8% | ||
| Q3 25 | 31.8% | 12.4% | ||
| Q2 25 | 29.3% | 14.1% | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -92.6% | 12.6% | ||
| Q3 24 | -72.8% | 12.9% | ||
| Q2 24 | 22.0% | 14.7% | ||
| Q1 24 | 18.1% | 14.5% |
| Q4 25 | 25.4% | 8.1% | ||
| Q3 25 | 25.8% | 9.4% | ||
| Q2 25 | 23.1% | 10.7% | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | -54.7% | 9.6% | ||
| Q3 24 | -59.0% | 9.9% | ||
| Q2 24 | 18.0% | 11.5% | ||
| Q1 24 | 14.3% | 11.1% |
| Q4 25 | $0.43 | $5.14 | ||
| Q3 25 | $0.41 | $5.78 | ||
| Q2 25 | $0.35 | $6.70 | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.30 | $5.14 | ||
| Q3 24 | $-0.47 | $5.30 | ||
| Q2 24 | $0.25 | $6.47 | ||
| Q1 24 | $0.20 | $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 | $10.2B | $204.9M |
| Total DebtLower is stronger | $9.9B | — |
| Stockholders' EquityBook value | $20.4B | $2.6B |
| Total Assets | $184.4B | $7.0B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2B | $204.9M | ||
| Q3 25 | $13.3B | $242.7M | ||
| Q2 25 | $11.6B | $454.6M | ||
| Q1 25 | $15.3B | — | ||
| Q4 24 | $17.5B | $177.8M | ||
| Q3 24 | $22.8B | $414.0M | ||
| Q2 24 | $15.5B | $524.6M | ||
| Q1 24 | $13.2B | $766.6M |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $10.9B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $15.7B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $20.8B | — |
| Q4 25 | $20.4B | $2.6B | ||
| Q3 25 | $20.1B | $2.6B | ||
| Q2 25 | $19.5B | $2.4B | ||
| Q1 25 | $19.0B | — | ||
| Q4 24 | $18.2B | $2.3B | ||
| Q3 24 | $16.9B | $2.3B | ||
| Q2 24 | $14.8B | $2.3B | ||
| Q1 24 | $14.5B | $2.3B |
| Q4 25 | $184.4B | $7.0B | ||
| Q3 25 | $187.4B | $6.6B | ||
| Q2 25 | $185.5B | $6.0B | ||
| Q1 25 | $188.7B | — | ||
| Q4 24 | $187.2B | $6.0B | ||
| Q3 24 | $189.8B | $5.7B | ||
| Q2 24 | $187.4B | $5.6B | ||
| Q1 24 | $187.5B | $5.7B |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 1.14× | — | ||
| Q1 24 | 1.43× | — |
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 | $2.2B | $5.6M |
| Free Cash FlowOCF − Capex | $2.1B | $-81.6M |
| FCF MarginFCF / Revenue | 104.8% | -2.9% |
| Capex IntensityCapex / Revenue | 5.3% | 3.1% |
| Cash ConversionOCF / Net Profit | 4.33× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2B | $5.6M | ||
| Q3 25 | $396.0M | $96.5M | ||
| Q2 25 | $1.2B | $220.0M | ||
| Q1 25 | $-140.0M | — | ||
| Q4 24 | $664.0M | $-56.8M | ||
| Q3 24 | $-1.2B | $199.5M | ||
| Q2 24 | $-217.0M | $159.3M | ||
| Q1 24 | $359.0M | $1.1B |
| Q4 25 | $2.1B | $-81.6M | ||
| Q3 25 | $367.0M | $19.6M | ||
| Q2 25 | $1.2B | $141.0M | ||
| Q1 25 | $-150.0M | — | ||
| Q4 24 | $599.0M | $-171.1M | ||
| Q3 24 | $-1.2B | $104.3M | ||
| Q2 24 | $-230.0M | $68.3M | ||
| Q1 24 | $347.0M | $994.0M |
| Q4 25 | 104.8% | -2.9% | ||
| Q3 25 | 19.4% | 0.7% | ||
| Q2 25 | 65.8% | 4.9% | ||
| Q1 25 | -8.5% | — | ||
| Q4 24 | 69.2% | -6.8% | ||
| Q3 24 | -175.8% | 4.1% | ||
| Q2 24 | -15.1% | 2.5% | ||
| Q1 24 | 22.6% | 28.0% |
| Q4 25 | 5.3% | 3.1% | ||
| Q3 25 | 1.5% | 2.8% | ||
| Q2 25 | 1.3% | 2.8% | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 7.5% | 4.5% | ||
| Q3 24 | 2.4% | 3.7% | ||
| Q2 24 | 0.9% | 3.3% | ||
| Q1 24 | 0.8% | 3.5% |
| Q4 25 | 4.33× | 0.02× | ||
| Q3 25 | 0.81× | 0.37× | ||
| Q2 25 | 2.90× | 0.72× | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | -0.79× | 0.51× | ||
| Q1 24 | 1.64× | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
