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Side-by-side financial comparison of Ulta Beauty (ULTA) and Zoetis (ZTS). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $2.4B, roughly 1.2× Zoetis). Zoetis runs the higher net margin — 25.3% vs 8.1%, a 17.2% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
ULTA vs ZTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $2.4B |
| Net Profit | $230.9M | $603.0M |
| Gross Margin | 40.4% | 70.2% |
| Operating Margin | 10.8% | 31.9% |
| Net Margin | 8.1% | 25.3% |
| Revenue YoY | 12.9% | 3.0% |
| Net Profit YoY | -4.7% | 3.8% |
| EPS (diluted) | $5.14 | $1.37 |
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 | $2.9B | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $3.6B | $2.2B |
| Q4 25 | $230.9M | $603.0M | ||
| Q3 25 | $260.9M | $721.0M | ||
| Q2 25 | $305.1M | $718.0M | ||
| Q1 25 | — | $631.0M | ||
| Q4 24 | $242.2M | $581.0M | ||
| Q3 24 | $252.6M | $682.0M | ||
| Q2 24 | $313.1M | $624.0M | ||
| Q1 24 | $394.4M | $599.0M |
| Q4 25 | 40.4% | 70.2% | ||
| Q3 25 | 39.2% | 71.5% | ||
| Q2 25 | 39.1% | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | 39.7% | 69.5% | ||
| Q3 24 | 38.3% | 70.6% | ||
| Q2 24 | 39.2% | 71.7% | ||
| Q1 24 | 37.7% | 70.6% |
| Q4 25 | 10.8% | 31.9% | ||
| Q3 25 | 12.4% | 37.0% | ||
| Q2 25 | 14.1% | 36.7% | ||
| Q1 25 | — | 36.5% | ||
| Q4 24 | 12.6% | 31.6% | ||
| Q3 24 | 12.9% | 36.6% | ||
| Q2 24 | 14.7% | 33.0% | ||
| Q1 24 | 14.5% | 34.1% |
| Q4 25 | 8.1% | 25.3% | ||
| Q3 25 | 9.4% | 30.0% | ||
| Q2 25 | 10.7% | 29.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | 9.6% | 25.1% | ||
| Q3 24 | 9.9% | 28.6% | ||
| Q2 24 | 11.5% | 26.4% | ||
| Q1 24 | 11.1% | 27.4% |
| Q4 25 | $5.14 | $1.37 | ||
| Q3 25 | $5.78 | $1.63 | ||
| Q2 25 | $6.70 | $1.61 | ||
| Q1 25 | — | $1.41 | ||
| Q4 24 | $5.14 | $1.29 | ||
| Q3 24 | $5.30 | $1.50 | ||
| Q2 24 | $6.47 | $1.37 | ||
| Q1 24 | $8.06 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $204.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $3.3B |
| Total Assets | $7.0B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.9M | — | ||
| Q3 25 | $242.7M | $2.1B | ||
| Q2 25 | $454.6M | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $177.8M | $2.0B | ||
| Q3 24 | $414.0M | $1.7B | ||
| Q2 24 | $524.6M | $1.6B | ||
| Q1 24 | $766.6M | $2.0B |
| Q4 25 | $2.6B | $3.3B | ||
| Q3 25 | $2.6B | $5.4B | ||
| Q2 25 | $2.4B | $5.0B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $2.3B | $4.8B | ||
| Q3 24 | $2.3B | $5.2B | ||
| Q2 24 | $2.3B | $5.0B | ||
| Q1 24 | $2.3B | $5.1B |
| Q4 25 | $7.0B | $15.5B | ||
| Q3 25 | $6.6B | $15.2B | ||
| Q2 25 | $6.0B | $14.5B | ||
| Q1 25 | — | $14.1B | ||
| Q4 24 | $6.0B | $14.2B | ||
| Q3 24 | $5.7B | $14.4B | ||
| Q2 24 | $5.6B | $14.2B | ||
| Q1 24 | $5.7B | $14.3B |
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 | $5.6M | $893.0M |
| Free Cash FlowOCF − Capex | $-81.6M | $732.0M |
| FCF MarginFCF / Revenue | -2.9% | 30.7% |
| Capex IntensityCapex / Revenue | 3.1% | 6.7% |
| Cash ConversionOCF / Net Profit | 0.02× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $-92.2M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $893.0M | ||
| Q3 25 | $96.5M | $938.0M | ||
| Q2 25 | $220.0M | $486.0M | ||
| Q1 25 | — | $587.0M | ||
| Q4 24 | $-56.8M | $905.0M | ||
| Q3 24 | $199.5M | $951.0M | ||
| Q2 24 | $159.3M | $502.0M | ||
| Q1 24 | $1.1B | $595.0M |
| Q4 25 | $-81.6M | $732.0M | ||
| Q3 25 | $19.6M | $805.0M | ||
| Q2 25 | $141.0M | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | $-171.1M | $689.0M | ||
| Q3 24 | $104.3M | $784.0M | ||
| Q2 24 | $68.3M | $370.0M | ||
| Q1 24 | $994.0M | $455.0M |
| Q4 25 | -2.9% | 30.7% | ||
| Q3 25 | 0.7% | 33.5% | ||
| Q2 25 | 4.9% | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | -6.8% | 29.7% | ||
| Q3 24 | 4.1% | 32.8% | ||
| Q2 24 | 2.5% | 15.7% | ||
| Q1 24 | 28.0% | 20.8% |
| Q4 25 | 3.1% | 6.7% | ||
| Q3 25 | 2.8% | 5.5% | ||
| Q2 25 | 2.8% | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 4.5% | 9.3% | ||
| Q3 24 | 3.7% | 7.0% | ||
| Q2 24 | 3.3% | 5.6% | ||
| Q1 24 | 3.5% | 6.4% |
| Q4 25 | 0.02× | 1.48× | ||
| Q3 25 | 0.37× | 1.30× | ||
| Q2 25 | 0.72× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | -0.23× | 1.56× | ||
| Q3 24 | 0.79× | 1.39× | ||
| Q2 24 | 0.51× | 0.80× | ||
| Q1 24 | 2.84× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULTA
Segment breakdown not available.
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
