Ulta Beauty
Profitable, debt-free beauty retailer with no public credit rating; mostly in shopping centers rather than freestanding pads. Strong sales productivity supports renewals, but most leases are 10-year NN.
- US units
- 1,534
- Q2 2026
- 3Y net growth
- +13.2%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10 yr
- NN
- Model
- Corporate
- Public
Unit count
Ulta Beauty in the news
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Ulta Beauty net lease FAQ
What is Ulta Beauty's credit rating?
Ulta Beauty does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Ulta Beauty locations are there in the US?
Ulta Beauty reported about 1,534 US locations as of Q2 2026. That is +13.2% versus 1,355 in FY2022.
What does a typical Ulta Beauty net lease look like?
Lease type: NN. Initial term: 10 yr. Rent increases: 5-10% every 5 yr. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Ulta Beauty corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.