Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Ulta Beauty, Inc. (ULTA) Halal?

PASS

Ulta Beauty, Inc. · NASDAQ: ULTA · Consumer Discretionary

The short answer

Ulta Beauty passes this Shariah screener: its beauty-retail and salon-services business has no haram segments, interest-bearing debt of $339.6M is 1.44% of its ~$23.55 billion market cap, and interest income is immaterial (FY2025 net interest was an expense; FY2024 net interest income was 0.13% of revenue).

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Ulta Beauty, Inc., per its FY2025 Form 10-K (fiscal year ended January 31, 2026), is the largest specialty beauty retailer in the United States, headquartered in Bolingbrook, Illinois. It sells cosmetics, fragrance, skin care, hair care, bath and body products, and beauty tools through stores and e-commerce, alongside its own private-label products, and provides full-service salon treatments in many locations. It completed the Space NK acquisition in FY2025 (88 stores in the UK and Ireland) and operates a Middle East franchise with Alshaya plus a Mexico joint venture.

The 10-K discloses no alcohol, tobacco, gambling, pork, weapons, adult-entertainment, or interest-based lending segments. Beauty retail and salon services are permissible business activities. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (1.44%, ceiling 33%). Per Ulta Beauty's Q2 FY2026 Form 10-Q consolidated balance sheet, short-term debt was $339.6 million (the FY2025 10-K showed $62.3 million of short-term debt and no long-term debt - the company carries no funded long-term borrowings).

$339.6 million against a market capitalization of about $23.55 billion (Finnhub, October 2, 2026; NASDAQ: ULTA) is about 1.44%, far under the 33% ceiling.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (immaterial). Ulta Beauty does not separately disclose interest income in its primary filings. Bounding facts from the filed statements: FY2025 net interest was an expense of $1.787 million (0.014% of revenue) - i.e., no net interest income at all - and FY2024 net interest income was $15.094 million, about 0.13% of FY2024 revenue.

On the filed numbers, non-compliant income is immaterial and far under the 5% ceiling. No interest-income figure is invented here; the bound is stated explicitly.

Key figures used

Frequently asked questions

What does Ulta Beauty do?

Ulta Beauty, Inc. (NASDAQ: ULTA) is the largest specialty beauty retailer in the United States, headquartered in Bolingbrook, Illinois and founded in the early 1990s. Per its FY2025 Form 10-K (fiscal year ended January 31, 2026; filed on the Nasdaq Global Select Market), it sells cosmetics, fragrance, skin care, hair care, bath and body products, and beauty tools through stores and e-commerce, plus full-service salon treatments in many locations. It completed the Space NK acquisition in FY2025 (88 UK/Ireland stores) and franchises in the Middle East via Alshaya.

Is Ulta Beauty's business Shariah compliant?

Yes - assessed on the filed business description, Ulta Beauty's business passes this screener's first gate. It is a beauty retailer and salon-services provider: cosmetics, fragrance, skin and hair care, and salon treatments. The FY2025 10-K discloses no alcohol, tobacco, gambling, pork, weapons, adult-entertainment, or interest-based lending segments. Retailing beauty products and salon services is a permissible business activity.

How much interest-bearing debt does Ulta Beauty have?

Ulta Beauty's Q2 FY2026 10-Q reports short-term debt of $339.6 million (the FY2025 10-K showed $62.3 million and no long-term debt - the company carries no funded long-term borrowings). Against a market capitalization of about $23.55 billion (Finnhub, October 2, 2026), that is about 1.44% - far under the 33% ceiling. The debt gate passes.

How much interest income does Ulta Beauty earn?

Ulta Beauty does not separately disclose interest income in its primary filings. Bounding facts: FY2025 net interest was an expense of $1.787 million (0.014% of revenue) - i.e., no net interest income at all - and FY2024 net interest income was $15.094 million, about 0.13% of FY2024 revenue, far under the 5% ceiling. On the filed numbers, non-compliant income is immaterial. The gate passes.

What do third-party Shariah screeners say about Ulta Beauty?

I could not verify a Zoya, Musaffa, or ShariaPortfolio rating page for ULTA from public sources - none of the three major third-party screeners appears to cover it. This page's PASS rests solely on the primary filings (FY2025 10-K, Q2 FY2026 10-Q) cited above. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).