Ulta Beauty Credit Rating & NNN Cap Rate

Metric	Details
Company	Ulta Beauty, Inc. (Nasdaq: ULTA), Bolingbrook, Illinois
S&P / Moody’s	NR / NR
Investment grade status	Not Rated
Stores	1,534 Ulta Beauty stores in all 50 states, plus 88 Space NK stores in the U.K. and Ireland (August 1, 2026)
Format	Beauty retail with a full-service salon in nearly every U.S. store
Median asking cap rate	See the live table below

Ulta Beauty: no public rating from S&P Global Ratings, Moody’s or Fitch in our ratings database. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 3, 2026. See the investment grade credit tenant ratings table.

Ulta Beauty Business Overview

Ulta Beauty sells cosmetics, fragrance, haircare and skincare products at mass and prestige price points, and nearly every U.S. store includes a full-service salon. Founded in 1990, it operated 1,534 Ulta Beauty stores in all 50 states as of August 1, 2026, along with 88 Space NK stores in the United Kingdom and Ireland.

Ulta Beauty Credit Profile

Ulta Beauty is not investment grade in the ratings sense, and mandates restricted to rated tenants generally exclude it. Unlike private tenants, Ulta is a public company that files audited financial statements with the SEC, so investors can review its revenue, cash flow and lease obligations directly. Confirm that Ulta Beauty, Inc. or a guaranteeing entity signs the lease.

Ratings come from our tenant ratings database, which records the source of each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: Our ratings database, checked October 3, 2026.

Ulta Beauty credit and cap rate data sheet

A printable sheet with the Ulta Beauty rating status and its sources, the 1 observed listing broken out by asking cap rate, price, lease term and state, and how each figure is counted. Save it as a PDF or download the figures as a CSV.

Ulta Beauty NNN Cap Rates

Live asking cap rates for Ulta Beauty and comparable tenants:

Tenant	S&P / Moody’s	Median asking cap rate	Middle half of listings	Listings	Median vs. 10-year Treasury
Ross Dress for Less	A- / n/a	7.41%	7.08% to 7.54%	3	+217 bps

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 23, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Ulta Beauty, Five Below, Sally Beauty, T.J. Maxx, Burlington.

Ulta Beauty stores are predominantly located in convenient, high-traffic locations such as power centers, according to its Form 10‑K. Ulta Beauty listings InvestmentGrade.com currently tracks: 1. Shopping center pads and multi-tenant properties anchored by Ulta are priced differently from a freestanding building. Compare a property with recent Ulta sales and with listings for other retailers.

Ulta Beauty NNN market: buying or owning one

Buying

1 Ulta Beauty NNN listing is observed for sale in 1 state as of October 23, 2026, asking a 6.25% cap rate; one listing is too few for a median. Search it with the rest of the inventory by tenant credit, cap rate and lease term.

Search NNN properties for sale

Working against a 1031 deadline?

Owning

Own an Ulta Beauty property? See how yours compares with what is currently listed. Enter the city, state and lease years left to see asking cap rates for listings near you and for your lease term, and the Investment Grade team will follow up with a pricing view.

Asking figures come from listing broker materials observed by Investment Grade; an asking cap rate is not a closed-sale price. Your details go to the Investment Grade team and are never shared with listing brokers or other parties without your permission.

What to Check in an Ulta Beauty Lease

Tenant and guarantor: confirm Ulta Beauty, Inc. or a guaranteeing entity signs the lease.
Term and options: remaining term, renewal options and rent schedule.
Co-tenancy: shopping center leases often include co-tenancy and kick-out provisions.
Landlord costs: whether roof, structure and parking costs are passed through.
Re-use: how readily the space could be re-leased to another retailer in that center.

Pros and Cons

Strengths	Considerations
Large, profitable national beauty retailer	No S&P, Moody’s or Fitch rating in our ratings database
Public company with audited financial statements	Stores are predominantly in high-traffic locations such as power centers, where leases may include co-tenancy terms
Full-service salon in its typical store	Competition from department stores, specialty and online beauty retailers

Frequently Asked Questions

Is Ulta Beauty investment grade?

No. Our ratings database has no S&P, Moody’s or Fitch rating for Ulta Beauty, so it is not investment grade in the ratings sense. It does file audited financial statements with the SEC, which investors can use to assess its credit.

Is Five Below a public company?

Yes. Five Below, Inc. trades on Nasdaq under the ticker FIVE and operated 2,022 stores as of August 1, 2026. It has no verified S&P, Moody’s or Fitch rating in our ratings database; being unrated is different from being private.

How many Ulta Beauty stores are there?

Ulta operated 1,534 Ulta Beauty stores in all 50 states as of August 1, 2026, plus 88 Space NK stores in the U.K. and Ireland.

What are asking cap rates for Ulta Beauty properties?

The live table on this page shows a median asking cap rate when at least three listings with a published cap rate are available, with comparable retailers for reference.

Sources: Ulta Beauty, Inc. Form 10‑Q for the quarter ended August 1, 2026; Five Below, Inc. Form 10‑Q for the quarter ended August 1, 2026.

Ulta Beauty Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Ulta Beauty properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.

Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.

Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.

1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.

Request an NNN investment consultation or email team@investmentgrade.com.

Ulta Beauty NNN Properties Observed For Sale

1 active Ulta Beauty net lease listing observed across public listing sources, most recently Oct 23, 2026. Asking figures as published by the listing party.

Location	Asking Price	Cap Rate	Building SF	Term Left
Kennewick, WA	$4,020,000	6.25%	8,954	5.6 yrs	View listing

Search all 1 observed Ulta Beauty listings and the full NNN inventory

Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.