Gamestop Corp (GME) is overvalued and Ulta Beauty Inc (ULTA) is fairly valued.
Both trade above our estimate of their intrinsic value. ULTA is the closer of the two: -2%, against -66% for GME.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 12.4% (average of 3 methods) values the shares at $14.47; the price of $24.03 is 66% above that value, and 64% of that value comes from beyond year five.
Leak Score 49/100 on 10 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $541.68; the price of $553.86 is 2% above that value, and 75% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
| Metric | GME | ULTA |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $24.03 | $553.86 |
| Intrinsic value | $14.47 | $541.68 |
| Margin of safety | -66% | -2% |
| Leak Score | 49/100 (10/12) | 67/100 (9/12) |
| Market cap | $12.1B | $23.7B |
| Revenue growth, 5 years | -6.5% | 15.0% |
| Operating margin | 13.9% | 12.6% |
| Net margin | 25.2% | 9.3% |
| Return on equity | 15.8% | 46.1% |
| Debt to equity | 0.71 | 0.95 |
| P/E | 15.9x | 20.2x |
| Forward P/E | 12.9x | 17.2x |
| P/B | 1.8x | 9.0x |