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Ulta Beauty, Inc.

ULTA

Consumer Discretionary

1

exclusion reason

1 theme

Animal Welfare (1)
ULTA Consumer Discretionary Current as of April 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Animal Testing & Research
Since Apr 1, 2026

Ulta Beauty is a major retailer that stocks and profits from brands that conduct animal testing for cosmetics and personal care products. The company has not adopted a cruelty-free purchasing policy and continues to carry brands listed on PETA's "Companies That Do Test on Animals" database, despite the availability of non-animal testing alternatives and the FDA Modernization Act 2.0.

Sources:
crueltyfree.peta.org ↗ crueltyfreeinvesting.org ↗

Related Issues

Animal Rights

We don't invest in companies that treat animals as commodities — factory farming, animal testing, exotic skins, entertainment. This isn't a peripheral screen. It's the original premise of the firm: avoiding preventable harm to living things requires taking animal consciousness seriously, not assuming it away.

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Related Exclusions

Same Issue

Animal Welfare

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.