e.l.f. Beauty, Inc. (ELF) 10-Year Financial Performance & Capital Metrics

ELF •

Consumer DefensiveHousehold ProductsPersonal Care and Beauty Products

Aboute.l.f. Beauty, Inc., together with its subsidiaries, provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, face, paw, and skin care products. It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors. The company was formerly known as J.A. Cosmetics Holdings, Inc. and changed its name to e.l.f. Beauty, Inc. in April 2016. e.l.f. Beauty, Inc. was founded in 2004 and is headquartered in Oakland, California.Show more

Revenue $1.31B +28.3%
EBITDA $202M +12.4%
Net Income $112M -12.2%
EPS (Diluted) 1.92 -13.1%
Gross Margin 71.24% +0.7%
EBITDA Margin 15.39% -12.4%
Operating Margin 12.03% -17.7%
Net Margin 8.53% -31.6%
ROE 15.97% -34.1%
ROIC 13.54% -27.8%
Debt/Equity 0.41 -9.0%
Interest Coverage 9.20 -27.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 44.4%
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 35.9%
✓Good 3Y average ROE of 19.1%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.66%

5Y35.95%

3Y49.62%

TTM16.73%

Profit (Net Income) CAGR

10Y-

5Y44.35%

3Y72.68%

TTM5.67%

EPS CAGR

10Y-

5Y40.56%

3Y67.3%

TTM4.75%

ROCE

10Y Avg10.27%

5Y Avg12.71%

3Y Avg18.07%

Latest16.62%

Peer Comparison

Personal Care and Beauty Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DSYBig Tree Cloud Holdings Limited	178.66M	3.13	254.47	16.37%	-4.42%	2.43%
AXILAXIL Brands, Inc.	46.22M	6.80	67.95	-4.51%	4.95%	12.37%	3.32%	0.08
ELFe.l.f. Beauty, Inc.	5.13B	92.05	47.94	28.28%	6.84%	8.95%	2.25%	0.41
EPCEdgewell Personal Care Company	1.06B	22.74	42.91	-1.34%	-1.76%	-2.57%	3.9%	0.99
CLColgate-Palmolive Company	79.91B	99.14	37.70	1.4%	10.46%	5.84%	4.55%	21.88
IPARInter Parfums, Inc.	3.23B	100.78	19.68	10.22%	11.24%	14.9%	5.66%	0.20
SLSNSolesence, Inc. Common Stock	90.29M	1.28	18.29	40.35%	1.72%	6.21%		1.02
COTYCoty Inc.	2.19B	2.51	-5.70	-3.68%	-9.19%	-14.39%	12.68%	1.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	191.41M	229.57M	269.89M	267.44M	282.85M	318.11M	392.15M	578.84M	1.02B	1.31B
Revenue Growth %	32.06%	19.93%	17.56%	-0.91%	5.76%	12.47%	23.28%	47.61%	76.89%	28.28%
Cost of Goods Sold+	91.08M	97.33M	105.16M	104.69M	101.73M	111.91M	140.42M	188.45M	299.84M	377.83M
COGS % of Revenue	47.59%	42.4%	38.97%	39.15%	35.97%	35.18%	35.81%	32.56%	29.28%	28.76%
Gross Profit+	100.33M	132.24M	164.72M	162.74M	181.12M	206.2M	251.73M	390.4M	724.1M	935.69M
Gross Margin %	52.41%	57.6%	61.03%	60.85%	64.03%	64.82%	64.19%	67.44%	70.72%	71.24%
Gross Profit Growth %	51.5%	31.8%	24.57%	-1.2%	11.3%	13.84%	22.08%	55.08%	85.48%	29.22%
Operating Expenses+	74.76M	109.16M	131.45M	136.58M	151.17M	196.8M	221.96M	322.25M	574.42M	777.66M
OpEx % of Revenue	39.06%	47.55%	48.7%	51.07%	53.45%	61.86%	56.6%	55.67%	56.1%	59.2%
Selling, General & Admin	74.76M	109.16M	131.45M	136.58M	157.16M	194.16M	221.91M	322.25M	570.81M	777.66M
SG&A % of Revenue	39.06%	47.55%	48.7%	51.07%	55.56%	61.03%	56.59%	55.67%	55.75%	59.2%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	-5.98M	2.64M	50K	0	3.61M	0
Operating Income+	25.57M	23.08M	33.28M	26.16M	29.95M	9.4M	29.77M	68.14M	149.68M	158.03M
Operating Margin %	13.36%	10.05%	12.33%	9.78%	10.59%	2.96%	7.59%	11.77%	14.62%	12.03%
Operating Income Growth %	158.97%	-9.75%	44.2%	-21.39%	14.48%	-68.61%	216.7%	128.9%	119.65%	5.58%
EBITDA+	35.86M	36.23M	47.8M	44.02M	52.79M	34.58M	56.85M	85.74M	179.84M	202.14M
EBITDA Margin %	18.73%	15.78%	17.71%	16.46%	18.66%	10.87%	14.5%	14.81%	17.56%	15.39%
EBITDA Growth %	100.8%	1.03%	31.93%	-7.9%	19.92%	-34.5%	64.41%	50.81%	109.76%	12.4%
D&A (Non-Cash Add-back)	10.29M	13.15M	14.52M	17.86M	22.84M	25.18M	27.08M	17.6M	30.17M	44.12M
EBIT	20.37M	22.08M	30.43M	25.02M	30.49M	6.94M	27.54M	67.72M	152.4M	162.13M
Net Interest Income+	-12.72M	-13.55M	-8.78M	-7.82M	-6.31M	-4.09M	-2.44M	-2.02M	-7.02M	-13.81M
Interest Income	68K	0	0	0	0	5K	3K	1.97M	4.82M	3.37M
Interest Expense	11.69M	12.27M	7.96M	7.82M	6.31M	4.09M	2.44M	3.99M	11.84M	17.18M
Other Income/Expense	-16.89M	-13.27M	-10.81M	-8.21M	-5.88M	-5.71M	-4.34M	-4.07M	-8.69M	-12.53M
Pretax Income+	8.68M	9.81M	22.47M	17.96M	24.07M	3.69M	25.43M	64.07M	140.99M	145.5M
Pretax Margin %	4.53%	4.27%	8.33%	6.71%	8.51%	1.16%	6.48%	11.07%	13.77%	11.08%
Income Tax+	4.32M	4.5M	-11.01M	2.43M	6.18M	-2.54M	3.66M	2.54M	13.33M	33.41M
Effective Tax Rate %	50.21%	54.15%	148.98%	86.46%	74.3%	168.89%	85.6%	96.03%	90.55%	77.04%
Net Income+	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Net Margin %	2.28%	2.31%	12.4%	5.81%	6.32%	1.96%	5.55%	10.63%	12.47%	8.53%
Net Income Growth %	122.26%	21.94%	530.06%	-53.62%	15.19%	-65.15%	249.33%	182.64%	107.48%	-12.2%
Net Income (Continuing)	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.14	0.11	0.68	0.32	0.35	0.12	0.41	1.11	2.21	1.92
EPS Growth %	-60.56%	109.65%	518.18%	-52.94%	9.38%	-65.71%	241.67%	170.73%	99.1%	-13.12%
EPS (Basic)	-1.14	0.11	0.74	0.33	0.37	0.13	0.43	1.17	2.33	1.99
Diluted Shares Outstanding	44.61M	50.31M	49.37M	49.27M	50.82M	51.99M	53.65M	55.34M	57.79M	58.34M
Basic Shares Outstanding	41.92M	47.42M	45.36M	46.83M	48.5M	49.38M	50.94M	52.47M	54.75M	56.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	70.72M	124.9M	123.64M	141.74M	132.36M	170.14M	193.03M	303.32M	477.08M	540.56M
Cash & Short-Term Investments	14M	15.29M	10.06M	51.2M	46.17M	57.77M	43.35M	120.78M	108.18M	148.69M
Cash Only	14M	15.29M	10.06M	51.2M	46.17M	57.77M	43.35M	120.78M	108.18M	148.69M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	22.48M	37.83M	44.63M	36.72M	29.72M	40.19M	45.57M	67.93M	123.8M	126.01M
Days Sales Outstanding	42.86	60.14	60.36	50.12	38.35	46.11	42.41	42.83	44.13	35.02
Inventory	31.26M	69.4M	62.68M	46.34M	46.21M	56.81M	84.5M	81.32M	191.49M	187.17M
Days Inventory Outstanding	125.27	260.24	217.55	161.56	165.8	185.29	219.63	157.51	233.11	180.81
Other Current Assets	2.98M	2.39M	6.27M	7.47M	0	0	0	33.3M	53.61M	78.69M
Total Non-Current Assets+	290.35M	289.82M	293.6M	294.11M	320.74M	317.25M	301.6M	292.28M	652.17M	707.62M
Property, Plant & Equipment	9.85M	17.15M	18.04M	21.8M	17.17M	13.77M	10.58M	7.87M	13.97M	28.79M
Fixed Asset Turnover	19.42x	13.39x	14.96x	12.27x	16.47x	23.10x	37.08x	73.51x	73.27x	45.63x
Goodwill	157.26M	157.26M	157.26M	157.26M	171.32M	171.62M	171.62M	171.62M	340.6M	340.58M
Intangible Assets	121.28M	113M	105.88M	98.77M	102.41M	94.29M	86.16M	78.04M	225.09M	207.7M
Long-Term Investments	0	0	2.88M	2.88M	2.88M	2.88M	2.88M	2.88M	0	0
Other Non-Current Assets	1.69M	2.41M	9.54M	13.4M	26.97M	34.7M	30.37M	31.87M	72.5M	130.55M
Total Assets+	361.07M	414.73M	417.24M	435.86M	453.1M	487.39M	494.63M	595.6M	1.13B	1.25B
Asset Turnover	0.53x	0.55x	0.65x	0.61x	0.62x	0.65x	0.79x	0.97x	0.91x	1.05x
Asset Growth %	1.95%	14.86%	0.61%	4.46%	3.96%	7.57%	1.49%	20.41%	89.6%	10.53%
Total Current Liabilities+	45.85M	80.27M	51.36M	43.02M	51.12M	73.33M	65.02M	107.98M	299.12M	177.06M
Accounts Payable	24.83M	37.94M	26.78M	20.48M	12.39M	15.7M	19.23M	31.43M	81.08M	72.18M
Days Payables Outstanding	99.49	142.29	92.93	71.41	44.46	51.2	49.98	60.87	98.7	69.73
Short-Term Debt	10.32M	8.65M	8.65M	9.86M	15.65M	20.57M	10.18M	10.09M	107.32M	7.62M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	10.7M	22.86M	11.32M	10.62M	13.54M	26.25M	24.08M	50.52M	87.48M	55.83M
Current Ratio	1.54x	1.56x	2.41x	3.30x	2.59x	2.32x	2.97x	2.81x	1.59x	3.05x
Quick Ratio	0.86x	0.69x	1.19x	2.22x	1.69x	1.55x	1.67x	2.06x	0.95x	2.00x
Cash Conversion Cycle	68.64	178.09	184.98	140.27	159.7	180.19	212.07	139.48	178.54	146.1
Total Non-Current Liabilities+	178.32M	193.6M	172.02M	163.51M	159.81M	144.42M	117.19M	76.61M	187.56M	310.26M
Long-Term Debt	134.59M	156.18M	147.7M	140.52M	126.09M	110.25M	91.08M	60.88M	161.82M	256.68M
Capital Lease Obligations	0	0	0	0	11.24M	20.08M	15.74M	11.2M	21.46M	48.72M
Deferred Tax Liabilities	42.13M	34.21M	21.34M	20.22M	21.89M	13.48M	9.59M	3.74M	3.67M	3.81M
Other Non-Current Liabilities	1.6M	3.21M	2.98M	2.77M	591K	598K	769K	784K	616K	1.05M
Total Liabilities	224.18M	273.87M	223.38M	206.53M	210.93M	217.75M	182.2M	184.58M	486.68M	487.32M
Total Debt+	144.92M	164.83M	156.35M	150.38M	152.98M	150.91M	117M	82.17M	290.6M	313.02M
Net Debt	130.91M	149.53M	146.29M	99.18M	106.81M	93.14M	73.65M	-38.61M	182.42M	164.33M
Debt / Equity	1.06x	1.17x	0.81x	0.66x	0.63x	0.56x	0.37x	0.20x	0.45x	0.41x
Debt / EBITDA	4.04x	4.55x	3.27x	3.42x	2.90x	4.36x	2.06x	0.96x	1.62x	1.55x
Net Debt / EBITDA	3.65x	4.13x	3.06x	2.25x	2.02x	2.69x	1.30x	-0.45x	1.01x	0.81x
Interest Coverage	2.19x	1.88x	4.18x	3.35x	4.75x	2.30x	12.18x	17.08x	12.64x	9.20x
Total Equity+	136.9M	140.86M	193.86M	229.33M	242.17M	269.65M	312.43M	411.02M	642.57M	760.86M
Equity Growth %	4.09%	2.9%	37.63%	18.3%	5.6%	11.35%	15.87%	31.56%	56.34%	18.41%
Book Value per Share	3.07	2.80	3.93	4.65	4.77	5.19	5.82	7.43	11.12	13.04
Total Shareholders' Equity	136.9M	140.86M	193.86M	229.33M	242.17M	269.65M	312.43M	411.02M	642.57M	760.86M
Common Stock	0	438K	463K	478K	489K	504K	515K	535K	555K	556K
Retained Earnings	-67.18M	-560.45M	-526.97M	-511.5M	-511.53M	-505.3M	-483.53M	-422M	-294.34M	-182.25M
Treasury Stock	-	-	-	-	0	0	0	0	0	0
Accumulated OCI	0	-414.73M	0	0	0	0	0	0	-50K	521K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	24.52M	2.12M	12.38M	55.58M	44.31M	29.48M	19.51M	101.88M	71.15M	133.84M
Operating CF Margin %	12.81%	0.92%	4.59%	20.78%	15.67%	9.27%	4.98%	17.6%	6.95%	10.19%
Operating CF Growth %	426.62%	-91.35%	483.87%	349.04%	-20.27%	-33.48%	-33.8%	422.13%	-30.16%	88.1%
Net Income	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Depreciation & Amortization	10.29M	13.15M	14.52M	17.86M	22.84M	25.18M	27.08M	22.16M	35.91M	44.12M
Stock-Based Compensation	503K	7.15M	13.47M	16.82M	15.49M	19.68M	19.65M	29.12M	40.63M	71.79M
Deferred Taxes	-3.93M	-7.58M	-13.43M	-939K	2.44M	-8.58M	-3.7M	-6.4M	-3.28M	446K
Other Non-Cash Items	6.89M	-6.44M	2.54M	1.27M	-4.36M	3.87M	1.4M	701K	-6.02M	10.43M
Working Capital Changes	6.41M	-9.48M	-38.2M	5.05M	-9.98M	-16.91M	-46.69M	-5.23M	-123.75M	-105.03M
Change in Receivables	4.45M	-15.39M	-8M	7.65M	2.5M	-10.53M	-5.6M	-22.43M	-49.6M	-2.74M
Change in Inventory	-2.15M	-37.99M	6.72M	16.34M	-435K	-10.94M	-27.66M	3.17M	-93.93M	4.87M
Change in Payables	3.53M	43.14M	-25.48M	-10.25M	5.96M	17.47M	1.5M	42.99M	81.22M	-23.4M
Cash from Investing+	-10.24M	-9.14M	-10.42M	-8.87M	-35.34M	-6.47M	-4.82M	-1.72M	-284.66M	-19.1M
Capital Expenditures	-10.24M	-9.22M	-7.54M	-8.87M	-9.42M	-6.47M	-4.82M	-1.72M	-8.66M	-18.52M
CapEx % of Revenue	5.35%	4.02%	2.8%	3.32%	3.33%	2.04%	1.23%	0.3%	0.85%	1.41%
Acquisitions	0	0	0	0	-25.92M	0	0	0	-274.97M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	84K	0	0	0	0	0	0	0	0
Cash from Financing+	-4.94M	8.31M	-7.2M	-5.56M	-16.68M	-11.4M	-29.11M	-22.73M	200.94M	-74.45M
Debt Issued (Net)	-	-	-	-	0	-11.76M	-28.94M	-30M	196.63M	-6.2M
Equity Issued (Net)	-	-	-	-	0	1000K	1000K	1000K	1000K	-1000K
Dividends Paid	0	-68M	0	0	0	0	0	0	0	0
Share Repurchases	0	178.25M	0	0	-7.9M	0	0	0	0	-67.06M
Other Financing	26.76M	-1.27M	24.98M	1.51M	-16.68M	-1.15M	-1.84M	-788K	-1.24M	-2.14M
Net Change in Cash	9.34M	1.29M	-5.24M	41.15M	-7.71M	11.6M	-14.41M	77.42M	-12.6M	40.51M
Free Cash Flow+	14.28M	-7.1M	4.83M	46.71M	34.89M	23M	14.7M	100.16M	62.49M	115.32M
FCF Margin %	7.46%	-3.09%	1.79%	17.47%	12.34%	7.23%	3.75%	17.3%	6.1%	8.78%
FCF Growth %	256.49%	-149.75%	168.06%	866.28%	-25.3%	-34.08%	-36.11%	581.59%	-37.6%	84.53%
FCF per Share	0.32	-0.14	0.10	0.95	0.69	0.44	0.27	1.81	1.08	1.98
FCF Conversion (FCF/Net Income)	5.63x	0.40x	0.37x	3.58x	2.48x	4.73x	0.90x	1.66x	0.56x	1.19x
Interest Paid	-	-	-	-	0	3.15M	1.82M	3.58M	11.27M	15.66M
Taxes Paid	-	-	-	-	0	2.3M	7.57M	13.37M	12.4M	25.33M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	3.25%	3.83%	20%	7.34%	7.59%	2.44%	7.48%	17.01%	24.23%	15.97%
Return on Invested Capital (ROIC)	7.06%	6.2%	7.92%	5.87%	6.63%	1.98%	5.96%	13.48%	18.75%	13.54%
Gross Margin	52.41%	57.6%	61.03%	60.85%	64.03%	64.82%	64.19%	67.44%	70.72%	71.24%
Net Margin	2.28%	2.31%	12.4%	5.81%	6.32%	1.96%	5.55%	10.63%	12.47%	8.53%
Debt / Equity	1.06x	1.17x	0.81x	0.66x	0.63x	0.56x	0.37x	0.20x	0.45x	0.41x
Interest Coverage	2.19x	1.88x	4.18x	3.35x	4.75x	2.30x	12.18x	17.08x	12.64x	9.20x
FCF Conversion	5.63x	0.40x	0.37x	3.58x	2.48x	4.73x	0.90x	1.66x	0.56x	1.19x
Revenue Growth	32.06%	19.93%	17.56%	-0.91%	5.76%	12.47%	23.28%	47.61%	76.89%	28.28%

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e.l.f. Beauty, Inc. (ELF) 10-Year Financial Performance & Capital Metrics

ELF •

Consumer DefensiveHousehold ProductsPersonal Care and Beauty Products

Revenue $1.31B +28.3%
EBITDA $202M +12.4%
Net Income $112M -12.2%
EPS (Diluted) 1.92 -13.1%
Gross Margin 71.24% +0.7%
EBITDA Margin 15.39% -12.4%
Operating Margin 12.03% -17.7%
Net Margin 8.53% -31.6%
ROE 15.97% -34.1%
ROIC 13.54% -27.8%
Debt/Equity 0.41 -9.0%
Interest Coverage 9.20 -27.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 44.4%
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 35.9%
✓Good 3Y average ROE of 19.1%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.66%

5Y35.95%

3Y49.62%

TTM16.73%

Profit (Net Income) CAGR

10Y-

5Y44.35%

3Y72.68%

TTM5.67%

EPS CAGR

10Y-

5Y40.56%

3Y67.3%

TTM4.75%

ROCE

10Y Avg10.27%

5Y Avg12.71%

3Y Avg18.07%

Latest16.62%

Peer Comparison

Personal Care and Beauty Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DSYBig Tree Cloud Holdings Limited	178.66M	3.13	254.47	16.37%	-4.42%	2.43%
AXILAXIL Brands, Inc.	46.22M	6.80	67.95	-4.51%	4.95%	12.37%	3.32%	0.08
ELFe.l.f. Beauty, Inc.	5.13B	92.05	47.94	28.28%	6.84%	8.95%	2.25%	0.41
EPCEdgewell Personal Care Company	1.06B	22.74	42.91	-1.34%	-1.76%	-2.57%	3.9%	0.99
CLColgate-Palmolive Company	79.91B	99.14	37.70	1.4%	10.46%	5.84%	4.55%	21.88
IPARInter Parfums, Inc.	3.23B	100.78	19.68	10.22%	11.24%	14.9%	5.66%	0.20
SLSNSolesence, Inc. Common Stock	90.29M	1.28	18.29	40.35%	1.72%	6.21%		1.02
COTYCoty Inc.	2.19B	2.51	-5.70	-3.68%	-9.19%	-14.39%	12.68%	1.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	191.41M	229.57M	269.89M	267.44M	282.85M	318.11M	392.15M	578.84M	1.02B	1.31B
Revenue Growth %	32.06%	19.93%	17.56%	-0.91%	5.76%	12.47%	23.28%	47.61%	76.89%	28.28%
Cost of Goods Sold+	91.08M	97.33M	105.16M	104.69M	101.73M	111.91M	140.42M	188.45M	299.84M	377.83M
COGS % of Revenue	47.59%	42.4%	38.97%	39.15%	35.97%	35.18%	35.81%	32.56%	29.28%	28.76%
Gross Profit+	100.33M	132.24M	164.72M	162.74M	181.12M	206.2M	251.73M	390.4M	724.1M	935.69M
Gross Margin %	52.41%	57.6%	61.03%	60.85%	64.03%	64.82%	64.19%	67.44%	70.72%	71.24%
Gross Profit Growth %	51.5%	31.8%	24.57%	-1.2%	11.3%	13.84%	22.08%	55.08%	85.48%	29.22%
Operating Expenses+	74.76M	109.16M	131.45M	136.58M	151.17M	196.8M	221.96M	322.25M	574.42M	777.66M
OpEx % of Revenue	39.06%	47.55%	48.7%	51.07%	53.45%	61.86%	56.6%	55.67%	56.1%	59.2%
Selling, General & Admin	74.76M	109.16M	131.45M	136.58M	157.16M	194.16M	221.91M	322.25M	570.81M	777.66M
SG&A % of Revenue	39.06%	47.55%	48.7%	51.07%	55.56%	61.03%	56.59%	55.67%	55.75%	59.2%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	-5.98M	2.64M	50K	0	3.61M	0
Operating Income+	25.57M	23.08M	33.28M	26.16M	29.95M	9.4M	29.77M	68.14M	149.68M	158.03M
Operating Margin %	13.36%	10.05%	12.33%	9.78%	10.59%	2.96%	7.59%	11.77%	14.62%	12.03%
Operating Income Growth %	158.97%	-9.75%	44.2%	-21.39%	14.48%	-68.61%	216.7%	128.9%	119.65%	5.58%
EBITDA+	35.86M	36.23M	47.8M	44.02M	52.79M	34.58M	56.85M	85.74M	179.84M	202.14M
EBITDA Margin %	18.73%	15.78%	17.71%	16.46%	18.66%	10.87%	14.5%	14.81%	17.56%	15.39%
EBITDA Growth %	100.8%	1.03%	31.93%	-7.9%	19.92%	-34.5%	64.41%	50.81%	109.76%	12.4%
D&A (Non-Cash Add-back)	10.29M	13.15M	14.52M	17.86M	22.84M	25.18M	27.08M	17.6M	30.17M	44.12M
EBIT	20.37M	22.08M	30.43M	25.02M	30.49M	6.94M	27.54M	67.72M	152.4M	162.13M
Net Interest Income+	-12.72M	-13.55M	-8.78M	-7.82M	-6.31M	-4.09M	-2.44M	-2.02M	-7.02M	-13.81M
Interest Income	68K	0	0	0	0	5K	3K	1.97M	4.82M	3.37M
Interest Expense	11.69M	12.27M	7.96M	7.82M	6.31M	4.09M	2.44M	3.99M	11.84M	17.18M
Other Income/Expense	-16.89M	-13.27M	-10.81M	-8.21M	-5.88M	-5.71M	-4.34M	-4.07M	-8.69M	-12.53M
Pretax Income+	8.68M	9.81M	22.47M	17.96M	24.07M	3.69M	25.43M	64.07M	140.99M	145.5M
Pretax Margin %	4.53%	4.27%	8.33%	6.71%	8.51%	1.16%	6.48%	11.07%	13.77%	11.08%
Income Tax+	4.32M	4.5M	-11.01M	2.43M	6.18M	-2.54M	3.66M	2.54M	13.33M	33.41M
Effective Tax Rate %	50.21%	54.15%	148.98%	86.46%	74.3%	168.89%	85.6%	96.03%	90.55%	77.04%
Net Income+	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Net Margin %	2.28%	2.31%	12.4%	5.81%	6.32%	1.96%	5.55%	10.63%	12.47%	8.53%
Net Income Growth %	122.26%	21.94%	530.06%	-53.62%	15.19%	-65.15%	249.33%	182.64%	107.48%	-12.2%
Net Income (Continuing)	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.14	0.11	0.68	0.32	0.35	0.12	0.41	1.11	2.21	1.92
EPS Growth %	-60.56%	109.65%	518.18%	-52.94%	9.38%	-65.71%	241.67%	170.73%	99.1%	-13.12%
EPS (Basic)	-1.14	0.11	0.74	0.33	0.37	0.13	0.43	1.17	2.33	1.99
Diluted Shares Outstanding	44.61M	50.31M	49.37M	49.27M	50.82M	51.99M	53.65M	55.34M	57.79M	58.34M
Basic Shares Outstanding	41.92M	47.42M	45.36M	46.83M	48.5M	49.38M	50.94M	52.47M	54.75M	56.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	70.72M	124.9M	123.64M	141.74M	132.36M	170.14M	193.03M	303.32M	477.08M	540.56M
Cash & Short-Term Investments	14M	15.29M	10.06M	51.2M	46.17M	57.77M	43.35M	120.78M	108.18M	148.69M
Cash Only	14M	15.29M	10.06M	51.2M	46.17M	57.77M	43.35M	120.78M	108.18M	148.69M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	22.48M	37.83M	44.63M	36.72M	29.72M	40.19M	45.57M	67.93M	123.8M	126.01M
Days Sales Outstanding	42.86	60.14	60.36	50.12	38.35	46.11	42.41	42.83	44.13	35.02
Inventory	31.26M	69.4M	62.68M	46.34M	46.21M	56.81M	84.5M	81.32M	191.49M	187.17M
Days Inventory Outstanding	125.27	260.24	217.55	161.56	165.8	185.29	219.63	157.51	233.11	180.81
Other Current Assets	2.98M	2.39M	6.27M	7.47M	0	0	0	33.3M	53.61M	78.69M
Total Non-Current Assets+	290.35M	289.82M	293.6M	294.11M	320.74M	317.25M	301.6M	292.28M	652.17M	707.62M
Property, Plant & Equipment	9.85M	17.15M	18.04M	21.8M	17.17M	13.77M	10.58M	7.87M	13.97M	28.79M
Fixed Asset Turnover	19.42x	13.39x	14.96x	12.27x	16.47x	23.10x	37.08x	73.51x	73.27x	45.63x
Goodwill	157.26M	157.26M	157.26M	157.26M	171.32M	171.62M	171.62M	171.62M	340.6M	340.58M
Intangible Assets	121.28M	113M	105.88M	98.77M	102.41M	94.29M	86.16M	78.04M	225.09M	207.7M
Long-Term Investments	0	0	2.88M	2.88M	2.88M	2.88M	2.88M	2.88M	0	0
Other Non-Current Assets	1.69M	2.41M	9.54M	13.4M	26.97M	34.7M	30.37M	31.87M	72.5M	130.55M
Total Assets+	361.07M	414.73M	417.24M	435.86M	453.1M	487.39M	494.63M	595.6M	1.13B	1.25B
Asset Turnover	0.53x	0.55x	0.65x	0.61x	0.62x	0.65x	0.79x	0.97x	0.91x	1.05x
Asset Growth %	1.95%	14.86%	0.61%	4.46%	3.96%	7.57%	1.49%	20.41%	89.6%	10.53%
Total Current Liabilities+	45.85M	80.27M	51.36M	43.02M	51.12M	73.33M	65.02M	107.98M	299.12M	177.06M
Accounts Payable	24.83M	37.94M	26.78M	20.48M	12.39M	15.7M	19.23M	31.43M	81.08M	72.18M
Days Payables Outstanding	99.49	142.29	92.93	71.41	44.46	51.2	49.98	60.87	98.7	69.73
Short-Term Debt	10.32M	8.65M	8.65M	9.86M	15.65M	20.57M	10.18M	10.09M	107.32M	7.62M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	10.7M	22.86M	11.32M	10.62M	13.54M	26.25M	24.08M	50.52M	87.48M	55.83M
Current Ratio	1.54x	1.56x	2.41x	3.30x	2.59x	2.32x	2.97x	2.81x	1.59x	3.05x
Quick Ratio	0.86x	0.69x	1.19x	2.22x	1.69x	1.55x	1.67x	2.06x	0.95x	2.00x
Cash Conversion Cycle	68.64	178.09	184.98	140.27	159.7	180.19	212.07	139.48	178.54	146.1
Total Non-Current Liabilities+	178.32M	193.6M	172.02M	163.51M	159.81M	144.42M	117.19M	76.61M	187.56M	310.26M
Long-Term Debt	134.59M	156.18M	147.7M	140.52M	126.09M	110.25M	91.08M	60.88M	161.82M	256.68M
Capital Lease Obligations	0	0	0	0	11.24M	20.08M	15.74M	11.2M	21.46M	48.72M
Deferred Tax Liabilities	42.13M	34.21M	21.34M	20.22M	21.89M	13.48M	9.59M	3.74M	3.67M	3.81M
Other Non-Current Liabilities	1.6M	3.21M	2.98M	2.77M	591K	598K	769K	784K	616K	1.05M
Total Liabilities	224.18M	273.87M	223.38M	206.53M	210.93M	217.75M	182.2M	184.58M	486.68M	487.32M
Total Debt+	144.92M	164.83M	156.35M	150.38M	152.98M	150.91M	117M	82.17M	290.6M	313.02M
Net Debt	130.91M	149.53M	146.29M	99.18M	106.81M	93.14M	73.65M	-38.61M	182.42M	164.33M
Debt / Equity	1.06x	1.17x	0.81x	0.66x	0.63x	0.56x	0.37x	0.20x	0.45x	0.41x
Debt / EBITDA	4.04x	4.55x	3.27x	3.42x	2.90x	4.36x	2.06x	0.96x	1.62x	1.55x
Net Debt / EBITDA	3.65x	4.13x	3.06x	2.25x	2.02x	2.69x	1.30x	-0.45x	1.01x	0.81x
Interest Coverage	2.19x	1.88x	4.18x	3.35x	4.75x	2.30x	12.18x	17.08x	12.64x	9.20x
Total Equity+	136.9M	140.86M	193.86M	229.33M	242.17M	269.65M	312.43M	411.02M	642.57M	760.86M
Equity Growth %	4.09%	2.9%	37.63%	18.3%	5.6%	11.35%	15.87%	31.56%	56.34%	18.41%
Book Value per Share	3.07	2.80	3.93	4.65	4.77	5.19	5.82	7.43	11.12	13.04
Total Shareholders' Equity	136.9M	140.86M	193.86M	229.33M	242.17M	269.65M	312.43M	411.02M	642.57M	760.86M
Common Stock	0	438K	463K	478K	489K	504K	515K	535K	555K	556K
Retained Earnings	-67.18M	-560.45M	-526.97M	-511.5M	-511.53M	-505.3M	-483.53M	-422M	-294.34M	-182.25M
Treasury Stock	-	-	-	-	0	0	0	0	0	0
Accumulated OCI	0	-414.73M	0	0	0	0	0	0	-50K	521K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	24.52M	2.12M	12.38M	55.58M	44.31M	29.48M	19.51M	101.88M	71.15M	133.84M
Operating CF Margin %	12.81%	0.92%	4.59%	20.78%	15.67%	9.27%	4.98%	17.6%	6.95%	10.19%
Operating CF Growth %	426.62%	-91.35%	483.87%	349.04%	-20.27%	-33.48%	-33.8%	422.13%	-30.16%	88.1%
Net Income	4.36M	5.31M	33.48M	15.53M	17.88M	6.23M	21.77M	61.53M	127.66M	112.09M
Depreciation & Amortization	10.29M	13.15M	14.52M	17.86M	22.84M	25.18M	27.08M	22.16M	35.91M	44.12M
Stock-Based Compensation	503K	7.15M	13.47M	16.82M	15.49M	19.68M	19.65M	29.12M	40.63M	71.79M
Deferred Taxes	-3.93M	-7.58M	-13.43M	-939K	2.44M	-8.58M	-3.7M	-6.4M	-3.28M	446K
Other Non-Cash Items	6.89M	-6.44M	2.54M	1.27M	-4.36M	3.87M	1.4M	701K	-6.02M	10.43M
Working Capital Changes	6.41M	-9.48M	-38.2M	5.05M	-9.98M	-16.91M	-46.69M	-5.23M	-123.75M	-105.03M
Change in Receivables	4.45M	-15.39M	-8M	7.65M	2.5M	-10.53M	-5.6M	-22.43M	-49.6M	-2.74M
Change in Inventory	-2.15M	-37.99M	6.72M	16.34M	-435K	-10.94M	-27.66M	3.17M	-93.93M	4.87M
Change in Payables	3.53M	43.14M	-25.48M	-10.25M	5.96M	17.47M	1.5M	42.99M	81.22M	-23.4M
Cash from Investing+	-10.24M	-9.14M	-10.42M	-8.87M	-35.34M	-6.47M	-4.82M	-1.72M	-284.66M	-19.1M
Capital Expenditures	-10.24M	-9.22M	-7.54M	-8.87M	-9.42M	-6.47M	-4.82M	-1.72M	-8.66M	-18.52M
CapEx % of Revenue	5.35%	4.02%	2.8%	3.32%	3.33%	2.04%	1.23%	0.3%	0.85%	1.41%
Acquisitions	0	0	0	0	-25.92M	0	0	0	-274.97M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	84K	0	0	0	0	0	0	0	0
Cash from Financing+	-4.94M	8.31M	-7.2M	-5.56M	-16.68M	-11.4M	-29.11M	-22.73M	200.94M	-74.45M
Debt Issued (Net)	-	-	-	-	0	-11.76M	-28.94M	-30M	196.63M	-6.2M
Equity Issued (Net)	-	-	-	-	0	1000K	1000K	1000K	1000K	-1000K
Dividends Paid	0	-68M	0	0	0	0	0	0	0	0
Share Repurchases	0	178.25M	0	0	-7.9M	0	0	0	0	-67.06M
Other Financing	26.76M	-1.27M	24.98M	1.51M	-16.68M	-1.15M	-1.84M	-788K	-1.24M	-2.14M
Net Change in Cash	9.34M	1.29M	-5.24M	41.15M	-7.71M	11.6M	-14.41M	77.42M	-12.6M	40.51M
Free Cash Flow+	14.28M	-7.1M	4.83M	46.71M	34.89M	23M	14.7M	100.16M	62.49M	115.32M
FCF Margin %	7.46%	-3.09%	1.79%	17.47%	12.34%	7.23%	3.75%	17.3%	6.1%	8.78%
FCF Growth %	256.49%	-149.75%	168.06%	866.28%	-25.3%	-34.08%	-36.11%	581.59%	-37.6%	84.53%
FCF per Share	0.32	-0.14	0.10	0.95	0.69	0.44	0.27	1.81	1.08	1.98
FCF Conversion (FCF/Net Income)	5.63x	0.40x	0.37x	3.58x	2.48x	4.73x	0.90x	1.66x	0.56x	1.19x
Interest Paid	-	-	-	-	0	3.15M	1.82M	3.58M	11.27M	15.66M
Taxes Paid	-	-	-	-	0	2.3M	7.57M	13.37M	12.4M	25.33M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	3.25%	3.83%	20%	7.34%	7.59%	2.44%	7.48%	17.01%	24.23%	15.97%
Return on Invested Capital (ROIC)	7.06%	6.2%	7.92%	5.87%	6.63%	1.98%	5.96%	13.48%	18.75%	13.54%
Gross Margin	52.41%	57.6%	61.03%	60.85%	64.03%	64.82%	64.19%	67.44%	70.72%	71.24%
Net Margin	2.28%	2.31%	12.4%	5.81%	6.32%	1.96%	5.55%	10.63%	12.47%	8.53%
Debt / Equity	1.06x	1.17x	0.81x	0.66x	0.63x	0.56x	0.37x	0.20x	0.45x	0.41x
Interest Coverage	2.19x	1.88x	4.18x	3.35x	4.75x	2.30x	12.18x	17.08x	12.64x	9.20x
FCF Conversion	5.63x	0.40x	0.37x	3.58x	2.48x	4.73x	0.90x	1.66x	0.56x	1.19x
Revenue Growth	32.06%	19.93%	17.56%	-0.91%	5.76%	12.47%	23.28%	47.61%	76.89%	28.28%

e.l.f. Beauty, Inc. (ELF) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

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Financial Ratios

e.l.f. Beauty, Inc. (ELF) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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