• The H&M of makeup and skincare
• The Trader Joe's for beauty products

e.l.f. Beauty's major products include:

• Makeup Products: Cosmetics designed for the face, eyes, and lips, including foundations, concealers, blushes, eyeshadows, mascaras, and lip colors.
• Skincare Products: Formulations for facial and body care such as cleansers, moisturizers, serums, masks, and treatments.
• Beauty Tools: Accessories and applicators used for makeup application and skincare routines, like brushes, sponges, and other beauty implements.

e.l.f. Beauty (ELF) Major Customers

e.l.f. Beauty primarily sells its products to other companies, specifically major retailers, which then sell to individual consumers. While the company also operates direct-to-consumer channels (e-commerce sites and brand retail stores), these constituted approximately 12% of net sales in fiscal year 2023, with the vast majority coming from its retail channels.

Based on their latest 10-K filing (for the fiscal year ended March 31, 2023), the major customer companies for e.l.f. Beauty include:

• Target Corporation (Symbol: TGT) - Accounted for approximately 31% of net sales in fiscal year 2023.
• Walmart Inc. (Symbol: WMT) - Accounted for approximately 20% of net sales in fiscal year 2023.
• Ulta Beauty, Inc. (Symbol: ULTA) - Accounted for approximately 18% of net sales in fiscal year 2023.
• Shoppers Drug Mart - A significant retail partner in Canada, which is a subsidiary of Loblaw Companies Limited (Symbol: L).

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Tarang P. Amin, Chairman, President, and Chief Executive Officer

Tarang P. Amin was appointed CEO of e.l.f. Beauty in January 2014. He brings over 25 years of experience in consumer products, brand building, and leading innovation. Before joining e.l.f. Beauty, Mr. Amin served as President, Chief Executive Officer, and Director of Schiff Nutrition (NYSE: SHF), where he significantly grew the enterprise value from $190 million to $1.5 billion with brands like Airborne and MegaRed. Schiff Nutrition was acquired by Reckitt Benckiser in 2012 for $1.4 billion. Prior to Schiff, he was Vice President and General Manager of The Clorox Company's $1.7 billion Litter, Food, and Charcoal businesses. He began his career at Procter & Gamble. Under his leadership, e.l.f. Beauty went public in 2016. e.l.f. Beauty was backed by private equity firm TPG Growth, which acquired a majority stake in 2014 before the IPO, indicating his experience with private equity-backed companies.

Mandy J. Fields, Senior Vice President, Chief Financial Officer and Principal Accounting Officer

Mandy Fields joined e.l.f. Beauty as Chief Financial Officer in 2019 and has over 20 years of finance experience. She is credited with leading e.l.f. Beauty through 24 consecutive quarters of top-line growth, with the company's market cap increasing more than six times during her tenure. Before e.l.f. Beauty, Ms. Fields served as CFO at BevMo!, a specialty beverage retailer, where she gained private equity expertise and managed growth in a highly leveraged company. Prior to BevMo!, she was Vice President of Finance and Analytics for Albertsons Companies, managing a $13 billion multi-brand private label portfolio. Her career in the consumer industry began at The Gap Inc., following her work in equity capital markets at J.P. Morgan. Ms. Fields also serves on the board of directors for Allbirds.

Scott Milsten, Senior Vice President, General Counsel & Chief People Officer

Scott Milsten has been the Senior Vice President, General Counsel, and Chief People Officer at e.l.f. Beauty since January 2014. He also serves as Corporate Secretary. Mr. Milsten is a seasoned legal and corporate executive, having held senior positions at several companies before joining e.l.f. Beauty. His previous roles include Senior Vice President & General Counsel at Schiff Nutrition International from 2011 to 2013, Secretary, Senior Vice President & General Counsel at Celera Corporation from 2009 to 2011, and Deputy General Counsel at Gen Probe in 2008. He began his legal career in corporate law at Latham & Watkins.

Kory Marchisotto, Senior Vice President, Chief Marketing Officer & President, Keys Soulcare

Kory Marchisotto serves as the Senior Vice President, Chief Marketing Officer, and President of Keys Soulcare for e.l.f. Beauty. As CMO, she plays a crucial role in e.l.f. Beauty's strategic growth and marketing initiatives across its portfolio of brands. As President of Keys Soulcare, she leads one of the company's significant brand expansions, a lifestyle beauty brand created with Alicia Keys.

Laurie Lam, Chief Brand Officer

Laurie Lam joined e.l.f. Beauty as Chief Brand Officer in June 2022. She possesses nearly 20 years of experience in building global brands within the beauty industry. Prior to her role at e.l.f. Beauty, Ms. Lam held various leadership positions at L'Oréal. Her experience at L'Oréal spanned across the Professional Products Division and Consumer Products Division in the United States, France, and Asia-Pacific, covering marketing, e-commerce and digital, acquisitions and business development, and innovation.

The emergence and increasing sophistication of hyper-personalized and AI-driven beauty products and services. This trend leverages artificial intelligence, genetic data, skin analysis, and other advanced technologies to create custom formulations, recommendations, and even on-demand cosmetic production tailored precisely to an individual's unique needs and preferences. While currently often in premium or niche segments, the technology is advancing rapidly, with the potential to enable more accessible and scalable personalized solutions. If these bespoke beauty offerings become widely available and cost-effective, they could fundamentally shift consumer expectations, making general-purpose, mass-market products (even high-quality and affordable ones like e.l.f.'s) less appealing to consumers seeking perfectly tailored solutions, thereby challenging e.l.f. Beauty's core value proposition and market share.

e.l.f. Beauty's Addressable Markets

e.l.f. Beauty's main products and services primarily fall under color cosmetics (makeup for eyes, lips, and face) and skincare. The addressable markets for these categories are substantial globally and in the U.S.

Color Cosmetics Market:

• Global: The global color cosmetics market was valued at approximately USD 86.4 billion in 2024. This market is projected to reach around USD 137.4 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.3% during the forecast period of 2025-2033.
• U.S.: The U.S. color cosmetics market was estimated at USD 21.52 billion in 2024. It is expected to grow at a CAGR of 8.8% from 2025 to 2030, reaching approximately USD 35.52 billion by 2030.

Skincare Products Market:

• Global: The global skincare market was valued at approximately USD 178.34 billion in 2024. Projections indicate it will grow at a CAGR of 8.21% from 2025 to 2033, reaching an estimated worth of USD 362.79 billion by 2033.
• U.S.: The U.S. skincare products market was valued at USD 28.25 billion in 2024. It is projected to grow to approximately USD 50.71 billion by 2033, at a CAGR of 6.76% during the forecast period of 2025-2033.

Expected Drivers of Future Revenue Growth for e.l.f. Beauty (ELF)

• International Expansion: e.l.f. Beauty is experiencing significant growth in its international markets and views global expansion as a major opportunity. International net sales grew 66% in Q3 2025 and 30% in Q1 2026, with the company noting substantial "white space" given that global peers often generate over 70% of their sales outside the U.S. The company plans to expand into new markets, such as Germany with Rossmann.
• Growth in Skincare Portfolio (e.l.f. SKIN and Acquisitions): The company's skincare brands, including e.l.f. SKIN and recent acquisitions like Naturium and Rhode, are consistently outperforming the category. e.l.f. SKIN has shown strong growth, achieving a top 10 rank in the market. The acquisition of Naturium doubled e.l.f. Beauty's skincare penetration and is performing well with further expansion opportunities. The acquisition of Rhode is also highlighted as a significant contributor to sales growth, with expectations for it to contribute $200 million in net sales in fiscal year 2026 and a record-breaking launch in Sephora North America.
• Continued Market Share Gains in Color Cosmetics: e.l.f. Cosmetics consistently outperforms the broader color cosmetics category, demonstrating continuous market share gains. The company aims to double its market share in the coming years, building on its position as a leading mass brand.
• Digital and Direct-to-Consumer (DTC) Growth: As a digitally native brand, e.l.f. Beauty continues to leverage its strong digital presence, with digital consumption trends showing robust year-over-year growth. This focus on digital channels and its direct-to-consumer site is expected to remain a key driver.
• New Product Launches and Innovation: The company emphasizes innovation and successful product launches as key to its growth. Examples include the Power Grip franchise and bronzing drops. Continuous introduction of new products across its brands is expected to sustain consumer interest and drive sales.

Share Repurchases

• In August 2024, e.l.f. Beauty's Board of Directors authorized a new share repurchase program of up to $500 million of its common stock.
• This new authorization followed the full utilization of a previous $25 million program, which saw approximately $17 million in repurchases in the weeks prior to the new program's announcement.
• Quarterly share repurchases included $50.00 million for the quarter ending March 31, 2025, and $17.08 million for the quarter ending September 30, 2024.

Share Issuance

• In May 2025, e.l.f. Beauty issued approximately 2.5 million shares of its common stock, valued at $200 million, as part of the consideration for the acquisition of Rhode.
• The number of shares outstanding increased by 2.21% in 2024 and 4.62% in 2023, before a slight decrease of 0.05% in 2025.

Inbound Investments

• No significant inbound investments by third-parties within the last 3-5 years were identified.

Outbound Investments

• e.l.f. Beauty acquired the clean beauty brand W3LL PEOPLE for $27 million in 2020.
• In October 2023, the company acquired the skincare brand Naturium for $355 million, significantly expanding its skincare presence.
• A definitive agreement was reached in May 2025 to acquire Hailey Bieber's beauty brand, Rhode, for up to $1 billion. The closing consideration included $600 million in cash and $200 million in e.l.f. stock, with a potential earnout of up to $200 million, and the acquisition was completed in August 2025.

Capital Expenditures

• Capital expenditures for the fiscal year ending March 2025 were $18.52 million, with the latest twelve months ending June 30, 2025, showing $24.829 million.
• The company's capital expenditures averaged $8.039 million annually from fiscal years 2021 to 2025 and saw a 181% growth over the past 12 months (as of October 2025).
• No specific primary focus for capital expenditures was explicitly stated.