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e.l.f. Beauty (ELF)


Market Price (12/23/2025): $79.12 | Market Cap: $4.6 Bil
Sector: Consumer Staples | Industry: Personal Care Products

e.l.f. Beauty (ELF)


Market Price (12/23/2025): $79.12
Market Cap: $4.6 Bil
Sector: Consumer Staples
Industry: Personal Care Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14%
Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -34%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x, P/EPrice/Earnings or Price/(Net Income) is 56x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%
  Short seller report
Muddy Waters Research report on 11/20/2024.
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Social Media & Creator Economy, and Vegan & Alternative Foods. Themes include Direct-to-Consumer Brands, Show more.
  Key risks
ELF key risks include [1] its heavy reliance on Chinese manufacturing, Show more.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Social Media & Creator Economy, and Vegan & Alternative Foods. Themes include Direct-to-Consumer Brands, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -34%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x, P/EPrice/Earnings or Price/(Net Income) is 56x
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
8 Short seller report
Muddy Waters Research report on 11/20/2024.
9 Key risks
ELF key risks include [1] its heavy reliance on Chinese manufacturing, Show more.

Valuation, Metrics & Events

ELF Stock


Why The Stock Moved


Qualitative Assessment

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Here are key points explaining the -36.7% movement in e.l.f. Beauty's (ELF) stock during the approximate period from August 31, 2025, to December 23, 2025: 1. Slower Organic Growth and Negative Core Sales: e.l.f. Beauty experienced a softening in its core business, with organic sales turning negative in the second quarter of fiscal 2026 (corresponding to calendar Q3 2025). This was partly attributed to shipment disruptions as retailers delayed adopting the company's August price increase. Additionally, international growth decelerated during this period.

2. Escalating Tariff Costs and Margin Pressure: The company faced significant headwinds from materially increased tariff rates on goods sourced from China, which constitutes approximately 75% of e.l.f.'s cost of goods sold. The average tariff rate rose to about 60% for the current fiscal year, up from approximately 25% in the prior fiscal year, leading to a notable contraction in gross margin that management expects to persist into fiscal 2026.

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Stock Movement Drivers

Fundamental Drivers

The -42.4% change in ELF stock from 9/22/2025 to 12/22/2025 was primarily driven by a -28.6% change in the company's P/E Multiple.
922202512222025Change
Stock Price ($)137.3279.14-42.37%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1342.781385.643.19%
Net Income Margin (%)7.29%5.90%-18.96%
P/E Multiple79.0556.45-28.59%
Shares Outstanding (Mil)56.3358.36-3.61%
Cumulative Contribution-42.44%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025
ReturnCorrelation
ELF-42.4% 
Market (SPY)2.7%45.1%
Sector (XLP)-0.1%6.2%

Fundamental Drivers

The -35.7% change in ELF stock from 6/23/2025 to 12/22/2025 was primarily driven by a -30.8% change in the company's Net Income Margin (%).
623202512222025Change
Stock Price ($)123.1179.14-35.72%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1313.521385.645.49%
Net Income Margin (%)8.53%5.90%-30.80%
P/E Multiple61.6856.45-8.48%
Shares Outstanding (Mil)56.1658.36-3.92%
Cumulative Contribution-35.81%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025
ReturnCorrelation
ELF-35.7% 
Market (SPY)14.4%41.7%
Sector (XLP)-3.7%4.7%

Fundamental Drivers

The -38.5% change in ELF stock from 12/22/2024 to 12/22/2025 was primarily driven by a -33.4% change in the company's Net Income Margin (%).
1222202412222025Change
Stock Price ($)128.6679.14-38.49%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1217.641385.6413.80%
Net Income Margin (%)8.87%5.90%-33.42%
P/E Multiple67.1356.45-15.91%
Shares Outstanding (Mil)56.3558.36-3.58%
Cumulative Contribution-38.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025
ReturnCorrelation
ELF-38.5% 
Market (SPY)16.9%41.2%
Sector (XLP)0.0%12.1%

Fundamental Drivers

The 45.3% change in ELF stock from 12/23/2022 to 12/22/2025 was primarily driven by a 209.2% change in the company's Total Revenues ($ Mil).
1223202212222025Change
Stock Price ($)54.4879.1445.26%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)448.201385.64209.15%
Net Income Margin (%)7.57%5.90%-22.04%
P/E Multiple83.9356.45-32.74%
Shares Outstanding (Mil)52.3058.36-11.59%
Cumulative Contribution43.31%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025
ReturnCorrelation
ELF-45.0% 
Market (SPY)47.7%37.2%
Sector (XLP)14.6%9.3%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
ELF Return56%32%67%161%-13%-36%399%
Peers Return-2%53%-11%15%-27%-1%10%
S&P 500 Return16%27%-19%24%23%17%113%

Monthly Win Rates [3]
ELF Win Rate67%58%58%83%42%42% 
Peers Win Rate48%69%46%52%35%38% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
ELF Max Drawdown-50%-14%-37%-11%-30%-60% 
Peers Max Drawdown-52%-6%-37%-20%-40%-39% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: COTY, EL, ULTA, IPAR. See ELF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique KeyEventELFS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-36.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven57.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven57 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-59.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven144.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven112 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-75.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven306.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven779 days120 days

Compare to

In The Past

e.l.f. Beauty's stock fell -36.6% during the 2022 Inflation Shock from a high on 12/31/2021. A -36.6% loss requires a 57.8% gain to breakeven.

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About e.l.f. Beauty (ELF)

e.l.f. Beauty, Inc., together with its subsidiaries, provides cosmetic and skin care products under the e.l.f., W3LL PEOPLE, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, 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.

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

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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.

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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.

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The public company e.l.f. Beauty (symbol: ELF) faces several key risks to its business operations and financial performance:

  1. Reliance on Chinese Manufacturing and Tariff Risks: e.l.f. Beauty heavily relies on Chinese factories for a significant portion of its product manufacturing, with reports indicating "substantially all" to "little less than 75%" of its products are made there. This exposes the company to geopolitical risks, regulatory changes, and potential supply chain disruptions. Furthermore, international tariffs, particularly on Chinese imports, directly impact e.l.f. Beauty's profit margins and could compel the company to raise prices, potentially affecting consumer demand. The company has acknowledged these challenges, with tariff costs expected to lead to a smaller core profit margin in fiscal 2026, and has even refrained from providing fiscal 2026 financial guidance due to the wide range of potential outcomes related to tariffs.
  2. Intense Competition and Shifting Consumer Preferences: The beauty industry is highly competitive, with e.l.f. Beauty contending with large multinational corporations, as well as a growing number of emerging online, indie, celebrity, and influencer-backed brands. To maintain its market position and growth, e.l.f. Beauty must continuously innovate and adapt to rapidly evolving consumer trends and preferences, particularly among its key demographic of Gen Z and Millennial consumers. There is an ongoing risk that shifts in consumer preferences towards prestige or luxury brands could challenge e.l.f. Beauty's core strategy of offering high-quality products at accessible price points.
  3. Reliance on Social Media Influencers and Brand Reputation: e.l.f. Beauty's marketing strategy significantly leverages social media influencers to engage with its target audience. This reliance presents a notable brand and reputational risk, as the behavior or communications of these third-party influencers are beyond the company's direct control. Negative social media commentary or inappropriate conduct by an influencer, if instantly broadcasted, could quickly tarnish the e.l.f. brand image, potentially leading to irreversible reputational damage and materially harming the company's financial stability and future prospects.

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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.

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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.

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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.

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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.

Better Bets than e.l.f. Beauty (ELF)

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Trade Ideas

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy11302025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-2.3%-2.3%-2.3%
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Buying dips for companies with tame PE and meaningfully high operating margin
-6.3%-6.3%-7.5%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025ENREnergizerDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
10.1%10.1%-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025FLOFlowers FoodsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.0%6.0%-1.6%
CLX_11142025_Dip_Buyer_FCFYield11142025CLXCloroxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-5.4%-5.4%-5.4%

Recent Active Movers

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Peer Comparisons for e.l.f. Beauty

Peers to compare with:

Financials

ELFCOTYELULTAIPARMedian
Namee.l.f. B.Coty Estee La.Ulta Bea.Interpar. 
Mkt Price79.143.14108.65612.9584.1984.19
Mkt Cap4.62.739.227.42.74.6
Rev LTM1,3865,79914,32611,9821,4645,799
Op Inc LTM1364761,1411,586283476
FCF LTM1422996701,042142299
FCF 3Y Avg9132418496189184
CFO LTM1724901,2721,359206490
CFO 3Y Avg1055451,7881,349148545

Growth & Margins

ELFCOTYELULTAIPARMedian
Namee.l.f. B.Coty Estee La.Ulta Bea.Interpar. 
Rev Chg LTM13.8%-5.7%-8.2%5.5%3.1%3.1%
Rev Chg 3Y Avg47.9%3.1%-6.8%7.3%14.7%7.3%
Rev Chg Q14.2%-5.6%-11.9%12.9%1.2%1.2%
QoQ Delta Rev Chg LTM3.2%-1.6%-3.1%2.8%0.3%0.3%
Op Mgn LTM9.8%8.2%8.0%13.2%19.3%9.8%
Op Mgn 3Y Avg12.5%9.4%9.7%14.0%19.2%12.5%
QoQ Delta Op Mgn LTM-1.8%-0.8%-1.1%-0.4%0.1%-0.8%
CFO/Rev LTM12.4%8.5%8.9%11.3%14.1%11.3%
CFO/Rev 3Y Avg9.8%9.2%11.6%11.8%10.5%10.5%
FCF/Rev LTM10.2%5.2%4.7%8.7%9.7%8.7%
FCF/Rev 3Y Avg8.7%5.5%1.4%8.4%6.3%6.3%

Valuation

ELFCOTYELULTAIPARMedian
Namee.l.f. B.Coty Estee La.Ulta Bea.Interpar. 
Mkt Cap4.62.739.227.42.74.6
P/S3.30.52.72.31.82.3
P/EBIT33.4-18.0-57.417.39.69.6
P/E56.4-7.2-34.623.016.416.4
P/CFO26.85.630.820.213.120.2
Total Yield1.8%-14.0%-2.9%4.3%9.8%1.8%
Dividend Yield0.0%0.0%0.0%0.0%3.7%0.0%
FCF Yield 3Y Avg1.3%5.3%1.0%4.7%2.5%2.5%
D/E0.21.60.20.10.10.2
Net D/E0.21.50.20.10.00.2

Returns

ELFCOTYELULTAIPARMedian
Namee.l.f. B.Coty Estee La.Ulta Bea.Interpar. 
1M Rtn13.0%-0.6%21.3%18.9%5.4%13.0%
3M Rtn-42.4%-22.1%25.0%18.3%-16.3%-16.3%
6M Rtn-35.7%-34.9%38.9%30.0%-36.4%-34.9%
12M Rtn-38.5%-55.4%48.7%42.5%-32.2%-32.2%
3Y Rtn45.3%-62.3%-52.4%34.3%-8.3%-8.3%
1M Excs Rtn10.5%-4.6%20.7%18.3%-0.3%10.5%
3M Excs Rtn-45.2%-24.8%21.0%13.5%-20.0%-20.0%
6M Excs Rtn-48.0%-46.2%29.2%19.1%-48.8%-46.2%
12M Excs Rtn-54.9%-72.2%30.4%30.0%-49.9%-49.9%
3Y Excs Rtn-34.0%-136.9%-128.9%-41.9%-79.6%-79.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,024579392318283
Total1,024579392318283


Operating Income by Segment
$ Mil20252024202320222021
Single Segment150    
Total150    


Net Income by Segment
$ Mil20252024202320222021
Single Segment128    
Total128    


Price Behavior

Price Behavior
Market Price$79.14 
Market Cap ($ Bil)4.5 
First Trading Date09/22/2016 
Distance from 52W High-46.0% 
   50 Days200 Days
DMA Price$94.49$100.01
DMA Trendindeterminatedown
Distance from DMA-16.2%-20.9%
 3M1YR
Volatility84.9%75.4%
Downside Capture437.86261.97
Upside Capture117.68175.60
Correlation (SPY)44.9%41.2%
ELF Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta4.423.393.302.831.611.48
Up Beta5.082.732.901.671.081.32
Down Beta2.964.364.424.431.431.33
Up Capture87%96%124%178%311%503%
Bmk +ve Days12253873141426
Stock +ve Days6183166125394
Down Capture608%414%366%280%155%110%
Bmk -ve Days7162452107323
Stock -ve Days13233158122355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of ELF With Other Asset Classes (Last 1Y)
 ELFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-41.3%-1.8%14.7%67.3%6.8%-0.5%-16.6%
Annualized Volatility75.1%13.9%19.7%19.3%15.2%17.6%35.4%
Sharpe Ratio-0.37-0.370.572.540.23-0.18-0.25
Correlation With Other Assets 12.7%41.7%-3.4%18.4%25.3%14.5%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of ELF With Other Asset Classes (Last 5Y)
 ELFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return30.2%5.8%15.0%18.9%11.8%5.1%35.8%
Annualized Volatility55.1%13.0%17.1%15.5%18.7%18.9%48.9%
Sharpe Ratio0.700.240.710.980.510.180.63
Correlation With Other Assets 21.0%40.3%-2.1%2.0%26.8%18.2%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of ELF With Other Asset Classes (Last 10Y)
 ELFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return12.6%7.4%14.9%14.9%6.7%5.5%69.9%
Annualized Volatility54.9%14.7%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.450.380.710.840.300.230.90
Correlation With Other Assets 24.9%38.7%0.3%10.3%30.8%11.1%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity7,233,940
Short Interest: % Change Since 1115202516.6%
Average Daily Volume2,018,209
Days-to-Cover Short Interest3.58
Basic Shares Quantity58,361,701
Short % of Basic Shares12.4%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/2025-35.0%-34.0%-34.4%
8/6/2025-9.5%11.4%21.4%
2/6/2025-19.6%-15.3%-16.3%
11/6/202411.4%18.0%34.0%
8/8/2024-14.4%-17.2%-39.4%
5/22/202418.7%17.2%31.2%
2/6/2024-4.9%-3.2%21.1%
11/1/20233.7%3.8%29.5%
...
SUMMARY STATS   
# Positive131415
# Negative987
Median Positive11.2%14.3%24.2%
Median Negative-9.0%-7.5%-15.0%
Max Positive20.5%23.3%34.0%
Max Negative-35.0%-34.0%-39.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
93020251110202510-Q 9/30/2025
6302025807202510-Q 6/30/2025
3312025529202510-K 3/31/2025
12312024207202510-Q 12/31/2024
93020241107202410-Q 9/30/2024
6302024809202410-Q 6/30/2024
3312024523202410-K 3/31/2024
12312023207202410-Q 12/31/2023
93020231102202310-Q 9/30/2023
6302023802202310-Q 6/30/2023
3312023525202310-K 3/31/2023
12312022202202310-Q 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022526202210-K 3/31/2022
12312021203202210-Q 12/31/2021