Elf Beauty Inc. (ELF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.72	$1.75	+143.1%	—	$479.4M	—
Q4 26	$0.29	$0.32	+10.3%	—	$449.3M	—
Q3 26	$0.72	$1.24	+72.2%	—	$489.5M	—
Q2 26	$0.57	$0.68	+19.3%	—	$343.9M	—
Q1 26	$0.84	$0.89	+6.0%	—	$353.7M	—
Q4 25	$0.72	$0.78	+8.3%	—	$332.6M	—
Q3 25	$0.76	$0.74	-2.6%	—	$355.3M	—
Q2 25	$0.43	$0.77	+79.1%	—	$301.1M	—
Q1 25	$0.84	$1.1	+31.0%	—	$324.5M	—
Q4 24	$0.33	$0.53	+60.6%	—	$321.1M	—
Q3 24	$0.56	$0.74	+32.1%	—	$270.9M	—
Q2 24	$0.53	$0.82	+54.7%	—	$215.5M	—
Q1 24	$0.56	$1.1	+96.4%	—	$216.3M	—
Q4 23	$0.2	$0.42	+110.0%	—	$187.4M	—
Q3 23	$0.23	$0.48	+108.7%	—	$146.5M	—
Q2 23	$0.16	$0.36	+125.0%	—	$122.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$0.45	—	—	$1.6B	—
FY25	—	$1.99	—	—	$1.3B	—
FY24	—	$2.33	—	—	$1B	—
FY23	—	$1.17	—	—	$578.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$229.6M	$269.9M	$267.4M	$282.9M	$318.1M	$392.2M	$578.8M	$1B	$1.3B	$1.6B
YoY change	+19.9%	+17.6%	-0.91%	—	+12.5%	+23.3%	+47.6%	+76.9%	+28.3%	+24.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	229.6M	269.9M	267.4M	282.9M	318.1M	392.2M	578.8M	1B	1.3B	1.6B
Cost of revenue	97.3M	105.2M	104.7M	101.7M	111.9M	140.4M	188.4M	299.8M	377.8M	479.1M
Gross profit	132.2M	164.7M	162.7M	181.1M	206.2M	251.7M	390.4M	724.1M	935.7M	1.2B
Gross margin	57.6%	61%	60.9%	64%	64.8%	64.2%	67.4%	70.7%	71.2%	70.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	109.2M	131.4M	136.6M	157.2M	194.2M	221.9M	322.3M	574.4M	777.7M	1B
Operating expenses	109.2M	131.4M	136.6M	157.2M	194.2M	221.9M	322.3M	574.4M	777.7M	1B
Operating income	23.1M	33.3M	26.2M	24M	12M	29.8M	68.1M	149.7M	158M	131.3M
Operating margin	10.1%	12.3%	9.78%	8.47%	3.79%	7.6%	11.8%	14.6%	12%	8.02%
Non-operating income, net	280K	-2M	-390K	6.4M	-4.3M	-1.9M	-2.1M	-1.7M	1.3M	-55.5M
Pretax income	9.8M	22.5M	18M	24.1M	3.7M	25.4M	64.1M	141M	145.5M	40.5M
Income tax	4.5M	-11M	2.4M	6.2M	-2.5M	3.7M	2.5M	13.3M	33.4M	14.1M
Net income	5.3M	33.5M	15.5M	17.9M	6.2M	21.8M	61.5M	127.7M	112.1M	26.3M
Net margin	2.31%	12.4%	5.81%	6.32%	1.96%	5.55%	10.6%	12.5%	8.53%	1.61%
EBITDA	38M	45M	42.9M	47.4M	34.8M	55.1M	90.1M	191.2M	206.3M	218.9M
EPS	-39.5	0.74	0.33	0.37	0.13	0.43	1.17	2.33	1.99	0.45
Diluted EPS	-39.5	0.68	0.32	0.35	0.12	0.41	1.11	2.21	1.92	0.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	215.5M	270.9M	321.1M	324.5M	301.1M	355.3M	332.6M	353.7M	343.9M	489.5M	449.3M	479.4M
Cost of revenue	63.1M	79M	93.9M	93.2M	87M	102M	95.6M	109.2M	105.1M	142M	122.8M	80.5M
Gross profit	152.4M	192M	227.2M	231.3M	214.1M	253.3M	237M	244.5M	238.9M	347.5M	326.5M	398.8M
Gross margin	70.7%	70.8%	70.7%	71.3%	71.1%	71.3%	71.3%	69.1%	69.4%	71%	72.7%	83.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	112.2M	160.1M	210.2M	180.6M	186.1M	218.2M	192.7M	195.8M	231.1M	280M	319.1M	280.3M
Operating expenses	112.2M	160.1M	210.2M	180.6M	186.1M	218.2M	192.7M	195.8M	231.1M	280M	319.1M	280.3M
Operating income	40.2M	31.8M	17M	50.7M	27.9M	35.1M	44.3M	48.7M	7.7M	67.5M	7.3M	118.5M
Operating margin	18.6%	11.8%	5.3%	15.6%	9.27%	9.87%	13.3%	13.8%	2.24%	13.8%	1.63%	24.7%
Non-operating income, net	-1.1M	2.6M	-1.8M	187K	3.8M	-5.3M	2.6M	5M	-2.6M	-1.3M	-56.7M	-16.4M
Pretax income	39.7M	30.4M	11.2M	47.2M	27.9M	26.3M	44M	51.1M	-4M	53.9M	-60.5M	94.3M
Income tax	6.5M	3.5M	-3.3M	-325K	8.9M	9M	15.8M	17.8M	-7M	14.5M	-11.2M	27.7M
Net income	33.3M	26.9M	14.5M	47.6M	19M	17.3M	28.3M	33.3M	3M	39.4M	-49.4M	66.6M
Net margin	15.4%	9.92%	4.52%	14.7%	6.32%	4.86%	8.49%	9.42%	0.87%	8.04%	-11%	13.9%
EBITDA	46.9M	46.3M	32.4M	61.8M	42.7M	41.4M	63M	66.9M	24.1M	87.8M	40.1M	144.3M
EPS	0.61	0.49	—	0.85	0.34	0.31	0.5	0.59	0.05	0.66	-0.84	1.13
Diluted EPS	0.58	0.46	—	0.81	0.33	0.3	0.49	0.58	0.05	0.65	-0.84	1.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	405.5M	—	477.2M	1.3B	1.3B	4.3B	10.7B	3.5B	3.5B	6B
Enterprise value	—	504.7M	—	584M	1.4B	1.4B	4.3B	10.9B	3.7B	4.2B	6.5B
Shares outstanding	45.4M	46.8M	—	48.5M	49.4M	50.9M	52.5M	54.7M	56.2M	58.3M	58.3M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	26.1	—	26.7	212.6	60.4	70.2	84.1	31.5	134.2	101.5
P/S	—	1.52	—	1.69	4.16	3.36	7.47	10.5	2.69	2.16	3.33
P/B	—	1.77	—	1.97	4.91	4.21	10.5	16.7	4.64	3.12	5.02
EV/EBITDA	—	11.8	—	12.3	40.8	25.2	47.6	57.1	17.9	19	30.8
EV/Sales	—	1.89	—	2.06	4.46	3.54	7.4	10.7	2.81	2.54	3.66
Earnings yield	—	3.83%	—	3.75%	0.47%	1.65%	1.42%	1.19%	3.18%	0.75%	0.98%
FCF yield	—	11.5%	—	7.31%	1.74%	1.12%	2.32%	0.58%	3.27%	5.38%	4.68%
PEG	—	—	—	—	—	—	—	—	—	—	1.11

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	61%	60.9%	—	64%	64.8%	64.2%	67.4%	70.7%	71.2%	70.7%	83.2%
Operating margin	12.3%	9.78%	—	8.47%	3.79%	7.6%	11.8%	14.6%	12%	8.02%	14.3%
Net margin	12.4%	5.81%	—	6.32%	1.96%	5.55%	10.6%	12.5%	8.53%	1.61%	3.38%
ROE	17.3%	6.77%	—	7.38%	2.31%	6.97%	15%	19.9%	14.7%	2.33%	6.04%
ROA	8.02%	3.56%	—	3.95%	1.28%	4.4%	10.3%	11.3%	8.98%	1.1%	5.14%
ROIC	9.78%	6.89%	—	5.1%	3.32%	6.61%	17.6%	16.4%	13.2%	4.86%	8.17%
Return on tangible assets	-30.7%	-20.4%	—	-19%	-14%	-104%	63.9%	-6K%	73.9%	-6.28%	-18%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.41	3.3	—	2.59	2.32	2.97	2.81	1.59	3.05	2.35	2.55
Quick ratio	1.19	2.22	—	1.69	1.55	1.67	2.06	0.95	2	1.69	1.82
Debt / equity	0.81	0.66	—	0.63	0.56	0.37	0.2	0.45	0.41	0.81	0.8
Debt / assets	0.37	0.35	—	0.34	0.31	0.24	0.14	0.26	0.25	0.38	0.38
Net debt / EBITDA	3.25	2.31	—	2.26	2.68	1.34	-0.43	0.95	0.8	2.86	1.97
Interest coverage	3.82	3.54	—	4.75	2.14	13	18.6	13.4	9.74	1.99	2.82
Effective tax rate	0%	13.5%	—	25.7%	0%	14.4%	3.97%	9.45%	23%	35%	28.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	5.95	5.71	—	5.83	6.44	7.7	11	18.7	23.4	28.1	29.9
EPS (basic)	0.74	0.33	—	0.37	0.13	0.43	1.17	2.33	1.99	0.45	0.45
EPS (diluted)	0.68	0.32	—	0.35	0.12	0.41	1.11	2.21	1.92	0.44	0.98
Book value per share	4.27	4.9	—	4.99	5.46	6.13	7.83	11.7	13.5	19.4	19.8
FCF per share	0.11	1	—	0.72	0.47	0.29	1.91	1.14	2.05	3.26	4.69
Cash per share	0.22	1.09	—	0.95	1.17	0.85	2.3	1.98	2.65	4.97	5.83
Capex per share	0.17	0.19	—	0.19	0.13	0.09	0.03	0.16	0.33	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.8%	3.32%	—	3.33%	2.04%	1.23%	0.3%	0.85%	1.41%	—	—
Capex / operating cash flow	15.4%	11.9%	—	21%	29.9%	17.1%	2.07%	20.5%	7.95%	—	—
Payout ratio	0%	0%	—	—	—	—	—	—	—	—	0%
Dividend yield	—	0%	—	—	—	—	—	—	—	—	—

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$215.5M	$270.9M	$321.1M	$324.5M	$301.1M	$355.3M	$332.6M	$353.7M	$343.9M	$489.5M	$449.3M	$479.4M
YoY change	+76.1%	+84.9%	+71.4%	+50%	+39.7%	+31.1%	+3.58%	+9.02%	+14.2%	+37.8%	+35.1%	+35.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	10.1M	51.2M	53.9M	46.2M	57.8M	43.4M	120.8M	108.2M	148.7M	289.7M
Receivables	44.6M	36.7M	32.3M	29.7M	40.2M	45.6M	67.9M	123.8M	126M	174.6M
Inventory	62.7M	46.3M	43.8M	46.2M	56.8M	84.5M	81.3M	191.5M	187.2M	220.2M
Total current assets	123.6M	141.7M	137.3M	132.4M	170.1M	193M	303.3M	477.1M	540.6M	789.4M
Property, plant & equipment	18M	21.8M	16M	17.2M	13.8M	10.6M	7.9M	14M	28.8M	41.5M
Goodwill & intangibles	526.3M	512.1M	508.6M	547.5M	531.8M	515.6M	499.3M	1.1B	1.1B	2.8B
Total assets	417.2M	435.9M	431.7M	453.1M	487.4M	494.6M	595.6M	1.1B	1.2B	2.4B
Accounts payable	26.8M	20.5M	16.3M	12.4M	15.7M	19.2M	31.4M	81.1M	72.2M	97.5M
Short-term debt	8.6M	9.9M	14.4M	15.7M	20.6M	10.2M	10.1M	107.3M	7.6M	37.6M
Total current liabilities	51.4M	43M	45.1M	51.1M	73.3M	65M	108M	299.1M	177.1M	336.2M
Long-term debt	147.7M	140.5M	153.9M	137.3M	130.3M	106.8M	72.1M	183.3M	305.4M	879.3M
Total liabilities	223.4M	206.5M	216.5M	210.9M	217.7M	182.2M	184.6M	486.7M	487.3M	1.3B
Shareholders' equity	193.9M	229.3M	215.2M	242.2M	269.6M	312.4M	411M	642.6M	760.9M	1.1B
Total debt	156.3M	150.4M	168.4M	153M	150.9M	117M	82.2M	290.6M	313M	916.9M
Net debt	146.3M	99.2M	114.5M	106.8M	93.1M	73.6M	-38.6M	182.4M	164.3M	627.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	167.8M	72.7M	108.2M	109M	96.8M	73.8M	148.7M	170M	194.4M	196.8M	289.7M	344.2M
Receivables	86.7M	121.1M	123.8M	155.7M	146.6M	187.7M	126M	173.4M	154.7M	190.3M	174.6M	174.5M
Inventory	147.2M	204.5M	191.5M	199.6M	238.8M	214.8M	187.2M	170.4M	247.4M	220.6M	220.2M	246.8M
Total current assets	435.4M	454.9M	477.1M	530.5M	554M	559.1M	540.6M	602.5M	707.2M	701.6M	789.4M	859.8M
Property, plant & equipment	—	—	14M	—	—	—	28.8M	—	—	—	41.5M	—
Goodwill & intangibles	491.2M	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	2.9B	2.8B	2.8B	2.8B
Total assets	746.9M	1.1B	1.1B	1.2B	1.2B	1.3B	1.2B	1.3B	2.3B	2.3B	2.4B	2.5B
Accounts payable	63.7M	72.9M	81.1M	80M	93.6M	65.3M	72.2M	74.6M	109.3M	74M	97.5M	95.9M
Short-term debt	9.4M	107.4M	107.3M	111.4M	108.4M	108M	7.6M	7.8M	30.6M	42M	37.6M	37.6M
Total current liabilities	152.4M	302.9M	299.1M	299.8M	310.9M	293.9M	177.1M	184.7M	261.9M	254.3M	336.2M	337.7M
Long-term debt	72.3M	186.1M	183.3M	192.9M	192.8M	202.2M	305.4M	307M	887.2M	884.2M	879.3M	891.7M
Total liabilities	230.5M	494.1M	486.7M	501.2M	509.3M	497.4M	487.3M	510M	1.2B	1.2B	1.3B	1.3B
Shareholders' equity	516.4M	614.2M	642.6M	703.6M	727.7M	767.4M	760.9M	804.9M	1.1B	1.2B	1.1B	1.2B
Total debt	81.7M	293.5M	290.6M	304.3M	301.3M	310.2M	313M	314.8M	917.8M	926.1M	916.9M	929.3M
Net debt	-86.1M	220.8M	182.4M	195.2M	204.5M	236.4M	164.3M	144.8M	723.4M	729.3M	627.2M	585.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	5.3M	33.5M	15.5M	17.9M	6.2M	21.8M	61.5M	127.7M	112.1M	26.3M
Depreciation & amortization	13.2M	14.5M	17.9M	22.8M	25.2M	27.1M	22.2M	35.9M	44.1M	79.4M
Stock-based compensation	7.1M	13.5M	16.8M	15.5M	19.7M	19.6M	29.1M	40.6M	71.8M	86.9M
Change in working capital	-8.8M	-1.5M	23.8M	-9.4M	-24.7M	-37.6M	-23.7M	-149.8M	-5.8M	-10.2M
Operating cash flow	13.5M	49.1M	74.3M	44.9M	21.7M	28.1M	83.3M	42.2M	233.1M	212.5M
Capital expenditure	-9.2M	-7.5M	-8.9M	-9.4M	-6.5M	-4.8M	-1.7M	-8.7M	-18.5M	—
Investing cash flow	-9.1M	-10.4M	-8.9M	-35.3M	-6.5M	-4.8M	-1.7M	-284.7M	-19.1M	-582.8M
Dividends paid	-68M	0	0	—	—	—	—	—	—	—
Share repurchases	—	0	0	-7.9M	0	0	—	—	-67.1M	-50M
Financing cash flow	-4.9M	-7.2M	-7.6M	-16.7M	-31.4M	-55.6M	-22.7M	200.9M	-74.4M	533.9M
Net change in cash	-572K	31.4M	57.9M	-7.2M	-16.2M	-32.3M	58.8M	-41.5M	139.5M	163.6M
Free cash flow	-7.1M	4.8M	46.7M	34.9M	23M	14.7M	100.2M	62.5M	115.3M	190.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	33.3M	26.9M	14.5M	47.6M	19M	17.3M	28.3M	33.3M	3M	39.4M	-49.4M	66.6M
Depreciation & amortization	6.7M	11.9M	11.7M	11.1M	14.7M	11.6M	13.2M	13.2M	18.3M	21.6M	26.3M	26.1M
Stock-based compensation	11.2M	11M	11.2M	13M	21.6M	22.3M	14.8M	9.9M	29.5M	29.9M	17.7M	19.7M
Change in working capital	-46.6M	-69.6M	6.8M	-41.9M	-28.6M	-24.4M	89.1M	-29.4M	16.6M	-11.6M	14.2M	-28M
Operating cash flow	3.8M	-33.1M	43.9M	34.9M	21.2M	24.8M	152.1M	27.2M	23.4M	59.4M	102.5M	111.7M
Capital expenditure	-849K	-4.5M	-2.7M	-786K	-1.6M	-5.1M	-11.1M	—	—	—	—	—
Investing cash flow	-849K	-4.5M	-2.7M	-879K	-1.6M	-5.2M	-11.1M	-464K	0	-1.3M	0	-240K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	-50M	—	0	-50M	0	-50M
Financing cash flow	-1.9M	-629K	-106K	408K	-5.4M	-2.7M	-50.2M	121K	-50M	-57.5M	-7M	-55.5M
Net change in cash	1.1M	-38.3M	41.1M	34.4M	14.2M	16.9M	90.8M	26.9M	-26.6M	599K	95.5M	56M
Free cash flow	27.1M	-21.6M	34.3M	495K	9.5M	-19.8M	125M	20.1M	16.6M	52.8M	100.6M	110.2M

Elf Beauty Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement