At a glance
Estee Lauder Companies Inc is worth $37.96B, about 210 times its fiscal 2026 earnings. Revenue grew 5.0% to $15.05B in fiscal 2026, with 1.2% kept as profit; over 5 years it has grown 1.5% a year. It pays a 1.34% dividend yield, and returned $6.56B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +9.9% over the past year with dividends reinvested and −19.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 42.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Estée Lauder makes and markets prestige skin care, makeup, fragrance and hair care products. Founded in 1946 by Estée and Joseph Lauder, the company manages more than 20 luxury and prestige brands and reaches consumers in about 150 countries and territories. Six brands each bring in $1 billion or more in yearly net sales: Estée Lauder, La Mer, M·A·C, Clinique, Jo Malone London and TOM FORD. The next tier, between $400 million and $1 billion, consists of The Ordinary, Le Labo, Bobbi Brown and Aveda.
The company operates as a wholesaler: retailers stock its products and handle the final sale. Those retailers include department stores, duty-free shops, multi-brand beauty chains, upscale perfumeries, pharmacies, salons and spas, both in stores and online. It also reaches shoppers directly through its own freestanding stores, brand websites and third-party online platforms. A further source of income is royalties from licensing the TOM FORD name, which it owns, for fashion and eyewear.
In the fiscal year ended June 30, 2026, revenue was about $15.0 billion, up 5% from the year before. Mainland China supplied 26% and the U.S. 25%; all other countries made up the remaining 49%. The Lauder family has controlled the company since its founding and held about 82% of shareholder voting power as of August 12, 2026.
Price history
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EL +9.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| All other countries | $7.37B | 49% |
| Mainland China | $3.93B | 26.1% |
| U.S. | $3.75B | 24.9% |
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $3.71B, up 6.7% from a year earlier, and net income was $233.0M (+395.7%).
- For fiscal 2026, revenue was $15.05B (+5.0% year over year; -1.5% a year from FY2021 to FY2026) with a 1.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -1.5% weak |
|---|---|
| Operating margin | 5.2% watch |
| Free cash flow margin | 8.7% watch |
| Return on equity (FY2026) | 4.8% weak |
| Return on assets (FY2026) | 0.9% weak |
| Net cash (cash minus debt) | $-3.55B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $16.21B | $2.87B | $2.99B |
| FY2022 | $17.74B | $2.39B | $2.00B |
| FY2023 | $15.91B | $1.01B | $728.0M |
| FY2024 | $15.61B | $390.0M | $1.44B |
| FY2025 | $14.33B | $-1.13B | $670.0M |
| FY2026 | $15.05B | $182.0M | $1.32B |
Valuation snapshot
| Market value | $37.96B |
|---|---|
| P/E ratio | 209.5 |
| Dividend yield | 1.34% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EL price data to Nov 2, 2026 | +1.1% | +9.9% | -1.1% | -19.7% | +3.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.1% |
| 2025 | +42.1% |
| 2024 | -47.6% |
| 2023 | -40.1% |
| 2022 | -32.3% |
| 2021 | +40.0% |
| 2020 | +29.8% |
| 2019 | +60.3% |
| 2018 | +3.4% |
| 2017 | +68.7% |
| 2016 | -11.9% |
| 2015 | +17.0% |
| 2014 | +2.3% |
| 2013 | +27.2% |
| 2012 | +7.9% |
| 2011 | +46.9% |
| 2010 | +67.7% |
| 2009 | +57.1% |
| 2008 | -28.3% |
| 2007 | +7.5% |
| 2006 | +22.7% |
| 2005 | -26.4% |
| 2004 | +17.1% |
| 2003 | +49.3% |
| 2002 | -17.2% |
| 2001 | -26.6% |
| 2000 | -12.9% |
| 1999 | +18.2% |
| 1998 | +66.7% |
| 1997 | +1.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.3% over that stretch · deepest drop along the way 62.5%, back to its old high 10.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.1% over that stretch · deepest drop along the way 32.1%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.5% over that stretch · deepest drop along the way 42.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 7 sales ($11.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Paul J Fribourg Director | sell | $4.4M |
| Sep 14, 2026 | Paul J Fribourg Director | sell | $2.7M |
| Sep 14, 2026 | Paul J Fribourg Director | sell | $1.6M |
| Sep 14, 2026 | Paul J Fribourg Director | sell | $1.4M |
| Aug 28, 2026 | Lande Rashida La Exec VP & General Counsel | sell | $802K |
Who owns it
Large shareholders (13G filings)
| LAL Family Corporation | 21.9% | Dec 31, 2025 |
| LAL Family Partners L.P. | 21.9% | Dec 31, 2025 |
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| MANAGED ACCOUNT ADVISORS LLC | 7.5% | Jun 30, 2026 |
| BlackRock, Inc. | 7.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.97% | Sep 30, 2026 |
| FMR LLC | 4.4% | Jun 30, 2026 |
| William P. Lauder | 3.5% | Dec 31, 2024 |
| Capital World Investors | 3.4% | Dec 31, 2025 |
| Gary M. Lauder | 0.02% | Dec 31, 2024 |
| Ronald S. Lauder | 0.01% | Apr 8, 2026 |
ETFs with the most weight in EL
| CAMX Cambiar Aggressive Value ETF | 2.49% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 2.06% |
| EAGL Eagle Capital Select Equity ETF | 1.78% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 1.77% |
| FLV American Century Focused Large Cap Value ETF | 1.35% |
| RSPE Invesco ESG S&P 500 Equal Weight ETF | 0.47% |
| VOE Vanguard Mid-Cap Value ETF | 0.35% |
| KXI iShares Global Consumer Staples ETF | 0.33% |
What could go wrong
- Heavy reliance on mainland China. Mainland China supplied 26.1% of revenue in fiscal 2026, more than the U.S. The 10-K warns that failing to compete effectively in key countries such as China could seriously hurt the business.
- The Lauder family controls major decisions. Family members held about 82% of voting power as of August 12, 2026. They can block or cause a sale, and NYSE controlled-company status lets it skip some governance rules meant to protect other shareholders.
- Shrinking traffic at department stores. In the U.S., the company's department store customers have seen a longer-term decline in shopper traffic. Retail consolidation, a big customer's change in strategy or a bankruptcy could hurt sales.
- The Beauty Reimagined plan may fall short. Net income fell from $2.87 billion in fiscal 2021 to $182 million in fiscal 2026. The plan, launched in February 2025, requires spending on new capabilities and technology; if it stalls, profits may stay thin.
- Fast-changing tastes and newer rivals. Beauty trends shift fast on social media. Rivals range from better-funded multinationals to newer indie brands, some backed by private equity, and growth can hinge on just a few brands or countries.
- Luxury spending drops in hard times. Prestige beauty is a discretionary purchase, meaning people can easily put it off. An economic downturn can cut consumer spending and weaken the retailers that carry the company's brands.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Unregistered sale of shares; Other company announcement
For income and retirement investors
Estée Lauder pays a dividend but has cut it two years running. Dividends per share fell from $2.64 in fiscal 2024 to $1.71 in fiscal 2025 and $1.40 in fiscal 2026 (years end June 30). The yield was 1.28% as of October 28, 2026. Fiscal 2026 dividends were about 279% of earnings, so profit did not cover them, but 39% of free cash flow, the cash left after business spending. Buybacks totaled $2.72 billion over fiscal 2022–2026, mostly in fiscal 2022; since fiscal 2024 they have been $70 million a year or less.
The stock has fallen hard in downturns. It lost 62.5% in the 2008 financial crisis and regained its peak about 10 months after the March 2009 low. It fell 32.1% in the 2020 COVID crash and recovered in about five months. It dropped 42.1% in the 2022 bear market and had not recovered by October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Estée Lauder make money?
Estée Lauder makes money by developing and marketing prestige skin care, makeup, fragrance and hair care products, then supplying them to retailers such as department stores, duty-free shops, perfumeries, pharmacies, salons and online platforms. It also reaches shoppers directly through its own stores and brand websites, and earns royalties by licensing the TOM FORD name for fashion and eyewear. Its largest brands are Estée Lauder, La Mer, M·A·C, Clinique, Jo Malone London and TOM FORD. Revenue was about $15.0 billion in the fiscal year ended June 30, 2026.
Did Estée Lauder cut its dividend?
Yes. Annual dividends per share fell from $2.64 in fiscal 2024 to $1.71 in fiscal 2025 and $1.40 in fiscal 2026, so there is no streak of increases. From fiscal 2021 to 2026, dividends per share shrank about 7.5% a year on average. The yield was 1.28% as of October 28, 2026. Fiscal 2026 dividends far exceeded earnings but used about 39% of free cash flow, the cash left after running and investing in the business.
How much of Estée Lauder's sales come from China?
About a quarter. In the fiscal year ended June 30, 2026, mainland China generated $3.93 billion, or 26.1% of revenue, slightly more than the U.S. at $3.75 billion, or 24.9%. All other countries together made up the remaining 49%. The 10-K names China, along with the U.S., as a key country where failing to compete effectively could seriously hurt the business.
Why is Estée Lauder's P/E ratio so high?
Because earnings per share have dropped much further than the share price. The price-to-earnings (P/E) ratio, which divides the share price by a year's profit per share, was about 219 as of October 28, 2026. That reflects fiscal 2026 earnings of just $0.50 per share, down from $7.79 in fiscal 2021. Net income was $182 million on $15.0 billion of revenue, a net margin (profit as a percentage of revenue) of 1.2%, following a $1.13 billion loss in fiscal 2025.
Does the Lauder family still control Estée Lauder?
Yes. Members of the Lauder family held Class A and Class B shares carrying about 82% of the company's voting power as of August 12, 2026. Some family members serve as directors, executives or employees. That control lets them approve, block or influence major decisions, including any sale of the company. Estée Lauder is therefore a "controlled company" under New York Stock Exchange rules and relies on exemptions from some governance requirements designed to protect other shareholders.