At a glance
ELF Beauty Inc is worth $6.81B, about 262 times its fiscal 2026 earnings. Revenue grew 24.6% to $1.64B in fiscal 2026, with 1.6% kept as profit; over 5 years it has grown 38.8% a year. It pays no dividend; it spent $117.0M buying back its shares over FY2022–FY2026. The stock returned −12.4% over the past year with dividends reinvested and +28.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.4% in the 2020 crash (S&P 500: 33.7%) and 36.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 2 months after the lows.
The business in plain English
e.l.f. Beauty sells affordable makeup, beauty tools and skin care under five brands: e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium and Well People. Every brand is vegan and certified cruelty-free. Its 10-K, filed May 21, 2026, cites Nielsen figures that put e.l.f. Cosmetics' average US price at about $7. That compares with $10 for other leading mass-market brands and $30 for prestige brands. The rhode skin care line, founded by Hailey Rhode Bieber, joined through an acquisition. The Keys Soulcare brand was transferred to Alicia Keys in May 2026.
The company makes money by selling to retail chains, which resell to shoppers, and through e-commerce. That includes its own websites and sites such as Amazon and TikTok Shop. In the fiscal year ended March 31, 2026, net sales were about $1.64 billion: 76% through retailers and 24% through e-commerce. Four customers made up about half of sales: Target (18%), Walmart (13%), Amazon (11%) and Sephora (10%).
The US supplied 79% of net sales, about $1.29 billion. International markets, mainly the UK, Canada and Germany, supplied the other 21%, about $344 million. The supply chain is "asset-light," meaning partners do the heavy lifting: outside manufacturers, mostly in China, make the products, and outside logistics firms run the warehouses. Marketing focuses on digital and social media and cost $399.8 million, about 24% of net sales.
Price history
The interactive chart needs JavaScript.
ELF -12.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.29B | 79% |
| International | $344.1M | 21% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $479.4M, up 35.5% from a year earlier, and net income was $66.6M (+99.9%).
- For fiscal 2026, revenue was $1.64B (+24.6% year over year; +38.8% a year from FY2021 to FY2026) with a 1.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +38.8% good |
|---|---|
| Operating margin | 4.5% weak |
| Free cash flow margin | 11.6% good |
| Return on equity (FY2026) | 2.3% weak |
| Return on assets (FY2026) | 1.1% weak |
| Net cash (cash minus debt) | $-489.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $318.1M | $6.2M | $23.0M |
| FY2022 | $392.2M | $21.8M | $14.7M |
| FY2023 | $578.8M | $61.5M | $100.2M |
| FY2024 | $1.02B | $127.7M | $62.5M |
| FY2025 | $1.31B | $112.1M | $115.3M |
| FY2026 | $1.64B | $26.3M | $190.1M |
Valuation snapshot
| Market value | $6.81B |
|---|---|
| P/E ratio | 262.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
ELF Beauty’s market value went from $1.31B at the end of 2016 to $6.81B on Oct 28, 2026, about 5.2 times as much; since the end of 2025 it is up 50%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.81B | +50.2% |
| 2025 | $4.53B | -35.9% |
| 2024 | $7.07B | -11.2% |
| 2023 | $7.97B | +172.2% |
| 2022 | $2.93B | +69.4% |
| 2021 | $1.73B | +34.4% |
| 2020 | $1.29B | +59.4% |
| 2019 | $806.5M | +93.0% |
| 2018 | $417.9M | -59.5% |
| 2017 | $1.03B | -21.2% |
| 2016 | $1.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ELF price data to Oct 28, 2026 | +51.8% | -12.4% | +4.1% | +28.8% | +15.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +51.8% |
| 2025 | -39.4% |
| 2024 | -13.0% |
| 2023 | +161.0% |
| 2022 | +66.5% |
| 2021 | +31.8% |
| 2020 | +56.2% |
| 2019 | +86.3% |
| 2018 | -61.2% |
| 2017 | -22.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.6% over that stretch · deepest drop along the way 58.4%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.8% over that stretch · deepest drop along the way 36.5%, back to its old high 1.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 26 sales ($17.6M), 21 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 1, 2026 | Tarang Amin Chief Executive Officer, Director | sell (plan) | $2.4M |
| Oct 1, 2026 | Tarang Amin Chief Executive Officer, Director | sell (plan) | $2.3M |
| Jul 1, 2026 | Tarang Amin Chief Executive Officer, Director | sell (plan) | $2.1M |
| Jul 1, 2026 | Jennifer Catherine Hartnett Chief Commercial Officer | sell (plan) | $2.0M |
| Jul 1, 2026 | Tarang Amin Chief Executive Officer, Director | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| BAILLIE GIFFORD & CO | 11.9% | Jun 30, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.9% | Mar 31, 2025 |
ETFs with the most weight in ELF
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.71% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.41% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.3% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.29% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.27% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 0.24% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.24% |
| TMFX Motley Fool Next Index ETF | 0.19% |
What could go wrong
- Four retailers bring in about half of sales. Target, Walmart, Amazon and Sephora made up 18%, 13%, 11% and 10% of net sales in fiscal 2026. None is obliged to keep ordering, so losing shelf space at one could hurt results.
- The rhode deal may not pay off. e.l.f. acquired rhode (HRBeauty LLC). The 10-K warns that the assumptions behind the deal may prove materially wrong. It also says success depends on integrating the brand and keeping key people tied to rhode.
- Tariffs and reliance on Chinese manufacturing. Outside manufacturers make the products, mainly in China. New tariffs, trade restrictions or trade wars could raise costs or disrupt supply. The 10-K also lists its significant China operations as a separate risk.
- Rapid growth may not last. Sales grew about 39% a year from fiscal 2021 to 2026, and the 10-K warns that pace may not continue. In fiscal 2026, net income fell 76.5% to about $26 million, despite 24.6% sales growth.
- Fickle trends and much bigger rivals. Beauty trends shift fast, and growth relies on hit launches that can flop. Giants such as L'Oréal and Estee Lauder often have more money and shelf space, and can undercut prices with heavy discounts.
- More debt than cash on hand. As of June 30, 2026, total debt was about $834 million, against about $344 million in cash and investments. The 10-K warns debt could strain the business if cash flow falls short.
Recent events
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
e.l.f. Beauty pays no dividend, and its 10-K says it has no plans to pay cash dividends. For income investors, that means any return must come from a rising share price. The company repurchased $117 million of stock in fiscal 2025 and 2026. Even so, the share count rose 13.4%, from about 52.0 million in October 2021 to 59.0 million by July 30, 2026. That shrank each share's slice of the company.
Downturns have hit the stock hard. In the 2020 COVID crash it dropped 58.4% between February 19 and March 18, 2020. It regained its peak by July 7, about 3.6 months later. In the 2022 market slump it fell 36.5% by May 24 and recovered by July 20. Over the market's full slide, from January 3 to October 12, it still gained 20.8%. Its worst peak-to-trough fall in the three years to October 28, 2026, was 77.3%. A single stock like this carries more risk than a diversified fund.
Questions investors ask
Does e.l.f. Beauty pay a dividend?
No. e.l.f. Beauty pays no dividend, and its 10-K says it has no plans to pay cash dividends. The company has repurchased shares instead: $67.1 million in fiscal 2025 and $50.0 million in fiscal 2026, the year ended March 31, 2026. Even so, the share count grew 13.4% from October 2021 to July 2026. For income investors, that means no regular payments. Any return depends on the share price rising.
How does e.l.f. Beauty make money?
It sells affordable makeup and skin care under five brands, including e.l.f. Cosmetics and rhode. In the fiscal year ended March 31, 2026, net sales were about $1.64 billion. Retailers such as Target, Walmart and Sephora brought in 76%, and e-commerce brought in 24%. The US supplied 79%. Gross margin, the share of sales left after product costs, was 70.7%. After $399.8 million of marketing and digital spending and other expenses, the operating margin was 4.5%. That is profit from day-to-day operations as a share of sales.
Does e.l.f. Beauty own rhode?
Yes. e.l.f. Beauty acquired HRBeauty LLC, the company behind rhode, a skin care line founded by Hailey Rhode Bieber. rhode sits alongside e.l.f. Cosmetics, e.l.f. SKIN, Naturium and Well People. It was named to Fast Company's list of "The World's Most Innovative Companies of 2026." The 10-K also flags risks. The assumptions behind the deal may prove materially inaccurate, and success depends partly on integrating rhode and keeping its key people.
Why is e.l.f. Beauty's P/E ratio so high?
Mainly because earnings shrank. The P/E ratio is the share price divided by a year's earnings per share. It was 262.3 as of October 28, 2026, using fiscal 2026 earnings of $0.44 per share, down from $1.92 in fiscal 2025. Net income fell 76.5% in the year ended March 31, 2026, even as sales grew 24.6%. In the quarter ended June 30, 2026, net income rose 99.9% from a year earlier to about $66.6 million, on sales up 35.5%.
Is e.l.f. Beauty stock volatile?
Yes, very. Volatility measures how widely the price swings. As of October 28, 2026, the shares' one-year volatility was 71.2%. Their beta was 1.76, meaning they tended to move about 1.76 times as much as the broad market. The stock fell 13.0% in 2024 and 39.4% in 2025, then rose 51.8% in 2026 through October 28. Over the five years to that date, the price rose about 28.8% a year. But its worst peak-to-trough drop in three years was 77.3%.