# e.l.f. Beauty, Inc. (ELF)

> Source: Nexqual · https://nexqual.com/ELF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, e.l.f. Beauty, Inc. (ELF), nexqual.com/ELF" · informational, not investment advice.

**Price:** USD 114.99 (+1.06% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 113.78 · day 111.29–114.99 · 52w 48.82–132.37 · market cap $6.79B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.76B, net income $59.6M (3.4% margin), free cash flow $280M (SEC filings).
- Valuation: P/E 113.8x (avg 86.0x at the last 3 fiscal year-ends), EV/EBITDA 33.1x, net debt $490M.
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $31.6M; 20 not under a Rule 10b5-1 plan ($15.0M); 0 by opportunistic insiders, 30 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.28 on a 1–5 scale) (18 analysts), mean target USD 114.94 (range 65–137).
- Total return with dividends: 1Y -8.0% vs S&P 500 +14.9%; 5Y +276.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.59, revenue estimate $472M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $392M | $579M | $1.02B | $1.31B | $1.64B | $1.76B |
| Gross profit | $252M | $390M | $724M | $936M | $1.16B | — |
| Operating income | $29.8M | $68.1M | $150M | $158M | $73.6M | $127M |
| Net income | $21.8M | $61.5M | $128M | $112M | $26.3M | $59.6M |
| EPS (diluted) | $0.41 | $1.11 | $2.21 | $1.92 | $0.44 | — |
| Free cash flow | $14.7M | $100M | $62.5M | $115M | $190M | $280M |
| Gross margin | 64.2% | 67.4% | 70.7% | 71.2% | 70.7% | — |
| Operating margin | 7.6% | 11.8% | 14.6% | 12.0% | 4.5% | 7.2% |
| Net margin | 5.6% | 10.6% | 12.5% | 8.5% | 1.6% | 3.4% |
| Revenue growth | +23.3% | +47.6% | +76.9% | +28.3% | +24.6% | — |
| Cash + short-term investments | $43.4M | $121M | $108M | $149M | $290M | — |
| Total debt | $96.9M | $66.5M | $262M | $257M | $842M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 113.8x · P/S 3.9x · EV/EBITDA 33.1x · EV/Sales 4.1x · P/FCF 24.2x · P/B 5.8x · FCF yield 4.13% · Earnings yield 0.88% · Buyback yield (TTM) 1.47% · Net debt $490M · EV $7.28B
P/E at fiscal year-ends: Mar 2026 136.7x, Mar 2025 32.7x, Mar 2024 88.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 30 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Franks Joshua Allen | SVP, Operations | 7,926 | $873K | 6.2% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-10-12 | Franks Joshua Allen | SVP, Operations | 8,366 | $920K | 6.2% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-10-01 | Amin Tarang | Chief Executive Officer | 47,000 | $4.9M | 3.5% | Yes (adopted November 20, 2025) | Routine (sold in Apr & Jun & Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-08 | Fields Mandy J | See Remarks | 16,065 | $1.7M | 15% | Yes (adopted June 9, 2026) | Routine (sold in Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-08 | Franks Joshua Allen | SVP, Operations | 200 | $22K | 0.1% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Franks Joshua Allen | SVP, Operations | 5,512 | $606K | 3.8% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-19 | Franks Joshua Allen | SVP, Operations | 5,718 | $572K | 3.8% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-18 | Levitan Lauren Cooks | Director | 1,034 | $96K | 9% | No | Routine (sold in Feb & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-04 | Marchisotto Kory | See Remarks | 12,173 | $1.1M | 6.7% | Yes (adopted March 3, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Hartnett Jennifer Catherine | Chief Commercial Officer | 25,357 | $2.0M | 46.9% | Yes (adopted June 12, 2025) | Routine (sold in Jun & Sep each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Amin Tarang | Chief Executive Officer | 50,164 | $3.9M | 4.8% | Yes (adopted June 13, 2025) | Routine (sold in Apr & Jun & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-09 | Hartnett Jennifer Catherine | Chief Commercial Officer | 4,352 | $224K | 7.5% | No | Routine (sold in Jun & Sep each year 2023–2025) |
| 2026-06-09 | Franks Joshua Allen | SVP, Operations | 3,505 | $181K | 2.3% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-09 | Fields Mandy J | See Remarks | 4,327 | $223K | 3.9% | No | Routine (sold in Apr & Jun each year 2023–2025) |
| 2026-06-09 | Marchisotto Kory | See Remarks | 4,352 | $224K | 2.3% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-09 | Milsten Scott |  | 4,162 | $214K | 2.4% | No | Routine (sold in Jun & Dec each year 2023–2025) |
| 2026-06-04 | Hartnett Jennifer Catherine | Chief Commercial Officer | 10,318 | $536K | 15% | No | Routine (sold in Jun & Sep each year 2023–2025) |
| 2026-06-04 | Franks Joshua Allen | SVP, Operations | 6,854 | $356K | 4.3% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-04 | Fields Mandy J | See Remarks | 8,464 | $440K | 7.1% | No | Routine (sold in Apr & Jun each year 2023–2025) |
| 2026-06-04 | Marchisotto Kory | See Remarks | 8,512 | $442K | 4.4% | No | Routine (sold in Jun each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.28 on a 1–5 scale), 18 analysts; mean target USD 114.94 (low 65, high 137).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Canaccord Genuity | Target raised | Buy | $123 → $137 |
| 2026-10-19 | JP Morgan | Target raised | Overweight | $106 → $130 |
| 2026-10-19 | Jefferies | Target raised | Buy | $100 → $132 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $90 → $103 |
| 2026-10-14 | Citigroup | Target raised | Buy | $118 → $130 |
| 2026-10-07 | Baird | Target raised | Outperform | $105 → $120 |
| 2026-10-01 | Raymond James | Target raised | Strong Buy | $100 → $117 |
| 2026-09-17 | Bernstein | Target raised | Outperform | $121 → $127 |
| 2026-09-16 | B. Riley Securities | Target raised | Buy | $100 → $115 |
| 2026-09-15 | B of A Securities | Target raised | Buy | $100 → $118 |
| 2026-09-14 | Citigroup | Target raised | Buy | $100 → $118 |
| 2026-08-27 | Canaccord Genuity | Target raised | Buy | $110 → $123 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.0% | +276.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.1% | +30.3% |
| Volatility (annualized) | 70.3% | 60.3% |
| Max drawdown | -62.4% (Oct 2025→Jun 2026) | -77.2% (Feb 2024→Jun 2026) |

## Peers (Household & Personal Products)
CLX (Clorox Company (The)) USD 88.66 +4.59% · IPAR (Interparfums, Inc.) USD 116.07 +2.54% · COTY (Coty Inc.) USD 3.21 +5.25% · NWL (Newell Brands Inc.) USD 5.73 +3.06% · SPB (Spectrum Brands Holdings, Inc.) USD 81.03 +2.62% · CHD (Church & Dwight Company, Inc.) USD 108.86 +3.68%

## More
Full page: https://nexqual.com/ELF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ELF's own 10-K filed 2026-05-21 (https://www.sec.gov/Archives/edgar/data/1600033/000160003326000020/elf-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "We have strong relationships with our retail customers such as Target, Walmart, Amazon, Sephora and other leading retailers that have enabled us to expand distribution both domestically and internationally." |
| Customer | Amazon (AMZN) | "We have strong relationships with our retail customers such as Target, Walmart, Amazon, Sephora and other leading retailers that have enabled us to expand distribution both domestically and internationally." |
| Partner | ByteDance | "On January 22, 2026, ByteDance finalized a deal that resolves national security concerns and complies with the Protecting Americans from Foreign Adversary Controlled Applications Act by removing TikTok in the United Stat…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $368.0M | 76.8% | +29.3% |
| International | $111.3M | 23.2% | +61.0% |
| Total revenue | $479.4M | 100% | — |

## Customer concentration

Period ended 2026-03-31: 18%, 13%, 11%, 10% of revenue from unnamed direct customers (10-K, filed 2026-05-21).

## Company outlook (8-K filed 2026-08-05)

- "Fiscal 2027 Outlook – OAKLAND, California;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.59 | $0.68 | -13.1% | $471.9M | 19 |
| Next quarter (ends 2026-12-31) | $0.86 | $1.19 | -27.5% | $536.3M | 18 |
| Current fiscal year (ends 2027-03-31) | $3.64 | $3.32 | +9.7% | $1.98B | 18 |
| Next fiscal year (ends 2028-03-31) | $3.92 | $3.67 | +6.9% | $2.15B | 18 |