ELF
e.l.f. Beauty, Inc.
ELF's fundamentals are strong: revenue grew 40% and free cash flow grew 94%. At 78x earnings, it's trading right at its usual valuation. Analysts expect that strong growth to continue, though they disagree widely on how much.
ELF Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Healthy |
ELF's revenue, profitability, cash flow and balance sheet are all currently healthy.
ELF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 34x | $114 | — |
| Cheap | 55x | $79.99 | -30% |
| Fair | 76x | $111 | -2.5% |
| Current | 78x | $114 | — |
| Expensive | 122x | $177 | +55% |
Historical ranges are pointers, not guarantees.
ELF's PE is in its fair range at 78x. If earnings grow as analysts expect, today's price would be 34x next year's earnings, in its cheap range.
ELF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for ELF, with profitability improving. However, they disagree widely on these estimates.
ELF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.32 | +129% |
| Q3 2026 | $1.45 | +2.1% |
| Q2 2026 | $1.00 | -41% |
| Q1 2026 | $0.46 | -76% |
| Q4 2025 | $1.77 | +4.7% |
| Q3 2025 | $1.42 | -23% |
| Q2 2025 | $1.70 | -19% |
| Q1 2025 | $1.93 | -13% |
| Q4 2024 | $1.69 | -25% |
ELF's earnings per share have fallen from their peak: $1.45 over the past year, against $2.26 in late 2023.
ELF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $520.8M | +51% |
| Q2 2026 | $479.4M | +36% |
| Q1 2026 | $449.3M | +35% |
| Q4 2025 | $489.5M | +38% |
| Q3 2025 | $343.9M | +14% |
| Q2 2025 | $353.7M | +9% |
| Q1 2025 | $332.6M | +3.6% |
| Q4 2024 | $355.3M | +31% |
ELF's revenue has grown year over year every quarter since late 2020: $521M last quarter, up 51% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +7.8 points |
| Q2 2026 | 21% | +7.6 points |
| Q1 2026 | -11% | -25 points |
| Q4 2025 | 14% | +3.9 points |
| Q3 2025 | 2.2% | -7 points |
| Q2 2025 | 14% | -1.9 points |
| Q1 2025 | 13% | +8 points |
| Q4 2024 | 9.9% | -1.9 points |
ELF's operating margin was 10% last quarter, up 7.8 points from the same quarter a year ago.
ELF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.1M | -27% |
| Q2 2026 | $110.2M | +447% |
| Q1 2026 | $100.6M | -20% |
| Q4 2025 | $52.8M | +$72.5M |
| Q3 2025 | $16.6M | +74% |
| Q2 2025 | $20.1M | +3968% |
| Q1 2025 | $125M | +264% |
| Q4 2024 | -$19.8M | +$1.9M |
ELF generated $276M in free cash flow over the past year, up 94% from the year before.
ELF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +362K shares |
| 1 year | +0.8% | +495K shares |
| 3 years | +4.6% | +2.7M shares |
| 5 years | +12% | +6.5M shares |
| Available history | +18% | +9.1M shares |
ELF has 60M diluted shares, up 0.8% from a year ago, despite $100M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $50M |
| Q1 2026 | — |
| Q4 2025 | $50M |
| Q1 2025 | $50M |
| Q4 2024 | — |
| Q1 2021 | — |
| Q4 2020 | — |
ELF spent $100M buying back its own shares over the past year.
ELF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.8x | Healthy |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 3.6x | Elevated |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 0.4x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 1.0x | Healthy |
ELF's net debt is about 1.8 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
ELF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.2 | Neutral |
| Stochastic | 79.4 | Neutral |
ELF's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
ELF PE vs Consumer Defensive Sector
| Metric | ELF | Sector median | Relative |
|---|---|---|---|
| PE | 78x | 19x | 302% above |
| PE % | 52 | 18 | 34 pts above |
ELF is trading at 78x earnings, a 302% premium to the Consumer Defensive sector's median of 19x.
ELF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $110.3 | 2.9% above |
| 20 week MA | $98.4 | 15% above |
| 50 week MA | $83.0 | 37% above |
| 100 week MA | $92.1 | 23% above |
| 200 week MA | $111.6 | 1.7% above |
ELF has climbed back above all five of its weekly moving averages, and it's now 1.7% above its 200-week average.
ELF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.0 | $23.3 | +46% |
| 2021 | $23.3 | $31.6 | +35% |
| 2022 | $31.6 | $54.5 | +72% |
| 2023 | $54.5 | $144.3 | +165% |
| 2024 | $144.3 | $127.8 | -11% |
| 2025 | $127.8 | $80.4 | -37% |
| 2026 YTD | $80.4 | $113.5 | +41% |
ELF has finished higher in four of the last six years, two of them by more than 50%. It's up 41% so far in 2026.