e.l.f. Beauty, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data e.l.f. Beauty, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	230	270	267	283	318	392	579	1,024	1,314	1,636
Cost of revenue	97.3	105	105	102	112	140	188	300	378	479
Gross profit	132	165	163	181	206	252	390	724	936	1,157
Selling, general and administrative	109	131	137	157	194	222	322	574	778	1,026
Operating income	23.1	33.3	26.2	30	9.4	29.8	68.1	150	158	73.6
Interest expense	16.3	8.78	7.82	6.31
Other non-operating income	3.02	-2.04	-0.39	0.43	-1.62	-1.44	-1.88	1.21	1.29	2.79
Pre-tax income	9.81	22.5	18	24.1	3.69	25.4	64.1	141	145	40.5
Income tax	4.5	-11	2.43	6.19	-2.54	3.66	2.54	13.3	33.4	14.1
Net income	5.31	33.5	15.5	17.9	6.23	21.8	61.5	128	112	26.3
EBITDA	36.2	47.8	44	52.8	34.6	56.9	85.7	180	202	153
EPS, basic	-39.47	0.74	0.33	0.37	0.13	0.43	1.17	2.33	1.99	0.45
EPS, diluted	-39.47	0.68	0.32	0.35	0.12	0.41	1.11	2.21	1.92	0.44
Shares, basic (weighted)	12.6	45.4	46.8	48.5	49.4	50.9	52.5	54.7	56.2	58.3
Shares, diluted (weighted)	12.6	49.4	49.3	50.8	52	53.7	55.3	57.8	58.3	59.4
Dividend per share	1.79

Balance sheet

	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	15.3	10.1	51.2	46.2	57.8	43.4	121	108	149	290
Receivables	37.8	44.6	36.7	29.7	40.2	45.6	67.9	124	126	175
Inventory	69.4	62.7	46.3	46.2	56.8	84.5	81.3	191	187	220
Other current assets	2.39	6.27	7.47	10.3	15.4	19.6	33.3	53.6	78.7	105
Total current assets	125	124	142	132	170	193	303	477	541	789
Property, plant and equipment	17.2	18	21.8	17.2	13.8	10.6	7.87	14	28.8	41.5
Lease right-of-use assets				13.7	22.7	18.2	14.1	27.4	54.2	61.7
Goodwill	157	157	157	171	172	172	172	341	341	853
Intangible assets	113	106	98.8	102	94.3	86.2	78	225	208	553
Other non-current assets	2.41	9.54	13.4	27	34.7	30.4	34.7	72.5	131	157
Total assets	415	417	436	453	487	495	596	1,129	1,248	2,394
Accounts payable	37.9	26.8	20.5	12.4	15.7	19.2	31.4	81.1	72.2	97.5
Accrued liabilities	33.7	15.9	12.7	26.2	41.4	40	71	118	105	182
Short-term debt	8.65	8.65	9.86	12.6	16.3	5.79	5.58	100	0	30
Total current liabilities	80.3	51.4	43	51.1	73.3	65	108	299	177	336
Long-term debt	156	148	141	126	110	91.1	60.9	162	257	809
Lease liabilities			0	11.2	20.1	15.7	11.2	21.5	48.7	69.9
Other non-current liabilities	3.21	2.98	2.77	0.59	0.6	0.77	0.78	0.62	1.06	3.47
Total liabilities	274	223	207	211	218	182	185	487	487	1,264
Total debt	165	156	150	139	127	96.9	66.5	262	257	842
Paid-in capital	701	720	740	753	774	795	832	936	942	1,285
Retained earnings	-560	-527	-512	-512	-505	-484	-422	-294	-182	-156
Other comprehensive income							0	-0.05	0.52	0.88
Shareholders' equity	141	194	229	242	270	312	411	643	761	1,131
Total equity	141	194	229	242	270	312	411	643	761	1,131
Total liabilities and equity	415	417	436	453	487	495	596	1,129	1,248	2,394
Shares outstanding	45.3	46.6	48.7	50	51.6	52.2	53.8	55.6	55.7	59.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5.31	33.5	15.5	17.9	6.23	21.8	61.5	128	112	26.3
Depreciation and amortization	13.2	14.5	17.9	22.8	25.2	27.1	17.6	30.2	44.1	79.4
Stock-based compensation	7.15	13.5	16.8	15.5	19.7	19.6	29.1	40.6	71.8	86.9
Deferred income tax	-7.58	-13.4	-0.94	2.44	-8.58	-3.7	-6.4	-3.28	0.53	-3.54
Change in receivables	-15.4	-8	7.65	2.5	-10.5	-5.6	-22.4	-49.6	-2.74	-17.5
Change in inventory	-38	6.72	16.3	-0.44	-10.9	-27.7	3.17	-93.9	4.87	7.33
Change in payables	43.1	-25.5	-10.3	5.96	17.5	1.5	43	81.2	-23.4	75.3
Cash from operations	2.12	12.4	55.6	44.3	29.5	19.5	102	71.2	134	213
Capital expenditures	-9.22	-7.54	-8.87	-9.42	-6.47	-4.82	-1.72	-8.66	-18.5	-22.4
Acquisitions		0	0	-25.9	0	0	0	-275	0	-582
Purchases of investments	0	-2.88	0	0		0	0	-1.03
Cash from investing	-9.14	-10.4	-8.87	-35.3	-6.47	-4.82	-1.72	-285	-19.1	-605
Debt issued	173	0	0	0	0	25.6	0	115	257	600
Debt repaid	-152	-8.25	-8.25	-9.49	-11.8	-54.5	-30	-7.88	-173	-15
Stock issued	64.1	1.98	3.18	1.49	1.5	1.68	8.05	5.56	0.95	5.8
Share buybacks		0	0	-7.9	0	0	0	0	-67.1	-50
Cash from financing	8.31	-7.2	-5.56	-16.7	-11.4	-29.1	-22.7	201	-74.4	534
Net change in cash	1.29	-5.24	41.1	-7.71	11.6	-14.4	77.4	-12.6	40.5	141
Free cash flow	-7.1	4.83	46.7	34.9	23	14.7	100	62.5	115	190
Interest paid	12.2	8.16	7.12	6.3	3.02	1.76	3.55	11.3	15.7	37.4
Income taxes paid	8.47	5.67	4.09	0.18	2.3	7.57	13.4	12.4	25.3	21.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $99.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.4%	Gross profit / revenue.
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	12.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.7%	Pre-tax income / revenue.
Net margin	3.4%	Net income / revenue.
FCF margin	15.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Effective tax rate	28.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	63.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	41.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	43.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	41.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-53.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	50.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-76.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	33.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-77.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-26.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	48.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	64.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	52.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	48.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	40.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	33.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	91.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	59.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.55x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.9%	Total debt / total assets.
Liabilities / assets	52.5%	Total liabilities / total assets.
Net debt	$489.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$522.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	56.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$226.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	44.4x	Revenue / average property, plant and equipment.
Inventory turnover	1.83x	Cost of revenue / average inventory.
Days inventory	200 days	365 x average inventory / cost of revenue.
Receivables turnover	10.1x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	158 days	Days inventory + days sales outstanding - days payables.
FCF conversion	470.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.50	Revenue / diluted weighted shares.
FCF per share	$4.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.97	Cash from operations / diluted weighted shares.
Book value per share	$19.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.84	Tangible book value / shares outstanding.
Cash per share	$5.84	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	35.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.87B	Share price x shares outstanding.
Enterprise value	$6.36B	Market cap + total debt - cash - short-term investments.
P/E	98.5x	Market cap / net income. Only when net income is positive.
P/S	3.33x	Market cap / revenue.
P/B	5.02x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.8x	Market cap / cash from operations, when positive.
EV/Sales	3.61x	Enterprise value / revenue.
EV/EBIT	49.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was e.l.f. Beauty, Inc.'s revenue in fiscal 2026?

e.l.f. Beauty, Inc. reported revenue of $1.64B for fiscal 2026, 24.6% higher than the year before.

Was e.l.f. Beauty, Inc. profitable in fiscal 2026?

Yes. Net income was $26.3M, a net margin of 1.6%.

How much free cash flow did e.l.f. Beauty, Inc. generate in fiscal 2026?

Cash from operations of $212.5M minus capital expenditures of $22.4M left free cash flow of $190.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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