e.l.f. Beauty, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Mar 2026, United States was 79% and Outside the United States was 21% of revenue; United States fell from 85% in the fiscal year to Mar 2024.

Quarters: e.l.f. Beauty, Inc.'s SEC filings, named by the month they end. Fiscal years: e.l.f. Beauty, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $1.6 ends up as net income. Net margin fell from 10.6% to 1.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: e.l.f. Beauty, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report e.l.f. Beauty buys from SAP, PayPal, Afterpay and 4 more; sells to Target, Walmart, Amazon and 1 more.

Suppliers

Afterpay XYZ

PayPal PYPL

SAP SAP

6

601 City Center

Apple Pay

J

Jurupa Gateway

R

Redwood Property Investors III

 

ELFe.l.f. Beauty

Customers

Target TGT 18%

Walmart WMT 13%

Amazon AMZN 11%

Sephora 10%

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon

Cerebras Systems CBRSfrom Amazon

Show 3

e.l.f. Beauty's 10-K for the year to Mar 2026 gives four customers' shares of its revenue: Customer A (18%), Customer B (13%), Customer D (11%) and Customer E (10%).

From e.l.f. Beauty, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Changes since the previous annual report (10-K filed May 29, 2025)

SephoraNamed for the first time, as a customer10% of net sales, fiscal year ended March 31, 2026

Ulta Beauty ULTANo longer named (was a customer)

Target TGTCustomer, share of revenue23% → 18%

Walmart WMTCustomer, share of revenue16% → 13%

Amazon AMZNCustomer, share of revenue12% → 11%

Only the companies e.l.f. Beauty names in its 10-K filed May 21, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 78.3x, above the peer median of 25.3x, so it needs earnings to keep growing to hold up.

Priced 209% above the peer median of 25.3x.

At 78.3× trailing earnings ELF is inside the middle of its five-year range; the five-year median is 73.6×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $131, 15% above the current price; 67% of 18 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 12 analysts (67%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $136.23 to $121.93 (−10%), while ELF went from $74.39 to $113.53 (+53%). In the past three months targets were raised 18 times and cut once. 1 upgrade and 1 downgrade over the year; the latest: Bernstein moved it to Outperform from Market Perform on Aug 5, 2026.

The day after each of these reports the stock moved −9.4% (Dec 2025, beat); +0.3% (Mar 2026, beat); +5.1% (Jun 2026, beat); −1.5% (Sep 2026, beat).

For the quarter ending Dec 2026 (e.l.f. Beauty reports on Feb 3, 2027), analysts expect adjusted earnings of $0.76 a share, and revenue of $548M, up 12% on a year earlier. For the fiscal year ending Mar 2027, they expect adjusted earnings of $3.90 a share, and revenue of $2.0B, up 24% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $276M in free cash flow over the year, of which $100M went back to shareholders (dividends plus buybacks), leaving $176M in the company.

e.l.f. Beauty had 60M diluted shares in the quarter ended Sep 2026, 0.8% more than a year earlier, and 2.7% more each year on average since Jun 2020. It spent $100M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.3, no pressure to repay short-term debt; debt-to-equity 0.7, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves ELF out (on the exchange, not in the app yet): Prime Capital Management, Baillie Gifford &, Swiss National Bank, Norges Bank, Bridgewater Associates, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 7 held ELF at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 3 cut, 1 bought new, 1 sold all and 1 held the same. The largest of them is Baillie Gifford &, 7.00M shares worth $706M at Sep 30, 2026, 0.8% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ELF at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $465K and sold $13.6M of ELF on the open market in the 12 months to Nov 11, 2026. 94% of the sales were made under 10b5-1 plans, set up in advance. The largest was Joshua Allen Franks (SVP, Operations), who sold $4.1M in 7 sales.

From the Form 4s filed with the SEC about e.l.f. Beauty, Inc. (53 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 74 other transactions (grants, option exercises, shares sold to pay tax, gifts and other transfers). Also not counted: 4 trades by holders of more than 10% who are neither officers nor directors.