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

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.7%

$46.37

vs $112.26 price

Levered DCF

$99.51

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.15

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018
P/E	134.69×	31.55×	82.39×	70.38×	60.07×	206.38×	26.59×	26.24×
P/B	3.12×	4.64×	16.36×	10.51×	4.21×	4.91×	1.97×	1.77×
P/S	2.16×	2.69×	10.26×	7.47×	3.36×	4.16×	1.69×	1.52×
EV / EBITDA	25.89×	17.91×	58.57×	50.2×	25.44×	44.15×	10.95×	11.77×
Gross margin	70.7%	71.2%	70.7%	67.4%	64.2%	64.8%	64.0%	60.9%
Operating margin	8.0%	12.0%	14.6%	11.8%	7.6%	3.0%	10.6%	9.8%
Net margin	1.6%	8.5%	12.5%	10.6%	5.6%	2.0%	6.3%	5.8%
Current ratio	2.35×	3.05×	1.59×	2.81×	2.97×	2.32×	2.59×	3.3×
Debt / equity	0.81×	0.41×	0.45×	0.2×	0.37×	0.56×	0.63×	0.66×
Interest coverage	3.22×	9.2×	12.64×	17.08×	12.18×	2.3×	4.75×	3.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018
Return on equity	2.3%	14.7%	19.9%	15.0%	7.0%	2.3%	7.4%	6.8%
Return on invested capital	4.1%	11.3%	14.5%	13.1%	5.8%	2.2%	5.3%	5.6%
Return on assets	1.1%	9.0%	11.3%	10.3%	4.4%	1.3%	3.9%	3.6%
Free cash flow yield	5.4%	3.3%	0.6%	2.3%	1.1%	1.7%	7.3%	11.5%
Earnings yield	0.7%	3.2%	1.2%	1.4%	1.7%	0.5%	3.7%	3.8%
Enterprise value	$4.2B	$3.7B	$10.7B	$4.3B	$1.4B	$1.4B	$584M	$504.7M
Net debt / EBITDA	3.91×	0.8×	1×	-0.45×	1.35×	2.9×	2×	2.31×
Cash conversion cycle (days)	132	146	179	139	212	180	160	140