Stock Analysis on Net
Stock Analysis on Net

e.l.f. Beauty, Inc. (NYSE:ELF)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

e.l.f. Beauty, Inc., adjusted financial ratios

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.91 0.97 0.79 0.65 0.62
Adjusted 0.91 0.97 0.79 0.65 0.62
Liquidity Ratio
Current Ratio
Reported 1.59 2.81 2.97 2.32 2.59
Adjusted 1.60 2.81 2.97 2.32 2.61
Solvency Ratios
Debt to Equity
Reported 0.41 0.16 0.31 0.47 0.57
Adjusted 0.45 0.20 0.36 0.53 0.58
Debt to Capital
Reported 0.29 0.14 0.24 0.32 0.36
Adjusted 0.31 0.17 0.27 0.35 0.37
Financial Leverage
Reported 1.76 1.45 1.58 1.81 1.87
Adjusted 1.75 1.44 1.54 1.72 1.71
Profitability Ratios
Net Profit Margin
Reported 12.47% 10.63% 5.55% 1.96% 6.32%
Adjusted 12.25% 9.52% 4.58% -0.99% 7.43%
Return on Equity (ROE)
Reported 19.87% 14.97% 6.97% 2.31% 7.38%
Adjusted 19.43% 13.31% 5.58% -1.11% 7.93%
Return on Assets (ROA)
Reported 11.31% 10.33% 4.40% 1.28% 3.95%
Adjusted 11.11% 9.26% 3.63% -0.65% 4.63%

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. e.l.f. Beauty, Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. e.l.f. Beauty, Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. e.l.f. Beauty, Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 e.l.f. Beauty, Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. e.l.f. Beauty, Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. e.l.f. Beauty, Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

e.l.f. Beauty, Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net sales 1,023,932 578,844 392,155 318,110 282,851
Total assets 1,129,247 595,601 494,632 487,393 453,104
Activity Ratio
Total asset turnover1 0.91 0.97 0.79 0.65 0.62
Adjusted
Selected Financial Data (US$ in thousands)
Net sales 1,023,932 578,844 392,155 318,110 282,851
Adjusted total assets2 1,128,626 595,138 494,732 487,418 454,089
Activity Ratio
Adjusted total asset turnover3 0.91 0.97 0.79 0.65 0.62

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 1,023,932 ÷ 1,129,247 = 0.91

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 1,023,932 ÷ 1,128,626 = 0.91

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Current assets 477,077 303,325 193,029 170,144 132,360
Current liabilities 299,115 107,976 65,017 73,331 51,123
Liquidity Ratio
Current ratio1 1.59 2.81 2.97 2.32 2.59
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 478,277 303,425 193,129 170,344 133,360
Current liabilities 299,115 107,976 65,017 73,331 51,123
Liquidity Ratio
Adjusted current ratio3 1.60 2.81 2.97 2.32 2.61

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 477,077 ÷ 299,115 = 1.59

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 478,277 ÷ 299,115 = 1.60

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. e.l.f. Beauty, Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total debt 262,126 66,456 96,866 126,536 138,656
Stockholders’ equity 642,572 411,017 312,429 269,646 242,171
Solvency Ratio
Debt to equity1 0.41 0.16 0.31 0.47 0.57
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 290,601 82,167 117,001 150,912 152,978
Adjusted stockholders’ equity3 645,617 414,296 322,122 283,150 265,048
Solvency Ratio
Adjusted debt to equity4 0.45 0.20 0.36 0.53 0.58

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 262,126 ÷ 642,572 = 0.41

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 290,601 ÷ 645,617 = 0.45

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. e.l.f. Beauty, Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total debt 262,126 66,456 96,866 126,536 138,656
Total capital 904,698 477,473 409,295 396,182 380,827
Solvency Ratio
Debt to capital1 0.29 0.14 0.24 0.32 0.36
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 290,601 82,167 117,001 150,912 152,978
Adjusted total capital3 936,218 496,463 439,123 434,062 418,026
Solvency Ratio
Adjusted debt to capital4 0.31 0.17 0.27 0.35 0.37

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 262,126 ÷ 904,698 = 0.29

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 290,601 ÷ 936,218 = 0.31

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. e.l.f. Beauty, Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total assets 1,129,247 595,601 494,632 487,393 453,104
Stockholders’ equity 642,572 411,017 312,429 269,646 242,171
Solvency Ratio
Financial leverage1 1.76 1.45 1.58 1.81 1.87
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 1,128,626 595,138 494,732 487,418 454,089
Adjusted stockholders’ equity3 645,617 414,296 322,122 283,150 265,048
Solvency Ratio
Adjusted financial leverage4 1.75 1.44 1.54 1.72 1.71

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,129,247 ÷ 642,572 = 1.76

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 1,128,626 ÷ 645,617 = 1.75

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 e.l.f. Beauty, Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Adjusted Net Profit Margin

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Net sales 1,023,932 578,844 392,155 318,110 282,851
Profitability Ratio
Net profit margin1 12.47% 10.63% 5.55% 1.96% 6.32%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 125,437 55,129 17,969 (3,152) 21,027
Net sales 1,023,932 578,844 392,155 318,110 282,851
Profitability Ratio
Adjusted net profit margin3 12.25% 9.52% 4.58% -0.99% 7.43%

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 127,663 ÷ 1,023,932 = 12.47%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 125,437 ÷ 1,023,932 = 12.25%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. e.l.f. Beauty, Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Stockholders’ equity 642,572 411,017 312,429 269,646 242,171
Profitability Ratio
ROE1 19.87% 14.97% 6.97% 2.31% 7.38%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 125,437 55,129 17,969 (3,152) 21,027
Adjusted stockholders’ equity3 645,617 414,296 322,122 283,150 265,048
Profitability Ratio
Adjusted ROE4 19.43% 13.31% 5.58% -1.11% 7.93%

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 127,663 ÷ 642,572 = 19.87%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 125,437 ÷ 645,617 = 19.43%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. e.l.f. Beauty, Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Total assets 1,129,247 595,601 494,632 487,393 453,104
Profitability Ratio
ROA1 11.31% 10.33% 4.40% 1.28% 3.95%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 125,437 55,129 17,969 (3,152) 21,027
Adjusted total assets3 1,128,626 595,138 494,732 487,418 454,089
Profitability Ratio
Adjusted ROA4 11.11% 9.26% 3.63% -0.65% 4.63%

Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 127,663 ÷ 1,129,247 = 11.31%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 125,437 ÷ 1,128,626 = 11.11%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.