Stock Analysis on Net
Stock Analysis on Net

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

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

e.l.f. Beauty, Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2024 17.37% = 10.15% × 1.71
Mar 31, 2024 19.87% = 11.31% × 1.76
Dec 31, 2023 21.06% = 11.67% × 1.80
Sep 30, 2023 23.55% = 16.28% × 1.45
Jun 30, 2023 21.21% = 15.21% × 1.39
Mar 31, 2023 14.97% = 10.33% × 1.45
Dec 31, 2022 12.16% = 8.43% × 1.44
Sep 30, 2022 9.51% = 6.26% × 1.52
Jun 30, 2022 8.39% = 5.44% × 1.54
Mar 31, 2022 6.97% = 4.40% × 1.58
Dec 31, 2021 6.61% = 4.11% × 1.61
Sep 30, 2021 6.21% = 3.71% × 1.68
Jun 30, 2021 4.60% = 2.61% × 1.76
Mar 31, 2021 2.31% = 1.28% × 1.81
Dec 31, 2020 2.24% = 1.23% × 1.82
Sep 30, 2020 3.78% = 2.03% × 1.86
Jun 30, 2020 6.31% = 3.40% × 1.86
Mar 31, 2020 7.38% = 3.95% × 1.87
Dec 31, 2019 — = — × 1.88
Sep 30, 2019 — = — × 1.89
Jun 30, 2019 — = — × 1.96

Based on: 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2025 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

e.l.f. Beauty, Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2024 17.37% = 10.80% × 0.94 × 1.71
Mar 31, 2024 19.87% = 12.47% × 0.91 × 1.76
Dec 31, 2023 21.06% = 14.53% × 0.80 × 1.80
Sep 30, 2023 23.55% = 15.88% × 1.03 × 1.45
Jun 30, 2023 21.21% = 14.87% × 1.02 × 1.39
Mar 31, 2023 14.97% = 10.63% × 0.97 × 1.45
Dec 31, 2022 12.16% = 9.43% × 0.89 × 1.44
Sep 30, 2022 9.51% = 7.57% × 0.83 × 1.52
Jun 30, 2022 8.39% = 6.69% × 0.81 × 1.54
Mar 31, 2022 6.97% = 5.55% × 0.79 × 1.58
Dec 31, 2021 6.61% = 5.32% × 0.77 × 1.61
Sep 30, 2021 6.21% = 4.94% × 0.75 × 1.68
Jun 30, 2021 4.60% = 3.71% × 0.70 × 1.76
Mar 31, 2021 2.31% = 1.96% × 0.65 × 1.81
Dec 31, 2020 2.24% = 1.97% × 0.62 × 1.82
Sep 30, 2020 3.78% = 3.29% × 0.62 × 1.86
Jun 30, 2020 6.31% = 5.46% × 0.62 × 1.86
Mar 31, 2020 7.38% = 6.32% × 0.62 × 1.87
Dec 31, 2019 — = — × — × 1.88
Sep 30, 2019 — = — × — × 1.89
Jun 30, 2019 — = — × — × 1.96

Based on: 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2025 is the decrease in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

e.l.f. Beauty, Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2024 10.15% = 10.80% × 0.94
Mar 31, 2024 11.31% = 12.47% × 0.91
Dec 31, 2023 11.67% = 14.53% × 0.80
Sep 30, 2023 16.28% = 15.88% × 1.03
Jun 30, 2023 15.21% = 14.87% × 1.02
Mar 31, 2023 10.33% = 10.63% × 0.97
Dec 31, 2022 8.43% = 9.43% × 0.89
Sep 30, 2022 6.26% = 7.57% × 0.83
Jun 30, 2022 5.44% = 6.69% × 0.81
Mar 31, 2022 4.40% = 5.55% × 0.79
Dec 31, 2021 4.11% = 5.32% × 0.77
Sep 30, 2021 3.71% = 4.94% × 0.75
Jun 30, 2021 2.61% = 3.71% × 0.70
Mar 31, 2021 1.28% = 1.96% × 0.65
Dec 31, 2020 1.23% = 1.97% × 0.62
Sep 30, 2020 2.03% = 3.29% × 0.62
Jun 30, 2020 3.40% = 5.46% × 0.62
Mar 31, 2020 3.95% = 6.32% × 0.62
Dec 31, 2019 — = — × —
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2025 is the decrease in profitability measured by net profit margin ratio.