e.l.f. Beauty, Inc., FCFF calculation

US$ in thousands

12 months ended:	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net income	127,663)	61,530)	21,770)	6,232)	17,884)
Net noncash charges	67,245)	45,581)	44,428)	40,148)	36,412)
Changes in operating assets and liabilities	(123,754)	(5,228)	(46,685)	(16,905)	(9,983)
Net cash provided by operating activities	71,154)	101,883)	19,513)	29,475)	44,313)
Cash paid for interest, net of tax¹	10,200)	3,435)	1,562)	2,492)	4,815)
Purchase of property and equipment	(8,659)	(1,723)	(4,818)	(6,474)	(9,422)
Free cash flow to the firm (FCFF)	72,695)	103,595)	16,257)	25,493)	39,706)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the e.l.f. Beauty, Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	e.l.f. Beauty, Inc. FCFF increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

e.l.f. Beauty, Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	9.50%	4.00%	14.40%	21.00%	25.70%
Interest Paid, Net of Tax
Cash paid for interest, before tax	11,271)	3,578)	1,825)	3,155)	6,481)
Less: Cash paid for interest, tax²	1,071)	143)	263)	663)	1,666)
Cash paid for interest, net of tax	10,200)	3,435)	1,562)	2,492)	4,815)

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).

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² 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 11,271 × 9.50% = 1,071

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e.l.f. Beauty, Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	9,222,862)
Free cash flow to the firm (FCFF)	72,695)
Valuation Ratio
EV/FCFF	126.87
Benchmarks
EV/FCFF, Competitors¹
Procter & Gamble Co.	24.37
EV/FCFF, Industry
Consumer Staples	35.85

Based on: 10-K (reporting date: 2024-03-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

e.l.f. Beauty, Inc., historical EV/FCFF calculation, comparison to benchmarks

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	10,489,807)	5,555,934)	1,340,991)	1,541,824)	921,139)
Free cash flow to the firm (FCFF)²	72,695)	103,595)	16,257)	25,493)	39,706)
Valuation Ratio
EV/FCFF³	144.30	53.63	82.49	60.48	23.20
Benchmarks
EV/FCFF, Competitors⁴
Procter & Gamble Co.	24.36	27.39	26.63	22.86	23.81
EV/FCFF, Industry
Consumer Staples	—	27.36	27.93	19.85	21.73

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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 10,489,807 ÷ 72,695 = 144.30

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	e.l.f. Beauty, Inc. EV/FCFF ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

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

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical