e.l.f. Beauty, Inc., FCFE 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)
Purchase of property and equipment	(8,659)	(1,723)	(4,818)	(6,474)	(9,422)
Proceeds from revolving line of credit	89,500)	—)	26,480)	20,000)	—)
Repayment of revolving line of credit	—)	—)	(26,480)	(20,000)	—)
Proceeds from long-term debt	115,000)	—)	25,581)	—)	—)
Repayment of long-term debt	(7,875)	(30,000)	(54,525)	(11,756)	(9,488)
Debt issuance costs paid	(665)	—)	(1,064)	(334)	—)
Free cash flow to equity (FCFE)	258,455)	70,160)	(15,313)	10,911)	25,403)

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
FCFE	Free cash flow to equity is the cash flow available to e.l.f. Beauty, Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	e.l.f. Beauty, Inc. FCFE increased from 2022 to 2023 and from 2023 to 2024.

e.l.f. Beauty, Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	56,388,228
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	258,455)
FCFE per share	4.58
Current share price (P)	114.65
Valuation Ratio
P/FCFE	25.01
Benchmarks
P/FCFE, Competitors¹
Procter & Gamble Co.	29.07
P/FCFE, Sector
Household & Personal Products	24.76
P/FCFE, Industry
Consumer Staples	28.37

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

¹ Click competitor name to see calculations.

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

e.l.f. Beauty, Inc., historical P/FCFE calculation, comparison to benchmarks

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
No. shares of common stock outstanding¹	55,939,080	53,867,072	52,272,764	51,649,915	50,009,051
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	258,455)	70,160)	(15,313)	10,911)	25,403)
FCFE per share³	4.62	1.30	-0.29	0.21	0.51
Share price^1, 4	184.77	104.15	24.63	28.52	16.57
Valuation Ratio
P/FCFE⁵	39.99	79.96	—	135.01	32.62
Benchmarks
P/FCFE, Competitors⁶
Procter & Gamble Co.	28.09	21.89	22.37	29.39	17.20
P/FCFE, Sector
Household & Personal Products	—	22.13	22.48	29.48	17.22
P/FCFE, Industry
Consumer Staples	—	21.49	25.07	23.54	17.26

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 258,455,000 ÷ 55,939,080 = 4.62

⁴ Closing price as at the filing date of e.l.f. Beauty, Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 184.77 ÷ 4.62 = 39.99

⁶ Click competitor name to see calculations.

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

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical