Analysis of Inventory
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e.l.f. Beauty, Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2016
- Aggregate Accruals
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Inventory Disclosure
e.l.f. Beauty, Inc., balance sheet: inventory
US$ in thousands
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).
The annual financial data indicates a consistent increase in finished goods inventory over the five-year period ending March 31, 2024. The value of finished goods, which is equivalent to net inventory in this data set, rose from $46,209 thousand in 2020 to $191,489 thousand in 2024.
- Trend Analysis
- From 2020 to 2021, the inventory increased moderately by approximately 23%, moving from $46,209 thousand to $56,810 thousand. The growth accelerated more significantly from 2021 to 2022, with a rise of nearly 49%, reaching $84,498 thousand.
- In 2023, there was a slight decrease in inventory levels to $81,323 thousand, suggesting a minor reduction in stocked finished goods. However, this was followed by a substantial surge in 2024, where inventory more than doubled from the previous year, hitting the highest recorded amount of $191,489 thousand.
- Insights
- The pronounced increase in inventory in 2024 could indicate an anticipation of higher future demand, potential overstocking, or changes in inventory management strategy. The inventory holding appears to be growing significantly over the years, which may impact carrying costs and working capital requirements.
- The small decline in 2023 may represent a temporary adjustment or optimization before the sharp increase the following year. The overall upward trajectory implies a scaling of operations or expansion in product lines that require larger inventory holdings.