Stock Analysis on Net
Stock Analysis on Net

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

This company has been moved to the archive! The financial data has not been updated since August 9, 2024.

Common-Size Income Statement 

e.l.f. Beauty, Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Net sales 100.00 100.00 100.00 100.00 100.00
Cost of sales -29.28 -32.56 -35.81 -35.18 -35.97
Gross profit 70.72% 67.44% 64.19% 64.82% 64.03%
Selling, general and administrative expenses -56.10 -55.67 -56.59 -61.03 -55.56
Restructuring (expense) income 0.00 0.00 -0.01 -0.83 2.11
Operating income 14.62% 11.77% 7.59% 2.95% 10.59%
Other income (expense), net 0.12 -0.32 -0.37 -0.51 0.15
Impairment of equity investment -0.28 0.00 0.00 0.00 0.00
Interest on term loan debt -0.81 -0.60 -0.44 -0.92 -2.15
Amortization of debt issuance costs -0.04 -0.06 -0.08 -0.27 -0.26
Interest on revolving line of credit -0.30 -0.03 -0.09 -0.06 -0.05
Interest on finance leases 0.00 -0.01 -0.02 -0.04 -0.06
Interest expense -1.16% -0.69% -0.62% -1.29% -2.53%
Interest income 0.47 0.34 0.00 0.00 0.31
Interest expense, net -0.69% -0.35% -0.62% -1.29% -2.23%
Loss on extinguishment of debt 0.00 -0.03 -0.12 0.00 0.00
Income before provision for income taxes 13.77% 11.07% 6.48% 1.16% 8.51%
Income tax (provision) benefit -1.30 -0.44 -0.93 0.80 -2.19
Net income 12.47% 10.63% 5.55% 1.96% 6.32%

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).

Gross Profit Margins
The gross profit margin demonstrated an overall positive trend, increasing steadily from 64.03% in 2020 to 70.72% in 2024. This reflects improved cost management or favorable pricing strategies, as the cost of sales decreased from -35.97% to -29.28% during the same period.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses fluctuated over the years, peaking at -61.03% in 2021 before decreasing slightly and stabilizing around -56% in subsequent years. Despite the fluctuations, this expense remained a significant component relative to net sales, indicating consistent investment in operational activities.
Restructuring Expense
Restructuring expense was notable in 2020 with a positive impact of 2.11%, followed by minor negative impacts in 2021 and 2022. No data was provided for 2023 and 2024, suggesting either no restructuring or a lack of reported data during these years.
Operating Income
Operating income exhibited variability but maintained an upward trajectory overall, starting at 10.59% in 2020, dropping sharply to 2.95% in 2021, and then improving each year to reach 14.62% in 2024. This indicates enhanced operational efficiency and profitability over the period.
Other Income and Expenses
Other income and expenses net showed minor volatility, with negative impacts from 2021 through 2023, but a slight positive return of 0.12% in 2024. This item did not significantly affect overall profitability trends.
Interest Expenses and Income
Interest-related expenses generally declined from 2020 to 2022, with net interest expense dropping from -2.23% to -0.62%, indicating reduced debt costs or improved financing terms. However, in 2024, net interest expense increased again to -0.69%. Interest income was minimal but showed a small increase in later years, reaching 0.47% in 2024.
Impairment and Debt Charges
There was a notable impairment of equity investment expense recorded as -0.28% in 2024, which had not appeared in prior years. Additionally, loss on extinguishment of debt slightly impacted results in 2022 and 2023 but was absent in 2024.
Income Before Taxes and Net Income
Income before provision for income taxes followed a pattern similar to operating income, dipping sharply in 2021 and progressively increasing to 13.77% by 2024. Correspondingly, net income as a percentage of net sales increased from 6.32% in 2020 to 12.47% in 2024, with a significant low point in 2021 at 1.96% and continuous improvement thereafter.
Income Tax Provision
The income tax provision varied, showing a tax benefit in 2021 (0.8%) and returns to tax expense in other years, rising to -1.3% of net sales by 2024. This fluctuation impacted the net income margin but did not offset the overall improving profitability trend.