Operating Profit Margin
since 2016
Calculation
e.l.f. Beauty, Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2024 | 14.62% | = | 100 | × | 149,678) | ÷ | 1,023,932) |
| Mar 31, 2023 | 11.77% | = | 100 | × | 68,143) | ÷ | 578,844) |
| Mar 31, 2022 | 7.59% | = | 100 | × | 29,770) | ÷ | 392,155) |
| Mar 31, 2021 | 2.95% | = | 100 | × | 9,400) | ÷ | 318,110) |
| Mar 31, 2020 | 10.59% | = | 100 | × | 29,950) | ÷ | 282,851) |
| Dec 31, 2018 | 9.78% | = | 100 | × | 26,162) | ÷ | 267,435) |
| Dec 31, 2017 | 12.33% | = | 100 | × | 33,279) | ÷ | 269,888) |
| Dec 31, 2016 | 10.05% | = | 100 | × | 23,079) | ÷ | 229,567) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 US$ in thousands
The financial performance from 2016 to 2024 is characterized by aggressive revenue expansion and a volatile but ultimately upward trajectory in operational efficiency.
- Revenue Growth and Scaling
- Net sales grew from 229,567 thousand US$ in 2016 to 1,023,932 thousand US$ by March 31, 2024. This trajectory demonstrates a significant increase in market scale, with the most rapid acceleration occurring between 2022 and 2024, where net sales more than doubled.
- Operating Margin Volatility
- The operating profit margin exhibited a period of instability between 2017 and 2022. After reaching 12.33% in 2017, the margin fluctuated before experiencing a severe contraction to 2.95% in March 2021. This decline occurred despite an increase in net sales to 318,110 thousand US$, indicating a period where operating expenses grew disproportionately relative to revenue.
- Profitability Recovery and Expansion
- A strong recovery in operational efficiency is evident from 2022 onward. The operating profit margin rose sequentially from 7.59% in 2022 to 11.77% in 2023, eventually reaching a peak of 14.62% by March 31, 2024. This expansion, paired with the surge in operating income to 149,678 thousand US$, suggests the successful implementation of cost controls and the realization of operating leverage as the business scaled.
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Comparison to Competitors
e.l.f. Beauty, Inc., operating profit margin, long-term trends, comparison to competitors
| e.l.f. Beauty, Inc. | Procter & Gamble Co. | |
|---|---|---|
| Mar 31, 2024 | 14.62% | 22.07% |
| Mar 31, 2023 | 11.77% | 22.11% |
| Mar 31, 2022 | 7.59% | 22.21% |
| Mar 31, 2021 | 2.95% | 23.63% |
| Mar 31, 2020 | 10.59% | 22.14% |
| Dec 31, 2018 | 9.78% | 20.52% |
| Dec 31, 2017 | 12.33% | 21.45% |
| Dec 31, 2016 | 10.05% | 20.58% |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).