Price to Book Value (P/BV)
since 2016
Calculation
e.l.f. Beauty, Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| May 23, 2024 | 16.09 | = | 184.77 | ÷ | 11.49 | 11.49 | = | 642,572 | ÷ | 55,939,080 | |
| May 25, 2023 | 13.65 | = | 104.15 | ÷ | 7.63 | 7.63 | = | 411,017 | ÷ | 53,867,072 | |
| May 26, 2022 | 4.12 | = | 24.63 | ÷ | 5.98 | 5.98 | = | 312,429 | ÷ | 52,272,764 | |
| May 27, 2021 | 5.46 | = | 28.52 | ÷ | 5.22 | 5.22 | = | 269,646 | ÷ | 51,649,915 | |
| May 28, 2020 | 3.42 | = | 16.57 | ÷ | 4.84 | 4.84 | = | 242,171 | ÷ | 50,009,051 | |
| Feb 28, 2019 | 1.69 | = | 7.95 | ÷ | 4.70 | 4.70 | = | 229,331 | ÷ | 48,820,126 | |
| Mar 1, 2018 | 4.45 | = | 18.43 | ÷ | 4.15 | 4.15 | = | 193,863 | ÷ | 46,757,524 | |
| Mar 15, 2017 | 8.50 | = | 26.24 | ÷ | 3.09 | 3.09 | = | 140,862 | ÷ | 45,655,937 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of e.l.f. Beauty, Inc. Annual Report.
The financial trajectory between 2017 and 2024 is characterized by a period of valuation compression followed by an aggressive expansion in market premiums over book value. While the underlying book value has grown consistently, the market valuation has fluctuated significantly, leading to a dramatic increase in the Price to Book Value (P/BV) ratio in the final two years of the observed period.
- Book Value per Share (BVPS) Trends
- A consistent and linear upward trend is observed in the book value per share, which increased from 3.09 USD in 2017 to 11.49 USD in 2024. This steady growth indicates a continuous accumulation of net assets and retained earnings over the eight-year duration, establishing a strengthening fundamental base.
- Share Price Volatility and Growth
- The share price exhibited significant volatility, declining from 26.24 USD in 2017 to a trough of 7.95 USD in 2019. Following this decline, a recovery phase occurred between 2020 and 2022, which transitioned into exponential growth in 2023 and 2024, with the price reaching 104.15 USD and 184.77 USD, respectively.
- Price to Book Value (P/BV) Dynamics
- The P/BV ratio followed a U-shaped trajectory. An initial contraction saw the ratio drop from 8.50 in 2017 to a minimum of 1.69 in 2019, reflecting a period where the market valuation closely aligned with the accounting value. From 2020 onward, the ratio expanded, accelerating sharply to 13.65 in 2023 and 16.09 in 2024. This recent surge indicates that the market is assigning a substantial premium to the company's growth prospects and intangible assets relative to its tangible book value.
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Comparison to Competitors
e.l.f. Beauty, Inc., P/BV, long-term trends, comparison to competitors
| e.l.f. Beauty, Inc. | Procter & Gamble Co. | |
|---|---|---|
| May 23, 2024 | 16.09 | 7.87 |
| May 25, 2023 | 13.65 | 7.83 |
| May 26, 2022 | 4.12 | 7.42 |
| May 27, 2021 | 5.46 | 7.40 |
| May 28, 2020 | 3.42 | 7.09 |
| Feb 28, 2019 | 1.69 | 3.93 |
| Mar 1, 2018 | 4.45 | 4.23 |
| Mar 15, 2017 | 8.50 | 4.00 |
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).
Comparison to Industry (Consumer Staples)
e.l.f. Beauty, Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| e.l.f. Beauty, Inc. | Consumer Staples | |
|---|---|---|
| May 23, 2024 | 16.09 | 9.43 |
| May 25, 2023 | 13.65 | 8.14 |
| May 26, 2022 | 4.12 | 8.11 |
| May 27, 2021 | 5.46 | 8.15 |
| May 28, 2020 | 3.42 | 7.44 |
| Feb 28, 2019 | 1.69 | 5.76 |
| Mar 1, 2018 | 4.45 | 5.70 |
| Mar 15, 2017 | 8.50 | 5.35 |
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).