Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2016
- Total Asset Turnover since 2016
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
e.l.f. Beauty, Inc., long-term (investment) activity ratios
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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 analyzed financial metrics indicate notable trends in asset utilization and equity efficiency over the five-year period ending March 31, 2024.
- Net Fixed Asset Turnover
- This ratio demonstrates a strong upward trend, increasing significantly from 14.68 in 2020 to a peak of 73.27 in 2024. This sharp rise suggests increasingly efficient use of net fixed assets to generate revenue, indicating improvements in asset management or increased sales productivity relative to fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The adjusted net fixed asset turnover ratio, which accounts for operating lease assets, also shows growth but at a more moderate pace. It rose from 8.59 in 2020 to 24.74 in 2024, peaking at 26.09 in 2023. The smaller scale of increase compared to the basic net fixed asset turnover reveals the impact of incorporating right-of-use assets on the assessment of asset efficiency, reflecting capitalization of leased assets under accounting standards.
- Total Asset Turnover
- This ratio measures how effectively all assets generate sales and increased steadily from 0.62 in 2020 to 0.97 in 2023 before experiencing a slight decrease to 0.91 in 2024. The general upward trend signifies improving utilization of total assets to produce revenue, although the minor dip in the final year warrants monitoring for potential changes in asset or sales dynamics.
- Equity Turnover
- The equity turnover ratio presents consistent growth from 1.17 in 2020 to 1.59 in 2024. This increase indicates enhanced efficiency in generating sales relative to shareholders' equity, suggesting stronger capital utilization and potentially higher financial leverage or improved operational performance.
Net Fixed Asset Turnover
e.l.f. Beauty, Inc., net fixed asset turnover calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | ||||||
| Property and equipment, net, including finance lease assets | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Procter & Gamble Co. | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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 2024 Calculation
Net fixed asset turnover = Net sales ÷ Property and equipment, net, including finance lease assets
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales have demonstrated a consistent and significant upward trend over the period analyzed, increasing from approximately $282.9 million in 2020 to over $1.02 billion in 2024. This represents a remarkable growth trajectory, with a particularly sharp acceleration observed between 2022 and 2024. The sales nearly doubled from 2023 to 2024, indicating a substantial expansion in revenue generation.
- Property and Equipment, Net
- The net value of property and equipment, including finance lease assets, has shown a declining trend from 2020 through 2023, dropping from about $19.3 million in 2020 to approximately $8.1 million in 2023. However, in 2024, the value rebounded to nearly $14 million. This pattern suggests a reduction in capital assets over the initial years, possibly due to asset disposals or depreciation exceeding new acquisitions, followed by renewed investment or asset revaluation in the most recent year.
- Net Fixed Asset Turnover
- There has been a marked improvement in net fixed asset turnover throughout the period, rising from 14.68 in 2020 to 73.27 in 2024. This ratio indicates enhanced efficiency in utilizing fixed assets to generate sales, with the most pronounced gains recorded after 2021. The significant rise suggests that the company is generating substantially higher revenue per dollar invested in fixed assets, reflecting optimized asset usage or operational improvements.
- Overall Insights
- The data reveals strong growth in revenue alongside more efficient use of fixed assets, as shown by the increasing net fixed asset turnover ratio. The initial decline in net fixed assets combined with rising sales suggests a leaner asset base supporting greater sales volumes. The recent increase in property and equipment values may indicate investments to support future growth. Collectively, these trends point to effective management of assets in alignment with expanding sales performance.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
e.l.f. Beauty, Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | ||||||
| Property and equipment, net, including finance lease assets | ||||||
| Operating lease assets (included in Other assets) | ||||||
| Property and equipment, net, including finance lease assets (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Procter & Gamble Co. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | ||||||
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 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property and equipment, net, including finance lease assets (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
This analysis focuses on the annual financial trends based on net sales, property and equipment net values, and net fixed asset turnover ratios from 2020 through 2024.
- Net Sales
- Net sales exhibit a consistent and robust upward trajectory across the five-year period. Starting at $282.9 million in 2020, sales increased moderately to $318.1 million in 2021, followed by a more pronounced rise to $392.2 million in 2022. The growth accelerated significantly in the subsequent years, reaching $578.8 million in 2023 and nearly doubling to $1.02 billion by 2024. This pattern reflects strong revenue expansion, especially from 2022 onwards.
- Property and Equipment, Net
- The net value of property and equipment, inclusive of finance leases and right-of-use assets, shows a fluctuating trend. It increased from $32.9 million in 2020 to $37.6 million in 2021, suggesting some investment or asset acquisition during this period. However, this figure declined notably to $29.5 million in 2022 and further to $22.2 million in 2023, indicating possible asset disposals, depreciation, or changes in lease accounting. In 2024, there was a significant rebound to $41.4 million, suggesting renewed capital expenditure or acquisition of new assets.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, representing the efficiency of asset utilization in generating sales, reveals a substantial improvement over the analyzed period. It was relatively stable and moderate at around 8.5 in 2020 and 2021, indicating a standard level of asset productivity. This ratio then increased sharply to 13.31 in 2022, more than doubled to 26.09 in 2023, and slightly declined to 24.74 in 2024. The sharp rise corresponds with the periods of declining net fixed assets base and rapidly growing sales, highlighting higher operational efficiency or greater sales leverage relative to fixed asset investments in those years.
Overall, the data illustrates accelerating sales growth that outpaces asset base increases, leading to heightened asset turnover efficiency. The temporary decline in property and equipment net values followed by a rebound suggests strategic asset management aligned with expanding business scales. The improved asset turnover underscores effective utilization of fixed assets to drive revenue growth.
Total Asset Turnover
e.l.f. Beauty, Inc., total asset turnover calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Procter & Gamble Co. | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The annual financial data reveals several notable trends over the five-year period ending March 31, 2024.
- Net Sales
-
Net sales demonstrated consistent and strong growth throughout the period. Starting at approximately $282.9 million in 2020, net sales increased steadily each year, reaching over $1.02 billion by 2024. This represents a more than threefold increase over five years, indicating robust revenue expansion.
- Total Assets
-
Total assets also exhibited growth, though at a more moderate pace compared to net sales. Assets increased from $453.1 million in 2020 to approximately $1.13 billion in 2024. Notably, the asset base expanded steadily each year, with a more pronounced jump between 2023 and 2024, suggesting increased investment or asset acquisition in the most recent period.
- Total Asset Turnover
-
The total asset turnover ratio, which measures the efficiency of asset use in generating sales, improved over the timeframe. It started at 0.62 in 2020, showing gradual improvement until peaking at 0.97 in 2023. In 2024, the ratio slightly declined to 0.91 but remained significantly higher than in earlier years. This suggests enhanced operational efficiency and better utilization of assets to produce sales, despite a minor decrease in the latest year.
Overall, the data indicates strong sales growth outpacing asset growth, accompanied by increasing operational efficiency as reflected by the rising asset turnover ratio. The increase in total assets supports expanding business operations, while the high asset turnover ratio suggests effective management of asset resources to generate revenue.
Equity Turnover
e.l.f. Beauty, Inc., equity turnover calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | ||||||
| Stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Procter & Gamble Co. | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Staples | ||||||
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 2024 Calculation
Equity turnover = Net sales ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period ending March 31, 2024.
- Net Sales
- Net sales exhibited a consistent upward trajectory, increasing from approximately $282.9 million in 2020 to over $1.02 billion in 2024. This indicates a strong growth momentum, with particularly pronounced acceleration between 2022 and 2024, where sales nearly tripled in just two years. The steady climb suggests effective revenue generation strategies and expanding market demand.
- Stockholders’ Equity
- Stockholders’ equity also increased steadily over the same timeframe. Starting at roughly $242.2 million in 2020, equity grew to $642.6 million by 2024. This nearly threefold increase reflects a strengthening balance sheet and likely retained earnings or capital injections supporting the company’s expansion. The growth in equity aligns with the rise in net sales, indicating reinvestment of profits or capital to sustain operational scaling.
- Equity Turnover Ratio
- The equity turnover ratio, which measures how efficiently the company generates sales from its equity base, improved from 1.17 in 2020 to 1.59 in 2024. This upward trend signifies enhanced utilization of equity to drive sales, reflecting increased operational efficiency. The gradual rise each year points to ongoing improvement in capital efficiency alongside growth.
In summary, the data demonstrates robust financial health characterized by strong sales expansion, growing equity, and improving efficiency in using equity to generate revenue. These trends collectively suggest that the company has been successful in scaling its operations while enhancing financial leverage and efficiency over the period analyzed.