Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
e.l.f. Beauty, Inc., FCFE calculation
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 financial trajectory from 2020 to 2024 indicates a period of initial volatility followed by an exponential increase in cash available to equity holders. While operating cash flows experienced a decline in the early part of the period, the latter years show a marked recovery and a significant divergence between operating performance and free cash flow to equity.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a downward trend between 2020 and 2022, decreasing from 44,313 thousand US$ to 19,513 thousand US$. A sharp reversal occurred in 2023, with operating cash flow surging to 101,883 thousand US$, before moderating to 71,154 thousand US$ in 2024.
- Free Cash Flow to Equity (FCFE) Volatility
- FCFE demonstrated greater volatility than operating cash flows. Following a decrease from 2020 to 2021, FCFE transitioned into a deficit in 2022, reaching -15,313 thousand US$. This suggests that during the 2022 period, capital expenditures and debt repayments exceeded the cash generated from operations. A strong recovery was noted in 2023, with FCFE returning to a positive 70,160 thousand US$.
- Divergence in 2024 Fiscal Performance
- A substantial expansion in FCFE is observed in 2024, where the value reached 258,455 thousand US$. This figure represents a significant divergence from the net cash provided by operating activities, which stood at 71,154 thousand US$ for the same period. Because FCFE vastly exceeds operating cash flow in 2024, it is evident that significant non-operating cash inflows, likely stemming from net debt issuance or other financing activities, contributed to the increase in cash available to equity holders.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to FCFE Ratio, Current
e.l.f. Beauty, Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 56,388,228 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 258,455) |
| FCFE per share | 4.58 |
| Current share price (P) | 160.83 |
| Valuation Ratio | |
| P/FCFE | 35.09 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Procter & Gamble Co. | 25.75 |
| P/FCFE, Industry | |
| Consumer Staples | 43.75 |
Based on: 10-K (reporting date: 2024-03-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
e.l.f. Beauty, Inc., historical P/FCFE calculation, comparison to benchmarks
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 55,939,080 | 53,867,072 | 52,272,764 | 51,649,915 | 50,009,051 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | 258,455) | 70,160) | (15,313) | 10,911) | 25,403) | |
| FCFE per share3 | 4.62 | 1.30 | -0.29 | 0.21 | 0.51 | |
| Share price1, 4 | 184.77 | 104.15 | 24.63 | 28.52 | 16.57 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 39.99 | 79.96 | — | 135.01 | 32.62 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Procter & Gamble Co. | 28.09 | 21.89 | 22.37 | 29.39 | — | |
| P/FCFE, Industry | ||||||
| Consumer Staples | 32.08 | 24.17 | 25.27 | 24.83 | — | |
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 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 258,455,000 ÷ 55,939,080 = 4.62
4 Closing price as at the filing date of e.l.f. Beauty, Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 184.77 ÷ 4.62 = 39.99
6 Click competitor name to see calculations.
The financial trajectory between 2020 and 2024 is characterized by a substantial increase in equity valuation accompanied by a volatile but ultimately strengthening free cash flow to equity (FCFE) profile.
- Share Price Progression
- A consistent and aggressive upward trend in share price is observed, rising from 16.57 USD in 2020 to 184.77 USD by 2024. The most significant acceleration occurred between 2022 and 2023, where the price increased from 24.63 USD to 104.15 USD.
- FCFE per Share Dynamics
- FCFE per share exhibited significant instability during the early period of analysis, declining from 0.51 USD in 2020 to a negative value of -0.29 USD in 2022. A sharp recovery followed, with FCFE per share increasing to 1.30 USD in 2023 and further climbing to 4.62 USD in 2024, signaling a transition toward robust cash generation.
- P/FCFE Ratio Interpretation
- The P/FCFE ratio fluctuated sharply in response to the divergent movements of share price and cash flow. A peak ratio of 135.01 was recorded in 2021, driven by rising share prices and diminishing FCFE. The ratio was not applicable in 2022 due to negative cash flows. By 2024, the ratio contracted to 39.99, indicating that the substantial growth in FCFE per share has begun to catch up with the equity valuation, thereby reducing the valuation premium relative to cash flow.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?