e.l.f. Beauty, Inc. is a multi-brand beauty company that focuses on offering inclusive, accessible, clean, vegan, and cruelty-free cosmetics and skincare products. The company aims to make the best of beauty accessible to every eye, lip, face, and skin concern by delivering premium-quality products at accessible prices with broad appeal. e.l.f. Beauty's operations include a diverse range of beauty products available online and through major retailers such as Target, Walmart, and Ulta Beauty.
- e.l.f. Cosmetics - Offers premium-quality, prestige-inspired cosmetics at extraordinary value, featuring clean, vegan, and cruelty-free products manufactured in a Fair Trade Certified facility.
- e.l.f. SKIN - Provides targeted, ingredient-focused, dermatologist-developed skincare formulas.
- Naturium - Focuses on high-performance, skin-compatible, and affordable skincare, utilizing natural botanicals and powerful actives.
- Well People - Known for plant-powered, high-performance beauty products, with a focus on clean and planet-minded formulations.
- Keys Soulcare - Combines skin-nourishing offerings with soul-nurturing rituals, inspired by Alicia Keys' personal skincare journey.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tarang Amin ExecutiveBoard | CEO, President, Chairman of the Board | Board member at The J.M. Smucker Co. and Pharmavite LLC | Tarang Amin has over 30 years of experience leading consumer products and retail businesses. | View Report → |
Jennie Laar Executive | Senior Vice President and Chief Commercial Officer | None | Jennie Laar has been with e.l.f. Beauty since May 2022, focusing on commercial strategies. | |
Josh Franks Executive | Senior Vice President and COO | None | Josh Franks has extensive experience in operations and supply chain management. | |
Kory Marchisotto Executive | Senior Vice President and Chief Marketing Officer | None | Kory Marchisotto has been recognized for contributing to e.l.f. Beauty's strong performance, including significant sales growth. | |
Mandy Fields Executive | Senior Vice President and CFO | None | Mandy Fields oversees financial operations and has been instrumental in driving financial strategy since joining in 2019. | |
Scott Milsten Executive | Senior Vice President, General Counsel, Chief People Officer, and Corporate Secretary | None | Scott Milsten oversees legal, corporate governance, and HR functions, contributing to ESG initiatives. | |
Beth Pritchard Board | Lead Independent Director | Former board member at Loblaw Companies Limited, Cabela's Inc., and Vitamin Shoppe, Inc. | Beth Pritchard has over 30 years of leadership experience in retail and beauty industries. | |
Gayle Tait Board | Director | CEO and Board member at Trove; Advisor to First Horizon Bank's Technology Advisory Board | Gayle Tait brings extensive management and marketing experience in consumer goods and technology industries to her role at e.l.f. Beauty. | |
Kenny Mitchell Board | Independent Director | SVP and CMO at Levi Strauss & Co.; Advisory roles at The Tuck School of Business, The Sanford School, and Overtime Elite | Kenny Mitchell is known for building iconic brands and driving performance through innovative marketing programs. | |
Lauren Cooks Levitan Board | Director, Chair of the Compensation Committee | President at Faire Wholesale, Inc.; Board member at Crew Knitwear | Lauren Cooks Levitan has over 25 years of financial and accounting experience, contributing strategic expertise to e.l.f. Beauty's board. | |
Lori Keith Board | Independent Director | Executive committee member at Parnassus Investments | Lori Keith has nearly 20 years of experience in consumer products and retail investments, with expertise in ESG matters. | |
Maria Ferreras Board | Director | Global Head of Partnerships at Netflix, Inc. | Maria Ferreras has nearly 30 years of experience in strategic partnerships and tech innovation, recognized among the top 100 most influential Latinos by Bloomberg and ALPFA. | |
Maureen Watson Board | Independent Director | Chair of the Board of Directors of the San Francisco AIDS Foundation | Maureen Watson has over 30 years of retail experience, with expertise in cosmetics and consumer products. | |
Tiffany Daniele Board | Director, Member of the Audit Committee | CFO at Union Square Hospitality Group, LLC | Tiffany Daniele has expertise in financial planning and analysis, contributing to e.l.f. Beauty's audit committee. |
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Given the recent slowdown in the overall color cosmetics category, with a reported 5% decline in Q2 , how do you plan to sustain your impressive sales growth and continue to gain market share in a declining market?
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With your expansion into Dollar General stores , how are you addressing potential risks to brand equity and possible cannibalization of sales from existing channels, and how do your current retail partners view this strategic move?
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You mentioned that the mix effect on gross margin was negative due to Naturium moving into wholesale channels ; excluding Naturium, was product mix still a negative factor on gross margins, and how do you see this impacting margins going forward as Naturium's wholesale penetration increases?
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Considering the upcoming ERP transition to SAP planned for spring 2025 , and the challenges that often accompany such implementations, what specific measures are you taking to mitigate execution risks and ensure business continuity?
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Despite consistent strong growth, you've refrained from providing a long-term growth algorithm ; given investor concerns about the sustainability of your growth rates, can you share your long-term growth expectations and the key drivers that will support continued outperformance?
Research analysts who have asked questions during elf Beauty Inc earnings calls.
Anna Lizzul
BofA Securities
4 questions for ELF
Dara Mohsenian
Morgan Stanley
4 questions for ELF
Mark Altschwager
Robert W. Baird & Co.
4 questions for ELF
Peter Grom
UBS Group AG
4 questions for ELF
Ashley Helgans
Jefferies
3 questions for ELF
Bill Chappell
Truist Securities
3 questions for ELF
Korinne Wolfmeyer
Piper Sandler Companies
3 questions for ELF
Oliver Chen
TD Cowen
3 questions for ELF
Rupesh Parikh
Oppenheimer & Co. Inc.
3 questions for ELF
Susan Anderson
Canaccord Genuity
3 questions for ELF
Andrea Teixeira
JPMorgan Chase & Co.
2 questions for ELF
Jon Andersen
William Blair & Company
2 questions for ELF
Linda Bolton-Weiser
D.A. Davidson & Co.
2 questions for ELF
Olivia Tong
Raymond James Financial
2 questions for ELF
Olivia Tong Cheang
Raymond James
2 questions for ELF
Alec Legg
Canaccord Genuity Group Inc.
1 question for ELF
Andrea Faria Teixeira
JPMorgan Chase & Co.
1 question for ELF
Bonnie Herzog
Goldman Sachs
1 question for ELF
Mark Astrachan
Stifel Financial Corp.
1 question for ELF
Patrice Kanada
Goldman Sachs Group
1 question for ELF
Savanna Chaudhary
JPMorgan Chase & Co.
1 question for ELF
Steve Powers
Deutsche Bank
1 question for ELF
Sydney Wagner
Jefferies
1 question for ELF
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Target | Major retail partner | All | FY25: $302.11 million (23%) of net sales, AR: $36.54 million (29%). |
Walmart | Major retail partner | All | FY25: $210.16 million (16%) of net sales, AR: $25.20 million (20%). |
Ulta Beauty | National beauty retailer | All | FY25: $157.62 million (12%) of net sales, AR: <10%. |
Amazon | E-commerce partner | All | FY25: $157.62 million (12%) of net sales, AR: $15.12 million (12%). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Naturium LLC | 2023 | Completed acquisition on October 4, 2023, at a total purchase price of $355 million—structured with approximately $261.34 million in cash and 577,659 shares of e.l.f. Beauty's common stock valued at $72.02 million. The deal, financed through a term loan, revolving facility, and cash on hand, is strategically aimed at boosting e.l.f. Beauty’s skincare market share, contributing roughly $48 million in net sales in FY2024, with additional notable terms such as fixed per-share stock value and lock-up restrictions. |
W3LL PEOPLE | 2020 | Completed acquisition on February 24, 2020, for $25.9 million in cash. This deal was strategically aligned to expand e.l.f. Beauty’s footprint in the clean beauty segment by incorporating a brand known for its premium, plant-powered, cruelty-free cosmetics, 81 SKUs (with 40 EWG VERIFIED products), and valuable goodwill and intangible assets to drive operational synergies. |
Recent press releases and 8-K filings for ELF.
- ELF Beauty's stock has significantly outperformed the S&P 500 over the past five years, returning 492% compared to 106%.
- The company aims to more than double its current net sales of approximately $1.3 billion to over $3 billion in coming years, driven by expansion in color cosmetics, skincare, and international markets, where sales are currently only 20% of the business.
- Recent stock volatility is linked to tariff uncertainty, as 75% of products are made in China and 80% sold in the US, leading to a $1 price increase across products.
- Wall Street expects ELF to return to earnings growth rates in the mid-20s starting next year, with the stock trading at about 28 times next year's earnings forecast.
- ELF recently raised prices, a trend observed across retailers, with J.P. Morgan noting that consumers have shown low elasticity to these increases due to strong wage growth.
- J.P. Morgan retail analyst Chris Horvers anticipates accelerated inflation in the back half of the year, particularly impacting home furnishings, computing, appliances, athletic wear, apparel, and footwear, as most discretionary products are sourced internationally.
- J.P. Morgan recommends defensive stocks like Walmart and Costco, and discretionary stocks such as Ulta Cosmetics and AutoZone, with a price target for Walmart of $115-$118 by year-end and $130 by the end of next year, from its current $104.
- e.l.f. Beauty is a heavily shorted stock that recently received an upgrade from Morgan Stanley from hold to buy.
- The company holds rights to Rhode, a popular cosmetic brand by Hailey Bieber, which is set to launch in Sephora next month and is anticipated to draw significant customer interest.
- e.l.f. Beauty has also expanded its distribution by entering Dollar General stores, providing access to a broader rural market.
- e.l.f. Beauty reported Q1 2026 net sales of $354 million, an increase of 9% year-over-year, and adjusted EBITDA of $87 million, up 12%. The company also gained 210 basis points of market share, marking its 26th consecutive quarter of both net sales growth and market share gains.
- The acquisition of Road closed on August 5, 2025, a brand that achieved $212 million in net sales in the twelve months ended March 31, 2025. This acquisition was financed with a $600 million incremental term loan and $200 million in e.l.f. Beauty common stock.
- International net sales grew 30% in Q1 2026, fueled by growth in existing markets and expansion into new markets like the Netherlands, Belgium, Poland, and the Gulf Cooperation Council countries.
- For the first half of fiscal year 2026, the company expects net sales growth above 9% and adjusted EBITDA margins of approximately 20%, though a full-year outlook is withheld due to ongoing tariff uncertainties. The company implemented a $1 price increase on its product assortment effective August 1, 2025, with 75% of its portfolio remaining under $10.
- Company Background: elf Beauty Inc, a disruptive digitally-native beauty brand founded in 2004, emphasized its long-term growth strategy with 25 consecutive quarters of net sales and market share expansion.
- Innovation & Product Strategy: The company highlighted its robust innovation process, launching high-impact products like the poreless putty primer and lip oils at accessible price points, with a franchise approach that builds long-term product lines.
- Supply Chain & Pricing Measures: elf detailed its balanced approach to managing tariff impacts (a 25% tariff since 2019) through selective price increases and supply chain optimization to protect margins while maintaining its competitive value proposition.
- Global & M&A Initiatives: The discussion included aggressive international expansion into markets such as the UK, Italy, and Canada, and strategic acquisitions like Road, a fast-growing brand founded by Hailey Bieber, to diversify and strengthen its portfolio.