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Forensic Analysis · Household & Personal Care Products · as of Nov 8, 2026

E.L.F. Beauty, Inc. (ELF)

A forensic read on E.L.F. Beauty, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.2
Distress distance
Clean
Earnings quality
1
Forensic signals
2.8%
ROE
24.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

E.L.F. Beauty, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.2, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.5%
FY2026
Return on invested capital. Return on invested capital is 3.5% in the latest fiscal year and slipping across FY2024–FY2026 from 16.4%. After-tax operating profit was $135M in FY2024 and $48M in FY2026, with operating income at 14.6% of revenue in FY2024, 12.0% in FY2025 and 4.5% in FY2026. The capital base behind it grew +65% across FY2024–FY2026, from $822M to $1.4B, while the return fell 12.9 points, so the dollars added over that window earned less than the 16.4% the older base was already earning.

Key fundamentals

Latest Revenue$1.64B
Revenue Growth YoY+24.6%
Revenue CAGR (2yr)+26.4%
Net Margin1.6%
Free Cash Flow$190.1M
Return on Equity2.8%
Debt / Equity0.74x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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