e.l.f. Beauty: FY27 Outlook – Exclusions, Reinvestment, and Execution Risk

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e.l.f. Beauty: FY27 Outlook – Exclusions, Reinvestment, and Execution Risk

Deutsche Bank

Research

Rating Company Date

Hold e.l.f. Beauty 21 May 2026

North America Reuters Bloomberg Rating Hold

United States ELF.N ELF US Price target (USD) 62.00 Price at 20 May 26 50.72

52-week range 146.67 – 50.72

Consumer

Cosmetics, Household & Valuation & Risks

Personal Care

FY27 Outlook – Exclusions, Reinvestment,

and Execution Risk SteveResearchPowersAnalyst

+1-212-250-5480

Key takeaways from ELF's 4Q26 results

Christopher Barnes, CFA ELF delivered a 4Q beat, with net sales of $449M (+35% y/y) and adj EPS of $0.32, Research Analyst

ahead of both our estimates and the Street. However, the composition of growth +1-212-454-0778

remains the central issue. Rhode contributed $113M in the quarter (vs. our

~$85M expectation), accounting for the majority of the upside, while organic Nikhil Jain, CFA

Research Associate growth ex‑rhode was only ~+1% (vs. our +2.3% pre-quarter view). This confirms

+1-212-250-3253

that the core e.l.f. brand slowed into the print, with management noting

consumption has moderated to +LSDs in the last ~12 weeks, reflecting weaker Angeline Goh

spring innovation and unit pressure following last year’s price increase. Against Research Associate

this backdrop, rhode momentum remains more robust—supported by continued +1-212-250-4515

innovation and expanding global distribution—albeit highlighting the increasing

reliance on portfolio-driven growth.

Key changes Profitability was less of a concern. Gross margin expanded to ~73% (+~140 bps

y/y), and while SG&A deleveraged on stepped-up marketing, digital, and Price target (USD) 65 62 -5%

infrastructure investment, this was largely expected. Importantly, EBITDA Source: Deutsche Bank