Does e.l.f. Beauty, Inc. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores e.l.f. Beauty, Inc. (ELF) 55.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 24, balance-sheet safety 51, capital discipline 47.

Is ELF stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $25.35 per share versus a recent price of $73.69 — 191% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ELF's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

e.l.f. Beauty, Inc.

ELF · Materials · $4.4B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power96

Median gross margin 64.8% over 9y, very stable.

Returns on capital24

Median ROIC 7.0%, above the 9% hurdle in 44% of years.

Balance-sheet safety51

Net debt/EBITDA 3.6x, no material interest expense disclosed.

Capital discipline47

Owner earnings +8.3%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

191% above value

Owner earnings (normalized): $83.2M
Est. intrinsic value / share: $25.35
Recent price: $73.69
Discount to value: 191% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

e.l.f. Beauty, Inc. booked $1.6B of revenue in FY2026 in the Materials sector and kept 70.7% of it as gross profit — a high-margin business by that measure. After every other cost, 1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $191.4M (FY2015) to $1.6B (FY2026) — about 21.5% a year compounded over 11 years.

It earned 2.9% on invested capital in FY2026, with a median of 7.0% across 11 filed years. The Returns on Capital filter above scores it 24/100.

The balance sheet carried $839.3M of total debt in FY2026 against $83.2M of owner earnings — roughly 10.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 51/100.

The share count rose 171209.3% between FY2015 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 47/100.

Put together: Pricing Power is the strongest of the four filters (96/100) and Returns on Capital the weakest (24/100), which is how ELF lands at 56/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.6B FY2026

Gross marginRevenue kept after cost of goods70.7% FY2026

Return on invested capitalOperating profit on the capital employed2.9% FY2026

Owner earningsCash an owner could take out$83.2M FY2026

Gaps in a line mean that item isn’t in ELF’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ELF has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#59 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#57CBT Cabot Corporation57.0 out of 100, Shallow moatShallow moat
#58CDE COEUR MINING, INC.56.7 out of 100, Shallow moatShallow moat
#60AVNT AVIENT CORPORATION54.9 out of 100, Shallow moatShallow moat
#61UFPI UFP INDUSTRIES, INC.54.6 out of 100, Shallow moatShallow moat

Compare ELF with its nearest peers →All Materials companies on the Index →

Common questions about ELF

Does e.l.f. Beauty, Inc. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores e.l.f. Beauty, Inc. (ELF) 55.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 24, balance-sheet safety 51, capital discipline 47.
Is ELF stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $25.35 per share versus a recent price of $73.69 — 191% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ELF's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ELF. See the disclaimer.