e.l.f. Beauty sells affordable cosmetics and skincare under brands like e.l.f. Cosmetics and Naturium, through retailers and its own website. Think of it as the budget-friendly makeup brand that makes trendy products feel accessible.
Revenue comes from selling cosmetics and skincare, with gross margins around 74% but net margins thin at 3.38% TTM. The business is growing fast (revenue up from USD 1.02B to USD 1.64B in two years), but profits fluctuate quarter to quarter.
e.l.f. competes on price and speed-to-trend against L'Oréal, Estée Lauder, and Coty, but its low-cost positioning is easily copied. The moat is weak because there's no proprietary tech or locked-in distribution—retailers can swap brands, and shoppers switch on
