e.l.f. Beauty
ELF Consumer Defensive Household & Personal Products
e.l.f. Beauty’s revenue for fiscal 2026 (year ended March 2026) was $1.6 billion, up 24.6% from fiscal 2025. In the quarter to June 2026, revenue grew 35.5%, EPS grew 91.5%, free cash flow grew 447.4% and total debt rose 235.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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e.l.f. Beauty (ELF) Beneish M-score
e.l.f. Beauty's Beneish M-score for fiscal 2026 is −2.58; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.58 | (0.11) |
| FY2025 | −2.46 | (0.84) |
| FY2024 | −1.63 | 0.80 |
| FY2023 | −2.42 | (0.14) |
| FY2022 | −2.29 | 0.17 |
| FY2021 | −2.46 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.20 | — | 0.49 | |
| Sales growth index | 1.25 | — | 1.11 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.36 | |
| Leverage index | 1.38 | — | −0.45 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.58 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COTY Coty compare | −3.0× |
| SPB Spectrum Brands Holdings Inc. compare | −2.7× |
| CHD Church & Dwight Co., Inc. compare | −2.7× |
| KMB Kimberly-Clark Corporation compare | −2.6× |
| NWL Newell Brands Inc. compare | −2.6× |
| ELF e.l.f. Beauty | −2.6× |
| KVUE Kenvue Inc. compare | −2.5× |
| CLX The Clorox Company compare | −2.4× |
| IPAR Interparfums, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI