e.l.f. Beauty vs Kenvue
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KIRA’s take AI analyst
I put e.l.f. Beauty and Kenvue side by side, using each one’s latest annual report. Here is what stands out:
- Kenvue is the larger business, with $15.1B of revenue in fiscal 2025 against $1.6B for e.l.f. Beauty, about 9.2 times as much.
- e.l.f. Beauty grew revenue faster (24.6%, against −2.1%).
- Kenvue kept more of each dollar of sales as operating profit (16.0% operating margin, against 4.5%).
- Kenvue earned a higher return on the capital invested in it (10.0%, against 3.8%).
- Investors pay more for each dollar of e.l.f. Beauty’s earnings: a P/E of 114.2x against 22.4x for Kenvue.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
e.l.f. Beauty
ELF
3/10
Revenue growthGross marginFCF margin
Kenvue
KVUE
7/10
Operating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | ELF FY26 | KVUE FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $37.5B |
| Revenue | $1.6B | $15.1B |
| Free cash flow | $190M | $1.7B |
| Net income | $26.3M | $1.5B |
| Growth | ||
| Revenue growth | 24.6% | −2.1% |
| 5-year growth | 38.8% | — |
| Share count change | 1.7% | 0.1% |
| Profitability | ||
| Gross margin | 70.7% | 58.1% |
| Operating margin | 4.5% | 16.0% |
| Net margin | 1.6% | 9.7% |
| FCF margin | 11.6% | 11.4% |
| Return on capital | 3.8% | 10.0% |
| Return on equity | 2.8% | 14.4% |
| Balance sheet | ||
| Net debt | $552M | $7.5B |
| Net debt / EBITDA | 3.6x | 2.5x |
| Dividends and buybacks | $50.0M | $1.8B |
| Valuation & quality | ||
| P/E | 114.2x | 22.4x |
| Piotroski F-score | 4 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.