e.l.f. Beauty vs Kenvue
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The short version
- 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 22.5x for Kenvue.
| Latest fiscal year | ELF · FY26 | KVUE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $37.6B |
| 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 | 22.5x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
ELF $230M
KVUE —
FY17
ELF $270M
KVUE —
FY18
ELF $267M
KVUE —
FY20
ELF $283M
KVUE —
FY21
ELF $318M
KVUE $15.1B
FY22
ELF $392M
KVUE $15.0B
FY23
ELF $579M
KVUE $15.4B
FY24
ELF $1.0B
KVUE $15.5B
FY25
ELF $1.3B
KVUE $15.1B
FY26
ELF $1.6B
KVUE —
ELF
KVUE
Operating margin
FY16
ELF 10.1%
KVUE —
FY17
ELF 12.3%
KVUE —
FY18
ELF 9.8%
KVUE —
FY20
ELF 10.6%
KVUE —
FY21
ELF 3.0%
KVUE 19.4%
FY22
ELF 7.6%
KVUE 17.9%
FY23
ELF 11.8%
KVUE 16.3%
FY24
ELF 14.6%
KVUE 11.9%
FY25
ELF 12.0%
KVUE 16.0%
FY26
ELF 4.5%
KVUE —
ELF
KVUE
Free cash flow
FY16
ELF −$7.1M
KVUE —
FY17
ELF $4.8M
KVUE —
FY18
ELF $46.7M
KVUE —
FY20
ELF $34.9M
KVUE —
FY21
ELF $23.0M
KVUE $39.0M
FY22
ELF $14.7M
KVUE $2.2B
FY23
ELF $100M
KVUE $2.7B
FY24
ELF $62.5M
KVUE $1.3B
FY25
ELF $115M
KVUE $1.7B
FY26
ELF $190M
KVUE —
ELF
KVUE
Return on capital
FY16
ELF 6.9%
KVUE —
FY17
ELF 10.6%
KVUE —
FY18
ELF 6.8%
KVUE —
FY20
ELF —
KVUE —
FY21
ELF 2.8%
KVUE —
FY22
ELF 7.2%
KVUE —
FY23
ELF 18.1%
KVUE 10.4%
FY24
ELF 23.5%
KVUE 7.6%
FY25
ELF 14.6%
KVUE 10.0%
FY26
ELF 3.8%
KVUE —
ELF
KVUE
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.