e.l.f. Beauty, Inc.
Consumer Staples · Personal Care Products
Structural: only scaled US mass-cosmetics challenger that has organically taken share from Maybelline ($LRLCY) / CoverGirl ($COTY) / Revlon for 25+ consecutive quarters - climbed from #5 to #2 in US color cosmetics (Nielsen tracked channels) on a $6 lipstick / $5 mascara price ladder.
Gen Z + TikTok-native marketing engine (zero-celebrity, creator-led, viral dupes of $40 Charlotte Tilbury / $30 Drunk Elephant SKUs at sub-$15 price points) compresses customer-acquisition cost vs legacy beauty. Skincare ($SKIN segment + Naturium) and international are 2-leg optionality on top of US color base.
(1) tracked-channel share still mid-teens vs L'Oréal high-20s - runway to keep compounding; (2) international is <20% of revenue vs L'Oréal 70%+, multi-year expansion underway; (3) Naturium adds skincare margin mix at higher AUR; (4) gross margin >70% on direct sourcing + China manufacturing; (5) Gen Z brand affinity stickier than millennial cohort that legacy beauty owns.
(1) consumer-discretionary mass beauty is cyclical - Target/Walmart traffic softness flows straight through; (2) China supply chain = tariff + geopolitical exposure (US 2025 tariff escalation directly hits COGS); (3) TikTok algorithm dependency - single platform de-risk is incomplete; (4) revenue growth decelerating from 70%+ to 20s as base scales; (5) valuation premium to legacy beauty peers compresses on any miss.
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