If You Had Invested $10k in ELF Stock 5 Years Ago, Here’s How Much You Would Have Today

Manoj Prasad

If you had invested $10,000 in Elf Beauty Inc. in January 2020, you would be sitting with $183,377 right now. That’s a whopping return of 1,683% in just 5 years!

Elf Beauty, also known as ELF on the NYSE, has absolutely crushed it from 2020 to 2024 with its amazing financials, epic brand expansion, and the beauty world going crazy over them.

On January 2, 2020, Elf, a hidden gem in the world of affordable cosmetics, was trading at just $9.24 per share. But by February 7, 2024, shares rose to $164.82.

So basically, if you invested in 500 shares at $9.24 in January 2020, you’d be looking at a whopping $82,410 right now. And if you invest $10,000 initially, your total return with dividends reinvested over time will be $183,377.

Driving elf Beauty’s Remarkable Trajectory

Elf Beauty began in 2004 as a budget-friendly cosmetics brand that operated primarily online. It became famous for its super affordable $1 makeup brushes. However, the company’s real success came after it went public in 2016.

From 2020 to 2022, Elf saw consistent double-digit revenue growth despite the pandemic as customers loved their affordable products.

In 2022, things really took off. The company sales increased by a massive 52% and their gross margin increased by 43%. This success was due to some of the fantastic new brands they have introduced and the wide distribution they have achieved.

Elf Beauty has made other acquisitions in recent years, including the acquisition of Naturium in 2023. The acquisition of Naturium has helped to expand Elf’s presence in the skincare market and elevate its average price point

The company is on a roll and expects sales to grow by 24% in 2024. They are really focused on coming up with new products, expanding internationally, and keeping costs under control.

Broader Beauty Sector Tailwinds

In addition to how well it’s performing financially, Elf stock is also getting a boost from investors who are really into the beauty space. Beauty stocks used to be a bit of a laggard for a while, but now they’re all the rage because of how fast things are reopening post-COVID.

People are going back to work, parties and traveling, causing demand for cosmetics to rise again after declining during the pandemic. Additionally, beauty companies have improved their online skills to adapt to what consumers want.

These headwinds are actually helping the entire region. ELF is also doing well due to things like its low-cost direct-to-consumer model, attracting Gen Z and Millennials, and being fast with social media. It is capable of shaking things up and capturing the attention of investors.

Key Takeaways – Time is Money with Quality Stocks

Elf Beauty’s impressive 1,683% return shows how important it is to identify good stocks early and let them grow over time. Although we cannot predict the future, the growth potential of ELF still looks quite promising.

If you choose your investments wisely and stick to them for some time, you can make more money than if you try to time the market. Just look at how Elf’s worth went from $250 million to over $2 billion in just 5 years.

If you put $10,000 into a promising growth stock early on, it could turn into a huge amount in the long run. If you really want to boost your investment portfolio, consider betting on innovative companies like Elf Beauty that use digital distribution strategies.

Financial Data’s of ELF Stock Over the Last 4 Year Period

Income Statement


Financial Metric3/31/20233/31/20223/31/20213/31/2020
Total Revenue$578,844$392,155$318,110$282,851
Cost of Revenue$188,448$140,423$111,912$101,728
Gross Profit$390,396$251,732$206,198$181,123
Research and Development
Sales, General and Admin.$322,253$221,912$194,157$157,155
Non-Recurring Items$50$2,641-$5,982
Other Operating Items
Operating Income$68,143$29,770$9,400$29,950
Add’l income/expense items-$2,051-$1,898-$1,620$426
Earnings Before Interest and Tax$66,092$27,872$7,780$30,376
Interest Expense$2,018$2,441$4,090$6,307
Earnings Before Tax$64,074$25,431$3,690$24,069
Income Tax$2,544$3,661-$2,542$6,185
Minority Interest
Equity Earnings/Loss Unconsolidated Subsidiary
Net Income-Cont. Operations$61,530$21,770$6,232$17,884
Net Income$61,530$21,770$6,232$17,884
Net Income Applicable to Common Shareholders$61,530$21,770$6,232$17,884

Balance Sheet


Financial Item3/31/20233/31/20223/31/20213/31/2020
Current Assets
Cash and Cash Equivalents$120,778$43,353$57,768$46,167
Short-Term Investments
Net Receivables$67,928$45,567$40,185$29,721
Other Current Assets$33,296$19,611$15,381$10,263
Total Current Assets$303,325$193,029$170,144$132,360
Long-Term Assets
Long-Term Investments$2,875$2,875$2,875$2,875
Fixed Assets$7,874$10,577$13,770$17,171
Intangible Assets$78,041$86,163$94,286$102,410
Other Assets$31,866$30,368$34,698$26,967
Deferred Asset Charges
Total Assets$595,601$494,632$487,393$453,104
Current Liabilities
Accounts Payable$102,401$59,231$57,050$38,555
Short-Term Debt / Current Portion of Long-Term Debt$5,575$5,786$16,281$12,568
Other Current Liabilities
Total Current Liabilities$107,976$65,017$73,331$51,123
Long-Term Debt$60,881$91,080$110,255$126,088
Other Liabilities$11,985$16,513$20,682$11,830
Deferred Liability Charges$3,742$9,593$13,479$21,892
Misc. Stocks
Minority Interest
Total Liabilities$184,584$182,203$217,747$210,933
Stockholders Equity
Common Stocks$535$515$504$489
Capital Surplus-$421,999-$483,529-$505,299-$511,531
Retained Earnings
Treasury Stock$832,481$795,443$774,441$753,213
Other Equity
Total Equity$411,017$312,429$269,646$242,171
Total Liabilities & Equity$595,601$494,632$487,393$453,104

Cash Flow


Cash Flow Item3/31/20233/31/20223/31/20213/31/2020
Net Income$61,530$21,770$6,232$17,884
Cash Flows-Operating Activities
Net Income Adjustments$23,071$16,951$14,122$12,822
Changes in Operating Activities
Accounts Receivable-$22,432-$5,597-$10,529$2,504
Changes in Inventories$3,174-$27,655-$10,937-$435
Other Operating Activities-$24,553-$10,555-$9,659-$6,500
Net Cash Flow-Operating$101,883$19,513$29,475$44,313
Cash Flows-Investing Activities
Capital Expenditures-$1,723-$4,818-$6,474-$9,422
Other Investing Activities-$25,923
Net Cash Flows-Investing-$1,723-$4,818-$6,474-$35,345
Cash Flows-Financing Activities
Sale and Purchase of Stock$8,053$1,677$1,503-$6,416
Net Borrowings-$30,000-$28,944-$11,756-$9,488
Other Financing Activities-$788-$779-$813-$771
Net Cash Flows-Financing-$22,735-$29,110-$11,400-$16,675
Effect of Exchange Rate
Net Cash Flow$77,425-$14,415$11,601-$7,707
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Modernagebank.com founder Manoj utilizes his tech degree and 5+ years as a stock investor to lead as editor-in-chief, overseeing all content, proof-reading, and fact-checking. He also covers personal finance topics and cryptocurrencies news.
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