e.l.f. Beauty Is Down 53% From Its All-Time High. Is the Sell-Off an Overreaction?

e.l.f. Beauty's stock has declined 53% from its March 2024 all-time high of $221.83 to around $105, driven by slowing revenue growth, higher operating expenses, and supply chain challenges. While the stock appears cheap at 17x adjusted EBITDA, the company's high-growth days are over as it matures, with analysts projecting only 20% revenue growth in fiscal 2027 and 8% in fiscal 2028. The sell-off may not be an overreaction given the company's deceleration and lack of catalysts for near-term appreciation.