• E.l.f Beauty average return on tangible equity for 2023 was 62.67, a 19.37% increase from 2022.
• E.l.f Beauty average return on tangible equity for 2022 was 52.5, a 81.13% increase from 2021.
• E.l.f Beauty average return on tangible equity for 2021 was 278.2, a 537.83% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.