ELF · CIK 1600033
What e.l.f. Beauty, Inc. told the SEC could break it.
e.l.f.'s entire production base sits offshore: substantially all of its third-party suppliers and manufacturers are in China and certain other foreign countries, concentrating its supply chain in one region. That makes it acutely tariff-exposed — during 2025 it faced China import tariffs ranging from 25% to as high as 170% and paid roughly $58.5 million of IEEPA tariffs in fiscal 2026, and even after the Supreme Court invalidated the IEEPA tariffs in February 2026, a 10% Section 122 global tariff remains in effect to sustain the exposure. A smaller, geopolitical thread surfaced in its retail footprint: during the February 2026 Israel-Iran escalation, a retail partner temporarily shuttered its Bahrain stores, denting e.l.f.'s sales in the region.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- China manufacturing (substantially all suppliers)high
Substantially all of e.l.f.'s third-party suppliers and manufacturers are located in China and certain other foreign countries, concentrating its entire production base offshore.
“In addition, substantially all of our third-party suppliers and manufacturers are located in China and certain other foreign countries.”
- Middle East retail (Bahrain store closures, Israel-Iran conflict)low
A retail partner in the Middle East temporarily shuttered its Bahrain stores during the Feb 2026 Israel-Iran military escalation, impacting e.l.f.'s retail sales in the region.
“During these attacks, our retail partner had to shutter its stores in Bahrain temporarily, thus impacting our retail sales in the region.”
SEC filing →As of 2026
Regulatory & policy
- China import tariffs (25%-170%; $58.5M IEEPA tariffs paid)high
With most products made in China, e.l.f. faced China tariff rates from 25% to as high as 170% during 2025 and paid ~$58.5M of IEEPA tariffs in fiscal 2026; despite the Feb 2026 Supreme Court IEEPA invalidation, a 10% Section 122 global tariff remains in effect, sustaining exposure.
“Throughout 2025 we were subject to a range of tariff rates on imports from China ranging from 25% to as high as 170%.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest customers, Target, Walmart, Amazon and Sephora, accounted for 18%, 13%, 11% and 10%, respectively, of our net sales in the fiscal year ended March 31, 2026.”
Cited →“Our largest customers, Target, Walmart, Amazon and Sephora, accounted for 18%, 13%, 11% and 10%, respectively, of our net sales in the fiscal year ended March 31, 2026.”
Cited →“Our largest customers, Target, Walmart, Amazon and Sephora, accounted for 18%, 13%, 11% and 10%, respectively, of our net sales in the fiscal year ended March 31, 2026.”
Cited →
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