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The Estee Lauder Companies Inc. EL

NYSEHousehold and personal productsFinancials to Jun 30, 2026 · Updated Oct 7, 2026

On Stock Analysis · affiliate link
EL financials
Moat score
77
ROIC
7.6%
P/E
185.6
Incl. −$84M one-offs
EV/EBIT
48.2
Incl. −$84M one-offs
FCF yield
3.9%
Dividend yield
1.5%
Market cap
$33.8B

Moat ranks

Score rankTied #181 of 396
Durabilitydurable
Market structureOligopoly
Pricing powerstrong

Balance sheet

6/30/26
$BJun '25Jun '26
Cash2.93.5
Securities0.00.0
Debt7.37.3
Net cash-4.4-3.8
Equity3.93.8
Leverage
Debt / EBITDA
4.64×
Debt / equity
1.92×
Leases (6/30/26)
$2.0B
Capital
Diluted shares
365M
Book value / share
$10.43
Price / book
8.9×
Net cash / share
−$10.44
Market cap
$33.8B
Enterprise value
$37.6B

Per-share record

Fiscal years and TTM
Scale
$0$20$40$60'17'18'19'20'21'22'23'24'2541.25'26
Revenue per shareCash flow per share

Key indicators

Latest: Q4 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth6.3%+18.2 pts
Operating margin-1.1%+10.4 pts
FCF margin11.7%+0.2 pts
Capex / revenue4.2%-1.9 pts
Skin Care net sales$1.9B+9%
Makeup net sales$1.0B+3%
Fragrance net sales$618M+10%
Hair Care net sales$140M-1%
Skin Care pricing and mix3.0%+2.0 pts

Margins and growth from reported quarters; company KPIs as reported in results releases.

About EL

Estée Lauder is a prestige-beauty portfolio led by Skin Care, Makeup and Fragrance, at 48.8%, 28.4% and 18.5% of FY2026 sales. Its best-supported advantage is category-specific brand equity.

Revenue mix
Skin Care 48.8%Makeup 28.4%Fragrance 18.5%Hair Care 3.8%Other 0.7%
  • Brand Trust

    Prestige skin care brand equity and reputation (e.g., Estee Lauder, La Mer, Clinique, The Ordinary) supports consumer willingness-to-pay and repeat purchasing of regimen products.

  • Distribution Control

    Selective channel strategy and distributor/retailer curation helps protect brand image, manage discounting, and maximize productivity per door in prestige channels.

  • Brand Trust

    Iconic prestige makeup brands and brand marketing drive perceived quality and willingness-to-pay, but category is more trend-sensitive than skin care.

  • Brand Trust

    Luxury fragrance brand equity supports premium pricing and resilience; portfolio can drive price/mix even when volumes are pressured.

Timeline
  1. Sep 14, 2026

    Estée Lauder partnered with Profound to improve brand representation in AI product discovery. Commercial gains have not yet been disclosed.

  2. Sep 8, 2026

    Estée Lauder expanded Brian Franz’s transformation role and Amber English’s global Amazon role, unifying its digital execution across brands and markets.

  3. Sep 3, 2026

    Estée Lauder appointed Justin Boxford to lead Luxury Beauty Brands, including La Mer alongside Estée Lauder, AERIN, Darphin Paris and Lab Series.

  4. Sep 2, 2026

    Sandra Main announced her retirement at the end of 2026, creating a leadership transition for La Mer and skin-care brands.

  5. Aug 19, 2026

    Estée Lauder reported FY2026 organic sales growth of 3% and raised FY2027 adjusted operating margin guidance to 12.7%–13.5%, while keeping 3%–5% organic sales guidance.

Ownership

To 10/7/26
29%votes
CEO
Stéphane de La Faverie
Since 2025 · 1 yrs
Professional CEODual-class
Insider votes29.0%
Insider trades65
Planned sales3

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Financial record

Fiscal year2017201820192020202120222023202420252026TrendChange 2017–26
Per share ($)
Revenue31.7036.4240.1338.9644.0448.6144.0843.2639.7841.25+3.0%/yr
Cash flow4.806.826.806.219.868.334.806.543.534.86+0.1%/yr
Earnings3.352.954.821.867.796.552.791.08-3.150.50-19.1%/yr
Free cash flow3.455.154.794.528.135.482.023.991.863.61+0.5%/yr
Capex1.351.672.011.701.732.852.782.551.671.25-0.8%/yr
Dividends1.301.451.641.372.052.302.562.621.721.39+0.7%/yr
Book value11.7512.4811.8410.7216.4515.3215.4814.7310.7310.43-1.3%/yr
Diluted shares (M)373376370367368365361361360365-0.2%/yr
Totals ($B)
Revenue11.813.714.914.316.217.715.915.614.315.0+2.7%/yr
Operating income1.72.12.30.62.63.21.51.0-0.80.8-8.3%/yr
Net income1.21.11.80.72.92.41.00.4-1.10.2-19.3%/yr
Free cash flow1.31.91.81.73.02.00.71.40.71.3+0.3%/yr
Buybacks–––––––0.00.00.0–
Dividends0.50.50.60.50.80.80.90.90.60.5+0.5%/yr
Net cash-0.9-0.1-0.4-1.1-0.6-1.5-4.1-4.4-4.4-3.8−$2.9B
Margins & returns (%)
Gross margin79.479.277.275.276.475.771.371.774.075.5-3.9 pts
Operating margin14.415.015.64.216.117.99.56.2-5.55.2-9.2 pts
Net margin10.68.112.04.817.713.56.32.5-7.91.2-9.4 pts
FCF margin10.914.111.911.618.511.34.69.24.78.7-2.1 pts
ROIC20.327.635.78.929.133.411.67.4-7.17.6-12.7 pts
Return on equity28.523.640.717.447.442.818.07.3-29.34.8-23.7 pts
R&D % of revenue1.51.31.41.61.51.72.22.32.21.8+0.3 pts
Stock pay % of revenue1.91.71.61.52.01.91.72.12.12.1+0.2 pts
Capex % of revenue4.34.65.04.43.95.96.35.94.23.0-1.2 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

Per-share values use diluted weighted shares.ROIC = operating income × (1 − 25.8% statutory tax rate, as the company's own rate is not meaningful) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases. No trailing-twelve-month column: no complete four quarters end after the last fiscal year.

Moat

Moat scorecard

Moat score77
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
strong
Segments
  • Skin Care48.8%
    2 claims
  • Makeup28.4%
    1 claim
  • Fragrance18.5%
    2 claims
  • Hair Care3.8%
    No moat
  • Other0.7%
    Not scored: evidence insufficient

Moat claims

Applies to
Skin Care
Confidence
Durability
durable
Trajectory
stableas of Oct 7, 2026
Why it holds

Prestige skin care brand equity and reputation (e.g., Estee Lauder, La Mer, Clinique, The Ordinary) supports consumer willingness-to-pay and repeat purchasing of regimen products.

Why stable

FY2026 Skin Care sales rose 5%, with 3% price/mix but flat volume. Hero brands retain value, yet stronger retention is not established.

Indicators
  • Skin Care net sales$1.9B+9%
  • Skin Care pricing and mix3.0%+2.0 pts
  • Skin Care sales volume growth0%
Risks
  • Indie brand disruption via social/influencer channels
  • Loss of brand trust from product quality/safety issues
  • Counterfeit/gray market leakage

Profile change log

  1. Oct 7, 2026 · business change

    Estée Lauder partnered with Profound to improve brand representation in AI product discovery. Commercial gains have not yet been disclosed.

  2. Oct 7, 2026 · business change

    Estée Lauder expanded Brian Franz’s transformation role and Amber English’s global Amazon role, unifying its digital execution across brands and markets.

  3. Oct 7, 2026 · business change

    Estée Lauder appointed Justin Boxford to lead Luxury Beauty Brands, including La Mer alongside Estée Lauder, AERIN, Darphin Paris and Lab Series.

  4. Oct 7, 2026 · business change

    Sandra Main announced her retirement at the end of 2026, creating a leadership transition for La Mer and skin-care brands.

  5. Oct 7, 2026 · business change

    Estée Lauder reported FY2026 organic sales growth of 3% and raised FY2027 adjusted operating margin guidance to 12.7%–13.5%, while keeping 3%–5% organic sales guidance.

  6. Oct 7, 2026 · business change

    Estée Lauder and Puig ended business-combination discussions, leaving the turnaround dependent on the standalone portfolio.

  7. Oct 7, 2026 · business change

    Estée Lauder agreed in principle to settle its securities class action. The $210 million funded settlement produced $84 million net expense after insurance and awaited final court approval in the annual filing.

  8. Oct 7, 2026 · business change

    Estée Lauder agreed to buy the remaining Forest Essentials interest, subject to approvals; the Indian skin-care expansion was expected to close in the second half of 2026.

  9. Oct 7, 2026 · business change

    Stéphane de La Faverie became CEO, taking responsibility for rebuilding growth and profitability.

  10. Oct 7, 2026 · business change

    Estée Lauder completed its purchase of the remaining DECIEM interest, gaining full ownership of The Ordinary and NIOD.

  11. Oct 7, 2026 · business change

    Estée Lauder acquired the TOM FORD brand and intellectual property, making it the owner of the luxury name and adding licensing income alongside beauty sales.

  12. Oct 7, 2026 · analyst revision

    Verified FY2026 sales and category mix; updated pricing evidence and added category-specific moat trajectories, management, the investment debate and market links. Hair Care now has verified no moat from FY2026 volume declines, door exits and continued losses; Other remains unscored because separate contract evidence is missing.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianELPG

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global prestige skin care

As of Oct 7, 2026
CompetitiveMedium cyclicality

Premium skin-care products, including facial regimens, treatment creams, serums, cleansers and related body care sold through prestige channels and direct sales worldwide. Excludes medical procedures, prescription drugs and mass-market-only skin care.

  1. Estée Lauder
  2. L’Oréal
  3. Shiseido
  4. Beiersdorf
  5. Chanel
2026 leaders, no comparable shares · Estée Lauder FY2026 10-K
StocksMoatGross m.Op. m.
EL7775.5%5.2%
Industry median116960.4%14.9%
Sector median857455.5%16.9%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Repeated regimen use and perceived efficacy support replenishment; clinical credibility and hero products have high influence on loyalty.
  • Discovery through retailers, creators and online marketplaces makes affordable ingredient-led and dermatologist-inspired alternatives accessible.
  • Consumer confidence has moderate influence on replenishment but high influence on trading up to luxury creams; China sentiment and tourist spending matter strongly for global prestige brands.
  • Currency moves affect reported sales and cross-border price gaps. Tariffs, packaging and logistics costs have moderate influence on manufacturer profit.
Risks
  • Customers can switch formulas without technical lock-in; premium claims must demonstrate benefits that justify the price.
  • Discounted grey-market stock and retailer destocking can weaken prestige pricing while overstating or understating consumer demand in manufacturer shipments.
  • Large international groups and local Asian brands compete for consumers, shelf space and advertising attention.
  • Ingredient, safety and marketing-claim rules create continuing compliance costs; litigation or quality failures can damage trust.

Bulls & bears

Key question · as of Oct 7, 2026

Can Estée Lauder convert its fragrance and skin-care recovery into sustained volume growth and cash profit while reducing dependence on promotions, travel retail and restructuring?

Arguments

3 forFaded: weakening or settled5 against

What to watch

  1. 1Category sales volume and price/mix, especially flat Skin Care volume and negative Makeup mix
  2. 2Reported operating profit and operating cash flow alongside cash restructuring costs
  3. 3Mainland China, travel retail and North America consumer sell-through, with currency effects separated

Next check: FY2027 Q1 results webcast on November 2, 2026; test the 3%–5% organic sales outlook and 12.7%–13.5% adjusted operating margin outlook, while keeping recurring restructuring in reported profit.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.

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Moat Score 77/100 by <a href="https://www.findmymoat.com/stocks/XNYS:EL">Find My Moat</a> (as of September 2026)

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