Cosmetics upstart e.l.f. Beauty still has plenty of room to grow. Metric Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 Revenue growth 6% 12% 23% 48% 77% Gross margin 61% 65% 64% 67% 71% Adjusted EBITDA growth 0% (2%) 22% 56% 101% Back in June, e.l.f. Beauty's (ELF -0.19%) stock closed at its record high of $218 per share. That marked a 1,353% gain from its IPO price of $15 in less than eight years. Instead of chasing higher-end consumers as L'Oreal and Estée Lauder do, the American cosmetics u ...