Estee Lauder Companies
EL on NYSE. Estée Lauder sells makeup, skin care, fragrance, and hair products to customers worldwide. Market value $26.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.86 of spare cash in the past 12 months. A savings account pays about $4.
You pay 48.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 49 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$93.36 a share, 41% above its 1-year low
Over the past year the price has ranged from $66.22 to $121.64.
Dividend: 1.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $17.7bn | $15.9bn | $15.6bn | $14.3bn | $15.0bn |
| Operating margin | |||||
| Operating margin | 17.9% | 9.5% | 6.2% | -5.5% | 5.2% |
| Debt to equity | |||||
| Debt to equity | 0.97 | 1.45 | 1.46 | 1.89 | 1.92 |
| Shares outstanding | |||||
| Shares outstanding | 0.36bn | 0.36bn | 0.36bn | 0.36bn | 0.36bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.92× equity
- Revenue growth, five yearsShrinking, 1.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.6 billion last quarter, up 6% on a year ago.
- A loss of $116 million, compared with a loss of $546 million a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, after losing 5 cents a year earlier.
- Spare cash over the past 12 months: $1.3 billion, up from $670 million.
- Debt is $3.8 billion more than cash, down from $4.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.4bn |
| December 2024 | $4.0bn |
| March 2025 | $3.5bn |
| June 2025 | $3.4bn |
| September 2025 | $3.5bn |
| December 2025 | $4.2bn |
| March 2026 | $3.7bn |
| June 2026 | $3.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$156m |
| December 2024 | -$590m |
| March 2025 | $159m |
| June 2025 | -$546m |
| September 2025 | $47m |
| December 2025 | $162m |
| March 2026 | $89m |
| June 2026 | -$116m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 2 November 2026
- Last annual report (10-K)
- 19 August 2026
- Next quarterly (estimated, 10-Q)
- 31 July 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 827 funds in all.
- Lindsell TrainNick Train
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Eagle Capital ManagementBoykin Curry | $711m | 2.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $36m | <0.1% | Added |
| Hillman Capital ManagementMark Hillman | $4m | 2.9% | Cut |
| Nuance InvestmentsScott Moore | $2m | 0.3% | Cut |
| Lindsell TrainNick Train | $1m | <0.1% | |
| Cambiar InvestorsBrian Barish | $845,318 | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $756,973 | <0.1% | Cut |
Largest holders overall
- Bank of America$1.7bnAdded
- BlackRock$1.6bnAdded
- Vanguard Capital Management$1.3bn
- Vanguard Portfolio Management$978m
- State Street$911mCut
- FMR$840mCut
- Eagle Capital Management$711mAdded
- Geode Capital Management$524m
- Invesco$463mAdded
- Bank of New York Mellon$459mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- LAL Family CorporationPassive investor21.9%Since 31 December 2025
- LAL Family Partners L.P.Passive investor21.9%Since 31 December 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- MANAGED ACCOUNT ADVISORS LLCPassive investor7.5%Since 30 June 2026
- BlackRock, Inc.Passive investor7.5%Since 30 June 2026
- Aerin LauderInsider or founder7.2%0.0 ptsSince 26 May 2026
What they said
The information set forth in Item 6 hereof is incorporated by reference herein.
Read the filing - Vanguard Portfolio ManagementPassive investor5.0%Since 30 June 2026
- FMR LLCPassive investorat least 4.4%−2.6 pts(filed with 1 related holder)Since 30 June 2026
- William P. LauderPassive investorSold down below 5%Since 31 December 2024
- Capital World InvestorsPassive investorSold down below 5%Since 31 December 2025
- Trust Under Article 2 of The Zinterhofer 2008 Descendants Trust AgreementPassive investorSold down below 5%Since 16 September 2026
What they said
The Share Transaction was for investment purposes. In compliance with the requirements of the Stockholders' Agreement, in connection with the Share Transaction, Aerin Lauder Zinterhofer, in her capacity as trustee of the 2008 Descendants Trust, became party to the Stockholders'…
Read the filing - Gary M. LauderPassive investorSold down below 5%Since 31 December 2024
- Ronald S. LauderPassive investorSold down below 5%Since 8 April 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- The Leonard A. Lauder 2013 Revocable TrustSold down below 5%Since 13 November 2025
- Roaring Fork Trust Company, Inc.Sold down below 5%Since 3 November 2025
What they said
On November 4, 2025, ELF and MT2 entered into an Underwriting Agreement ("Underwriting Agreement") with J.P. Morgan Securities LLC (the "Underwriter"), the Issuer, and another selling stockholder pursuant to which ELF and MT2 agreed to sell 5,670,000 shares and 2,845,283 shares,…
Read the filing - Joel S. EhrenkranzPassive investorSold down below 5%Since 30 June 2025
- Richard D. ParsonsPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
LAL Family Corporation Passive investor | 21.9% | 31 December 2025 | |
LAL Family Partners L.P. Passive investor | 21.9% | 31 December 2025 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
MANAGED ACCOUNT ADVISORS LLC Passive investor | 7.5% | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.5% | 30 June 2026 | |
Aerin Lauder Insider or founder | 7.2%0.0 pts | 26 May 2026 | What they saidThe information set forth in Item 6 hereof is incorporated by reference herein. Read the filing |
Vanguard Portfolio Management Passive investor | 5.0% | 30 June 2026 | |
FMR LLC Passive investor | at least 4.4%−2.6 pts (filed with 1 related holder) | 30 June 2026 | |
William P. Lauder Passive investor | Sold down below 5% | 31 December 2024 | |
Capital World Investors Passive investor | Sold down below 5% | 31 December 2025 | |
Trust Under Article 2 of The Zinterhofer 2008 Descendants Trust Agreement Passive investor | Sold down below 5% | 16 September 2026 | What they saidThe Share Transaction was for investment purposes. In compliance with the requirements of the Stockholders' Agreement, in connection with the Share Transaction, Aerin Lauder Zinterhofer, in her capacity as trustee of the 2008 Descendants Trust, became party to the Stockholders'… Read the filing |
Gary M. Lauder Passive investor | Sold down below 5% | 31 December 2024 | |
Ronald S. Lauder Passive investor | Sold down below 5% | 8 April 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
The Leonard A. Lauder 2013 Revocable Trust | Sold down below 5% | 13 November 2025 | |
Roaring Fork Trust Company, Inc. | Sold down below 5% | 3 November 2025 | What they saidOn November 4, 2025, ELF and MT2 entered into an Underwriting Agreement ("Underwriting Agreement") with J.P. Morgan Securities LLC (the "Underwriter"), the Issuer, and another selling stockholder pursuant to which ELF and MT2 agreed to sell 5,670,000 shares and 2,845,283 shares,… Read the filing |
Joel S. Ehrenkranz Passive investor | Sold down below 5% | 30 June 2025 | |
Richard D. Parsons Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $14m.
- FRIBOURG PAUL JDirectorSold
- Date
- 14 September 2026
- Shares
- 58,000
- Price
- $98.17
- Value
- $6m
- FRIBOURG PAUL JDirectorSold
- Date
- 11 September 2026
- Shares
- 45,000
- Price
- $96.78
- Value
- $4m
- BARSHEFSKY CHARLENEDirectorSold
- Date
- 9 September 2026
- Shares
- 3,775
- Price
- $98.82
- Value
- $373,046
- La Lande RashidaExec VP & General CounselSold
- Date
- 28 August 2026
- Shares
- 7,766
- Price
- $103.32
- Value
- $802,383
- La Lande RashidaExec VP & General CounselSold
- Date
- 21 August 2026
- Shares
- 5,564
- Price
- $99.55
- Value
- $553,896
- La Lande RashidaExec VP & General CounselSold
- Date
- 26 November 2025
- Shares
- 1,604
- Price
- $94.45
- Value
- $151,498
- LAUDER JANEDirectorSold
- Date
- 26 November 2025
- Shares
- 17,840
- Price
- $94.38
- Value
- $2m
- Webster MeridithExec VP GlobalComm/PubAffairsSold
- Date
- 18 November 2025
- Shares
- 5,430
- Price
- $87.84
- Value
- $476,971
- STERNLICHT BARRY SDirectorSold
- Date
- 11 November 2025
- Shares
- 3,972
- Price
- $91.83
- Value
- $364,749
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | FRIBOURG PAUL J Director | Sold | 58,000 | $98.17 | $6m |
| 11 September 2026 | FRIBOURG PAUL J Director | Sold | 45,000 | $96.78 | $4m |
| 9 September 2026 | BARSHEFSKY CHARLENE Director | Sold | 3,775 | $98.82 | $373,046 |
| 28 August 2026 | La Lande Rashida Exec VP & General Counsel | Sold | 7,766 | $103.32 | $802,383 |
| 21 August 2026 | La Lande Rashida Exec VP & General Counsel | Sold | 5,564 | $99.55 | $553,896 |
| 26 November 2025 | La Lande Rashida Exec VP & General Counsel | Sold | 1,604 | $94.45 | $151,498 |
| 26 November 2025 | LAUDER JANE Director | Sold | 17,840 | $94.38 | $2m |
| 18 November 2025 | Webster Meridith Exec VP GlobalComm/PubAffairs | Sold | 5,430 | $87.84 | $476,971 |
| 11 November 2025 | STERNLICHT BARRY S Director | Sold | 3,972 | $91.83 | $364,749 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Aug 2026, plus 1 later 8-K.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 1.5% a year.
- It isn't cheap on profits: 48.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.