olivLaw · US equity research
ODDITY Tech Ltd ODD
Perfumes, Cosmetics & Other Toilet Preparations · SIC 2844 · Vertical: Perfumes, Cosmetics & Other Toilet Preparations (SIC 2844)
ODDITY Tech Ltd runs a technology platform for direct-to-consumer sales of beauty and wellness products, with the brands IL MAKIAGE, SpoiledChild and METHODIQ. The company grew quickly in 2025, with net revenue of 810 million USD, but rising customer acquisition costs are a point of attention for investors, as they could weigh on margins in the coming period.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ODDITY Tech Ltd (ODD) stock was 21.57 USD (+7.53% on the day), with P/E 12.0 on diluted EPS of 1.80 USD over the last 12 months, beta 1.24, 52-week range 9.81–45.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.9
- neutral
- Bollinger (20, 2)
- 19.85 – 23.91
- in the lower half of the band · %B 0.42 · band width 18.5%
- SMA 50 / 200
- 19.00 / 17.30
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.59 / 0.95
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.1% | −1.1% | +11.2 pp | — |
| 3 months | +41.7% | −0.5% | +42.2 pp | — |
| 6 months | +44.5% | +4.4% | +40.1 pp | — |
| Year to date | −46.3% | +12.3% | −58.6 pp | — |
| 1 year | −49.6% | +13.5% | −63.2 pp | +9.7% |
| 3 years | −21.6% | +76.4% | −98.0 pp | −12.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 22.3, median 25.6, max 46.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 222.6 m | 324.5 m | 508.7 m | 647.0 m | 809.8 m |
| Revenue YoY | unavailable | +45.8% | +56.7% | +27.2% | +25.2% |
| Net income | 13.9 m | 21.7 m | 58.5 m | 101.5 m | 110.7 m |
| Net income YoY | unavailable | +56.1% | +169.4% | +73.4% | +9.1% |
| Diluted EPS | 0.26 | 0.39 | 1.00 | 1.64 | 1.80 |
| Diluted EPS YoY | unavailable | +50.0% | +156.4% | +64.0% | +9.8% |
| net % | 6.3% | 6.7% | 11.5% | 15.7% | 13.7% |
| Free cash flow | 7.9 m | 36.7 m | 85.4 m | 134.5 m | 83.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 402.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 396.5 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 5.24x
- ROE
- 32.6%
- ROA
- 14.0%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 222.6 m | 324.5 m | 508.7 m | 647.0 m | 809.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Cost of revenue | 69.4 m | 106.5 m | 150.5 m | 178.7 m | 221.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Gross profit | 153.2 m | 218.1 m | 358.2 m | 468.3 m | 588.7 m | SEC (XBRL)· 17 Mar 2026verified |
| SG&A | 133.7 m | 190.4 m | 283.9 m | 352.7 m | 469.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Operating income | 19.5 m | 27.7 m | 74.3 m | 115.6 m | 118.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 4.0 m | 4.4 m | 8.6 m | 9.8 m | 10.7 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | 23.5 m ≈ | 32.1 m ≈ | 82.9 m ≈ | 125.4 m ≈ | 129.5 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Pre-tax income | 18.6 m | 28.9 m | 78.6 m | 127.9 m | 135.7 m | SEC (XBRL)· 17 Mar 2026verified |
| Income tax | 4.7 m | 7.2 m | 20.1 m | 26.4 m | 25.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Net income | 13.9 m | 21.7 m | 58.5 m | 101.5 m | 110.7 m | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | 0.26 | 0.39 | 1.00 | 1.64 | 1.80 | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 28.8 m | 41.0 m | 36.5 m | 50.3 m | 402.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | — | 7.6 m | 9.9 m | 9.2 m | 16.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | — | 70.2 m | 84.1 m | 99.8 m | 135.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | — | 145.9 m | 223.8 m | 223.4 m | 601.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | — | 9.5 m | 9.2 m | 9.8 m | 10.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 16.2 m | 16.2 m | 64.9 m | 64.9 m | 64.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 26.8 m | 36.0 m | 36.5 m | 43.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | — | 216.4 m | 404.9 m | 438.9 m | 1.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | — | 44.8 m | 56.2 m | 79.1 m | 76.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Short-term debt | — | 3.9 m | — | — | — | SEC (XBRL)· 06 Mar 2024verified |
| Current liabilities | — | 90.4 m | 109.3 m | 124.8 m | 114.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | — | 105.4 m | 121.8 m | 156.6 m | 741.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Equity | 68.6 m | 98.7 m | 283.1 m | 282.3 m | 396.5 m | SEC (XBRL)· 17 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 10.2 m | 39.0 m | 87.5 m | 137.8 m | 87.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Capex | 2.4 m | 2.3 m | 2.1 m | 3.3 m | 3.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Free cash flow | 7.9 m ≈ | 36.7 m ≈ | 85.4 m ≈ | 134.5 m ≈ | 83.6 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Investing cash flow | -18.8 m | -25.8 m | -140.0 m | 1.4 m | -267.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | -318.0 k | -246.0 k | 48.8 m | -127.3 m | 531.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Share repurchases | — | — | — | 147.3 m | — | SEC (XBRL)· 25 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.27 – 40.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E28.27 – 40.04 (Mid 34.72)4 companies used · median multiple 19.3x · quartiles 15.7x – 22.2xAXIL, IPAR, KVUE, UG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.7% | 87 (vs peers) | 14% |
| FCF conversion · Quality | 75.5% | 65 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 35.6% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 66.5% | 100 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.2x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 12.0x | 100 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Oddity Tech Ltd (ODD). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 809.8 m USD in 2025; YoY growth 25.2%; net margin 13.7%; ROE 32.6%.
The estimated value range is 28.27–40.04 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 34.72 USD, the price of 21.57 USD leaves a potential of 61.0% (value / price − 1) and a margin of safety of 37.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.7%
- Revenue CAGR 3Y: 35.6%
- EPS CAGR 3Y: 66.5%
- Current ratio: 5.2x
- P/E (TTM): 12.0x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Perfumes, Cosmetics & Other Toilet Preparations (SIC 2844) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLColgate-Palmolive Company | 78.5 bn | 38.7 | 358.9% | 9.6% | +1.4% | +23% / +25% |
| KVUEKenvue Inc. | 37.1 bn | 21.9 | 16.3% | 10.9% | −2.1% | +34% / +4% |
| ELFe.l.f. Beauty, Inc. | 6.7 bn | 113.6 | 6.0% | 3.4% | +24.6% | +49% / −4% |
| IPARInterparfums, Inc. | 4.0 bn | 23.3 | 19.5% | 11.3% | +2.5% | +52% / −1% |
| COTYCoty Inc. | 3.1 bn | — | -18.5% | -10.4% | −1.5% | +5% / −70% |
| EPCEdgewell Personal Care Company | 1.4 bn | — | -6.2% | -4.2% | −1.3% | +66% / −15% |
| SLSNSolesence, Inc. | 64.6 m | — | -15.1% | -3.8% | +18.6% | −60% / +22% |
| AXILAxil Brands, Inc. | 38.2 m | 16.7 | 23.3% | 9.3% | +17.5% | +10% / unavailable |
| UGUnited-Guardian, Inc. | 31.5 m | 12.8 | 21.4% | 22.0% | −13.4% | +18% / −16% |
| CABRCaring Brands, Inc. | 9.3 m | — | -3,889.1% | -183,298.7% | unavailable | −13% / unavailable |
| BNKKBonk, Inc. | 9.3 m | — | -332.4% | -2,330.4% | +201.6% | −82% / −99% |
| YCBDcbdMD, Inc. | 4.5 m | — | -40.3% | -13.8% | −1.5% | −34% / −93% |
| ELEstee Lauder Companies Inc | — | 111.7 | 9.3% | 2.4% | +5.0% | +19% / −12% |
| YSGYatsen Holding Limited | — | — | -2.7% | -1.9% | +32.2% | −67% / −49% |
| ODDOddity Tech Ltd | — | 12.0 | 32.6% | 13.7% | +25.2% | −50% / −22% |
| HLNHaleon plc | — | — | 10.2% | 15.1% | −1.8% | −6% / +8% |
1- and 3-year price returns: for ODD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (09 Sept 2026), 6-K (21 Aug 2026), 6-K (30 Jul 2026), 6-K (16 Jun 2026), 6-K (12 Jun 2026), 6-K (02 Jun 2026).
In brief
ODDITY Tech Ltd runs a technology platform for direct-to-consumer sales of beauty and wellness products, with the brands IL MAKIAGE, SpoiledChild and METHODIQ. The company grew quickly in 2025, with net revenue of 810 million USD, but rising customer acquisition costs are a point of attention for investors, as they could weigh on margins in the coming period.
SWOT
Strengths
- A proprietary technology platform based on data and machine learning supports customer acquisition and conversion 1.
- The company has a large online user base and a track record of launching and scaling several brands 1.
- High gross margins and adjusted profitability point to a solid financial structure that the company can use for investment 1.
Weaknesses
- Dependence on one major advertising partner means the price of acquiring customers is not fully under the company's control 1.
- The product return rate and the try-before-you-buy model may affect the efficiency of customer acquisition 1.
- The company has said it does not expect to reach its long-term financial targets while customer acquisition costs remain elevated 1.
Opportunities
- Expansion into international markets, where the company generates a small share of revenue, could add further growth 1.
- Launching new brands and extending into biotechnology and telemedicine could open new product categories 1.
- If the consumer migration to online commerce continues, the company could capture a larger market share 1.
Threats
- Changes in advertising algorithms and social media rules may raise costs or reduce campaign effectiveness 1.
- Strong competition from multinationals and independent brands could pressure margins and market share 1.
- Data protection rules and cybersecurity risks may generate costs and reputational damage 1.
Risks
- High customer acquisition costshigh
The company reported significant increases in customer acquisition costs after a change in advertising algorithms, and a remedy is not assured 1.
- Dependence on social media and advertising platformshigh
Changes in platform rules may reduce campaign effectiveness and affect relationships with content creators 1.
- Brand reputationmedium
Negative publicity or social media commentary may affect brand value and customer behaviour 1.
- Data protection and cybersecuritymedium
Security incidents or changes in personal data laws may lead to penalties and additional costs 1.
- Dual class share structurelow
The dual class structure concentrates voting power with the co-founder and chief executive, limiting shareholders' influence over major transactions 1.
Investment thesis
What would need to be true (bull case)
- If customer acquisition costs return to historical levels, the company could resume rapid growth and reach its long-term financial targets again 1.
- The technology platform and large data base could support launches of new brands and expansion into new markets with relatively limited assets 1.
- High profitability and solid gross margins could give the company resources to invest in technology and biotechnology 1.
What would break the thesis
- If the remedy for the advertising problem does not succeed, acquisition costs could remain high and reduce profitability 1.
- Dependence on one large advertising partner could leave the company exposed to further algorithm changes 1.
- The rapid growth to date may not be sustainable, and the company expects challenges in 2026 1.
What to watch
- Trend in customer acquisition costs and its effect on repeat salesQ1 2027
- Whether margins and revenue improve after the advertising remedy2027
- Progress of the METHODIQ launch and other new brandsnext 10-K
- Share of international sales in total revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (09 Sept 2026), 6-K (21 Aug 2026), 6-K (30 Jul 2026), 6-K (16 Jun 2026), 6-K (12 Jun 2026), 6-K (02 Jun 2026).
The business
ODDITY Tech Ltd, formerly Il Makiage Cosmetics (2013) Ltd., was incorporated in Israel and its shares have been listed on Nasdaq since July 2023. The company describes itself as a consumer tech platform that sells beauty and wellness products directly online, relying on data, machine learning and computer vision. R&D is based in Tel Aviv, business headquarters in New York, and the biotechnology lab, ODDITY LABS, in Boston 1.
The company's brands are IL MAKIAGE, launched in 2018 in the United States, SpoiledChild, launched in 2022 as a wellness brand, and METHODIQ, launched in 2025 as a medical telehealth platform starting with dermatology. Products are sold mainly through the online platform at prices of 20 to 100 dollars per item. Manufacturing is outsourced to third-party partners, while formulas are developed in the in-house R&D center 1.
Segments
Online IL MAKIAGE and SpoiledChild
Online direct-to-consumer sales represented 97% of net revenue in 2025, compared with 95% in 2024, showing that the company's own online channel remains the core segment 1.
Other revenue
The remaining revenue, including sales in Israel mainly through retail and marketing affiliates, represented 3% of revenue in 2025, compared with 5% in 2024 1.
Market context
The company operates in a global beauty and wellness market that Euromonitor is cited as sizing at over 600 billion USD, including personal care and dietary supplements 1. Management expects online sales to become the industry's largest channel, but this is the company's own projection and its realisation depends on consumer behaviour.
Sales outside the United States represented about 18% of revenue in 2025, leaving room for growth in international markets, though expansion also brings different costs and regulatory risks in each market 1.
Trends
- Consumer shift to online shoppingtailwind
The company argues that the migration of consumers to online channels is a structural trend in which ODDITY is already a dominant direct-to-consumer platform. If the trend continues, the model could benefit from stronger demand 1.
- Demand for science-backed productstailwind
Management believes consumers increasingly seek scientifically backed products that solve specific problems, and that investment in ODDITY LABS and AI-based molecule discovery could support the company's position 1.
- Rising customer acquisition costsheadwind
Changes to the algorithms of the largest advertising partner have increased customer acquisition costs, and the company expects the negative impact on 2026 results to be greatest in the first half of the year 1.
- Dependence on social media advertisingmixed
The company and its content creators use social platforms to reach customers. Changes in algorithms or regulation can reduce campaign effectiveness, but they can also open new promotion channels 1.
Competitive position
The beauty and wellness industry is highly competitive. The company faces competition from multinational consumer product companies as well as independent brands around the world 1. The sources do not name listed competitors, so the list below is limited to the categories the company mentions.
The company says it differentiates itself through technology, data and the ability to launch effective products quickly, whereas many traditional incumbents rely on offline distribution and less advanced technology capabilities 1.
- Multinational consumer product companies
Competitors named only generically in the annual report, without specific identification in the source 1.
- Independent beauty brands
Competitors named only generically in the annual report, operating in the same product categories 1.
- Traditional brands with offline distribution
Companies selling through physical stores, which the company considers technologically less advanced 1.
- Wellness and supplement brands
Competitors in the wellness segment, where the company operates through SpoiledChild 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Oddity Tech’s Revenue Fell 25%. Is the IL MAKIAGE Advertising Fix Working?Yahoo Finance — News · 16 Sept 2026 · EN
- Oddity Tech Ltd. Q2 2026 Earnings Call SummaryYahoo Finance — News · 09 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)21 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)16 Jun 2026
- Current report (foreign issuer)12 Jun 2026
- Current report (foreign issuer)02 Jun 2026
- Annual report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)12 Mar 2026
- Current report (foreign issuer)25 Feb 2026
- Current report (foreign issuer)12 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / ODDITY Tech Ltd · 17 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.