Oddity Tech Shines in 2024, Fair Value Increases to $63
Mar 1, 2025
Oddity Tech, our direct-to-consumer cosmetics and wellness supplier, delivered excellent fiscal 2024 results. Sales grew over 27%, driven by strong momentum from both IL MAKIAGE and SpoiledChild. Operational performance was solid, with gross margins expanding 240 basis points (+2.4%) and free cash flow margin rising to over 20%, up from 16% a year ago. Oddity remains debt-free. I remain highly optimistic about the company—its addressable market is vast, its existing brands are thriving, and two new brands are in development for launch soon. I'm raising my fair value estimate to $63, and the stock looks like a good buy right now.
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