HERBALIFE LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HERBALIFE LTD. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,488	4,428	4,892	4,877	5,542	5,803	5,204	5,062	4,993	5,038
Cost of revenue	855	849	919	958	1,151	1,239	1,174	1,191	1,104	1,115
Gross profit	3,634	3,579	3,973	3,919	4,391	4,564	4,031	3,871	3,889	3,923
Selling, general and administrative	1,967	1,759	1,955	1,940	2,075	2,012	1,810	1,866	1,875
General and administrative								1,701	1,726	1,664
Operating income	458	617	683	568	641	734	545	356	386	481
Interest expense	99.3	161	181	153	133	153	139	166	218	214
Interest income	5.9	14.5
Other non-operating income		0.4	-57.3	-15.7	0	-24.6	12.8	1	-10.5	0
Pre-tax income	365	471	464	451	516	561	425	203	169	275
Income tax	105	257	168	140	144	114	104	60.8	-84.9	47.3
Net income to minority interests								0	0	-0.5
Net income	260	214	297	311	373	447	321	142	254	228
EBITDA	556	717	784	666	741	842	661	470	507	602
EPS, basic	1.57	1.35	2.12	2.26	2.83	4.22	3.26	1.44	2.53	2.22
EPS, diluted	1.51	1.29	1.98	2.20	2.77	4.13	3.23	1.42	2.50	2.20
Shares, basic (weighted)	166	159	140	137	132	106	98.5	99	101	103
Shares, diluted (weighted)	172	166	150	142	135	108	99.5	100	102	104

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	844	1,279	1,199	839	1,045	602	508	575	415	353
Receivables	70.3	93.3	70.5	79.7	83.3	66.9	70.6	81.2	68.9	91.9
Inventory	371	341	382	436	501	576	581	505	475	512
Other current assets	177	147	154	133	146	188	197	238	184	188
Total current assets	1,463	1,860	1,805	1,488	1,776	1,432	1,356	1,399	1,144	1,145
Property, plant and equipment	378	378	360	372	390	442	486	507	460	448
Lease right-of-use assets				190	223	220	207	186	186	168
Goodwill	89.9	96.9	92.9	91.5	101	95.4	93.2	95.4	87.7	101
Intangible assets	310	310	310	310	313	317	316	314	312	315
Other non-current assets	325	250	222	228	274	313	274	129	140	145
Total assets	2,565	2,895	2,790	2,679	3,076	2,820	2,732	2,809	2,728	2,786
Accounts payable	66	67.8	81.1	81.6	88.7	92	89.8	84	70	99.8
Accrued liabilities	237	117	138	122	164	172	108	126	148	142
Short-term debt	9.5	102	679	24.1	22.9	29.4	29.5	310	284	20.9
Total current liabilities	792	907	1,589	964	1,127	1,080	977	1,278	1,230	1,013
Long-term debt	1,438	2,166	1,775	1,779	2,406	2,733	2,663	2,253	1,977	1,972
Lease liabilities				170	207	201	192	168	170	156
Other non-current liabilities	139	157	150	155	193	197	166	172	153	155
Total liabilities	2,369	3,230	3,513	3,069	3,932	4,211	3,998	3,870	3,529	3,295
Total debt	1,448	2,268	2,454	1,803	2,428	2,763	2,692	2,562	2,260	1,993
Paid-in capital	468	407	342	367	342	318	189	234	278	316
Retained earnings	-66.3	-248	-526	-215	-687	-1,169	-1,205	-1,062	-808	-580
Treasury stock		-329	-329	-329	-329	-329	0
Other comprehensive income	-205	-165	-210	-213	-182	-212	-250	-232	-271	-252
Shareholders' equity	196	-335	-723	-390	-856	-1,392	-1,266	-1,060	-801	-515
Minority interests									0	5.7
Total equity	196	-335	-723	-390	-856	-1,392	-1,266	-1,060	-801	-509
Total liabilities and equity	2,565	2,895	2,790	2,679	3,076	2,820	2,732	2,809	2,728	2,786
Shares outstanding	186	165	143	137	120	101	97.9	99.2	101	103

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	260	214	297	311	373	447	321	142	254	228
Depreciation and amortization	98.3	99.8	100	97.7	100	108	115	113	121	121
Stock-based compensation	40.2	42.1	35.5	38.6	51	54.1	44.4	48	50	44.1
Deferred income tax	-36.4	97.8	-8.1	15.4	2	-33.3	-29.9	-41.1	-230	-64.2
Change in receivables		-22.2	2.8	-14.4	-5.8	9.6	-9.1	-12.6	5.9	-19.7
Change in inventory	-71.6	37.9	-83.3	-68.6	-76.6	-129	-68.4	57.5	-30.4	-27.9
Change in payables	-1.3	-5	21.7	0.1	5.5	6.9	-1.1	-7.4	-14.6	24.1
Cash from operations	367	591	648	458	629	460	353	358	285	333
Capital expenditures	-143	-95.5	-84	-106	-112	-151	-156	-135	-122	-80.4
Acquisitions								0	0	-25.5
Cash from investing	-142	-95.2	-83.9	-108	-123	-156	-156	-135	-84.6	-109
Debt issued	200	1,274	998	0	31.5	671	564	215	1,394	725
Debt repaid	-439	-495	-1,237	-24.5	-24.5	-564	-684	-290	-1,937	-747
Share buybacks	-13.2	-844	-750	-16.7	-924	-1,011	-147	-11	-8.3	-8.2
Dividends paid	0	0	0
Cash from financing	-252	-85.2	-593	-713	-321	-729	-265	-148	-335	-296
Exchange rate effect	-20.1	28.2	-51.9	-4	22	-18.9	-25.7	4.8	-22.9	8.1
Net change in cash	-47.5	439	-80.5	-368	207	-444	-94.1	79.2	-157	-62.8
Free cash flow	224	495	564	351	517	309	196	223	163	253
Interest paid	45.4	101	106	114	78.9	144	134	159	194	206
Income taxes paid	163	159	159	148	138	156	145	121	132	117

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.7%	Gross profit / revenue.
Operating margin	9.5%	Operating income / revenue.
EBITDA margin	11.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.1%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.4%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.7%	Net income / average total assets.
Return on invested capital (ROIC)	32.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-12.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	54.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.20x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / assets	70.5%	Total debt / total assets.
Liabilities / assets	116.3%	Total liabilities / total assets.
Net debt	$1.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.55x	Operating income / interest expense.
Working capital	$195.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$933.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.82x	Revenue / average total assets.
Fixed asset turnover	12.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.28x	Cost of revenue / average inventory.
Days inventory	160 days	365 x average inventory / cost of revenue.
Receivables turnover	44.9x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	32 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	136 days	Days inventory + days sales outstanding - days payables.
FCF conversion	196.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$49.77	Revenue / diluted weighted shares.
FCF per share	$3.08	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.67	Cash from operations / diluted weighted shares.
Book value per share	-$4.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.91	Tangible book value / shares outstanding.
Cash per share	$3.54	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	3.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.32B	Share price x shares outstanding.
Enterprise value	$2.96B	Market cap + total debt - cash - short-term investments.
P/E	8.01x	Market cap / net income. Only when net income is positive.
P/S	0.25x	Market cap / revenue.
P/FCF	4.08x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.43x	Market cap / cash from operations, when positive.
EV/Sales	0.57x	Enterprise value / revenue.
EV/EBIT	6.01x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.83x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.19x	Enterprise value / free cash flow, when both are positive.
FCF yield	24.5%	Free cash flow / market cap.
Earnings yield	12.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was HERBALIFE LTD.'s revenue in fiscal 2025?

HERBALIFE LTD. reported revenue of $5.04B for fiscal 2025, 0.9% higher than the year before.

Was HERBALIFE LTD. profitable in fiscal 2025?

Yes. Net income was $228.3M, a net margin of 4.5%.

How much free cash flow did HERBALIFE LTD. generate in fiscal 2025?

Cash from operations of $333.3M minus capital expenditures of $80.4M left free cash flow of $252.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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