NATURAL ALTERNATIVES INTERNATIONAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATURAL ALTERNATIVES INTERNATIONAL INC 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	114	122	132	138	119	179	171	154	114	130
Cost of revenue	88.9	95.7	106	115	100	148	140	136	107	121
Gross profit	25.3	26.2	26.3	23.6	18.9	30.4	30.5	18.2	6.87	9.29
Research and development	1.1	1.6	1.5	1.8	1.8	1.9	2.5	2.1	1.9	1.8
Selling, general and administrative	13	16.5	16.8	17.6	17.1
Operating income	12.3	9.7	9.53	5.96	-1.51	13.7	13.7	4.71	-8.53	-8.66
Interest income	0.13	0.46	1.09	1.87	0.18	0	0	0.03	0.18	0.17
Other non-operating income	1.31	0.41	1.08	1.99	-0.23	-1.55	-0.02	-1.16	-0.93	-2.08
Pre-tax income	13.6	10.1	10.6	7.95	-1.74	12.1	13.7	3.56	-9.46	-10.7
Income tax	4.03	2.88	5.56	1.41	-0.09	1.36	2.95	1.03	-2.25	2.84
Net income	9.55	7.24	5.05	6.54	-1.65	10.8	10.7	2.52	-7.22	-13.6
EBITDA	14	12.1	12.4	9.43	2.45	18	17.8	8.96	-3.89	-4.1
EPS, basic	1.46	1.10	0.76	0.96	-0.25	1.71	1.75	0.43	-1.23	-2.28
EPS, diluted	1.44	1.09	0.73	0.92	-0.25	1.69	1.74	0.43	-1.23	-2.28
Shares, basic (weighted)	6.52	6.58	6.64	6.81	6.7	6.29	6.12	5.86	5.87	5.95
Shares, diluted (weighted)	6.64	6.66	6.89	7.1	6.7	6.38	6.16	5.88	5.87	5.95

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.7	27.8	23.6	25	30.5	32.1	21.8	13.6	12	12.3
Receivables	13.2	8.41	14.6	16	17	17.9	17.4	7.02	16.9	14.6
Inventory	20.8	13.7	23.6	26	28	27	32.5	29.7	24.2	24.9
Other current assets	2.14	1.46	1.83	1.5	2.28	2.17	1.81	6	8	6.79
Total current assets	55.9	51.7	65.2	71.4	79	80.3	76.7	57	61.6	59.3
Property, plant and equipment	15.2	18.1	19.3	21.1	21.5	22.3	44.6	53.8	52.2	50.9
Lease right-of-use assets					18.4	15.9	21.7	20.4	43.5	41.1
Other non-current assets	0.9	0.77	0.73	1.02	1.11	1.57	2.98	2.58	1.81	0.72
Total assets	74.2	72.6	85.2	93.5	120	120	146	134	162	152
Accounts payable	12.8	5.12	9.65	8.63	12.5	11.9	16.2	7.78	12.7	15.4
Accrued liabilities	2.24	2.35	2.35	2.78	1.57	2.44	2.79	2.41	2.85	3.11
Deferred revenue					0.06	1.72	0.14	0.32	0.3	1.36
Total current liabilities	19.2	10.3	14.3	14.3	27.8	22.1	23.9	15.9	23.5	28.8
Long-term debt						0	9.49	9.21	8.93	8.63
Lease liabilities					18.8	16.5	21.4	19	46.5	46
Other non-current liabilities	0.76	0.1	0.6
Total liabilities	20.4	11.5	17	17.4	48.8	40.2	57.5	45.4	79.7	83.5
Total debt	0	0	0	0
Paid-in capital	21.1	22.3	24.5	26.3	28	29.5	30.4	31.4	32.6	33.6
Retained earnings	38.6	45.8	50.8	57.4	56.2	66.9	77.7	80.2	73	59.4
Treasury stock	-5.36	-6.07	-6.58	-7.96	-11.7	-15.8	-21.4	-22.9	-23.1	-23.3
Other comprehensive income	-0.68	-0.91	-0.58	0.29	-1.18	-0.56	1.7	-0.08	-0.02	-1.42
Shareholders' equity	53.7	61.1	68.2	76.1	71.4	80.1	88.5	88.8	82.6	68.4
Total equity	53.7	61.1	68.2	76.1	71.4	80.1	88.5	88.8	82.6	68.4
Total liabilities and equity	74.2	72.6	85.2	93.5	120	120	146	134	162	152
Shares outstanding	6.87	6.94	7.56	7.23	6.75	6.44	6.13	6.07	6.2	6.18

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.55	7.24	5.05	6.54	-1.65	10.8	10.7	2.52	-7.22	-13.6
Depreciation and amortization	1.77	2.38	2.91	3.47	3.96	4.34	4.17	4.25	4.65	4.56
Stock-based compensation	0.72	1.03	1.33	1.67	1.71	1.43	0.97	1.02	1.2	0.98
Deferred income tax	-0.2	0.35	2.39	0.21	-0.86	-0.21	0.75	-0.24	-2.3	3.55
Change in receivables	-3.33	4.81	-6.21	-1.34	-4.32	-0.81	0.64	11.8	-9.87	2.25
Change in inventory	-8.2	7.04	-9.84	-2.44	-1.97	0.97	-5.47	2.78	5.45	-0.62
Change in payables	7.98	-8.01	4.44	-0.49	2.72	1.91	3.06	-8.61	5.39	2.86
Cash from operations	9.29	14.1	1.83	6.56	3.69	20.8	11.9	7.02	-1.5	5.93
Capital expenditures	-10.4	-5.35	-4.08	-5.33	-4.54	-5.11	-26.5	-13.5	-3.02	-3.61
Cash from investing	-7.44	-5.33	-5.55	-3.81	-4.51	-5.04	-26.5	-13.5	-3.02	-3.61
Debt issued						0	10	0
Debt repaid						0	-0.21	-0.28	-0.29	-0.3
Stock issued				0.04		0.04	0
Share buybacks	-0.65	-0.71	-0.51	-1.37	-3.75	-4.15	-5.5	-1.5	-0.22	-0.18
Cash from financing	-0.65	-0.71	-0.51	-1.33	6.25	-14.1	4.29	-1.78	2.89	-1.97
Net change in cash	1.2	8.1	-4.23	1.43	5.44	1.66	-10.3	-8.23	-1.62	0.34
Free cash flow	-1.16	8.78	-2.25	1.24	-0.85	15.7	-14.6	-6.51	-4.51	2.32
Interest paid			0.01	0.02	0.07	0.13	0.21	0.8	0.29	0.81
Income taxes paid	3.36	2.89	1.82	1.97	0.99	2.96	2.61	1.84	0.46	0.32

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $1.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.6%	Gross profit / revenue.
Operating margin	-5.3%	Operating income / revenue.
EBITDA margin	-2.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.8%	Pre-tax income / revenue.
Net margin	-10.1%	Net income / revenue.
FCF margin	-6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.2%	Cash from operations / revenue.
Return on equity (ROE)	-22.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.3%	Net income / average total assets.
Return on invested capital (ROIC)	-11.0%	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	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	35.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-32.7%	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	-13.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-20.6%	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	10.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.3%	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	4.8%	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	1.3%	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	-1.1%	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	-2.3%	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	1.64x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.3%	Total liabilities / total assets.
Working capital	$24.9M	Current assets - current liabilities.
Tangible book value	$63.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.92x	Revenue / average total assets.
Fixed asset turnover	2.79x	Revenue / average property, plant and equipment.
Inventory turnover	4.38x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	6.89x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.39	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	$23.55	Revenue / diluted weighted shares.
FCF per share	-$1.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.75	Cash from operations / diluted weighted shares.
Book value per share	$10.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.06	Tangible book value / shares outstanding.
Cash per share	$1.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$11.0M	Share price x shares outstanding.
Enterprise value	$1.8M	Market cap + total debt - cash - short-term investments.
P/S	0.08x	Market cap / revenue.
P/B	0.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.17x	Market cap / tangible book value, when positive.
EV/Sales	0.01x	Enterprise value / revenue.
FCF yield	-82.2%	Free cash flow / market cap.
Earnings yield	-130.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was NATURAL ALTERNATIVES INTERNATIONAL INC's revenue in fiscal 2025?

NATURAL ALTERNATIVES INTERNATIONAL INC reported revenue of $129.9M for fiscal 2025, 14.1% higher than the year before.

Was NATURAL ALTERNATIVES INTERNATIONAL INC profitable in fiscal 2025?

No. It reported a net loss of $13.6M.

How much free cash flow did NATURAL ALTERNATIVES INTERNATIONAL INC generate in fiscal 2025?

Cash from operations of $5.9M minus capital expenditures of $3.6M left free cash flow of $2.3M.

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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