NATURAL HEALTH TRENDS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATURAL HEALTH TRENDS CORP 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	288	198	192	77.6	62.1	60	49.1	43.9	43	39.8
Cost of revenue	54.9	38.6	39.4	20.1	17	15	12.7	11.2	11.2	10.5
Gross profit	233	159	153	57.5	45.1	45	36.5	32.7	31.8	29.3
Selling, general and administrative	43.2	32.2	31.3	27.2	18.2	17.8	16	16	15.5	14.8
Operating expenses	169	116	119	64.5	44.4	43.4	36.7	34.4	33.1	31.1
Operating income	64.1	43.1	33.7	-7.02	0.67	1.57	-0.27	-1.67	-1.3	-1.81
Other non-operating income	-0.06	0.37	0.79	1.43	0.82	-0.06	0.87	2.42	1.92	1.24
Pre-tax income	64.1	43.4	34.5	-5.6	1.49	1.51	0.6	0.75	0.62	-0.57
Income tax	8.99	19.8	3.49	0.01	0.65	0.43	0.29	0.18	0.05	0.32
Net income	55.1	23.6	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
EBITDA	64.5	43.6	34.2	-6.64	1.08	1.87	-0.07	-1.51	-1.17	-1.7
EPS, basic	4.84	2.10	2.75	-0.52	0.08	0.10	0.03	0.05	0.05	-0.08
EPS, diluted	4.83	2.09	2.74	-0.52	0.07	0.09	0.03	0.05	0.05	-0.08
Shares, basic (weighted)	11.4	11.3	11.3	10.9	10.6	11	11.4	11.4	11.5	11.5
Shares, diluted (weighted)	11.4	11.3	11.3	10.9	11.4	11.4	11.4	11.5	11.5	11.5
Dividend per share	0.61	1.52	2.77	0.64	0.80	0.80	0.80	0.80	0.80	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	135	133	96	92.4	83.8	69.7	56.2	13.5	6.81
Short-term investments								0	30.4	22.1
Inventory	11.3	8.4	12.2	6.4	3.78	5.26	4.53	4.29	3.27	2.05
Other current assets	4.07	7.53	5.37	5.94	3.6	4.37	3.36	3.76	3.77	3.27
Total current assets	141	151	150	108	99.7	93.5	77.6	64.2	51	34.2
Property, plant and equipment	1.39	1.15	0.93	0.74	0.54	0.46	0.39	0.27	0.19	0.15
Lease right-of-use assets				3.14	3.75	3.02	3.99	3.32	2.5	1.87
Goodwill	1.76	1.76	1.76	0
Other non-current assets	0.69	0.8	0.83	0.82	0.66	0.57	0.61	0.87	1.27	1.92
Total assets	148	160	158	118	106	98.4	82.8	69.1	55.4	38.4
Accounts payable	2.15	1.75	1.63	0.68	0.58	0.76	0.81	0.99	0.9	0.56
Accrued liabilities	13.6	11.2	12.5	2.39	1.92	1.93	1.18	1.17	1.43	1.44
Deferred revenue	4.95	4.46	6.8	4.51	3.09	8.54	5.6	6.17	6.43	5.57
Total current liabilities	57.2	41.9	43.1	26.3	21.5	24.7	20.4	20	20.8	13.7
Lease liabilities				1.56	2.78	1.93	2.99	2.32	1.51	1.13
Total liabilities	65.6	68.9	68.1	43.4	38.2	38.9	32.7	27.5	22.5	15
Paid-in capital	86.6	86.7	86.4	86.1	86.1	86.1	86.1	84.7	84.9	85
Retained earnings	38.5	44.9	44.4	16.1	7.82	-0.23	-9.06	-17.7	-26.3	-36.4
Treasury stock	-41.9	-40.6	-39.7	-25.9	-25.9	-25.9	-25.9	-24.3	-24.4	-24.4
Other comprehensive income	-0.81	-0.41	-1.25	-1.26	-0.34	-0.49	-1	-1.07	-1.3	-0.78
Shareholders' equity	82.4	90.6	89.9	75.1	67.7	59.5	50.2	41.6	32.9	23.4
Total equity	82.4	90.6	89.9	75.1	67.7	59.5	50.2	41.6	32.9	23.4
Total liabilities and equity	148	160	158	118	106	98.4	82.8	69.1	55.4	38.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	55.1	23.6	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Depreciation and amortization	0.39	0.54	0.42	0.39	0.41	0.3	0.2	0.16	0.13	0.11
Stock-based compensation	0.1	0.04	0				0	0.16	0.15	0.13
Deferred income tax	0.22	-1.65	0.36	-0.82	0.53	0.36	0.1	-0.18	0.03	0.1
Change in inventory	-0.85	2.84	-3.88	5.82	2.7	-1.55	0.68	0.23	1	1.27
Change in payables	-0.71	-0.39	-0.12	-0.95	-0.1	0.18	0.05	0.18	-0.09	-0.34
Cash from operations	53.2	26.6	29.7	-18.6	1.89	1.02	-4.85	-4.28	-3.37	-6
Capital expenditures	-0.91	-0.28	-0.21	-0.19	-0.21	-0.23	-0.14	-0.05	-0.06	-0.07
Purchases of investments								0	-70.4	-50.7
Sales and maturities of investments								0	40.4	59
Cash from investing	-0.91	-0.28	-0.21	-0.19	-0.21	-0.23	-0.14	-0.05	-30.1	8.15
Share buybacks	-23.7	0	0	-10.1	0
Dividends paid	-6.89	-17.2	-31.5	-7.34	-9.14	-9.14	-9.14	-9.22	-9.21	-9.21
Cash from financing	-30.6	-17.2	-31.5	-17.5	-9.14	-9.14	-9.14	-9.22	-9.21	-9.21
Exchange rate effect	-0.67	0.49	-0.81	0.06	0.93
Net change in cash	21	9.59	-2.83	-36.2	-6.53	-8.53	-14.6	-13.5	-42.7	-6.75
Free cash flow	52.3	26.3	29.5	-18.8	1.67	0.79	-5	-4.32	-3.42	-6.07
Interest paid	0.01
Income taxes paid	8.79	6.77	3.13	1.99	-2.1	1.87	1.66	3.53	3.96	4.92

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 $0.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.9%	Gross profit / revenue.
Operating margin	-5.1%	Operating income / revenue.
EBITDA margin	-4.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.3%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	-19.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-19.0%	Cash from operations / revenue.
Return on equity (ROE)	-7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.6%	Net income / average total assets.
Return on invested capital (ROIC)	-21.1%	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%.
SG&A / revenue	38.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.1%	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	-8.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-254.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-260.0%	EPS vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-28.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-22.4%	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	-19.1%	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	-30.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-22.6%	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	-18.4%	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	0.1%	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	0.2%	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	0.1%	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	2.00x	Current assets / current liabilities.
Quick ratio	1.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.5%	Total liabilities / total assets.
Working capital	$13.3M	Current assets - current liabilities.
Tangible book value	$16.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	148x	Revenue / average property, plant and equipment.
Inventory turnover	5.07x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.11	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	$3.77	Revenue / diluted weighted shares.
FCF per share	-$0.73	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.72	Cash from operations / diluted weighted shares.
Book value per share	$1.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.62	Tangible book value / shares outstanding.
Cash per share	$2.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.7M	Share price x shares outstanding.
Enterprise value	-$13.5M	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/B	0.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.47x	Market cap / tangible book value, when positive.
FCF yield	-96.3%	Free cash flow / market cap.
Earnings yield	-15.0%	Net income / market cap (the inverse of P/E).
Dividend yield	100.5%	Dividends paid over the period / market cap.
Shareholder yield	100.5%	(Dividends paid + share buybacks) / market cap.

What was NATURAL HEALTH TRENDS CORP's revenue in fiscal 2025?

NATURAL HEALTH TRENDS CORP reported revenue of $39.8M for fiscal 2025, 7.4% lower than the year before.

Was NATURAL HEALTH TRENDS CORP profitable in fiscal 2025?

No. It reported a net loss of $882.0K.

How much free cash flow did NATURAL HEALTH TRENDS CORP generate in fiscal 2025?

Cash from operations of $6.0M minus capital expenditures of $68.0K left free cash flow of -$6.1M.

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.

Open interactive statements, quarterly figures and charts

Back to NATURAL HEALTH TRENDS CORP