Natural Health Trends Corp. (NHTC) 10-Year Financial Performance & Capital Metrics

NHTC •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

AboutNatural Health Trends Corp., a direct-selling and e-commerce company, provides personal care, wellness, and lifestyle products under the NHT Global brand. The company offers wellness products, including liquid, encapsulated, tableted, and powder dietary and nutritional supplements, as well as vitamins and minerals; and herbal products comprising herbal supplements. It also provides beauty products, such as age-defying and hydrating cleansers, creams, lotions, serums, and toners; and lifestyle products, which include weight management and energy enhancing supplements. In addition, the company offers home appliances; daily products, such as oral care, hair care, and body care; and home appliances products. It sells its products directly to consumers, as well as through an e-commerce retail platform in the United States, Canada, Cayman Islands, Mexico, Peru, Hong Kong, Taiwan, China, Singapore, Malaysia, Thailand, Vietnam, South Korea, Japan, India, Russia, Kazakhstan, and Europe. The company was formerly known as Florida Institute of Massage Therapy, Inc. and changed its name to Natural Health Trends Corp. in June 1993. Natural Health Trends Corp. was incorporated in 1988 and is headquartered in Tsim Sha Tsui, Hong Kong.Show more

Revenue $40M -7.4%
EBITDA -$2M -45.5%
Net Income -$882K -254.2%
EPS (Diluted) -0.08 -254.0%
Gross Margin 73.54% -0.6%
EBITDA Margin -4.27% -57.1%
Operating Margin -4.55% -50.3%
Net Margin -2.22% -266.5%
ROE -3.13% -304.0%
ROIC -6.5% +63.8%
Debt/Equity 0.13 +66.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 8.5% over 5 years
✗Thin 5Y average net margin of 0.6%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-17.27%

5Y-8.52%

3Y-6.8%

TTM-7.42%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-254.2%

EPS CAGR

10Y-

5Y-

3Y-

TTM-254.02%

ROCE

10Y Avg13.73%

5Y Avg-2.12%

3Y Avg-4.07%

Latest-6.1%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	287.73M	197.56M	191.91M	77.61M	62.07M	60.01M	49.13M	43.92M	42.96M	39.78M
Revenue Growth %	8.63%	-31.34%	-2.86%	-59.56%	-20.03%	-3.33%	-18.12%	-10.6%	-2.19%	-7.42%
Cost of Goods Sold+	54.9M	38.65M	39.37M	20.1M	16.99M	15.01M	12.66M	11.18M	11.18M	10.52M
COGS % of Revenue	19.08%	19.56%	20.51%	25.9%	27.37%	25.01%	25.77%	25.44%	26.02%	26.46%
Gross Profit+	232.82M	158.92M	152.54M	57.51M	45.08M	44.99M	36.47M	32.75M	31.79M	29.25M
Gross Margin %	80.92%	80.44%	79.49%	74.1%	72.63%	74.99%	74.23%	74.56%	73.98%	73.54%
Gross Profit Growth %	10.47%	-31.74%	-4.01%	-62.3%	-21.61%	-0.19%	-18.94%	-10.21%	-2.94%	-7.97%
Operating Expenses+	168.69M	115.86M	118.81M	64.53M	44.41M	43.42M	36.74M	34.42M	33.08M	31.06M
OpEx % of Revenue	58.63%	58.64%	61.91%	83.15%	71.55%	72.37%	74.78%	78.36%	77.01%	78.09%
Selling, General & Admin	168.29M	115.86M	118.81M	62.77M	44.41M	43.42M	36.74M	34.42M	33.08M	14.76M
SG&A % of Revenue	58.49%	58.64%	61.91%	80.87%	71.55%	72.37%	74.78%	78.36%	77.01%	37.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-59K	367K	789K	1.76M	0	0	0	0	0	16.3M
Operating Income+	64.14M	43.06M	33.73M	-7.02M	669K	1.57M	-270K	-1.67M	-1.3M	-1.81M
Operating Margin %	22.29%	21.8%	17.58%	-9.05%	1.08%	2.62%	-0.55%	-3.8%	-3.02%	-4.55%
Operating Income Growth %	33.96%	-32.86%	-21.66%	-120.82%	109.53%	134.83%	-117.19%	-518.89%	22.26%	-39.18%
EBITDA+	64.53M	43.59M	34.16M	-6.64M	1.08M	1.87M	-66K	-1.51M	-1.17M	-1.7M
EBITDA Margin %	22.43%	22.07%	17.8%	-8.55%	1.74%	3.12%	-0.13%	-3.43%	-2.72%	-4.27%
EBITDA Growth %	34.05%	-32.44%	-21.65%	-119.43%	116.26%	73.31%	-103.53%	-2183.33%	22.5%	-45.46%
D&A (Non-Cash Add-back)	394K	536K	424K	387K	410K	299K	204K	164K	131K	109K
EBIT	64.14M	43.43M	34.52M	-5.26M	669K	1.57M	-270K	-1.67M	-1.3M	-567K
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-59K	367K	789K	1.43M	821K	-61K	872K	2.42M	1.92M	0
Pretax Income+	64.08M	43.43M	34.52M	-5.6M	1.49M	1.51M	602K	745K	620K	-567K
Pretax Margin %	22.27%	21.98%	17.99%	-7.21%	2.4%	2.52%	1.23%	1.7%	1.44%	-1.43%
Income Tax+	8.99M	19.85M	3.49M	14K	647K	425K	289K	177K	48K	315K
Effective Tax Rate %	85.97%	54.29%	89.9%	100.25%	56.58%	71.85%	51.99%	76.24%	92.26%	155.56%
Net Income+	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Net Margin %	19.15%	11.93%	16.17%	-7.23%	1.36%	1.81%	0.64%	1.29%	1.33%	-2.22%
Net Income Growth %	16.61%	-57.2%	31.63%	-118.08%	115.02%	28.71%	-71.15%	81.47%	0.7%	-254.2%
Net Income (Continuing)	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.83	2.09	2.74	-0.52	0.07	0.10	0.03	0.05	0.05	-0.08
EPS Growth %	26.44%	-56.73%	31.1%	-118.98%	114.19%	28.73%	-71.16%	81.02%	0.4%	-254.02%
EPS (Basic)	4.84	2.10	2.75	-0.52	0.08	0.10	0.03	0.05	0.05	-0.08
Diluted Shares Outstanding	11.41M	11.27M	11.32M	10.87M	11.42M	11.42M	11.42M	11.46M	11.49M	11.5M
Basic Shares Outstanding	11.38M	11.25M	11.3M	10.87M	10.63M	11.02M	11.36M	11.44M	11.47M	11.5M
Dividend Payout Ratio	12.51%	73.03%	101.54%	-	1083.99%	842.21%	2919.49%	1622.36%	1610.66%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	141.24M	151.24M	150.19M	108.38M	99.74M	93.47M	77.55M	64.23M	50.98M	34.19M
Cash & Short-Term Investments	125.92M	135.31M	132.65M	96.03M	92.37M	83.84M	69.67M	56.18M	43.94M	28.87M
Cash Only	125.92M	135.31M	132.65M	96.03M	92.37M	83.84M	69.67M	56.18M	13.53M	6.81M
Short-Term Investments	0	0	0	0	0	0	0	0	30.41M	22.06M
Accounts Receivable	0	0	0	0	0	0	0	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	11.26M	8.4M	12.16M	6.4M	3.78M	5.26M	4.53M	4.29M	3.27M	2.05M
Days Inventory Outstanding	74.84	79.32	112.79	116.27	81.19	127.84	130.45	140.22	106.84	71
Other Current Assets	4.07M	7.53M	5.37M	5.94M	3.6M	4.37M	3.36M	3.76M	3.77M	3.27M
Total Non-Current Assets+	6.81M	8.31M	7.73M	10.12M	6.2M	4.89M	5.27M	4.86M	4.38M	4.23M
Property, Plant & Equipment	1.39M	1.15M	934K	3.87M	4.28M	3.48M	4.39M	3.58M	2.69M	2.02M
Fixed Asset Turnover	207.30x	171.94x	205.47x	20.06x	14.49x	17.22x	11.20x	12.25x	15.98x	19.67x
Goodwill	1.76M	1.76M	1.76M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	2.96M	3.17M	0	0	0	0	0	0	0	7K
Other Non-Current Assets	-3.1M	796K	3.83M	4.21M	1.19M	1.09M	685K	908K	1.31M	1.92M
Total Assets+	148.05M	159.55M	157.92M	118.5M	105.94M	98.36M	82.82M	69.09M	55.36M	38.43M
Asset Turnover	1.94x	1.24x	1.22x	0.65x	0.59x	0.61x	0.59x	0.64x	0.78x	1.04x
Asset Growth %	19.25%	7.77%	-1.02%	-24.96%	-10.6%	-7.16%	-15.8%	-16.57%	-19.88%	-30.58%
Total Current Liabilities+	57.15M	41.92M	43.08M	26.3M	21.51M	24.66M	20.44M	19.98M	20.8M	13.69M
Accounts Payable	2.15M	1.75M	1.63M	680K	580K	761K	810K	990K	895K	555K
Days Payables Outstanding	14.26	16.54	15.12	12.35	12.46	18.51	23.35	32.34	29.22	19.25
Short-Term Debt	0	0	0	0	0	0	0	0	0	869K
Deferred Revenue (Current)	4.95M	4.46M	6.79M	4.51M	3.09M	8.54M	5.6M	6.17M	6.43M	5.57M
Other Current Liabilities	25.25M	18.67M	18.11M	15.6M	11.11M	8.33M	6.61M	5.48M	4.74M	4.73M
Current Ratio	2.47x	3.61x	3.49x	4.12x	4.64x	3.79x	3.79x	3.21x	2.45x	2.50x
Quick Ratio	2.27x	3.41x	3.20x	3.88x	4.46x	3.58x	3.57x	3.00x	2.29x	2.35x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.46M	27.01M	24.98M	17.13M	16.74M	14.21M	12.23M	7.51M	1.69M	1.31M
Long-Term Debt	0	0	0	0	0	0	0	0	0	1.13M
Capital Lease Obligations	0	0	0	1.56M	2.77M	1.93M	2.99M	2.32M	1.51M	1.13M
Deferred Tax Liabilities	268K	56K	186K	202K	216K	153K	141K	135K	174K	180K
Other Non-Current Liabilities	8.19M	26.96M	24.79M	15.37M	13.75M	12.13M	9.1M	5.05M	0	-1.13M
Total Liabilities	65.61M	68.93M	68.06M	43.43M	38.24M	38.87M	32.67M	27.49M	22.49M	15M
Total Debt+	0	0	0	3.22M	3.94M	3.17M	4.12M	3.46M	2.64M	3.13M
Net Debt	-125.92M	-135.31M	-132.65M	-92.82M	-88.43M	-80.68M	-65.54M	-52.71M	-10.89M	-3.68M
Debt / Equity	-	-	-	0.04x	0.06x	0.05x	0.08x	0.08x	0.08x	0.13x
Debt / EBITDA	-	-	-	-	3.65x	1.69x	-	-	-	-
Net Debt / EBITDA	-1.95x	-3.10x	-3.88x	-	-81.95x	-43.14x	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	82.44M	90.62M	89.86M	75.06M	67.7M	59.49M	50.15M	41.6M	32.87M	23.43M
Equity Growth %	45.12%	9.92%	-0.84%	-16.47%	-9.81%	-12.13%	-15.7%	-17.05%	-20.98%	-28.73%
Book Value per Share	7.23	8.04	7.94	6.90	5.93	5.21	4.39	3.63	2.86	2.04
Total Shareholders' Equity	82.44M	90.62M	89.86M	75.06M	67.7M	59.49M	50.15M	41.6M	32.87M	23.43M
Common Stock	13K	13K	13K	13K	13K	13K	13K	13K	13K	13K
Retained Earnings	38.55M	44.91M	44.43M	16.12M	7.82M	-231K	-9.06M	-17.7M	-26.34M	-36.44M
Treasury Stock	-41.89M	-40.57M	-39.75M	-25.9M	-25.9M	-25.9M	-25.9M	-24.34M	-24.4M	-24.4M
Accumulated OCI	-807K	-413K	-1.25M	-1.26M	-336K	-492K	-1M	-1.07M	-1.3M	-784K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	53.17M	26.61M	29.71M	-18.64M	1.89M	1.02M	-4.85M	-4.28M	-3.37M	-6M
Operating CF Margin %	18.48%	13.47%	15.48%	-24.01%	3.04%	1.69%	-9.88%	-9.74%	-7.84%	-15.08%
Operating CF Growth %	-34.62%	-49.97%	11.67%	-162.73%	110.11%	-46.1%	-577.56%	11.83%	21.3%	-78.11%
Net Income	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Depreciation & Amortization	394K	536K	424K	387K	410K	299K	204K	164K	131K	109K
Stock-Based Compensation	104K	35K	0	0	0	773K	575K	161K	145K	132K
Deferred Taxes	217K	-1.64M	358K	-820K	1.34M	362K	90K	-178K	17K	102K
Other Non-Cash Items	132K	-258K	4.84M	3.52M	1.53M	390K	597K	1.11M	646K	-377K
Working Capital Changes	-2.76M	4.36M	-2.11M	-16.12M	-2.24M	-1.89M	-6.63M	-6.1M	-4.88M	-5.08M
Change in Receivables	-4.56M	2.71M	-375K	0	-3.4M	-6.01M	0	0	0	0
Change in Inventory	-851K	2.84M	-3.88M	5.82M	2.7M	-1.55M	680K	228K	1M	1.27M
Change in Payables	-714K	-392K	-116K	-953K	-102K	182K	52K	181K	-94K	-341K
Cash from Investing+	-905K	-278K	-214K	-189K	-211K	-225K	-143K	-46K	-30.07M	8.15M
Capital Expenditures	-905K	-278K	-214K	-189K	-211K	-225K	-143K	-46K	-57K	-68K
CapEx % of Revenue	0.31%	0.14%	0.11%	0.24%	0.34%	0.38%	0.29%	0.1%	0.13%	0.17%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-30.59M	-17.22M	-31.51M	-17.46M	-9.14M	-9.14M	-9.14M	-9.21M	-9.21M	-9.21M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	0	0	-1000K	0	0	0	0	0	0
Dividends Paid	-6.89M	-17.22M	-31.51M	-7.34M	-9.14M	-9.14M	-9.14M	-9.21M	-9.21M	-9.21M
Share Repurchases	-23.7M	0	0	-10.12M	0	0	0	0	0	0
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	21.01M	9.39M	-2.83M	-36.23M	-6.53M	-8.53M	-14.62M	-13.53M	-42.65M	-6.75M
Free Cash Flow+	52.27M	26.33M	29.5M	-18.83M	1.67M	791K	-5M	-4.32M	-3.42M	-6.07M
FCF Margin %	18.17%	13.33%	15.37%	-24.26%	2.7%	1.32%	-10.17%	-9.84%	-7.97%	-15.25%
FCF Growth %	-35.16%	-49.63%	12.04%	-163.83%	108.89%	-52.75%	-731.48%	13.43%	20.81%	-77.13%
FCF per Share	4.58	2.34	2.61	-1.73	0.15	0.07	-0.44	-0.38	-0.30	-0.53
FCF Conversion (FCF/Net Income)	0.97x	1.13x	0.96x	3.32x	2.24x	0.94x	-15.50x	-7.53x	-5.89x	6.80x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	8.79M	6.77M	3.13M	1.99M	0	1.86M	1.66M	3.53M	3.96M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	79.12%	27.25%	34.39%	-6.8%	1.18%	1.71%	0.57%	1.24%	1.54%	-3.13%
Return on Invested Capital (ROIC)	-	-	-	-	-	-	-	-	-17.93%	-6.5%
Gross Margin	80.92%	80.44%	79.49%	74.1%	72.63%	74.99%	74.23%	74.56%	73.98%	73.54%
Net Margin	19.15%	11.93%	16.17%	-7.23%	1.36%	1.81%	0.64%	1.29%	1.33%	-2.22%
Debt / Equity	-	-	-	0.04x	0.06x	0.05x	0.08x	0.08x	0.08x	0.13x
FCF Conversion	0.97x	1.13x	0.96x	3.32x	2.24x	0.94x	-15.50x	-7.53x	-5.89x	6.80x
Revenue Growth	8.63%	-31.34%	-2.86%	-59.56%	-20.03%	-3.33%	-18.12%	-10.6%	-2.19%	-7.42%

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Natural Health Trends Corp. (NHTC) 10-Year Financial Performance & Capital Metrics

NHTC •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

Revenue $40M -7.4%
EBITDA -$2M -45.5%
Net Income -$882K -254.2%
EPS (Diluted) -0.08 -254.0%
Gross Margin 73.54% -0.6%
EBITDA Margin -4.27% -57.1%
Operating Margin -4.55% -50.3%
Net Margin -2.22% -266.5%
ROE -3.13% -304.0%
ROIC -6.5% +63.8%
Debt/Equity 0.13 +66.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 8.5% over 5 years
✗Thin 5Y average net margin of 0.6%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-17.27%

5Y-8.52%

3Y-6.8%

TTM-7.42%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-254.2%

EPS CAGR

10Y-

5Y-

3Y-

TTM-254.02%

ROCE

10Y Avg13.73%

5Y Avg-2.12%

3Y Avg-4.07%

Latest-6.1%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	287.73M	197.56M	191.91M	77.61M	62.07M	60.01M	49.13M	43.92M	42.96M	39.78M
Revenue Growth %	8.63%	-31.34%	-2.86%	-59.56%	-20.03%	-3.33%	-18.12%	-10.6%	-2.19%	-7.42%
Cost of Goods Sold+	54.9M	38.65M	39.37M	20.1M	16.99M	15.01M	12.66M	11.18M	11.18M	10.52M
COGS % of Revenue	19.08%	19.56%	20.51%	25.9%	27.37%	25.01%	25.77%	25.44%	26.02%	26.46%
Gross Profit+	232.82M	158.92M	152.54M	57.51M	45.08M	44.99M	36.47M	32.75M	31.79M	29.25M
Gross Margin %	80.92%	80.44%	79.49%	74.1%	72.63%	74.99%	74.23%	74.56%	73.98%	73.54%
Gross Profit Growth %	10.47%	-31.74%	-4.01%	-62.3%	-21.61%	-0.19%	-18.94%	-10.21%	-2.94%	-7.97%
Operating Expenses+	168.69M	115.86M	118.81M	64.53M	44.41M	43.42M	36.74M	34.42M	33.08M	31.06M
OpEx % of Revenue	58.63%	58.64%	61.91%	83.15%	71.55%	72.37%	74.78%	78.36%	77.01%	78.09%
Selling, General & Admin	168.29M	115.86M	118.81M	62.77M	44.41M	43.42M	36.74M	34.42M	33.08M	14.76M
SG&A % of Revenue	58.49%	58.64%	61.91%	80.87%	71.55%	72.37%	74.78%	78.36%	77.01%	37.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-59K	367K	789K	1.76M	0	0	0	0	0	16.3M
Operating Income+	64.14M	43.06M	33.73M	-7.02M	669K	1.57M	-270K	-1.67M	-1.3M	-1.81M
Operating Margin %	22.29%	21.8%	17.58%	-9.05%	1.08%	2.62%	-0.55%	-3.8%	-3.02%	-4.55%
Operating Income Growth %	33.96%	-32.86%	-21.66%	-120.82%	109.53%	134.83%	-117.19%	-518.89%	22.26%	-39.18%
EBITDA+	64.53M	43.59M	34.16M	-6.64M	1.08M	1.87M	-66K	-1.51M	-1.17M	-1.7M
EBITDA Margin %	22.43%	22.07%	17.8%	-8.55%	1.74%	3.12%	-0.13%	-3.43%	-2.72%	-4.27%
EBITDA Growth %	34.05%	-32.44%	-21.65%	-119.43%	116.26%	73.31%	-103.53%	-2183.33%	22.5%	-45.46%
D&A (Non-Cash Add-back)	394K	536K	424K	387K	410K	299K	204K	164K	131K	109K
EBIT	64.14M	43.43M	34.52M	-5.26M	669K	1.57M	-270K	-1.67M	-1.3M	-567K
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-59K	367K	789K	1.43M	821K	-61K	872K	2.42M	1.92M	0
Pretax Income+	64.08M	43.43M	34.52M	-5.6M	1.49M	1.51M	602K	745K	620K	-567K
Pretax Margin %	22.27%	21.98%	17.99%	-7.21%	2.4%	2.52%	1.23%	1.7%	1.44%	-1.43%
Income Tax+	8.99M	19.85M	3.49M	14K	647K	425K	289K	177K	48K	315K
Effective Tax Rate %	85.97%	54.29%	89.9%	100.25%	56.58%	71.85%	51.99%	76.24%	92.26%	155.56%
Net Income+	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Net Margin %	19.15%	11.93%	16.17%	-7.23%	1.36%	1.81%	0.64%	1.29%	1.33%	-2.22%
Net Income Growth %	16.61%	-57.2%	31.63%	-118.08%	115.02%	28.71%	-71.15%	81.47%	0.7%	-254.2%
Net Income (Continuing)	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.83	2.09	2.74	-0.52	0.07	0.10	0.03	0.05	0.05	-0.08
EPS Growth %	26.44%	-56.73%	31.1%	-118.98%	114.19%	28.73%	-71.16%	81.02%	0.4%	-254.02%
EPS (Basic)	4.84	2.10	2.75	-0.52	0.08	0.10	0.03	0.05	0.05	-0.08
Diluted Shares Outstanding	11.41M	11.27M	11.32M	10.87M	11.42M	11.42M	11.42M	11.46M	11.49M	11.5M
Basic Shares Outstanding	11.38M	11.25M	11.3M	10.87M	10.63M	11.02M	11.36M	11.44M	11.47M	11.5M
Dividend Payout Ratio	12.51%	73.03%	101.54%	-	1083.99%	842.21%	2919.49%	1622.36%	1610.66%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	141.24M	151.24M	150.19M	108.38M	99.74M	93.47M	77.55M	64.23M	50.98M	34.19M
Cash & Short-Term Investments	125.92M	135.31M	132.65M	96.03M	92.37M	83.84M	69.67M	56.18M	43.94M	28.87M
Cash Only	125.92M	135.31M	132.65M	96.03M	92.37M	83.84M	69.67M	56.18M	13.53M	6.81M
Short-Term Investments	0	0	0	0	0	0	0	0	30.41M	22.06M
Accounts Receivable	0	0	0	0	0	0	0	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	11.26M	8.4M	12.16M	6.4M	3.78M	5.26M	4.53M	4.29M	3.27M	2.05M
Days Inventory Outstanding	74.84	79.32	112.79	116.27	81.19	127.84	130.45	140.22	106.84	71
Other Current Assets	4.07M	7.53M	5.37M	5.94M	3.6M	4.37M	3.36M	3.76M	3.77M	3.27M
Total Non-Current Assets+	6.81M	8.31M	7.73M	10.12M	6.2M	4.89M	5.27M	4.86M	4.38M	4.23M
Property, Plant & Equipment	1.39M	1.15M	934K	3.87M	4.28M	3.48M	4.39M	3.58M	2.69M	2.02M
Fixed Asset Turnover	207.30x	171.94x	205.47x	20.06x	14.49x	17.22x	11.20x	12.25x	15.98x	19.67x
Goodwill	1.76M	1.76M	1.76M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	2.96M	3.17M	0	0	0	0	0	0	0	7K
Other Non-Current Assets	-3.1M	796K	3.83M	4.21M	1.19M	1.09M	685K	908K	1.31M	1.92M
Total Assets+	148.05M	159.55M	157.92M	118.5M	105.94M	98.36M	82.82M	69.09M	55.36M	38.43M
Asset Turnover	1.94x	1.24x	1.22x	0.65x	0.59x	0.61x	0.59x	0.64x	0.78x	1.04x
Asset Growth %	19.25%	7.77%	-1.02%	-24.96%	-10.6%	-7.16%	-15.8%	-16.57%	-19.88%	-30.58%
Total Current Liabilities+	57.15M	41.92M	43.08M	26.3M	21.51M	24.66M	20.44M	19.98M	20.8M	13.69M
Accounts Payable	2.15M	1.75M	1.63M	680K	580K	761K	810K	990K	895K	555K
Days Payables Outstanding	14.26	16.54	15.12	12.35	12.46	18.51	23.35	32.34	29.22	19.25
Short-Term Debt	0	0	0	0	0	0	0	0	0	869K
Deferred Revenue (Current)	4.95M	4.46M	6.79M	4.51M	3.09M	8.54M	5.6M	6.17M	6.43M	5.57M
Other Current Liabilities	25.25M	18.67M	18.11M	15.6M	11.11M	8.33M	6.61M	5.48M	4.74M	4.73M
Current Ratio	2.47x	3.61x	3.49x	4.12x	4.64x	3.79x	3.79x	3.21x	2.45x	2.50x
Quick Ratio	2.27x	3.41x	3.20x	3.88x	4.46x	3.58x	3.57x	3.00x	2.29x	2.35x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.46M	27.01M	24.98M	17.13M	16.74M	14.21M	12.23M	7.51M	1.69M	1.31M
Long-Term Debt	0	0	0	0	0	0	0	0	0	1.13M
Capital Lease Obligations	0	0	0	1.56M	2.77M	1.93M	2.99M	2.32M	1.51M	1.13M
Deferred Tax Liabilities	268K	56K	186K	202K	216K	153K	141K	135K	174K	180K
Other Non-Current Liabilities	8.19M	26.96M	24.79M	15.37M	13.75M	12.13M	9.1M	5.05M	0	-1.13M
Total Liabilities	65.61M	68.93M	68.06M	43.43M	38.24M	38.87M	32.67M	27.49M	22.49M	15M
Total Debt+	0	0	0	3.22M	3.94M	3.17M	4.12M	3.46M	2.64M	3.13M
Net Debt	-125.92M	-135.31M	-132.65M	-92.82M	-88.43M	-80.68M	-65.54M	-52.71M	-10.89M	-3.68M
Debt / Equity	-	-	-	0.04x	0.06x	0.05x	0.08x	0.08x	0.08x	0.13x
Debt / EBITDA	-	-	-	-	3.65x	1.69x	-	-	-	-
Net Debt / EBITDA	-1.95x	-3.10x	-3.88x	-	-81.95x	-43.14x	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	82.44M	90.62M	89.86M	75.06M	67.7M	59.49M	50.15M	41.6M	32.87M	23.43M
Equity Growth %	45.12%	9.92%	-0.84%	-16.47%	-9.81%	-12.13%	-15.7%	-17.05%	-20.98%	-28.73%
Book Value per Share	7.23	8.04	7.94	6.90	5.93	5.21	4.39	3.63	2.86	2.04
Total Shareholders' Equity	82.44M	90.62M	89.86M	75.06M	67.7M	59.49M	50.15M	41.6M	32.87M	23.43M
Common Stock	13K	13K	13K	13K	13K	13K	13K	13K	13K	13K
Retained Earnings	38.55M	44.91M	44.43M	16.12M	7.82M	-231K	-9.06M	-17.7M	-26.34M	-36.44M
Treasury Stock	-41.89M	-40.57M	-39.75M	-25.9M	-25.9M	-25.9M	-25.9M	-24.34M	-24.4M	-24.4M
Accumulated OCI	-807K	-413K	-1.25M	-1.26M	-336K	-492K	-1M	-1.07M	-1.3M	-784K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	53.17M	26.61M	29.71M	-18.64M	1.89M	1.02M	-4.85M	-4.28M	-3.37M	-6M
Operating CF Margin %	18.48%	13.47%	15.48%	-24.01%	3.04%	1.69%	-9.88%	-9.74%	-7.84%	-15.08%
Operating CF Growth %	-34.62%	-49.97%	11.67%	-162.73%	110.11%	-46.1%	-577.56%	11.83%	21.3%	-78.11%
Net Income	55.09M	23.58M	31.04M	-5.61M	843K	1.08M	313K	568K	572K	-882K
Depreciation & Amortization	394K	536K	424K	387K	410K	299K	204K	164K	131K	109K
Stock-Based Compensation	104K	35K	0	0	0	773K	575K	161K	145K	132K
Deferred Taxes	217K	-1.64M	358K	-820K	1.34M	362K	90K	-178K	17K	102K
Other Non-Cash Items	132K	-258K	4.84M	3.52M	1.53M	390K	597K	1.11M	646K	-377K
Working Capital Changes	-2.76M	4.36M	-2.11M	-16.12M	-2.24M	-1.89M	-6.63M	-6.1M	-4.88M	-5.08M
Change in Receivables	-4.56M	2.71M	-375K	0	-3.4M	-6.01M	0	0	0	0
Change in Inventory	-851K	2.84M	-3.88M	5.82M	2.7M	-1.55M	680K	228K	1M	1.27M
Change in Payables	-714K	-392K	-116K	-953K	-102K	182K	52K	181K	-94K	-341K
Cash from Investing+	-905K	-278K	-214K	-189K	-211K	-225K	-143K	-46K	-30.07M	8.15M
Capital Expenditures	-905K	-278K	-214K	-189K	-211K	-225K	-143K	-46K	-57K	-68K
CapEx % of Revenue	0.31%	0.14%	0.11%	0.24%	0.34%	0.38%	0.29%	0.1%	0.13%	0.17%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-30.59M	-17.22M	-31.51M	-17.46M	-9.14M	-9.14M	-9.14M	-9.21M	-9.21M	-9.21M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	0	0	-1000K	0	0	0	0	0	0
Dividends Paid	-6.89M	-17.22M	-31.51M	-7.34M	-9.14M	-9.14M	-9.14M	-9.21M	-9.21M	-9.21M
Share Repurchases	-23.7M	0	0	-10.12M	0	0	0	0	0	0
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	21.01M	9.39M	-2.83M	-36.23M	-6.53M	-8.53M	-14.62M	-13.53M	-42.65M	-6.75M
Free Cash Flow+	52.27M	26.33M	29.5M	-18.83M	1.67M	791K	-5M	-4.32M	-3.42M	-6.07M
FCF Margin %	18.17%	13.33%	15.37%	-24.26%	2.7%	1.32%	-10.17%	-9.84%	-7.97%	-15.25%
FCF Growth %	-35.16%	-49.63%	12.04%	-163.83%	108.89%	-52.75%	-731.48%	13.43%	20.81%	-77.13%
FCF per Share	4.58	2.34	2.61	-1.73	0.15	0.07	-0.44	-0.38	-0.30	-0.53
FCF Conversion (FCF/Net Income)	0.97x	1.13x	0.96x	3.32x	2.24x	0.94x	-15.50x	-7.53x	-5.89x	6.80x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	8.79M	6.77M	3.13M	1.99M	0	1.86M	1.66M	3.53M	3.96M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	79.12%	27.25%	34.39%	-6.8%	1.18%	1.71%	0.57%	1.24%	1.54%	-3.13%
Return on Invested Capital (ROIC)	-	-	-	-	-	-	-	-	-17.93%	-6.5%
Gross Margin	80.92%	80.44%	79.49%	74.1%	72.63%	74.99%	74.23%	74.56%	73.98%	73.54%
Net Margin	19.15%	11.93%	16.17%	-7.23%	1.36%	1.81%	0.64%	1.29%	1.33%	-2.22%
Debt / Equity	-	-	-	0.04x	0.06x	0.05x	0.08x	0.08x	0.08x	0.13x
FCF Conversion	0.97x	1.13x	0.96x	3.32x	2.24x	0.94x	-15.50x	-7.53x	-5.89x	6.80x
Revenue Growth	8.63%	-31.34%	-2.86%	-59.56%	-20.03%	-3.33%	-18.12%	-10.6%	-2.19%	-7.42%

Natural Health Trends Corp. (NHTC) 10-Year Financial Performance & Capital Metrics

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Natural Health Trends Corp. (NHTC) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NHTC vs Peers

vs ULTA

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