While revenue growth reached 58.9% in 2026Q1, gross margins have compressed to 36.6% from a 2024Q2 peak of 44.8%, suggesting that scaling efforts are currently outpacing operational efficiency.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 90.85M | 81.46M | 64.47M | 52.7M | 28.8M | 27.91M | 22.11M | 19.5M | 17.08M | 17.8M | 25.31M | 17.93M | 19.96M | 19.68M | 18.09M | 12.09M | 8.15M | 8.73M | 2.53M | 11.53K | 9.41K | 0 |
| Revenue Growth % | 42.27% | 26.35% | 22.33% | 82.97% | 3.19% | 26.24% | 13.41% | 14.17% | -4.06% | -29.68% | 41.17% | -10.16% | 1.4% | 8.79% | 49.63% | 48.4% | -6.72% | 245.18% | 21846.44% | 22.48% | - | - |
| Cost of Goods Sold | 57M | 50.01M | 36.39M | 31.27M | 16.77M | 15.41M | 12.57M | 11.44M | 10.33M | 12.71M | 15.24M | 11.65M | 12.87M | 12.55M | 11.57M | 7.94M | 6.12M | 6.49M | 1.62M | 7.84K | 8.32K | 0 |
| COGS % of Revenue | - | 61.39% | 56.44% | 59.33% | 58.22% | 55.2% | 56.87% | 58.66% | 60.5% | 71.4% | 60.21% | 64.99% | 64.46% | 63.75% | 63.94% | 65.7% | 75.1% | 74.32% | 63.92% | 68.04% | 88.36% | - |
| Gross Profit | 33.85M | 31.45M | 28.08M | 21.43M | 12.03M | 12.5M | 9.54M | 8.06M | 6.75M | 5.09M | 10.07M | 6.28M | 7.09M | 7.14M | 6.52M | 4.15M | 2.03M | 2.24M | 912.92K | 3.69K | 1.1K | 0 |
| Gross Margin % | 37.26% | 38.61% | 43.56% | 40.67% | 41.78% | 44.8% | 43.13% | 41.34% | 39.5% | 28.6% | 39.79% | 35.01% | 35.53% | 36.25% | 36.06% | 34.3% | 24.9% | 25.68% | 36.08% | 31.96% | 11.64% | - |
| Gross Profit Growth % | - | 12.01% | 31.02% | 78.1% | -3.76% | 31.11% | 18.31% | 19.51% | 32.49% | -49.45% | 60.41% | -11.48% | -0.6% | 9.36% | 57.34% | 104.43% | -9.56% | 145.72% | 24673.98% | 236.22% | - | - |
| Operating Expenses | 23.46M | 19.32M | 14.96M | 13.88M | 6.33M | 6.27M | 5.19M | 5.48M | 6.09M | 8.11M | 9.6M | 7.37M | 5.24M | 5.75M | 4.64M | 3.94M | 5.13M | 13.03M | 7.57M | 3.94M | 630.28K | 140.2K |
| OpEx % of Revenue | - | 23.71% | 23.21% | 26.34% | 21.99% | 22.48% | 23.48% | 28.11% | 35.67% | 45.59% | 37.92% | 41.09% | 26.26% | 29.2% | 25.66% | 32.57% | 62.95% | 149.14% | 299.35% | 34131.47% | 6695.13% | - |
| Selling, General & Admin | 18.94M | 18.9M | 9.97M | 12.16M | 6.27M | 6.21M | 5.15M | 5.43M | 6.02M | 7.71M | 9.12M | 7.07M | 5.01M | 5.52M | 4.4M | 3.68M | 4.86M | 12.75M | 7.38M | 3.65M | 546.25K | 140.2K |
| SG&A % of Revenue | - | 23.2% | 15.47% | 23.08% | 21.76% | 22.27% | 23.31% | 27.84% | 35.27% | 43.29% | 36.03% | 39.42% | 25.12% | 28.02% | 24.32% | 30.4% | 59.59% | 145.95% | 291.83% | 31641.74% | 5802.54% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120.63K | 120.63K | 272.47K | 82.45K | 11.92K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.38% | 4.77% | 2363.13% | 875.87% | - |
| Other Operating Expenses | 2.96M | 420K | 4.99M | 1.72M | 66K | 59K | 38K | 52K | 69K | -8.07K | 5.2K | -13.77K | 87.5K | 36.28K | 12.58K | 263.06K | 274.21K | 278.93K | 69.55K | 14.6K | 1.57K | 0 |
| Operating Income | 10.39M | 12.14M | 13.12M | 7.55M | 5.7M | 6.23M | 4.35M | 2.58M | 653K | -8.95M | 472.26K | -1.09M | 1.85M | 1.39M | 1.88M | 208.66K | -3.1M | -10.78M | -6.66M | -3.93M | -629.18K | -140.2K |
| Operating Margin % | 11.44% | 14.9% | 20.35% | 14.33% | 19.79% | 22.32% | 19.66% | 13.24% | 3.82% | -50.3% | 1.87% | -6.08% | 9.28% | 7.05% | 10.4% | 1.73% | -38.06% | -123.46% | -263.27% | -34099.51% | -6683.49% | - |
| Operating Income Growth % | - | -7.49% | 73.76% | 32.43% | -8.49% | 43.35% | 68.38% | 295.25% | 107.29% | -1995.65% | 143.34% | -158.84% | 33.48% | -26.25% | 801.62% | 106.73% | 71.25% | -61.87% | -69.44% | -524.88% | -348.78% | - |
| EBITDA | 11.04M | 12.56M | 13.23M | 7.64M | 5.77M | 6.29M | 4.38M | 2.63M | 722K | -8.54M | 950.5K | -789.59K | 2.08M | 1.62M | 2.13M | 471.72K | -2.83M | -10.5M | -6.59M | -3.92M | -627.61K | -140.2K |
| EBITDA Margin % | 12.15% | 15.42% | 20.52% | 14.5% | 20.02% | 22.53% | 19.83% | 13.5% | 4.23% | -48% | 3.75% | -4.4% | 10.41% | 8.23% | 11.75% | 3.9% | -34.69% | -120.27% | -260.52% | -33972.91% | -6666.76% | - |
| EBITDA Growth % | -13.65% | -5.07% | 73.04% | 32.55% | -8.3% | 43.45% | 66.5% | 264.68% | 108.45% | -998.84% | 220.38% | -137.99% | 28.29% | -23.78% | 350.57% | 116.69% | 73.09% | -59.35% | -68.3% | -524.13% | -347.66% | - |
| D&A (Non-Cash Add-back) | 649K | 420K | 108K | 94K | 66K | 59K | 38K | 52K | 69K | 409K | 478.24K | 300.14K | 226.05K | 232.34K | 244.06K | 263.06K | 274.21K | 278.93K | 69.55K | 14.6K | 1.57K | 0 |
| EBIT | 10.19M | 10.09M | 13.24M | 8.03M | 5.82M | 6.23M | 4.35M | 2.66M | 653K | -8.96M | 477.47K | -1.1M | 1.94M | 1.42M | 1.89M | 357.51K | -3.04M | -10.78M | -6.66M | -3.93M | -629.18K | -163.04K |
| Net Interest Income | -2.28M | -1.76M | -1.3M | -736K | 121K | 25K | -6K | -47K | -133K | -112K | -109.39K | -90.41K | -94.67K | -40.91K | -18.4K | -30.86K | -139.79K | -40.56K | 28.42K | -35.93K | -20.52K | 0 |
| Interest Income | 72K | 98K | 69K | 289K | 121K | 25K | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.98K | 6.7K | 1.77K | 0 |
| Interest Expense | 2.35M | 1.86M | 1.37M | 1.02M | 0 | 0 | 15K | 47K | 133K | 112.13K | 109.39K | 90.41K | 94.67K | 40.91K | 18.4K | 30.86K | 139.79K | 40.56K | 8.57K | 42.63K | 22.3K | 1.61K |
| Other Income/Expense | -2.54M | -3.91M | -1.25M | -547K | 121K | 478K | 64K | 36K | -133K | -120K | -104.19K | -104.18K | -7.17K | -4.63K | -5.82K | 117.99K | -77.25K | 41.68K | 35.92K | -29.93K | -20.52K | -25.11K |
| Pretax Income | 7.86M | 8.23M | 11.87M | 7M | 5.82M | 6.71M | 4.41M | 2.62M | 520K | -9.07M | 368.08K | -1.19M | 1.84M | 1.38M | 1.88M | 326.65K | -3.18M | -10.78M | -6.63M | -3.96M | -649.71K | -153.74K |
| Pretax Margin % | 8.65% | 10.1% | 18.41% | 13.29% | 20.21% | 24.03% | 19.94% | 13.42% | 3.04% | -50.97% | 1.45% | -6.66% | 9.24% | 7.03% | 10.37% | 2.7% | -39% | -123.45% | -261.85% | -34359.08% | -6901.51% | - |
| Income Tax | 1.83M | 1.9M | 2.89M | 1.71M | 1.39M | 1.3M | -4.42M | 7K | 11K | 689K | 0 | -27.97K | 171.36K | 90.5K | -648.74K | 0 | 0 | -888 | -35.92K | 29.93K | 0 | 0 |
| Effective Tax Rate % | 23.28% | 23.13% | 24.32% | 24.38% | 23.93% | 19.35% | -100.11% | 0.27% | 2.12% | -7.59% | 0% | 2.34% | 9.29% | 6.54% | -34.59% | 0% | 0% | 0.01% | 0.54% | -0.76% | 0% | 0% |
| Net Income | 6.03M | 6.33M | 8.98M | 5.3M | 4.43M | 5.41M | 8.82M | 2.7M | 509K | -9.76M | 368.08K | -1.17M | 1.67M | 1.29M | 2.52M | 326.65K | -3.18M | -10.78M | -6.63M | -3.96M | -649.71K | -153.74K |
| Net Margin % | 6.64% | 7.77% | 13.94% | 10.05% | 15.38% | 19.38% | 39.91% | 13.84% | 2.98% | -54.84% | 1.45% | -6.5% | 8.38% | 6.57% | 13.95% | 2.7% | -39% | -123.45% | -261.85% | -34359.08% | -6901.51% | - |
| Net Income Growth % | -31.83% | -29.59% | 69.64% | 19.58% | -18.13% | -38.7% | 227.09% | 430.06% | 105.21% | -2752.08% | 131.57% | -169.67% | 29.49% | -48.8% | 672.77% | 110.28% | 70.53% | -62.73% | -67.26% | -509.75% | -322.62% | - |
| Net Income (Continuing) | 6.03M | 6.33M | 8.98M | 5.3M | 4.43M | 5.41M | 8.82M | 2.61M | 509K | -9.76M | 368.08K | -1.17M | 1.67M | 1.29M | 2.52M | 326.65K | -3.18M | -10.78M | -6.63M | -3.96M | -649.71K | -153.74K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.60 | 0.63 | 0.91 | 0.54 | 0.45 | 0.55 | 0.97 | 0.29 | 0.46 | -1.16 | 0.05 | -0.16 | 0.25 | 0.18 | 0.38 | 0.00 | -0.63 | -2.50 | -2.75 | -4.75 | -2.44 | -516.56 |
| EPS Growth % | -33% | -30.59% | 68.12% | 21.27% | -19.05% | -43.49% | 233.89% | -36.84% | 139.78% | -2420% | 130.77% | -165% | 42.86% | -53.33% | - | 100% | 75% | 9.09% | 42.11% | -94.87% | 99.53% | - |
| EPS (Basic) | - | 0.68 | 0.98 | 0.59 | 0.49 | 0.61 | 1.05 | 0.31 | 0.46 | -1.16 | 0.05 | 0.00 | 0.00 | 0.21 | 0.38 | 0.00 | -0.63 | -2.50 | -3.50 | -5.38 | -2.44 | -516.56 |
| Diluted Shares Outstanding | 9.99M | 9.98M | 9.9M | 9.81M | 9.95M | 9.76M | 9.1M | 8.74M | 875.49K | 8.41M | 8.27M | 6.94M | 6.86M | 7.16M | 7.5M | 7.53M | 4.85M | 4.29M | 2.4M | 829.6K | 265.15K | 320 |
| Basic Shares Outstanding | 9.39M | 9.35M | 9.2M | 8.98M | 9.11M | 8.81M | 8.47M | 8.21M | 875.49K | 8.41M | 8.27M | 6.94M | 6.54M | 6.26M | 5.96M | 5.84M | 4.85M | 4.29M | 1.89M | 730.51K | 265.15K | 320 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin compression from scale
According to recent quarterly filings, FTLF achieved a 58.9% year-over-year revenue growth in 2026Q1, signaling a rapid expansion in volume, though this aggressive top-line acceleration appears to coincide with a notable contraction in gross margins compared to the historical averages observed in previous fiscal periods.
The recent revenue jump suggests that the company's acquisition-led strategy is successfully capturing market share, likely through high-velocity e-commerce channels. However, investors should monitor whether this growth is sustainable or if it relies on promotional pricing that may permanently impair the company's ability to maintain its historical 40%+ gross margin profile.
As reported in financial statements, the gross margin declined to 36.6% in 2026Q1 from a peak of 44.8% in 2024Q2, suggesting that the shift toward higher-volume, potentially lower-margin product categories may be exerting downward pressure on the company's core profitability metrics despite the significant increase in total revenue.
The erosion of gross margins warrants further investigation into whether this is a temporary byproduct of integrating new assets or a structural shift in the product mix. If the company cannot stabilize these margins, the operating leverage gained from scaling revenue may be insufficient to drive meaningful long-term earnings growth.
Based on FTLF's reported figures, operating margins have compressed to 12.1% in 2026Q1 from 21.7% in 2024Q2, indicating that the company's overhead and SG&A expenses are currently scaling at a faster rate than the gross profit generated by its expanding portfolio of nutritional supplement brands.
This trend suggests that the company is currently in a phase of heavy investment or integration, which may be temporarily masking the true operating leverage of the business. Analysts should watch for a stabilization in SG&A as a percentage of revenue to confirm if management can successfully optimize the cost structure of its newly acquired assets.
Data from recent income statements reveals that EPS has experienced significant volatility, dropping to $0.17 in 2026Q1 from $0.27 in 2024Q2, which suggests that non-operating items or integration-related costs may be distorting the underlying quality of net income during this period of aggressive inorganic growth.
The fluctuation in net income appears to be tied to the company's serial acquisition strategy, which often introduces one-time expenses that obscure core operational performance. Investors should focus on adjusted earnings metrics to determine if the underlying business remains as cash-generative as the historical data suggests.
Quick answers to the most common questions about buying FTLF stock.
For fiscal year 2025, FitLife Brands, Inc. (FTLF) reported total revenue of $81.5M.
FitLife Brands, Inc. (FTLF) is profitable, generating $6.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.8%.
FitLife Brands, Inc. (FTLF) reported an operating income of $12.1M, resulting in an operating profit margin of 14.9%. This margin reflects the operational efficiency of the business before interest and taxes.
FitLife Brands, Inc. (FTLF) generated $31.5M in gross profit for the year, representing a gross profit margin of 38.6%. This demonstrates the company's core pricing power and production efficiency.