Natural Alternatives International, Inc. (NAII) 10-Year Financial Performance & Capital Metrics

NAII • • Industrial / General

Consumer DefensivePackaged FoodsNutritional Supplements & WellnessContract Manufacturing & Private Label

AboutNatural Alternatives International, Inc. engages in formulating, manufacturing, and marketing nutritional supplements in the United States, Europe, Asia, and internationally. The company operates in two segments, Private-Label Contract Manufacturing, and Patent and Trademark Licensing. It offers private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbal, and other nutritional supplements, as well as other health care products. The company also provides strategic partnering services, such as customized product formulation, clinical studies, manufacturing, marketing support, international regulatory and label law compliance, international product registration, packaging in multiple formats and labeling design, scientific research, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, packaging and delivery system design, and regulatory review. In addition, it sells beta-alanine ingredient under the CarnoSyn and SR CarnoSyn names. The company manufactures products in various forms, including capsules, tablets, chewable wafers, and powders. Its private-label contract manufacturing customers include companies that market nutritional supplements through direct sales marketing channels, direct to consumer e-commerce channels, and retail stores. Natural Alternatives International, Inc. was founded in 1980 and is headquartered in Carlsbad, California.Show more

Revenue $130M +14.1%
EBITDA -$4M -5.5%
Net Income -$14M -88.1%
EPS (Diluted) -2.28 -85.4%
Gross Margin 7.15% +18.6%
EBITDA Margin -3.16% +7.6%
Operating Margin -6.67% +11.1%
Net Margin -10.45% -64.8%
ROE -17.98% -113.4%
ROIC -5.28% +2.2%
Debt/Equity 0.86 +18.2%
Interest Coverage -9.46 +60.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Trading at only 0.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.03%

5Y1.78%

3Y-8.76%

TTM15.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-121.18%

EPS CAGR

10Y-

5Y-

3Y-

TTM-36.11%

ROCE

10Y Avg7.91%

5Y Avg3.49%

3Y Avg-3.11%

Latest-6.61%

Peer Comparison

Contract Manufacturing & Private Label

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
THSTreeHouse Foods, Inc.	1.21B	24.00	47.06	-2.26%	-7.25%	-19.15%	10.41%	1.01
NAIINatural Alternatives International, Inc.	28.04M	4.54	-1.99	14.12%	-14.4%	-27.49%	8.27%	0.86

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	114.2M	121.95M	132.44M	138.29M	118.88M	178.52M	170.97M	154.01M	113.8M	129.86M
Revenue Growth %	0.44%	0.07%	0.09%	0.04%	-0.14%	0.5%	-0.04%	-0.1%	-0.26%	0.14%
Cost of Goods Sold+	88.94M	95.74M	106.12M	114.72M	100M	148.08M	140.46M	135.86M	106.93M	120.57M
COGS % of Revenue	0.78%	0.79%	0.8%	0.83%	0.84%	0.83%	0.82%	0.88%	0.94%	0.93%
Gross Profit+	25.26M	26.2M	26.32M	23.57M	18.87M	30.44M	30.51M	18.16M	6.87M	9.29M
Gross Margin %	0.22%	0.21%	0.2%	0.17%	0.16%	0.17%	0.18%	0.12%	0.06%	0.07%
Gross Profit Growth %	0.76%	0.04%	0%	-0.1%	-0.2%	0.61%	0%	-0.4%	-0.62%	0.35%
Operating Expenses+	13M	16.5M	16.79M	17.61M	20.38M	16.77M	16.83M	13.45M	15.4M	17.95M
OpEx % of Revenue	0.11%	0.14%	0.13%	0.13%	0.17%	0.09%	0.1%	0.09%	0.14%	0.14%
Selling, General & Admin	13M	16.5M	16.79M	17.61M	18.38M	16.77M	16.95M	14.87M	15.4M	16.55M
SG&A % of Revenue	0.11%	0.14%	0.13%	0.13%	0.15%	0.09%	0.1%	0.1%	0.14%	0.13%
Research & Development	1.1M	1.6M	1.5M	1.8M	1.8M	1.9M	2.5M	2.1M	1.9M	1.8M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.01%
Other Operating Expenses	1.61M	-19K	-14K	5K	200K	-1.9M	-2.62M	-3.52M	-1.9M	-400K
Operating Income+	12.26M	9.7M	9.53M	5.96M	-1.51M	13.67M	13.68M	4.71M	-8.53M	-8.66M
Operating Margin %	0.11%	0.08%	0.07%	0.04%	-0.01%	0.08%	0.08%	0.03%	-0.07%	-0.07%
Operating Income Growth %	1.95%	-0.21%	-0.02%	-0.37%	-1.25%	10.06%	0%	-0.66%	-2.81%	-0.01%
EBITDA+	14.03M	12.09M	12.44M	9.43M	2.45M	18.01M	20.59M	11.79M	-3.89M	-4.1M
EBITDA Margin %	0.12%	0.1%	0.09%	0.07%	0.02%	0.1%	0.12%	0.08%	-0.03%	-0.03%
EBITDA Growth %	1.13%	-0.14%	0.03%	-0.24%	-0.74%	6.35%	0.14%	-0.43%	-1.33%	-0.05%
D&A (Non-Cash Add-back)	1.77M	2.38M	2.91M	3.46M	3.96M	4.34M	6.91M	7.08M	4.65M	4.56M
EBIT	13.57M	10.11M	12.43M	7.98M	491K	12.24M	13.74M	4.01M	-9.1M	-7.26M
Net Interest Income+	131K	456K	1.08M	1.84M	110K	-117K	-83K	-418K	-185K	-747K
Interest Income	131K	459K	1.08M	1.87M	177K	1K	0	33K	176K	168K
Interest Expense	0	3K	9K	29K	67K	118K	83K	451K	361K	915K
Other Income/Expense	1.31M	409K	1.08M	1.99M	-229K	-1.55M	-20K	-1.16M	-930K	-2.08M
Pretax Income+	13.57M	10.11M	10.61M	7.95M	-1.74M	12.13M	13.66M	3.56M	-9.46M	-10.74M
Pretax Margin %	0.12%	0.08%	0.08%	0.06%	-0.01%	0.07%	0.08%	0.02%	-0.08%	-0.08%
Income Tax+	4.03M	2.88M	5.56M	1.41M	-93K	1.36M	2.95M	1.03M	-2.25M	2.83M
Effective Tax Rate %	0.7%	0.72%	0.48%	0.82%	0.95%	0.89%	0.78%	0.71%	0.76%	1.26%
Net Income+	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
Net Margin %	0.08%	0.06%	0.04%	0.05%	-0.01%	0.06%	0.06%	0.02%	-0.06%	-0.1%
Net Income Growth %	1.85%	-0.24%	-0.3%	0.29%	-1.25%	7.55%	-0.01%	-0.76%	-3.86%	-0.88%
Net Income (Continuing)	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
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)+	1.44	1.09	0.73	0.92	-0.25	1.69	1.74	0.43	-1.23	-2.28
EPS Growth %	1.94%	-0.24%	-0.33%	0.26%	-1.27%	7.76%	0.03%	-0.75%	-3.86%	-0.85%
EPS (Basic)	1.46	1.10	0.76	0.96	-0.25	1.71	1.75	0.43	-1.23	-2.28
Diluted Shares Outstanding	6.64M	6.66M	6.89M	7.1M	6.7M	6.38M	6.16M	5.88M	5.87M	5.95M
Basic Shares Outstanding	6.52M	6.58M	6.64M	6.81M	6.7M	6.29M	6.12M	5.86M	5.87M	5.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	55.88M	51.7M	65.18M	71.39M	79.02M	80.35M	76.75M	57.01M	61.61M	59.28M
Cash & Short-Term Investments	19.75M	27.84M	23.61M	25.04M	30.48M	32.13M	21.83M	13.6M	11.98M	12.32M
Cash Only	19.75M	27.84M	23.61M	25.04M	30.48M	32.13M	21.83M	13.6M	11.98M	12.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	13.23M	8.67M	14.62M	16.86M	17.85M	19.04M	17.49M	7.33M	16.89M	14.92M
Days Sales Outstanding	42.29	25.95	40.3	44.51	54.8	38.93	37.34	17.36	54.18	41.94
Inventory	20.77M	13.73M	23.57M	26M	27.97M	27.01M	32.48M	29.69M	24.25M	24.87M
Days Inventory Outstanding	85.23	52.34	81.06	82.74	102.09	66.57	84.39	79.78	82.77	75.29
Other Current Assets	0	0	1.55M	1.98M	450K	0	3.14M	6.38M	8.49M	7.16M
Total Non-Current Assets+	18.29M	20.91M	20.02M	22.1M	41.18M	39.93M	69.26M	77.14M	100.73M	92.66M
Property, Plant & Equipment	15.17M	18.14M	19.29M	21.09M	39.88M	38.15M	66.27M	74.21M	95.75M	91.94M
Fixed Asset Turnover	7.53x	6.72x	6.87x	6.56x	2.98x	4.68x	2.58x	2.08x	1.19x	1.41x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	78K	0
Other Non-Current Assets	899K	774K	202K	1K	1.11M	1.57M	2.98M	2.58M	4.91M	719K
Total Assets+	74.17M	72.61M	85.21M	93.49M	120.2M	120.28M	146M	134.15M	162.34M	151.94M
Asset Turnover	1.54x	1.68x	1.55x	1.48x	0.99x	1.48x	1.17x	1.15x	0.70x	0.85x
Asset Growth %	0.38%	-0.02%	0.17%	0.1%	0.29%	0%	0.21%	-0.08%	0.21%	-0.06%
Total Current Liabilities+	19.2M	10.27M	14.28M	14.25M	27.81M	22.07M	23.89M	15.88M	23.46M	28.8M
Accounts Payable	12.82M	5.12M	9.65M	8.63M	12.51M	11.89M	16.18M	7.78M	12.74M	15.35M
Days Payables Outstanding	52.61	19.5	33.19	27.47	45.66	29.32	42.06	20.9	43.49	46.47
Short-Term Debt	0	0	0	0	10M	0	302K	312K	3.7M	2.21M
Deferred Revenue (Current)	0	0	0	0	62K	1000K	140K	317K	0	1000K
Other Current Liabilities	1.34M	1.21M	787K	1.22M	1.01M	5.4M	3.67M	2.25M	393K	4.14M
Current Ratio	2.91x	5.03x	4.56x	5.01x	2.84x	3.64x	3.21x	3.59x	2.63x	2.06x
Quick Ratio	1.83x	3.70x	2.91x	3.18x	1.84x	2.42x	1.85x	1.72x	1.59x	1.19x
Cash Conversion Cycle	74.9	58.79	88.17	99.78	111.24	76.18	79.67	76.24	93.46	70.75
Total Non-Current Liabilities+	1.24M	1.19M	2.68M	3.16M	21.02M	18.13M	33.59M	29.5M	56.28M	54.71M
Long-Term Debt	0	0	0	0	0	0	9.49M	9.21M	8.93M	8.63M
Capital Lease Obligations	0	0	0	0	18.78M	16.48M	21.41M	18.96M	46.47M	45.97M
Deferred Tax Liabilities	0	0	532K	1.02M	0	0	1.22M	0	0	0
Other Non-Current Liabilities	1.24M	1.19M	2.68M	2.14M	2.24M	1.65M	1.46M	1.33M	881K	111K
Total Liabilities	20.45M	11.46M	16.96M	17.41M	48.83M	40.2M	57.48M	45.38M	79.75M	83.51M
Total Debt+	0	0	0	0	28.78M	16.48M	31.84M	30.93M	60.29M	59.03M
Net Debt	-19.75M	-27.84M	-23.61M	-25.04M	-1.7M	-15.65M	10.01M	17.33M	48.31M	46.7M
Debt / Equity	-	-	-	-	0.40x	0.21x	0.36x	0.35x	0.73x	0.86x
Debt / EBITDA	-	-	-	-	11.75x	0.92x	1.55x	2.62x	-	-
Net Debt / EBITDA	-1.41x	-2.30x	-1.90x	-2.66x	-0.69x	-0.87x	0.49x	1.47x	-	-
Interest Coverage	-	3234.00x	1059.22x	205.55x	-22.52x	115.86x	164.81x	10.45x	-23.64x	-9.46x
Total Equity+	53.73M	61.15M	68.25M	76.08M	71.38M	80.08M	88.52M	88.77M	82.59M	68.43M
Equity Growth %	0.22%	0.14%	0.12%	0.11%	-0.06%	0.12%	0.11%	0%	-0.07%	-0.17%
Book Value per Share	8.09	9.19	9.91	10.72	10.66	12.55	14.38	15.10	14.07	11.51
Total Shareholders' Equity	53.73M	61.15M	68.25M	76.08M	71.38M	80.08M	88.52M	88.77M	82.59M	68.43M
Common Stock	77K	79K	85K	87K	87K	88K	89K	91K	93K	93K
Retained Earnings	38.55M	45.79M	50.84M	57.38M	56.18M	66.95M	77.66M	80.18M	72.97M	59.39M
Treasury Stock	-5.36M	-6.07M	-6.58M	-7.96M	-11.7M	-15.85M	-21.35M	-22.86M	-23.08M	-23.25M
Accumulated OCI	-680K	-905K	-578K	292K	-1.18M	-561K	1.7M	-83K	-22K	-1.42M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	9.29M	14.14M	1.83M	6.56M	3.69M	20.81M	11.87M	7.02M	-1.5M	5.93M
Operating CF Margin %	0.08%	0.12%	0.01%	0.05%	0.03%	0.12%	0.07%	0.05%	-0.01%	0.05%
Operating CF Growth %	2.47%	0.52%	-0.87%	2.58%	-0.44%	4.64%	-0.43%	-0.41%	-1.21%	4.96%
Net Income	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
Depreciation & Amortization	1.77M	2.38M	2.91M	3.46M	3.96M	4.34M	4.17M	4.25M	4.65M	4.56M
Stock-Based Compensation	724K	1.03M	1.33M	1.67M	1.71M	1.43M	968K	1.01M	1.2M	977K
Deferred Taxes	-197K	349K	2.39M	212K	-893K	-214K	751K	-974K	-2.91M	3.61M
Other Non-Cash Items	-1.75M	220K	526K	190K	6.19M	3.4M	2.7M	1.44M	6.13M	8.78M
Working Capital Changes	-809K	2.92M	-10.38M	-5.52M	-5.63M	1.08M	-7.43M	-1.23M	-3.35M	1.57M
Change in Receivables	-3.33M	4.81M	-6.21M	-1.34M	-4.32M	-813K	644K	11.82M	-9.87M	2.25M
Change in Inventory	-8.2M	7.04M	-9.84M	-2.44M	-1.97M	966K	-5.47M	2.78M	5.45M	-622K
Change in Payables	8.11M	-7.43M	4.06M	-183K	0	0	3.06M	-8.61M	5.39M	2.86M
Cash from Investing+	-7.44M	-5.33M	-5.55M	-3.81M	-4.51M	-5.04M	-26.46M	-13.47M	-3.02M	-3.61M
Capital Expenditures	-10.44M	-5.35M	-4.08M	-5.33M	-4.54M	-5.11M	-26.49M	-13.52M	-3.02M	-3.61M
CapEx % of Revenue	0.09%	0.04%	0.03%	0.04%	0.04%	0.03%	0.15%	0.09%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3M	25K	-1.47M	1.5M	35K	68K	30K	57K	0	0
Cash from Financing+	-648K	-712K	-510K	-1.33M	6.25M	-14.11M	4.29M	-1.78M	2.89M	-1.97M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	38K	0	35K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.16M	8.78M	-2.25M	1.24M	-850K	15.7M	-14.62M	-6.5M	-4.51M	2.32M
FCF Margin %	-0.01%	0.07%	-0.02%	0.01%	-0.01%	0.09%	-0.09%	-0.04%	-0.04%	0.02%
FCF Growth %	-2.19%	8.6%	-1.26%	1.55%	-1.69%	19.47%	-1.93%	0.56%	0.31%	1.51%
FCF per Share	-0.17	1.32	-0.33	0.17	-0.13	2.46	-2.38	-1.11	-0.77	0.39
FCF Conversion (FCF/Net Income)	0.97x	1.95x	0.36x	1.00x	-2.24x	1.93x	1.11x	2.78x	0.21x	-0.44x
Interest Paid	0	0	9K	23K	66K	131K	206K	802K	285K	814K
Taxes Paid	3.36M	2.89M	1.82M	1.97M	993K	2.96M	2.61M	1.84M	463K	323K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.56%	12.6%	7.81%	9.06%	-2.23%	14.22%	12.71%	2.84%	-8.42%	-17.98%
Return on Invested Capital (ROIC)	31.01%	21.63%	18.35%	9.35%	-1.88%	15.29%	12.59%	3.45%	-5.4%	-5.28%
Gross Margin	22.12%	21.49%	19.87%	17.05%	15.87%	17.05%	17.85%	11.79%	6.03%	7.15%
Net Margin	8.36%	5.93%	3.81%	4.73%	-1.38%	6.03%	6.27%	1.64%	-6.34%	-10.45%
Debt / Equity	-	-	-	-	0.40x	0.21x	0.36x	0.35x	0.73x	0.86x
Interest Coverage	-	3234.00x	1059.22x	205.55x	-22.52x	115.86x	164.81x	10.45x	-23.64x	-9.46x
FCF Conversion	0.97x	1.95x	0.36x	1.00x	-2.24x	1.93x	1.11x	2.78x	0.21x	-0.44x
Revenue Growth	43.63%	6.78%	8.6%	4.42%	-14.04%	50.17%	-4.23%	-9.91%	-26.11%	14.12%

Revenue by Segment

	2011	2012
Private Label Contract Manufacturing	63.27M	56.67M
Private Label Contract Manufacturing Growth	-	-10.43%
Patent And Trademark Licensing	7.99M	4.8M
Patent And Trademark Licensing Growth	-	-39.94%
Branded Products	1.56M	1.33M
Branded Products Growth	-	-15.22%

Revenue by Geography

	2011	2012
Outside United States	29.41M	26.09M
Outside United States Growth	-	-11.31%
U S	43.41M	-
U S Growth	-	-

Frequently Asked Questions

Growth & Financials

Natural Alternatives International, Inc. (NAII) reported $130.6M in revenue for fiscal year 2024. This represents a 79% increase from $72.8M in 2011.

Natural Alternatives International, Inc. (NAII) grew revenue by 14.1% over the past year. This is steady growth.

Natural Alternatives International, Inc. (NAII) reported a net loss of $18.8M for fiscal year 2024.

Dividend & Returns

Natural Alternatives International, Inc. (NAII) has a return on equity (ROE) of -18.0%. Negative ROE indicates the company is unprofitable.

Natural Alternatives International, Inc. (NAII) generated $8.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Natural Alternatives International, Inc. (NAII) 10-Year Financial Performance & Capital Metrics

NAII • • Industrial / General

Consumer DefensivePackaged FoodsNutritional Supplements & WellnessContract Manufacturing & Private Label

Revenue $130M +14.1%
EBITDA -$4M -5.5%
Net Income -$14M -88.1%
EPS (Diluted) -2.28 -85.4%
Gross Margin 7.15% +18.6%
EBITDA Margin -3.16% +7.6%
Operating Margin -6.67% +11.1%
Net Margin -10.45% -64.8%
ROE -17.98% -113.4%
ROIC -5.28% +2.2%
Debt/Equity 0.86 +18.2%
Interest Coverage -9.46 +60.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Trading at only 0.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.03%

5Y1.78%

3Y-8.76%

TTM15.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-121.18%

EPS CAGR

10Y-

5Y-

3Y-

TTM-36.11%

ROCE

10Y Avg7.91%

5Y Avg3.49%

3Y Avg-3.11%

Latest-6.61%

Peer Comparison

Contract Manufacturing & Private Label

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
THSTreeHouse Foods, Inc.	1.21B	24.00	47.06	-2.26%	-7.25%	-19.15%	10.41%	1.01
NAIINatural Alternatives International, Inc.	28.04M	4.54	-1.99	14.12%	-14.4%	-27.49%	8.27%	0.86

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	114.2M	121.95M	132.44M	138.29M	118.88M	178.52M	170.97M	154.01M	113.8M	129.86M
Revenue Growth %	0.44%	0.07%	0.09%	0.04%	-0.14%	0.5%	-0.04%	-0.1%	-0.26%	0.14%
Cost of Goods Sold+	88.94M	95.74M	106.12M	114.72M	100M	148.08M	140.46M	135.86M	106.93M	120.57M
COGS % of Revenue	0.78%	0.79%	0.8%	0.83%	0.84%	0.83%	0.82%	0.88%	0.94%	0.93%
Gross Profit+	25.26M	26.2M	26.32M	23.57M	18.87M	30.44M	30.51M	18.16M	6.87M	9.29M
Gross Margin %	0.22%	0.21%	0.2%	0.17%	0.16%	0.17%	0.18%	0.12%	0.06%	0.07%
Gross Profit Growth %	0.76%	0.04%	0%	-0.1%	-0.2%	0.61%	0%	-0.4%	-0.62%	0.35%
Operating Expenses+	13M	16.5M	16.79M	17.61M	20.38M	16.77M	16.83M	13.45M	15.4M	17.95M
OpEx % of Revenue	0.11%	0.14%	0.13%	0.13%	0.17%	0.09%	0.1%	0.09%	0.14%	0.14%
Selling, General & Admin	13M	16.5M	16.79M	17.61M	18.38M	16.77M	16.95M	14.87M	15.4M	16.55M
SG&A % of Revenue	0.11%	0.14%	0.13%	0.13%	0.15%	0.09%	0.1%	0.1%	0.14%	0.13%
Research & Development	1.1M	1.6M	1.5M	1.8M	1.8M	1.9M	2.5M	2.1M	1.9M	1.8M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.01%
Other Operating Expenses	1.61M	-19K	-14K	5K	200K	-1.9M	-2.62M	-3.52M	-1.9M	-400K
Operating Income+	12.26M	9.7M	9.53M	5.96M	-1.51M	13.67M	13.68M	4.71M	-8.53M	-8.66M
Operating Margin %	0.11%	0.08%	0.07%	0.04%	-0.01%	0.08%	0.08%	0.03%	-0.07%	-0.07%
Operating Income Growth %	1.95%	-0.21%	-0.02%	-0.37%	-1.25%	10.06%	0%	-0.66%	-2.81%	-0.01%
EBITDA+	14.03M	12.09M	12.44M	9.43M	2.45M	18.01M	20.59M	11.79M	-3.89M	-4.1M
EBITDA Margin %	0.12%	0.1%	0.09%	0.07%	0.02%	0.1%	0.12%	0.08%	-0.03%	-0.03%
EBITDA Growth %	1.13%	-0.14%	0.03%	-0.24%	-0.74%	6.35%	0.14%	-0.43%	-1.33%	-0.05%
D&A (Non-Cash Add-back)	1.77M	2.38M	2.91M	3.46M	3.96M	4.34M	6.91M	7.08M	4.65M	4.56M
EBIT	13.57M	10.11M	12.43M	7.98M	491K	12.24M	13.74M	4.01M	-9.1M	-7.26M
Net Interest Income+	131K	456K	1.08M	1.84M	110K	-117K	-83K	-418K	-185K	-747K
Interest Income	131K	459K	1.08M	1.87M	177K	1K	0	33K	176K	168K
Interest Expense	0	3K	9K	29K	67K	118K	83K	451K	361K	915K
Other Income/Expense	1.31M	409K	1.08M	1.99M	-229K	-1.55M	-20K	-1.16M	-930K	-2.08M
Pretax Income+	13.57M	10.11M	10.61M	7.95M	-1.74M	12.13M	13.66M	3.56M	-9.46M	-10.74M
Pretax Margin %	0.12%	0.08%	0.08%	0.06%	-0.01%	0.07%	0.08%	0.02%	-0.08%	-0.08%
Income Tax+	4.03M	2.88M	5.56M	1.41M	-93K	1.36M	2.95M	1.03M	-2.25M	2.83M
Effective Tax Rate %	0.7%	0.72%	0.48%	0.82%	0.95%	0.89%	0.78%	0.71%	0.76%	1.26%
Net Income+	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
Net Margin %	0.08%	0.06%	0.04%	0.05%	-0.01%	0.06%	0.06%	0.02%	-0.06%	-0.1%
Net Income Growth %	1.85%	-0.24%	-0.3%	0.29%	-1.25%	7.55%	-0.01%	-0.76%	-3.86%	-0.88%
Net Income (Continuing)	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
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)+	1.44	1.09	0.73	0.92	-0.25	1.69	1.74	0.43	-1.23	-2.28
EPS Growth %	1.94%	-0.24%	-0.33%	0.26%	-1.27%	7.76%	0.03%	-0.75%	-3.86%	-0.85%
EPS (Basic)	1.46	1.10	0.76	0.96	-0.25	1.71	1.75	0.43	-1.23	-2.28
Diluted Shares Outstanding	6.64M	6.66M	6.89M	7.1M	6.7M	6.38M	6.16M	5.88M	5.87M	5.95M
Basic Shares Outstanding	6.52M	6.58M	6.64M	6.81M	6.7M	6.29M	6.12M	5.86M	5.87M	5.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	55.88M	51.7M	65.18M	71.39M	79.02M	80.35M	76.75M	57.01M	61.61M	59.28M
Cash & Short-Term Investments	19.75M	27.84M	23.61M	25.04M	30.48M	32.13M	21.83M	13.6M	11.98M	12.32M
Cash Only	19.75M	27.84M	23.61M	25.04M	30.48M	32.13M	21.83M	13.6M	11.98M	12.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	13.23M	8.67M	14.62M	16.86M	17.85M	19.04M	17.49M	7.33M	16.89M	14.92M
Days Sales Outstanding	42.29	25.95	40.3	44.51	54.8	38.93	37.34	17.36	54.18	41.94
Inventory	20.77M	13.73M	23.57M	26M	27.97M	27.01M	32.48M	29.69M	24.25M	24.87M
Days Inventory Outstanding	85.23	52.34	81.06	82.74	102.09	66.57	84.39	79.78	82.77	75.29
Other Current Assets	0	0	1.55M	1.98M	450K	0	3.14M	6.38M	8.49M	7.16M
Total Non-Current Assets+	18.29M	20.91M	20.02M	22.1M	41.18M	39.93M	69.26M	77.14M	100.73M	92.66M
Property, Plant & Equipment	15.17M	18.14M	19.29M	21.09M	39.88M	38.15M	66.27M	74.21M	95.75M	91.94M
Fixed Asset Turnover	7.53x	6.72x	6.87x	6.56x	2.98x	4.68x	2.58x	2.08x	1.19x	1.41x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	78K	0
Other Non-Current Assets	899K	774K	202K	1K	1.11M	1.57M	2.98M	2.58M	4.91M	719K
Total Assets+	74.17M	72.61M	85.21M	93.49M	120.2M	120.28M	146M	134.15M	162.34M	151.94M
Asset Turnover	1.54x	1.68x	1.55x	1.48x	0.99x	1.48x	1.17x	1.15x	0.70x	0.85x
Asset Growth %	0.38%	-0.02%	0.17%	0.1%	0.29%	0%	0.21%	-0.08%	0.21%	-0.06%
Total Current Liabilities+	19.2M	10.27M	14.28M	14.25M	27.81M	22.07M	23.89M	15.88M	23.46M	28.8M
Accounts Payable	12.82M	5.12M	9.65M	8.63M	12.51M	11.89M	16.18M	7.78M	12.74M	15.35M
Days Payables Outstanding	52.61	19.5	33.19	27.47	45.66	29.32	42.06	20.9	43.49	46.47
Short-Term Debt	0	0	0	0	10M	0	302K	312K	3.7M	2.21M
Deferred Revenue (Current)	0	0	0	0	62K	1000K	140K	317K	0	1000K
Other Current Liabilities	1.34M	1.21M	787K	1.22M	1.01M	5.4M	3.67M	2.25M	393K	4.14M
Current Ratio	2.91x	5.03x	4.56x	5.01x	2.84x	3.64x	3.21x	3.59x	2.63x	2.06x
Quick Ratio	1.83x	3.70x	2.91x	3.18x	1.84x	2.42x	1.85x	1.72x	1.59x	1.19x
Cash Conversion Cycle	74.9	58.79	88.17	99.78	111.24	76.18	79.67	76.24	93.46	70.75
Total Non-Current Liabilities+	1.24M	1.19M	2.68M	3.16M	21.02M	18.13M	33.59M	29.5M	56.28M	54.71M
Long-Term Debt	0	0	0	0	0	0	9.49M	9.21M	8.93M	8.63M
Capital Lease Obligations	0	0	0	0	18.78M	16.48M	21.41M	18.96M	46.47M	45.97M
Deferred Tax Liabilities	0	0	532K	1.02M	0	0	1.22M	0	0	0
Other Non-Current Liabilities	1.24M	1.19M	2.68M	2.14M	2.24M	1.65M	1.46M	1.33M	881K	111K
Total Liabilities	20.45M	11.46M	16.96M	17.41M	48.83M	40.2M	57.48M	45.38M	79.75M	83.51M
Total Debt+	0	0	0	0	28.78M	16.48M	31.84M	30.93M	60.29M	59.03M
Net Debt	-19.75M	-27.84M	-23.61M	-25.04M	-1.7M	-15.65M	10.01M	17.33M	48.31M	46.7M
Debt / Equity	-	-	-	-	0.40x	0.21x	0.36x	0.35x	0.73x	0.86x
Debt / EBITDA	-	-	-	-	11.75x	0.92x	1.55x	2.62x	-	-
Net Debt / EBITDA	-1.41x	-2.30x	-1.90x	-2.66x	-0.69x	-0.87x	0.49x	1.47x	-	-
Interest Coverage	-	3234.00x	1059.22x	205.55x	-22.52x	115.86x	164.81x	10.45x	-23.64x	-9.46x
Total Equity+	53.73M	61.15M	68.25M	76.08M	71.38M	80.08M	88.52M	88.77M	82.59M	68.43M
Equity Growth %	0.22%	0.14%	0.12%	0.11%	-0.06%	0.12%	0.11%	0%	-0.07%	-0.17%
Book Value per Share	8.09	9.19	9.91	10.72	10.66	12.55	14.38	15.10	14.07	11.51
Total Shareholders' Equity	53.73M	61.15M	68.25M	76.08M	71.38M	80.08M	88.52M	88.77M	82.59M	68.43M
Common Stock	77K	79K	85K	87K	87K	88K	89K	91K	93K	93K
Retained Earnings	38.55M	45.79M	50.84M	57.38M	56.18M	66.95M	77.66M	80.18M	72.97M	59.39M
Treasury Stock	-5.36M	-6.07M	-6.58M	-7.96M	-11.7M	-15.85M	-21.35M	-22.86M	-23.08M	-23.25M
Accumulated OCI	-680K	-905K	-578K	292K	-1.18M	-561K	1.7M	-83K	-22K	-1.42M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	9.29M	14.14M	1.83M	6.56M	3.69M	20.81M	11.87M	7.02M	-1.5M	5.93M
Operating CF Margin %	0.08%	0.12%	0.01%	0.05%	0.03%	0.12%	0.07%	0.05%	-0.01%	0.05%
Operating CF Growth %	2.47%	0.52%	-0.87%	2.58%	-0.44%	4.64%	-0.43%	-0.41%	-1.21%	4.96%
Net Income	9.55M	7.24M	5.05M	6.54M	-1.65M	10.77M	10.71M	2.52M	-7.22M	-13.57M
Depreciation & Amortization	1.77M	2.38M	2.91M	3.46M	3.96M	4.34M	4.17M	4.25M	4.65M	4.56M
Stock-Based Compensation	724K	1.03M	1.33M	1.67M	1.71M	1.43M	968K	1.01M	1.2M	977K
Deferred Taxes	-197K	349K	2.39M	212K	-893K	-214K	751K	-974K	-2.91M	3.61M
Other Non-Cash Items	-1.75M	220K	526K	190K	6.19M	3.4M	2.7M	1.44M	6.13M	8.78M
Working Capital Changes	-809K	2.92M	-10.38M	-5.52M	-5.63M	1.08M	-7.43M	-1.23M	-3.35M	1.57M
Change in Receivables	-3.33M	4.81M	-6.21M	-1.34M	-4.32M	-813K	644K	11.82M	-9.87M	2.25M
Change in Inventory	-8.2M	7.04M	-9.84M	-2.44M	-1.97M	966K	-5.47M	2.78M	5.45M	-622K
Change in Payables	8.11M	-7.43M	4.06M	-183K	0	0	3.06M	-8.61M	5.39M	2.86M
Cash from Investing+	-7.44M	-5.33M	-5.55M	-3.81M	-4.51M	-5.04M	-26.46M	-13.47M	-3.02M	-3.61M
Capital Expenditures	-10.44M	-5.35M	-4.08M	-5.33M	-4.54M	-5.11M	-26.49M	-13.52M	-3.02M	-3.61M
CapEx % of Revenue	0.09%	0.04%	0.03%	0.04%	0.04%	0.03%	0.15%	0.09%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3M	25K	-1.47M	1.5M	35K	68K	30K	57K	0	0
Cash from Financing+	-648K	-712K	-510K	-1.33M	6.25M	-14.11M	4.29M	-1.78M	2.89M	-1.97M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	38K	0	35K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.16M	8.78M	-2.25M	1.24M	-850K	15.7M	-14.62M	-6.5M	-4.51M	2.32M
FCF Margin %	-0.01%	0.07%	-0.02%	0.01%	-0.01%	0.09%	-0.09%	-0.04%	-0.04%	0.02%
FCF Growth %	-2.19%	8.6%	-1.26%	1.55%	-1.69%	19.47%	-1.93%	0.56%	0.31%	1.51%
FCF per Share	-0.17	1.32	-0.33	0.17	-0.13	2.46	-2.38	-1.11	-0.77	0.39
FCF Conversion (FCF/Net Income)	0.97x	1.95x	0.36x	1.00x	-2.24x	1.93x	1.11x	2.78x	0.21x	-0.44x
Interest Paid	0	0	9K	23K	66K	131K	206K	802K	285K	814K
Taxes Paid	3.36M	2.89M	1.82M	1.97M	993K	2.96M	2.61M	1.84M	463K	323K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.56%	12.6%	7.81%	9.06%	-2.23%	14.22%	12.71%	2.84%	-8.42%	-17.98%
Return on Invested Capital (ROIC)	31.01%	21.63%	18.35%	9.35%	-1.88%	15.29%	12.59%	3.45%	-5.4%	-5.28%
Gross Margin	22.12%	21.49%	19.87%	17.05%	15.87%	17.05%	17.85%	11.79%	6.03%	7.15%
Net Margin	8.36%	5.93%	3.81%	4.73%	-1.38%	6.03%	6.27%	1.64%	-6.34%	-10.45%
Debt / Equity	-	-	-	-	0.40x	0.21x	0.36x	0.35x	0.73x	0.86x
Interest Coverage	-	3234.00x	1059.22x	205.55x	-22.52x	115.86x	164.81x	10.45x	-23.64x	-9.46x
FCF Conversion	0.97x	1.95x	0.36x	1.00x	-2.24x	1.93x	1.11x	2.78x	0.21x	-0.44x
Revenue Growth	43.63%	6.78%	8.6%	4.42%	-14.04%	50.17%	-4.23%	-9.91%	-26.11%	14.12%

Revenue by Segment

	2011	2012
Private Label Contract Manufacturing	63.27M	56.67M
Private Label Contract Manufacturing Growth	-	-10.43%
Patent And Trademark Licensing	7.99M	4.8M
Patent And Trademark Licensing Growth	-	-39.94%
Branded Products	1.56M	1.33M
Branded Products Growth	-	-15.22%

Revenue by Geography

	2011	2012
Outside United States	29.41M	26.09M
Outside United States Growth	-	-11.31%
U S	43.41M	-
U S Growth	-	-

Frequently Asked Questions

Growth & Financials

Natural Alternatives International, Inc. (NAII) reported $130.6M in revenue for fiscal year 2024. This represents a 79% increase from $72.8M in 2011.

Natural Alternatives International, Inc. (NAII) grew revenue by 14.1% over the past year. This is steady growth.

Natural Alternatives International, Inc. (NAII) reported a net loss of $18.8M for fiscal year 2024.

Dividend & Returns

Natural Alternatives International, Inc. (NAII) has a return on equity (ROE) of -18.0%. Negative ROE indicates the company is unprofitable.

Natural Alternatives International, Inc. (NAII) generated $8.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.