Revenue growth remains inconsistent with an 8.5% year-over-year increase in 2026Q1, while operating margins struggle to scale beyond a 7.8% peak due to heavy SG&A absorption.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 489.79M | 480.14M | 454.36M | 445.32M | 421.91M | 444.08M | 385.2M | 362.21M | 364.81M | 342.03M | 341.16M | 324.7M | 366.37M | 378.1M | 367.47M | 367.81M | 349.92M | 343.02M | 381.3M | 366.65M | 362.22M | 351.68M | 331.06M | 297.26M | 298.73M | 318.72M | 314.82M | 289.2M | 296.1M | 280.9M | 249M |
| Revenue Growth % | 7.26% | 5.67% | 2.03% | 5.55% | -4.99% | 15.29% | 6.35% | -0.71% | 6.66% | 0.26% | 5.07% | -11.37% | -3.1% | 2.89% | -0.09% | 5.11% | 2.01% | -10.04% | 4% | 1.22% | 3% | 6.23% | 11.37% | -0.49% | -6.27% | 1.24% | 8.86% | -2.33% | 5.41% | 12.81% | 21.11% |
| Cost of Goods Sold | 136.91M | 132.42M | 129.68M | 124.19M | 122.15M | 115.47M | 101.28M | 93.94M | 95.69M | 91.04M | 90.94M | 85.34M | 91.58M | 94.81M | 93.32M | 69.41M | 69.04M | 68.8M | 71.87M | 71M | 68.75M | 67.59M | 62.69M | 51.93M | 53.32M | 57.66M | 48.52M | 45.1M | 47.4M | 47.3M | 41.5M |
| COGS % of Revenue | - | 27.58% | 28.54% | 27.89% | 28.95% | 26% | 26.29% | 25.93% | 26.23% | 26.62% | 26.66% | 26.28% | 25% | 25.08% | 25.4% | 18.87% | 19.73% | 20.06% | 18.85% | 19.36% | 18.98% | 19.22% | 18.94% | 17.47% | 17.85% | 18.09% | 15.41% | 15.59% | 16.01% | 16.84% | 16.67% |
| Gross Profit | 352.88M | 347.72M | 324.69M | 321.13M | 299.76M | 328.62M | 283.93M | 268.27M | 269.12M | 250.99M | 250.22M | 239.36M | 274.78M | 283.28M | 274.14M | 298.4M | 280.88M | 274.22M | 309.43M | 295.65M | 293.48M | 284.09M | 268.37M | 245.34M | 245.42M | 261.06M | 266.3M | 244.1M | 248.7M | 233.6M | 207.5M |
| Gross Margin % | 72.05% | 72.42% | 71.46% | 72.11% | 71.05% | 74% | 73.71% | 74.07% | 73.77% | 73.38% | 73.34% | 73.72% | 75% | 74.92% | 74.6% | 81.13% | 80.27% | 79.94% | 81.15% | 80.64% | 81.02% | 80.78% | 81.06% | 82.53% | 82.15% | 81.91% | 84.59% | 84.41% | 83.99% | 83.16% | 83.33% |
| Gross Profit Growth % | - | 7.09% | 1.11% | 7.13% | -8.78% | 15.74% | 5.84% | -0.31% | 7.22% | 0.31% | 4.54% | -12.89% | -3% | 3.33% | -8.13% | 6.24% | 2.43% | -11.38% | 4.66% | 0.74% | 3.3% | 5.86% | 9.39% | -0.03% | -5.99% | -1.97% | 9.09% | -1.85% | 6.46% | 12.58% | 21.63% |
| Operating Expenses | 324.76M | 322.98M | 304.59M | 302.38M | 283.5M | 293.95M | 262.45M | 252.15M | 263.77M | 249.6M | 240.18M | 225.49M | 255.74M | 259.23M | 240.13M | 278.24M | 269.62M | 263.45M | 303.83M | 292.59M | 285.47M | 272.51M | 246.72M | 237.63M | 233.75M | 237.16M | 239.67M | 217M | 212.6M | 202.6M | 181.1M |
| OpEx % of Revenue | - | 67.27% | 67.04% | 67.9% | 67.19% | 66.19% | 68.13% | 69.61% | 72.3% | 72.98% | 70.4% | 69.44% | 69.8% | 68.56% | 65.35% | 75.65% | 77.05% | 76.8% | 79.68% | 79.8% | 78.81% | 77.49% | 74.52% | 79.94% | 78.25% | 74.41% | 76.13% | 75.03% | 71.8% | 72.13% | 72.73% |
| Selling, General & Admin | 324.76M | 322.98M | 304.59M | 302.38M | 283.5M | 293.95M | 262.45M | 252.15M | 263.77M | 249.6M | 240.18M | 225.49M | 255.74M | 259.23M | 240.13M | 278.24M | 269.62M | 263.45M | 303.83M | 148.71M | 139.65M | 128.38M | 246.72M | 198.57M | 233.75M | 237.16M | 232.74M | 210.9M | 207.8M | 198.3M | 177.7M |
| SG&A % of Revenue | - | 67.27% | 67.04% | 67.9% | 67.19% | 66.19% | 68.13% | 69.61% | 72.3% | 72.98% | 70.4% | 69.44% | 69.8% | 68.56% | 65.35% | 75.65% | 77.05% | 76.8% | 79.68% | 40.56% | 38.55% | 36.5% | 74.52% | 66.8% | 78.25% | 74.41% | 73.93% | 72.93% | 70.18% | 70.59% | 71.37% |
| Research & Development | 0 | 0 | 1.7M | 0 | 1.5M | 0 | 0 | 0 | 2.8M | 3.4M | 3.2M | 2.8M | 2.5M | 2M | 1.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.37% | - | 0.36% | - | - | - | 0.77% | 0.99% | 0.94% | 0.86% | 0.68% | 0.53% | 0.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -1.7M | 0 | -1.5M | 0 | 0 | 0 | -2.15M | 0 | -773K | 0 | -34K | 0 | 0 | 0 | 0 | 0 | 0 | 143.88M | 145.83M | 144.13M | 0 | 39.06M | 0 | 0 | 6.93M | 6.1M | 4.8M | 4.3M | 3.4M |
| Operating Income | 28.12M | 24.74M | 20.09M | 18.75M | 16.26M | 34.67M | 21.48M | 16.13M | 5.35M | 1.39M | 10.04M | 13.87M | 19.05M | 24.06M | 34.02M | 20.16M | 11.26M | 10.77M | 5.6M | 3.06M | 8.01M | 11.59M | 21.65M | 7.71M | 11.67M | 23.9M | 26.63M | 27.1M | 36.1M | 31M | 26.4M |
| Operating Margin % | 5.74% | 5.15% | 4.42% | 4.21% | 3.85% | 7.81% | 5.58% | 4.45% | 1.47% | 0.41% | 2.94% | 4.27% | 5.2% | 6.36% | 9.26% | 5.48% | 3.22% | 3.14% | 1.47% | 0.83% | 2.21% | 3.29% | 6.54% | 2.59% | 3.91% | 7.5% | 8.46% | 9.37% | 12.19% | 11.04% | 10.6% |
| Operating Income Growth % | - | 23.13% | 7.18% | 15.32% | -53.11% | 61.39% | 33.22% | 201.35% | 285.8% | -86.18% | -27.63% | -27.17% | -20.82% | -29.28% | 68.69% | 79.04% | 4.61% | 92.34% | 82.88% | -61.76% | -30.9% | -46.5% | 181% | -33.96% | -51.18% | -10.25% | -1.74% | -24.93% | 16.45% | 17.42% | 50% |
| EBITDA | 41.69M | 38.59M | 34.31M | 30.57M | 31.94M | 45.83M | 32.23M | 26.72M | 15.25M | 10.02M | 14.85M | 18.4M | 23.46M | 28.52M | 38.09M | 24.53M | 15.52M | 15.27M | 11.04M | -3.35M | 1.78M | 5.63M | 27.38M | 14.09M | 19.97M | 30.73M | 33.55M | 33.2M | 40.9M | 35.3M | 29.8M |
| EBITDA Margin % | 8.51% | 8.04% | 7.55% | 6.86% | 7.57% | 10.32% | 8.37% | 7.38% | 4.18% | 2.93% | 4.35% | 5.67% | 6.4% | 7.54% | 10.37% | 6.67% | 4.43% | 4.45% | 2.89% | -0.91% | 0.49% | 1.6% | 8.27% | 4.74% | 6.68% | 9.64% | 10.66% | 11.48% | 13.81% | 12.57% | 11.97% |
| EBITDA Growth % | 15.15% | 12.45% | 12.27% | -4.3% | -30.31% | 42.23% | 20.58% | 75.23% | 52.19% | -32.5% | -19.3% | -21.57% | -17.76% | -25.12% | 55.31% | 58.07% | 1.63% | 38.36% | 429.6% | -287.98% | -68.34% | -79.45% | 94.28% | -29.41% | -35.02% | -8.43% | 1.07% | -18.83% | 15.86% | 18.46% | 41.23% |
| D&A (Non-Cash Add-back) | 13.57M | 13.84M | 14.22M | 11.82M | 15.68M | 11.16M | 10.74M | 10.6M | 9.9M | 8.63M | 4.81M | 4.53M | 4.41M | 4.47M | 4.08M | 4.36M | 4.25M | 4.5M | 5.44M | -6.41M | -6.22M | -5.96M | 5.73M | 6.39M | 8.3M | 6.83M | 6.93M | 6.1M | 4.8M | 4.3M | 3.4M |
| EBIT | 32.3M | 29.91M | 18.57M | 20.27M | 15.46M | 32.07M | 22.92M | 15.69M | 3.59M | 1.39M | 10.04M | 17.18M | 21.25M | 25.81M | 35.62M | 22.1M | 13.99M | 14.45M | 6.52M | 4.53M | 9.24M | 12.15M | 21.65M | 7.71M | 11.67M | 23.9M | 26.63M | 27.1M | 36.1M | 31M | 26.4M |
| Net Interest Income | 303K | 547K | 31K | 483K | -126K | 216K | 69K | 219K | -387K | -145K | 575K | 1.36M | -187K | 605K | 1.28M | 1.38M | 270K | 1.32M | 1.78M | 1.34M | 710K | 91K | 464K | 1.25M | 1.05M | 1.66M | 1.92M | 0 | 0 | 0 | -100K |
| Interest Income | 389K | 645K | 177K | 552K | 123K | 466K | 171K | 262K | 0 | 144K | 591K | 1.49M | 0 | 836K | 1.46M | 1.47M | 270K | 1.41M | 1.83M | 1.41M | 1.32M | 821K | 568K | 1.52M | 1.09M | 1.67M | 1.94M | 0 | 0 | 0 | 0 |
| Interest Expense | 86K | 98K | 146K | 69K | 249K | 250K | 102K | 43K | 387K | 289K | 16K | 130K | 187K | 231K | 178K | 89K | 0 | 124K | 52K | 69K | 609K | 730K | 104K | 268K | 39K | 4K | 20K | 0 | 0 | 0 | 100K |
| Other Income/Expense | 2.74M | 5.07M | -1.67M | 1.45M | -1.04M | -2.85M | 1.34M | -483K | -2.15M | 1.83M | -773K | -592K | -34K | 1.6M | 1.48M | 1.85M | 2.73M | 1.89M | 870K | 1.4M | 624K | -162K | 1.31M | -474K | -972K | 1.44M | 1.29M | 1.9M | 2.3M | 2.2M | 1.4M |
| Pretax Income | 30.86M | 29.81M | 18.43M | 20.2M | 15.21M | 31.82M | 22.82M | 15.64M | 3.2M | 3.22M | 9.27M | 13.28M | 19.01M | 25.65M | 35.5M | 22.01M | 13.99M | 14.32M | 6.47M | 4.46M | 8.63M | 11.42M | 22.96M | 7.23M | 10.7M | 25.33M | 27.92M | 29M | 38.4M | 33.2M | 27.8M |
| Pretax Margin % | 6.3% | 6.21% | 4.06% | 4.54% | 3.61% | 7.17% | 5.92% | 4.32% | 0.88% | 0.94% | 2.72% | 4.09% | 5.19% | 6.78% | 9.66% | 5.98% | 4% | 4.18% | 1.7% | 1.22% | 2.38% | 3.25% | 6.94% | 2.43% | 3.58% | 7.95% | 8.87% | 10.03% | 12.97% | 11.82% | 11.16% |
| Income Tax | 10.17M | 9.36M | 10.53M | 3.79M | 14.66M | 1.61M | -137K | 8.71M | 4.4M | 17.04M | 8.59M | 1.74M | -743K | 8.04M | 10.12M | 4.41M | 5.52M | 8.21M | 8.31M | 12.7M | 12.19M | 7.92M | 5.88M | 2.13M | 3.63M | 8.67M | 10.79M | 11.2M | 15.1M | 13.1M | 11M |
| Effective Tax Rate % | 32.97% | 31.4% | 57.17% | 18.74% | 96.39% | 5.08% | -0.6% | 55.7% | 137.56% | 528.83% | 92.72% | 13.1% | -3.91% | 31.36% | 28.5% | 20.04% | 39.46% | 57.31% | 128.42% | 284.48% | 141.31% | 69.33% | 25.62% | 29.49% | 33.96% | 34.24% | 38.64% | 38.62% | 39.32% | 39.46% | 39.57% |
| Net Income | 19.89M | 19.52M | 7.7M | 15.08M | -390K | 28.85M | 21.34M | 6.76M | -854K | -12.94M | 2.14M | 14.69M | 10.02M | 17.61M | 25.38M | 17.6M | -1.23M | 6.12M | -1.84M | -8.24M | -3.56M | 3.5M | 17.08M | 5.1M | 7.06M | 16.66M | 17.13M | 17.8M | 23.3M | 20.1M | 16.8M |
| Net Margin % | 4.06% | 4.07% | 1.69% | 3.39% | -0.09% | 6.5% | 5.54% | 1.87% | -0.23% | -3.78% | 0.63% | 4.52% | 2.73% | 4.66% | 6.91% | 4.79% | -0.35% | 1.78% | -0.48% | -2.25% | -0.98% | 1% | 5.16% | 1.72% | 2.36% | 5.23% | 5.44% | 6.15% | 7.87% | 7.16% | 6.75% |
| Net Income Growth % | 96.52% | 153.65% | -48.95% | 3965.64% | -101.35% | 35.23% | 215.4% | 892.15% | 93.4% | -705.05% | -85.44% | 46.59% | -43.1% | -30.62% | 44.2% | 1527.49% | -120.16% | 432.7% | 77.69% | -131.05% | -201.74% | -79.48% | 234.93% | -27.82% | -57.6% | -2.76% | -3.76% | -23.61% | 15.92% | 19.64% | 41.18% |
| Net Income (Continuing) | 20.68M | 20.45M | 7.89M | 16.42M | 550K | 30.21M | 22.96M | 6.93M | -1.2M | -13.82M | 675K | 11.54M | 19.76M | 17.65M | 25.38M | 17.6M | 8.47M | 6.55M | -1.84M | -8.24M | -3.56M | 3.5M | 17.08M | 5.1M | 7.06M | 16.66M | 17.13M | 17.8M | 23.3M | 20.1M | 16.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 5.68M | 5.48M | 4.14M | 3.2M | 1.85M | 227K | 63K | 411K | 1.29M | 2.75M | 3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.11 | 1.06 | 0.40 | 0.77 | -0.02 | 1.42 | 1.07 | 0.34 | -0.04 | -0.69 | 0.11 | 0.77 | 0.56 | 1.07 | 1.59 | 1.12 | -0.08 | 0.39 | -0.12 | -0.53 | -0.23 | 0.23 | 1.10 | 0.36 | 0.43 | 0.99 | 1.02 | 1.00 | 1.25 | 1.06 | 0.86 |
| EPS Growth % | 106.38% | 165% | -48.05% | 3950% | -101.41% | 32.71% | 214.71% | 860.63% | 93.52% | -727.27% | -85.71% | 37.5% | -47.66% | -32.7% | 41.96% | 1517.72% | -120.26% | 425% | 77.36% | -130.43% | -200% | -79.09% | 205.56% | -16.28% | -56.57% | -2.94% | 2% | -20% | 17.92% | 23.26% | 36.51% |
| EPS (Basic) | - | 1.08 | 0.41 | 0.79 | -0.02 | 1.45 | 1.09 | 0.35 | -0.04 | -0.69 | 0.11 | 0.79 | 0.58 | 1.10 | 1.62 | 1.13 | -0.08 | 0.39 | -0.12 | -0.53 | -0.23 | 0.23 | 1.14 | 0.36 | 0.45 | 1.02 | 1.02 | 1.01 | 1.27 | 1.08 | 0.86 |
| Diluted Shares Outstanding | 17.93M | 18.47M | 18.62M | 19.47M | 19.33M | 20.33M | 19.97M | 19.66M | 19.12M | 18.88M | 19.06M | 19.18M | 17.64M | 16.39M | 15.99M | 15.7M | 15.61M | 15.51M | 15.51M | 15.49M | 15.34M | 15.52M | 15.48M | 14.16M | 16.43M | 16.83M | 16.8M | 17.8M | 18.64M | 18.96M | 19.68M |
| Basic Shares Outstanding | 17.52M | 18M | 18.62M | 19.07M | 19.33M | 19.86M | 19.54M | 19.31M | 19.12M | 18.76M | 18.73M | 18.66M | 17.11M | 16M | 15.65M | 15.55M | 15.52M | 15.51M | 15.51M | 15.49M | 15.34M | 15.21M | 14.92M | 14.16M | 15.7M | 16.33M | 16.8M | 17.62M | 18.35M | 18.61M | 19.68M |
| Dividend Payout Ratio | - | - | - | - | - | 68.82% | - | - | - | - | 351.05% | 51% | 351.61% | 172.75% | 9.26% | - | - | 12.69% | - | - | - | 87.13% | 17.57% | 37.09% | 29.88% | 13.03% | 13.12% | 12.92% | 10.73% | 12.44% | 14.88% |
Regulatory and recruitment churn
According to the most recent quarterly filings, Nature's Sunshine reported revenue of $122.9 million, reflecting an 8.5% year-over-year growth rate that suggests a modest recovery from the contraction observed in early 2024, though top-line performance remains inconsistent across the trailing ten-quarter period.
The revenue trajectory appears sensitive to the cyclical nature of consultant recruitment and international market conditions. While the recent 8.5% growth indicates some success in stabilizing the sales funnel, investors should monitor whether this is a sustainable trend or merely a temporary rebound from prior-year weakness.
As reported in financial statements, the company maintains a robust gross margin profile, consistently hovering around 72% over the last ten quarters, which underscores the inherent pricing power of its specialized botanical product portfolio despite broader inflationary pressures impacting the direct-selling industry's cost of goods sold.
This high gross margin is a hallmark of the company's manufacturing-led model, providing a significant buffer against variable cost fluctuations. However, the inability to translate this high gross profitability into meaningful operating margin expansion suggests that the cost of maintaining the consultant network remains a structural drag.
Based on the provided income statement data, operating margins have struggled to scale, fluctuating between 3.7% and 7.8% over the last ten quarters, indicating that SG&A expenses continue to absorb the vast majority of gross profit gains generated by the company's core nutritional supplement business.
The lack of significant operating leverage suggests that the company's current digital transformation and rebranding efforts have yet to yield the expected efficiency gains. Investors should investigate whether the high SG&A burden is a permanent feature of the direct-selling model or a temporary investment phase.
Analysis of the company's historical income statements reveals significant quarterly earnings volatility, with net income margins ranging from a negative 0.3% in 2024Q4 to a high of 8.2% in 2023Q4, largely driven by non-operating items and fluctuations in stock-based compensation expenses.
The inconsistency in net income suggests that reported EPS may not always reflect the underlying operational health of the business. The periodic spikes in stock-based compensation and tax-related adjustments warrant further investigation to determine the true normalized earnings power of the organization.
Data from recent filings indicates that the company's reliance on a high-touch consultant network creates a persistent risk, as evidenced by the 2024Q2 revenue decline, which highlights the potential for rapid sales erosion if consultant engagement levels fail to meet the company's internal growth targets.
Short-term revenue gains may mask underlying churn within the consultant base, which is the primary engine of the company's sales. If the shift toward digital channels fails to attract new customers, the company may face a structural decline that current gross margin levels cannot offset.
Quick answers to the most common questions about buying NATR stock.
For fiscal year 2025, Nature's Sunshine Products, Inc. (NATR) reported total revenue of $480.1M. This represents a 92.8% increase compared to $249.0M in 1996.
Nature's Sunshine Products, Inc. (NATR) is profitable, generating $19.5M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Nature's Sunshine Products, Inc. (NATR) reported an operating income of $24.7M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Nature's Sunshine Products, Inc. (NATR) generated $347.7M in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.