Liquidity is under severe pressure as evidenced by a -9.9% free cash flow margin in 2026Q1 and a $5.9M cash outflow for share repurchases despite ongoing operational losses.
| 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 |
|---|
| Cash from Operations | -6.14M | -6M | -3.37M | -4.28M | -4.85M | 1.02M | 1.89M | -18.64M | 29.71M | 26.61M | 53.17M | 81.33M | 30.61M | 10.69M | 2.21M | 1.46M | -292K | -1.64M | -2.73M | -13.22M | -7.4M | 1.43M | 428K | 9.53M | 4.7M | 34.08K | -1.73M | -715.09K | -4.78M | -2.36M | -802.07K |
| Operating CF Margin % | - | -15.08% | -7.84% | -9.74% | -9.88% | 1.69% | 3.04% | -24.01% | 15.48% | 13.47% | 18.48% | 30.71% | 24.57% | 20.34% | 5.9% | 4.69% | -1.24% | -5.35% | -5.96% | -17.28% | -5.55% | 0.73% | 0.32% | 15.15% | 11.86% | 0.14% | -20.8% | -4.68% | -401.13% | -33.72% | -11.11% |
| Operating CF Growth % | -88.73% | -78.11% | 21.3% | 11.83% | -577.56% | -46.1% | 110.11% | -162.73% | 11.67% | -49.97% | -34.62% | 165.66% | 186.48% | 382.66% | 51.33% | 601.03% | 82.24% | 39.78% | 79.34% | -78.5% | -619.21% | 233.18% | -95.51% | 102.6% | 13700.38% | 101.97% | -142.04% | 85.03% | -102.67% | -193.93% | - |
| Net Income | -1.16M | -882K | 572K | 568K | 313K | 1.08M | 843K | -5.61M | 31.04M | 23.58M | 55.09M | 47.24M | 20.37M | 4.09M | 2.63M | 2.42M | -2.47M | -6.38M | -3.86M | -25.29M | -11.46M | -5.5M | 1.24M | 5.38M | 4.1M | 2.02M | -10.67M | -7.56M | -1.92M | -7.73M | -889.54K |
| Depreciation & Amortization | 68K | 109K | 131K | 164K | 204K | 299K | 410K | 387K | 424K | 536K | 394K | 263K | 105K | 66K | 45K | 298K | 1.21M | 1.32M | 1.46M | 1.85M | 2.11M | 1.47M | 1.3M | 531.94K | 469.7K | 90.58K | 364.4K | 374.15K | 549.67K | 567.67K | 244.57K |
| Stock-Based Compensation | 69K | 132K | 145K | 161K | 575K | 773K | 0 | 0 | 0 | 35K | 104K | 86K | 49K | 110K | 94K | 79K | 175K | 528K | 554K | 845K | 608K | 33K | 132K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 104K | 102K | 17K | -178K | 90K | 362K | 1.34M | -820K | 358K | -1.64M | 217K | -15K | -43K | 16K | -56K | -30K | -28K | -144K | 526K | 7K | -215K | 515K | -515K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 911K | -377K | 646K | 1.11M | 597K | 390K | 1.53M | 3.52M | 4.84M | -258K | 132K | -82K | -475K | 3.44M | -461K | -18K | 58K | 2.72M | 2.11M | 12.59M | -1.02M | -49K | 470K | 483.18K | -251.56K | -396.34K | 6.21M | 3M | -2.33M | 2.41M | 22K |
| Working Capital Changes | -6.13M | -5.08M | -4.88M | -6.1M | -6.63M | -1.89M | -2.24M | -16.12M | -2.11M | 4.36M | -2.76M | 33.83M | 10.13M | 6.41M | -499K | -1.29M | 759K | 316K | -3.52M | -3.22M | 2.58M | 4.96M | -2.2M | 3.13M | 382.88K | -1.68M | 2.37M | 3.46M | -1.07M | 2.39M | -179.11K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -6.01M | -3.4M | 0 | -375K | 2.71M | -4.56M | 41K | 11.17M | -17K | -24K | 10K | 38K | -66K | 293K | 47K | -136K | -863K | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 852K | 1.27M | 1M | 228K | 680K | -1.55M | 2.7M | 5.82M | -3.88M | 2.84M | -851K | -6.76M | -2.03M | -974K | 236K | -345K | 270K | 1.14M | 1.33M | 2.31M | 7.07M | -3.7M | -10.37M | -426.68K | -2M | -727.69K | 863.07K | 253.03K | 405.36K | -271.24K | -130.29K |
| Change in Payables | 305K | -341K | -94K | 181K | 52K | 182K | -102K | -953K | -116K | -392K | -714K | 637K | -822K | 1.67M | -826K | -908K | 640K | -621K | -424K | -1.27M | 1.45M | 1.04M | 230K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 8.12M | 8.15M | -30.07M | -46K | -143K | -225K | -211K | -189K | -214K | -278K | -905K | -3.74M | -339K | -292K | 397K | -136K | -3K | 3.36M | 198K | 1.65M | 653K | -8.45M | -2.63M | -1.78M | -933.44K | -302.17K | -24.48K | -1.68M | 4.34M | -2.56M | -450.04K |
| Capital Expenditures | -167K | -68K | -57K | -46K | -143K | -225K | -211K | -189K | -214K | -278K | -905K | -710K | -339K | -210K | -96K | -7K | -2K | -5K | -299K | -341K | -1.81M | -3.12M | -150K | -556.99K | -706.36K | -141.2K | -7.42K | -127.08K | -7.51K | -611.86K | -438.65K |
| CapEx % of Revenue | 0.44% | 0.17% | 0.13% | 0.1% | 0.29% | 0.38% | 0.34% | 0.24% | 0.11% | 0.14% | 0.31% | 0.27% | 0.27% | 0.4% | 0.26% | 0.02% | 0.01% | 0.02% | 0.65% | 0.45% | 1.36% | 1.6% | 0.11% | 0.89% | 1.78% | 0.57% | 0.09% | 0.83% | 0.63% | 8.75% | 6.08% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 2M | 0 | -1.36M | 0 | 0 | 0 | -27.59K | 0 | 0 | 20.24K | -11.39K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.03M | 0 | -82K | 493K | -129K | -1K | 3.36M | 497K | 808K | 363K | -5.33M | -1.12M | -1.23M | -227.08K | -160.97K | 10.53K | -1.52M | 4.35M | -1.96M | 0 |
| Cash from Financing | -14.78M | -9.21M | -9.21M | -9.21M | -9.14M | -9.14M | -9.14M | -17.46M | -31.51M | -17.22M | -30.59M | -17.47M | -189K | -52K | -3K | -4K | -58K | -3.75M | -396K | 5.95M | -5K | 2.78M | 13.48M | -338.84K | -222.64K | 449.03K | 1.43M | 2.53M | 625.2K | 4.5M | 854.82K |
| Debt Issued (Net) | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.75M | -396K | 3.74M | -23K | -709K | -2.6M | -339K | -200K | 349.03K | 343.23K | 109.98K | -940K | 803.96K | 305.64K |
| Equity Issued (Net) | -5.87M | 0 | 0 | 0 | 0 | 0 | 0 | -10.12M | 0 | 0 | -23.7M | -16.07M | -4.66M | -52K | -3K | 0 | 0 | 0 | 0 | 2.65M | 18K | 3.49M | 16.08M | 0 | 0 | 100K | 1.05M | 2.17M | 1.57M | 2.2M | 0 |
| Dividends Paid | -7.76M | -9.21M | -9.21M | -9.21M | -9.14M | -9.14M | -9.14M | -7.34M | -31.51M | -17.22M | -6.89M | -1.71M | -476K | 0 | 0 | 0 | -62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.54M | 0 | 0 | 0 |
| Share Repurchases | -5.87M | 0 | 0 | 0 | 0 | 0 | 0 | -10.12M | 0 | 0 | -23.7M | -16.07M | -4.66M | -52K | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.55M | -3.72M | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309K | 4.95M | 0 | 0 | -4K | -58K | 0 | 0 | -442K | 0 | 0 | 0 | 0 | -22.64K | 0 | 36.39K | 1.79M | -2.26M | 1.5M | 549.18K |
| Net Change in Cash | -12.47M | -6.75M | -42.65M | -13.53M | -14.62M | -8.53M | -6.53M | -36.23M | -2.83M | 9.39M | 21.01M | 60.1M | 30.27M | 10.34M | 2.59M | 969K | -904K | -1.94M | -2.79M | -5.65M | -6.53M | -3.85M | 11.19M | 7.27M | 3.54M | 215.9K | -325.64K | 139.84K | 189.44K | -412.54K | -397.3K |
| Free Cash Flow | -6.3M | -6.07M | -3.42M | -4.32M | -5M | 791K | 1.67M | -18.83M | 29.5M | 26.33M | 52.27M | 80.62M | 30.27M | 10.48M | 2.12M | 1.46M | -294K | -1.65M | -3.03M | -13.56M | -9.22M | -1.69M | 278K | 8.97M | 4M | -107.12K | -1.74M | -842.16K | -4.79M | -2.97M | -1.24M |
| FCF Margin % | -16.48% | -15.25% | -7.97% | -9.84% | -10.17% | 1.32% | 2.7% | -24.26% | 15.37% | 13.33% | 18.17% | 30.44% | 24.3% | 19.94% | 5.65% | 4.67% | -1.25% | -5.36% | -6.61% | -17.72% | -6.91% | -0.87% | 0.21% | 14.27% | 10.08% | -0.43% | -20.89% | -5.52% | -401.76% | -42.47% | -17.19% |
| FCF Growth % | -80.4% | -77.13% | 20.81% | 13.43% | -731.48% | -52.75% | 108.89% | -163.83% | 12.04% | -49.63% | -35.16% | 166.29% | 188.98% | 394.62% | 45.47% | 595.24% | 82.17% | 45.56% | 77.66% | -47.05% | -444.21% | -709.35% | -96.9% | 124.47% | 3831.02% | 93.84% | -106.4% | 82.4% | -61.16% | -139.33% | - |
| FCF per Share | -0.62 | -0.53 | -0.30 | -0.38 | -0.44 | 0.07 | 0.15 | -1.73 | 2.61 | 2.34 | 4.58 | 6.52 | 2.40 | 0.92 | 0.19 | 0.13 | -0.03 | -0.16 | -0.31 | -1.58 | -1.14 | -0.24 | 0.04 | 1.58 | 1.38 | -0.10 | -18.13 | -11.64 | -216.50 | -0.31 | -0.44 |
| FCF Conversion (FCF/Net Income) | 5.44x | 6.80x | -5.89x | -7.53x | -15.50x | 0.94x | 2.24x | 3.32x | 0.96x | 1.13x | 0.97x | 1.72x | 1.50x | 2.61x | 0.84x | 0.63x | 0.12x | 0.26x | 0.71x | 0.52x | 0.65x | -0.26x | 0.34x | 1.77x | 1.15x | 0.03x | 0.16x | 0.10x | 3.71x | 0.31x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.96M | 3.53M | 1.66M | 1.86M | 0 | 1.99M | 3.13M | 6.77M | 8.79M | 707K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity depletion from operations
As reported in recent financial statements, NHTC's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached -375.67 in 2025Q2, suggesting that reported earnings provide a poor proxy for the actual cash-generating capacity of the underlying multi-level marketing business model.
The extreme variance between net income and operating cash flow indicates that accruals and working capital swings are masking the true cash-burn nature of the firm. Investors should monitor this divergence, as it suggests that the company's accounting profits are not translating into sustainable liquidity.
Based on quarterly filings, NHTC's free cash flow trajectory has turned increasingly negative, with a -9.9% FCF margin in 2026Q1, highlighting a structural inability to generate surplus cash after accounting for the necessary capital expenditures required to maintain its aging international infrastructure and regulatory compliance systems.
The consistent failure to produce positive free cash flow over the last several quarters implies that the business is currently consuming its own capital base to survive. This trend warrants further investigation into whether the company can reach a break-even point before its cash reserves are fully exhausted.
According to historical cash flow data, NHTC's working capital management is highly erratic, with a significant $911,000 outflow in 2026Q1 alone, which suggests that the company is struggling to manage its inventory and distributor payables effectively amidst a broader decline in regional sales volume.
The sharp swings in working capital appear to be a symptom of the company's reliance on distributor recruitment cycles rather than organic product demand. This instability in cash conversion cycles may indicate that the firm is forced to offer extended terms or incentives to retain its dwindling distributor base.
As indicated by recent SEC filings, NHTC has continued to prioritize dividend payments and share repurchases despite generating negative free cash flow, with $858,000 in dividends and $5.9M in buybacks in 2026Q1, a strategy that appears to be rapidly depleting the company's limited $6.8M cash reserve.
This aggressive capital return policy, while potentially intended to signal confidence, appears disconnected from the reality of the company's deteriorating operational performance. Such deployment choices may leave the firm with insufficient liquidity to pivot its business model or navigate potential regulatory shocks in its core markets.
Quick answers to the most common questions about buying NHTC stock.
Natural Health Trends Corp. (NHTC) generated $-6.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Natural Health Trends Corp. (NHTC) reported negative free cash flow of $6.1M in 2025, indicating capital requirements exceeded cash from operations.
Natural Health Trends Corp. (NHTC) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Natural Health Trends Corp. (NHTC) returned $9.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.