Revenue has entered a consistent downward trend, culminating in a 14.3% year-over-year decline in 2026Q1 while operating margins deteriorated to -5.1%.
| 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 | 38.24M | 39.78M | 42.96M | 43.92M | 49.13M | 60.01M | 62.07M | 77.61M | 191.91M | 197.56M | 287.73M | 264.86M | 124.59M | 52.53M | 37.51M | 31.16M | 23.58M | 30.74M | 45.81M | 76.5M | 133.43M | 194.47M | 133.22M | 62.89M | 39.66M | 24.79M | 8.32M | 15.27M | 1.19M | 6.99M | 7.22M |
| Revenue Growth % | -10.54% | -7.42% | -2.19% | -10.6% | -18.12% | -3.33% | -20.03% | -59.56% | -2.86% | -31.34% | 8.63% | 112.59% | 137.19% | 40.02% | 20.38% | 32.18% | -23.31% | -32.89% | -40.12% | -42.66% | -31.39% | 45.97% | 111.85% | 58.55% | 59.97% | 198% | -45.51% | 1181.96% | -82.97% | -3.14% | - |
| Cost of Goods Sold | 10.01M | 10.52M | 11.18M | 11.18M | 12.66M | 15.01M | 16.99M | 20.1M | 39.37M | 38.65M | 54.9M | 54.1M | 26.98M | 12.55M | 9.69M | 8.17M | 6.97M | 9.53M | 12.68M | 20.29M | 33.07M | 44.75M | 29.32M | 12.52M | 7.39M | 5.88M | 2.05M | 4.27M | 454.37K | 2.87M | 4.44M |
| COGS % of Revenue | - | 26.46% | 26.02% | 25.44% | 25.77% | 25.01% | 27.37% | 25.9% | 20.51% | 19.56% | 19.08% | 20.43% | 21.66% | 23.89% | 25.82% | 26.22% | 29.56% | 30.99% | 27.68% | 26.52% | 24.78% | 23.01% | 22.01% | 19.92% | 18.64% | 23.7% | 24.59% | 27.94% | 38.15% | 41.02% | 61.54% |
| Gross Profit | 28.24M | 29.25M | 31.79M | 32.75M | 36.47M | 44.99M | 45.08M | 57.51M | 152.54M | 158.92M | 232.82M | 210.76M | 97.61M | 39.98M | 27.83M | 22.99M | 16.61M | 21.21M | 33.13M | 56.21M | 100.36M | 149.73M | 103.9M | 50.36M | 32.27M | 18.92M | 6.27M | 11M | 736.75K | 4.12M | 2.78M |
| Gross Margin % | 73.84% | 73.54% | 73.98% | 74.56% | 74.23% | 74.99% | 72.63% | 74.1% | 79.49% | 80.44% | 80.92% | 79.57% | 78.34% | 76.11% | 74.18% | 73.78% | 70.44% | 69.01% | 72.32% | 73.48% | 75.22% | 76.99% | 77.99% | 80.08% | 81.36% | 76.3% | 75.41% | 72.06% | 61.85% | 58.98% | 38.46% |
| Gross Profit Growth % | - | -7.97% | -2.94% | -10.21% | -18.94% | -0.19% | -21.61% | -62.3% | -4.01% | -31.74% | 10.47% | 115.92% | 144.17% | 43.65% | 21.05% | 38.44% | -21.72% | -35.96% | -41.07% | -43.99% | -32.97% | 44.1% | 106.32% | 56.06% | 70.58% | 201.51% | -42.97% | 1393.39% | -82.14% | 48.56% | - |
| Operating Expenses | 30.15M | 31.06M | 33.08M | 34.42M | 36.74M | 43.42M | 44.41M | 64.53M | 118.81M | 115.86M | 168.69M | 162.88M | 76.79M | 35.75M | 25.18M | 21.21M | 19.69M | 26.8M | 36.28M | 81.44M | 112.59M | 152.78M | 101.68M | -6.16M | 28.77M | 17.64M | 18.46M | 18.12M | 3.28M | 8.18M | 3.43M |
| OpEx % of Revenue | - | 78.09% | 77.01% | 78.36% | 74.78% | 72.37% | 71.55% | 83.15% | 61.91% | 58.64% | 58.63% | 61.5% | 61.63% | 68.07% | 67.13% | 68.05% | 83.5% | 87.18% | 79.2% | 106.45% | 84.39% | 78.56% | 76.32% | -9.8% | 72.54% | 71.13% | 221.89% | 118.67% | 275.12% | 116.98% | 47.58% |
| Selling, General & Admin | 30.15M | 31.06M | 33.08M | 34.42M | 36.74M | 43.42M | 44.41M | 62.77M | 118.81M | 115.86M | 168.29M | 162.62M | 76.68M | 35.69M | 25.14M | 20.91M | 18.47M | 25.48M | 34.82M | 69.62M | 114M | 152.78M | 101.68M | 43.84M | 28.77M | 17.64M | 18.46M | 7.72M | 3.28M | 7.64M | 3.41M |
| SG&A % of Revenue | - | 78.09% | 77.01% | 78.36% | 74.78% | 72.37% | 71.55% | 80.87% | 61.91% | 58.64% | 58.49% | 61.4% | 61.55% | 67.94% | 67.01% | 67.1% | 78.36% | 82.89% | 76.02% | 91% | 85.44% | 78.56% | 76.32% | 69.71% | 72.54% | 71.13% | 221.89% | 50.58% | 275.12% | 109.22% | 47.28% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.76M | 789K | 367K | -59K | -84K | -184K | -32K | -39K | 298K | 1.21M | 1.32M | 1.46M | 11.82M | -1.41M | 0 | 0 | -50M | 0 | 0 | 0 | 10.4M | 0 | 543.21K | 22K |
| Operating Income | -1.94M | -1.81M | -1.3M | -1.67M | -270K | 1.57M | 669K | -7.02M | 33.73M | 43.06M | 64.14M | 47.88M | 20.82M | 4.22M | 2.65M | 1.78M | -3.08M | -5.59M | -3.18M | -25.22M | -12.23M | -3.05M | 2.22M | 56.52M | 3.5M | 1.28M | -12.55M | -7.12M | -2.54M | -4.06M | -658.43K |
| Operating Margin % | -5.06% | -4.55% | -3.02% | -3.8% | -0.55% | 2.62% | 1.08% | -9.05% | 17.58% | 21.8% | 22.29% | 18.08% | 16.71% | 8.04% | 7.05% | 5.72% | -13.06% | -18.18% | -6.95% | -32.97% | -9.17% | -1.57% | 1.67% | 89.88% | 8.83% | 5.17% | -150.86% | -46.61% | -213.27% | -58% | -9.12% |
| Operating Income Growth % | - | -39.18% | 22.26% | -518.89% | -117.19% | 134.83% | 109.53% | -120.82% | -21.66% | -32.86% | 33.96% | 129.96% | 393.01% | 59.66% | 48.35% | 157.91% | 44.9% | -75.61% | 87.39% | -106.2% | -300.56% | -237.38% | -96.07% | 1514.43% | 173.09% | 110.21% | -76.36% | -180.17% | 37.36% | -515.97% | - |
| EBITDA | -1.65M | -1.7M | -1.17M | -1.51M | -66K | 1.87M | 1.08M | -6.64M | 34.16M | 43.59M | 64.53M | 48.14M | 20.93M | 4.29M | 2.69M | 2.08M | -1.87M | -4.27M | -1.73M | -23.37M | -10.12M | -1.58M | 3.52M | 57.06M | 3.97M | 1.37M | -12.19M | -6.74M | -1.99M | -3.49M | -413.86K |
| EBITDA Margin % | -4.31% | -4.27% | -2.72% | -3.43% | -0.13% | 3.12% | 1.74% | -8.55% | 17.8% | 22.07% | 22.43% | 18.18% | 16.8% | 8.17% | 7.17% | 6.68% | -7.91% | -13.89% | -3.77% | -30.55% | -7.59% | -0.81% | 2.64% | 90.73% | 10.01% | 5.54% | -146.48% | -44.16% | -167.12% | -49.88% | -5.73% |
| EBITDA Growth % | -42.84% | -45.46% | 22.5% | -2183.33% | -103.53% | 73.31% | 116.26% | -119.43% | -21.65% | -32.44% | 34.05% | 130.06% | 387.88% | 59.44% | 29.26% | 211.52% | 56.29% | -147.33% | 92.62% | -130.9% | -540.7% | -144.9% | -93.83% | 1336.86% | 189.28% | 111.26% | -80.74% | -238.74% | 42.93% | -742.81% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -1.51M | -567K | -1.3M | -1.67M | -270K | 1.57M | 669K | -5.26M | 34.52M | 43.43M | 64.14M | 47.79M | 20.64M | 4.19M | 2.65M | 1.78M | -2.48M | -3.91M | -984K | -25.22M | -12.23M | -3.3M | 2.22M | 5.58M | 238K | 1.28M | -12.19M | -7.12M | -2.54M | -4.1M | -658.43K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11K | -9K | -2.52M | -2.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 9K | 36K | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 18K | 2.55M | 2.42M | 0 | 0 | 0 | 0 | 0 | 4.1M | 1.2M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.07M | 1.24M | 1.92M | 2.42M | 872K | -61K | 821K | 1.43M | 789K | 367K | -59K | -84K | -184K | -32K | -39K | 344K | 583K | -875K | -226K | 143K | 946K | -277K | 137K | -1K | -199K | -79.95K | 9.08K | -67.18K | 1.25M | -1.14M | -231.11K |
| Pretax Income | -866K | -567K | 620K | 745K | 602K | 1.51M | 1.49M | -5.6M | 34.52M | 43.43M | 64.08M | 47.79M | 20.64M | 4.19M | 2.61M | 2.13M | -2.5M | -6.46M | -3.41M | -25.08M | -11.29M | -3.96M | 2.36M | 6.24M | 4.1M | 1.2M | -10.67M | -7.25M | -1.29M | -5.2M | -889.54K |
| Pretax Margin % | -2.26% | -1.43% | 1.44% | 1.7% | 1.23% | 2.52% | 2.4% | -7.21% | 17.99% | 21.98% | 22.27% | 18.04% | 16.56% | 7.98% | 6.95% | 6.83% | -10.59% | -21.02% | -7.44% | -32.79% | -8.46% | -2.04% | 1.77% | 9.92% | 10.34% | 4.85% | -128.24% | -47.5% | -108.13% | -74.37% | -12.32% |
| Income Tax | 292K | 315K | 48K | 177K | 289K | 425K | 647K | 14K | 3.49M | 19.85M | 8.99M | 552K | 266K | 102K | -24K | -298K | -27K | -78K | 456K | 200K | 182K | 1.59M | 663K | 860K | -4.1M | -1.2M | 10.67M | 7.25M | 1.29M | 2.52M | 0 |
| Effective Tax Rate % | -33.72% | -55.56% | 7.74% | 23.76% | 48.01% | 28.15% | 43.42% | -0.25% | 10.1% | 45.71% | 14.03% | 1.15% | 1.29% | 2.43% | -0.92% | -14.01% | 1.08% | 1.21% | -13.38% | -0.8% | -1.61% | -40.04% | 28.09% | 13.79% | -100% | -100% | -100% | -100% | -100% | -48.54% | 0% |
| 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 | 2.31M | -2.45M | -6.34M | -3.86M | -25.29M | -11.46M | -5.5M | 1.24M | 5.38M | 4.1M | 1.2M | -10.67M | -7.25M | -1.29M | -7.73M | -889.54K |
| Net Margin % | -3.03% | -2.22% | 1.33% | 1.29% | 0.64% | 1.81% | 1.36% | -7.23% | 16.17% | 11.93% | 19.15% | 17.84% | 16.35% | 7.78% | 7.01% | 7.4% | -10.38% | -20.63% | -8.44% | -33.05% | -8.59% | -2.83% | 0.93% | 8.55% | 10.34% | 4.85% | -128.24% | -47.5% | -108.13% | -110.48% | -12.32% |
| Net Income Growth % | -328.85% | -254.2% | 0.7% | 81.47% | -71.15% | 28.71% | 115.02% | -118.08% | 31.63% | -57.2% | 16.61% | 131.91% | 398.17% | 55.48% | 14.1% | 194.16% | 61.4% | -64.13% | 84.72% | -120.65% | -108.29% | -543.35% | -76.93% | 31.12% | 241.23% | 111.27% | -47.1% | -463.14% | 83.33% | -768.44% | - |
| Net Income (Continuing) | -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 | -4.92M | 1.24M | 4.73M | -261K | 2.02M | -12.8M | -7.56M | -2.74M | -4.3M | -889.54K |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -93K | -7K | 34K | 33K | 22K | 77K | 598K | 710.96K | 726.75K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.08 | 0.05 | 0.05 | 0.03 | 0.10 | 0.07 | -0.52 | 2.74 | 2.09 | 4.83 | 3.82 | 1.61 | 0.36 | 0.23 | 0.21 | -0.23 | -0.63 | -0.40 | -2.96 | -1.42 | -0.79 | 0.18 | 0.83 | -11.00 | -98.00 | -111.27 | -100.28 | -58.27 | -805.12 | -0.32 |
| EPS Growth % | -332.95% | -254.02% | 0.4% | 81.02% | -71.16% | 28.73% | 114.19% | -118.98% | 31.1% | -56.73% | 26.44% | 137.27% | 347.22% | 56.52% | 9.52% | 191.3% | 63.49% | -57.5% | 86.49% | -108.45% | -79.75% | -538.89% | -78.31% | 107.55% | 88.78% | 11.93% | -10.96% | -72.1% | 92.76% | -251500% | - |
| EPS (Basic) | - | -0.08 | 0.05 | 0.05 | 0.03 | 0.10 | 0.08 | -0.52 | 2.75 | 2.10 | 4.84 | 3.84 | 1.67 | 0.36 | 0.24 | 0.21 | -0.23 | -0.63 | -0.40 | -2.96 | -1.42 | -0.79 | 0.22 | 1.03 | 0.60 | 0.44 | -111.27 | -100.28 | -58.27 | -805.12 | -0.32 |
| Diluted Shares Outstanding | 10.14M | 11.5M | 11.49M | 11.46M | 11.42M | 11.42M | 11.42M | 10.87M | 11.32M | 11.27M | 11.41M | 12.37M | 12.6M | 11.33M | 11.23M | 10.82M | 10.51M | 10.14M | 9.68M | 8.55M | 8.08M | 6.93M | 6.82M | 5.69M | 2.9M | 1.07M | 95.89K | 72.33K | 22.1K | 9.6M | 2.8M |
| Basic Shares Outstanding | 10.14M | 11.5M | 11.47M | 11.44M | 11.36M | 11.02M | 10.63M | 10.87M | 11.3M | 11.25M | 11.38M | 12.3M | 12.13M | 11.15M | 10.94M | 10.7M | 10.51M | 10.14M | 9.68M | 8.55M | 8.08M | 6.93M | 5.58M | 4.61M | 2.9M | 1.07M | 95.89K | 72.33K | 22.1K | 9.6M | 2.8M |
| Dividend Payout Ratio | - | - | 1610.66% | 1622.36% | 2919.49% | 842.21% | 1083.99% | - | 101.54% | 73.03% | 12.51% | 3.62% | 2.34% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Distributor network collapse risk
As reported in recent financial filings, NHTC's revenue has experienced a consistent downward trajectory, culminating in a 14.3% year-over-year decline in 2026Q1, which suggests that the company is struggling to maintain its core distributor base within the highly competitive Greater China wellness market.
The persistent contraction in top-line performance indicates that the company's multi-level marketing model is failing to attract new participants at a rate sufficient to offset churn. This trend appears to reflect a broader loss of momentum in the company's primary geographic hubs, potentially exacerbated by shifting regulatory sentiment.
Based on the provided income statement data, NHTC's operating margin has deteriorated to -5.1% in 2026Q1, demonstrating that the company's fixed corporate overhead is no longer being adequately absorbed by the shrinking revenue base, leading to a clear deleveraging effect on the bottom line.
The inability to scale SG&A expenses in proportion to declining sales suggests that the company's cost structure is becoming increasingly rigid. Investors should monitor whether management can implement meaningful cost-cutting measures, as the current operating loss trajectory appears unsustainable without a significant reversal in sales volume.
According to historical income statements, NHTC has maintained a robust gross margin profile, consistently hovering around 73-75%, which suggests that the underlying product pricing power remains intact despite the significant volume declines observed across the company's primary wellness and beauty product segments.
While the high gross margin is characteristic of the direct-selling industry, it fails to compensate for the rising relative burden of fixed operating expenses. This divergence between strong gross profitability and negative operating income highlights that the company's primary challenge is not product pricing, but rather the loss of operational scale.
As indicated by the recent shift to consistent quarterly operating losses, the company faces a critical inflection point where its cash reserves of $6.8M may prove insufficient to sustain operations if the current negative revenue growth trend continues to erode the firm's liquidity position.
Short-term observers might focus on the company's debt-free status as a safety net, yet the lack of meaningful cash flow generation suggests that the business model is currently consuming capital rather than creating it. The reliance on a single, concentrated geographic market further compounds the risk that any localized regulatory or economic shock could lead to a rapid depletion of remaining assets.
Quick answers to the most common questions about buying NHTC stock.
For fiscal year 2025, Natural Health Trends Corp. (NHTC) reported total revenue of $39.8M. This represents a 451.0% increase compared to $7.2M in 1996.
Natural Health Trends Corp. (NHTC) reported a net loss of $0.9M for the fiscal year ending 2025.
Natural Health Trends Corp. (NHTC) reported an operating income of $-1.8M, resulting in an operating profit margin of -4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Natural Health Trends Corp. (NHTC) generated $29.3M in gross profit for the year, representing a gross profit margin of 73.5%. This demonstrates the company's core pricing power and production efficiency.