Free cash flow has deteriorated significantly, resulting in a negative $17.6 million outflow in 2026Q1 while the company simultaneously returned $7.9 million to shareholders.
| 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 | 75.98M | 80.29M | 111.74M | 118.64M | 108.06M | 141.58M | 379.14M | 177.93M | 202.74M | 302.56M | 275.26M | 322.11M | -56.46M | 530.18M | 310.98M | 224.31M | 187.88M | 133.94M | 103.31M | 48.65M | 75.8M | 114.1M | 130.35M | 109.03M | 111.12M | 74.42M | 43.39M | 30.3M | 118.6M | 92.7M | 121.2M |
| Operating CF Margin % | - | 5.41% | 6.45% | 6.02% | 4.86% | 5.25% | 14.68% | 7.35% | 7.57% | 13.28% | 12.47% | 14.33% | -2.2% | 16.69% | 14.33% | 12.86% | 12.22% | 10.06% | 8.28% | 4.2% | 6.8% | 9.66% | 11.46% | 11.05% | 11.53% | 8.4% | 4.93% | 3.39% | 12.98% | 10.41% | 17.86% |
| Operating CF Growth % | -1185.66% | -28.15% | -5.81% | 9.79% | -23.68% | -62.66% | 113.08% | -12.24% | -32.99% | 9.91% | -14.54% | 670.47% | -110.65% | 70.49% | 38.63% | 19.39% | 40.27% | 29.66% | 112.33% | -35.81% | -33.57% | -12.47% | 19.56% | -1.88% | 49.32% | 71.52% | 43.19% | -74.45% | 27.94% | -23.51% | 86.46% |
| Net Income | 54.52M | 160.2M | -146.59M | 8.6M | 104.78M | 147.27M | 191.35M | 173.55M | 121.89M | 129.44M | 143.09M | 133.05M | 189.18M | 364.89M | 221.65M | 153.33M | 136.05M | 89.84M | 65.35M | 43.87M | 32.82M | 74.03M | 77.67M | 67.88M | 64.84M | 50.31M | 61.7M | 86.7M | 103.9M | 93.6M | 81.7M |
| Depreciation & Amortization | 50.4M | 52.26M | 69.81M | 70.92M | 72.51M | 76.32M | 73.99M | 76.65M | 83M | 71.56M | 72.4M | 71.36M | 54.92M | 34.92M | 33.41M | 32.85M | 29.62M | 28.56M | 30.39M | 32.97M | 29.13M | 31.37M | 28.66M | 23.08M | 21.6M | 32.43M | 37.6M | 33.2M | 41M | 24M | 5.4M |
| Stock-Based Compensation | 14.8M | 24.11M | 14.82M | 15.65M | 12.37M | 23.19M | 24.06M | 9.91M | 26.61M | 19.31M | 8.89M | 7.4M | 17.5M | 32.62M | 21.36M | 15.45M | 10.84M | 9.99M | 7.27M | 9.3M | 9.3M | 907K | 715K | 715K | 747K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -5.7M | 20K | -55.48M | -18.09M | -51.63M | 5.82M | -11.91M | 1.97M | -14.93M | 39.21M | -17.65M | 17.36M | 10.4M | -41.75M | 4.69M | 108K | -13.73M | 12.35M | 1.77B | 1.84M | 1.84M | 0 | 0 | -715K | -747K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 48.2M | -86.69M | 257.51M | 123.25M | 62.71M | 82.6M | 49.09M | 48.29M | 58.05M | -4.06M | 40.22M | 27.23M | 53.83M | -1.08M | -3.87M | 36.92M | 3.68M | -1.97M | -1.75B | -3.01M | 17.15M | -907K | -715K | 525K | -1.33M | -2.33M | 0 | 100K | 16.8M | 100K | 400K |
| Working Capital Changes | -86.24M | -69.62M | -28.34M | -81.68M | -92.67M | -193.62M | 52.56M | -132.44M | -71.88M | 47.09M | 28.32M | 65.7M | -382.3M | 140.57M | 33.74M | -14.34M | 21.43M | -4.83M | -18.11M | -36.31M | -14.44M | 8.7M | 24.02M | 17.54M | 26M | -5.99M | -55.91M | -89.7M | -43.1M | -25M | 33.7M |
| Change in Receivables | 10.2M | 10.05M | -7.76M | -22.68M | -11.45M | 20.22M | -11.21M | 2.75M | -10.45M | -103K | 3.36M | -2.25M | 30.77M | -34.3M | -7.88M | -5.89M | -6.65M | -7.04M | 7.07M | -2.79M | -2.79M | -626K | 3.86M | 3.86M | -1.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.04M | 11.89M | 30.32M | -13.22M | 40.31M | -95.32M | -31.14M | 18.45M | -33.37M | 7.54M | 9.8M | 59.65M | -16.52M | -207.44M | -22.61M | 2.42M | -4.29M | 9.74M | -14.91M | -12.31M | 163K | -11.93M | -4.14M | 4.97M | -4.05M | -2.24M | 3.74M | -2.1M | -3.6M | -7.6M | -12.2M |
| Change in Payables | -4.92M | -9.11M | -7.29M | -10.08M | 9.26M | -13.28M | 24.84M | -7.18M | -9.16M | 6.83M | 13.44M | -4.3M | -45.95M | 32.64M | 15.83M | 6.08M | -568K | 3.6M | -6.14M | 118K | 118K | -4.91M | 824K | 824K | -1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -25.17M | 170.66M | -37.96M | -134.5M | -67.08M | -88.73M | -79.43M | -71.41M | -108.76M | -91.96M | -57.86M | -60.85M | -91.67M | -193.7M | -104.86M | -71.2M | -53.78M | -20.21M | -10.78M | -27.96M | -37.66M | -26.2M | -48.18M | -23.52M | -26.53M | -15.13M | -22.97M | -44M | -46.1M | -20.7M | -11.1M |
| Capital Expenditures | -34.41M | -34.28M | -41.58M | -58.49M | -59.06M | -68.61M | -63.82M | -66.07M | -70.37M | -60.16M | -50.22M | -56.62M | -101.48M | -185.1M | -96.64M | -41.81M | -53.78M | -20.21M | -16.01M | -22.74M | -37.66M | -30.88M | -35M | -23.52M | -19.03M | -15.13M | -23.03M | -43.3M | -47.1M | -7.4M | -5.7M |
| CapEx % of Revenue | 2.39% | 2.31% | 2.4% | 2.97% | 2.65% | 2.55% | 2.47% | 2.73% | 2.63% | 2.64% | 2.27% | 2.52% | 3.95% | 5.83% | 4.45% | 2.4% | 3.5% | 1.52% | 1.28% | 1.96% | 3.38% | 2.62% | 3.08% | 2.38% | 1.97% | 1.71% | 2.62% | 4.84% | 5.16% | 0.83% | 0.84% |
| Acquisitions | 0 | 0 | 0 | -77.28M | 8.02M | -18.96M | -14.95M | -8.07M | -38.51M | -31.75M | -8.69M | 0 | 0 | 12.56M | -12.56M | -11.66M | 0 | 0 | 0 | 1.98M | 1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1M | 194.72M | 0 | 0 | -8.02M | 0 | 0 | 0 | 116K | -63K | 1.05M | -4.22M | 9.81M | -12.56M | -8.21M | -11.66M | 0 | -5.22M | 0 | -1.98M | -1.98M | -5.55M | 0 | 0 | -7.5M | 0 | 60K | -700K | 1M | -13.3M | -5.4M |
| Cash from Financing | -56.51M | -202.4M | -133.18M | 10.73M | -99.5M | -104.7M | -245.17M | -154.79M | -116.71M | -159.57M | -134.71M | -235.92M | -41.08M | -120.72M | -163.89M | -107.01M | -69.02M | -73.01M | -62.69M | -57.63M | -74.62M | -30.94M | -94.55M | -87.97M | -32.49M | -33.77M | -65.29M | -73.5M | -48.7M | -91.7M | 36.7M |
| Debt Issued (Net) | -16.24M | -170M | -112.89M | 96.8M | 25.58M | 38.13M | -28.21M | -69.45M | 29.9M | -36.23M | 177.57M | 709K | 82.38M | 11.1M | 73.64M | -28M | -7.4M | -30.19M | -32.71M | 33.11M | 13.39M | 12.93M | -16.24M | 75M | -14.16M | 0 | -52.82M | -14.5M | -40.1M | -71.5M | -15M |
| Equity Issued (Net) | -21.96M | -21.95M | -2.06M | -8.45M | -70.05M | -80.42M | -144.33M | -825K | -69.56M | -71.73M | -247.21M | -164.09M | -48.14M | -140.87M | -201.47M | -37.44M | -37.34M | -21.14M | -6.09M | -71.1M | -62.05M | -18.46M | -55.68M | -141.12M | 1.26M | -17.33M | -12.47M | -24M | -8.5M | -20.3M | 98.8M |
| Dividends Paid | -11.71M | -11.83M | -11.93M | -77.62M | -77.02M | -76.27M | -78.39M | -82.19M | -80.58M | -76.06M | -78.44M | -81.19M | -81.37M | -70.51M | -48.37M | -36.64M | -31.19M | -29.01M | -27.94M | -27.14M | -27.79M | -25.41M | -22.63M | -21.85M | -19.59M | -16.43M | 0 | 0 | 0 | 0 | -47.1M |
| Share Repurchases | -20.05M | -20.04M | -2.06M | -13.01M | -70.05M | -80.42M | -144.33M | -825K | -69.56M | -71.73M | -247.21M | -164.09M | -45.72M | -140.87M | -201.47M | -67.15M | -58.52M | -21.14M | -6.09M | -71.1M | -67.45M | -24.64M | -72.31M | -150.01M | 0 | -18.14M | -12.77M | -26.9M | -10.5M | -20.3M | 0 |
| Other Financing | -6.61M | 1.38M | -6.3M | 0 | 21.98M | 13.86M | 5.76M | -2.33M | 3.53M | 24.44M | 13.36M | 8.65M | 6.06M | 79.56M | 12.31M | -4.94M | 6.91M | 7.33M | 4.05M | 7.5M | 1.84M | 0 | 0 | 0 | 0 | -16.43M | 0 | -35M | -100K | -19.1M | 32.9M |
| Net Change in Cash | -5.12M | 51.75M | -69.17M | -8.67M | -74.87M | -63.09M | 67.05M | -51.28M | -39.49M | 69.15M | 67.89M | 939K | -236.74M | 205.13M | 47.05M | 42.64M | 72.29M | 43.46M | 27.26M | -34.03M | -34.06M | 45.54M | -12.7M | 2.23M | 44.42M | 11.93M | -46.17M | -78.6M | 14.5M | -40.8M | 143.9M |
| Free Cash Flow | 41.57M | 46.01M | 70.16M | 60.15M | 49.01M | 72.97M | 315.32M | 111.86M | 132.37M | 242.4M | 225.04M | 265.49M | -157.94M | 345.07M | 214.33M | 182.51M | 134.1M | 113.73M | 87.3M | 25.92M | 38.13M | 83.22M | 95.35M | 85.51M | 92.09M | 59.29M | 20.36M | -13M | 71.5M | 85.3M | 115.5M |
| FCF Margin % | 2.88% | 3.1% | 4.05% | 3.05% | 2.2% | 2.71% | 12.21% | 4.62% | 4.94% | 10.64% | 10.19% | 11.81% | -6.15% | 10.86% | 9.88% | 10.46% | 8.72% | 8.54% | 7% | 2.24% | 3.42% | 7.05% | 8.38% | 8.67% | 9.55% | 6.69% | 2.31% | -1.45% | 7.83% | 9.58% | 17.02% |
| FCF Growth % | -36.94% | -34.42% | 16.64% | 22.74% | -32.84% | -76.86% | 181.88% | -15.49% | -45.39% | 7.71% | -15.23% | 268.09% | -145.77% | 61% | 17.44% | 36.1% | 17.91% | 30.27% | 236.84% | -32.04% | -54.17% | -12.73% | 11.51% | -7.15% | 55.32% | 191.24% | 256.6% | -118.18% | -16.18% | -26.15% | 93.79% |
| FCF per Share | 0.84 | 0.91 | 1.41 | 1.21 | 0.97 | 1.42 | 5.98 | 2.00 | 2.34 | 4.42 | 4.01 | 4.50 | -2.59 | 5.62 | 3.40 | 2.83 | 2.08 | 1.77 | 1.36 | 0.40 | 0.54 | 1.17 | 1.31 | 1.08 | 1.11 | 0.71 | 0.24 | -0.15 | 0.82 | 0.98 | 1.39 |
| FCF Conversion (FCF/Net Income) | 0.76x | 0.50x | -0.76x | 13.80x | 1.03x | 0.96x | 1.98x | 1.03x | 1.66x | 2.34x | 1.92x | 2.42x | -0.30x | 1.45x | 1.40x | 1.46x | 1.38x | 1.49x | 1.58x | 1.11x | 2.31x | 1.54x | 1.68x | 1.61x | 1.71x | 1.48x | 0.70x | 0.35x | 1.14x | 0.99x | 1.48x |
| Interest Paid | 16.7M | 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 | 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 |
Operational cash flow volatility
As reported in recent financial filings, Nu Skin's operating cash flow to net income ratio has exhibited extreme volatility, including a negative 2.13x reading in 2026Q1, which suggests that reported accounting profits are frequently decoupled from the actual cash generated by the underlying business operations.
The persistent gap between net income and operating cash flow indicates that earnings are heavily influenced by non-cash adjustments or timing differences in working capital. Investors should monitor whether this divergence reflects structural difficulties in converting sales into realized cash or merely temporary accounting fluctuations.
Based on the provided quarterly data, Nu Skin's free cash flow trajectory has turned increasingly negative, with FCF margins dropping to -5.5% in 2026Q1, signaling a significant deterioration in the company's ability to fund operations and shareholder returns through internal cash generation alone.
The shift from positive FCF in previous periods to recent outflows suggests that the company's cost structure is not scaling down in proportion to its revenue contraction. This trend warrants further investigation into whether the current capital allocation strategy remains sustainable without further balance sheet depletion.
According to historical cash flow statements, Nu Skin has faced significant working capital headwinds, highlighted by a $35.5 million outflow in 2026Q1, which suggests that inventory management and collection cycles are becoming increasingly inefficient as the company navigates a period of sustained top-line contraction.
The erratic nature of working capital changes implies that the company may be struggling to balance inventory levels with fluctuating distributor demand. Such volatility often precedes further margin pressure if the company is forced to liquidate excess inventory or extend credit terms to maintain sales leader engagement.
As indicated by recent financial statements, Nu Skin continues to prioritize dividends and share repurchases despite a deteriorating cash flow profile, with $7.9 million returned to shareholders in 2026Q1 even as the company reported a negative free cash flow of $17.6 million during the same period.
This deployment strategy appears aggressive given the current revenue headwinds and suggests that management may be relying on existing cash reserves rather than operational cash flow to fund shareholder returns. Investors should monitor the sustainability of this payout policy if the current cash burn persists.
Quick answers to the most common questions about buying NUS stock.
Nu Skin Enterprises, Inc. (NUS) generated $80.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nu Skin Enterprises, Inc. (NUS) generated $46.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nu Skin Enterprises, Inc. (NUS) spent $34.3M 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, Nu Skin Enterprises, Inc. (NUS) returned $11.8M to shareholders via cash dividends and spent $20.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.