Operating margins remain severely constrained, frequently dipping into negative territory including a -28.6% reading in 2024Q2, as the company struggles to offset a 12.0% year-over-year revenue decline.
| 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 | 1.44B | 1.49B | 1.73B | 1.97B | 2.23B | 2.7B | 2.58B | 2.42B | 2.68B | 2.28B | 2.21B | 2.25B | 2.57B | 3.18B | 2.17B | 1.74B | 1.54B | 1.33B | 1.25B | 1.16B | 1.12B | 1.18B | 1.14B | 986.46M | 964.07M | 885.62M | 879.76M | 894.2M | 913.5M | 890.5M | 678.6M |
| Revenue Growth % | -14.17% | -14.26% | -12.04% | -11.53% | -17.44% | 4.41% | 6.67% | -9.65% | 17.55% | 3.23% | -1.75% | -12.55% | -19.11% | 46.42% | 24.41% | 13.45% | 15.49% | 6.69% | 7.77% | 3.79% | -5.55% | 3.78% | 15.35% | 2.32% | 8.86% | 0.67% | -1.62% | -2.11% | 2.58% | 31.23% | 89.24% |
| Cost of Goods Sold | 442.38M | 453.76M | 550.23M | 611.85M | 630.91M | 675.22M | 658.03M | 581.42M | 634.14M | 502.08M | 500.46M | 489.51M | 478.43M | 505.81M | 353.15M | 322.62M | 272.43M | 243.65M | 228.6M | 209.28M | 195.2M | 206.16M | 191.21M | 176.54M | 190.87M | 178.08M | 111.74M | 118.5M | 169.1M | 224.4M | 187.8M |
| COGS % of Revenue | - | 30.55% | 31.77% | 31.07% | 28.35% | 25.05% | 25.49% | 24.02% | 23.67% | 22.03% | 22.67% | 21.78% | 18.62% | 15.92% | 16.28% | 18.5% | 17.72% | 18.3% | 18.32% | 18.08% | 17.5% | 17.46% | 16.8% | 17.9% | 19.8% | 20.11% | 12.7% | 13.25% | 18.51% | 25.2% | 27.67% |
| Gross Profit | 998.9M | 1.03B | 1.18B | 1.36B | 1.59B | 2.02B | 1.92B | 1.84B | 2.04B | 1.78B | 1.71B | 1.76B | 2.09B | 2.67B | 1.82B | 1.42B | 1.26B | 1.09B | 1.02B | 948.38M | 920.21M | 974.77M | 946.65M | 809.91M | 773.2M | 707.54M | 768.02M | 775.7M | 744.4M | 666.1M | 490.8M |
| Gross Margin % | 69.31% | 69.45% | 68.23% | 68.93% | 71.65% | 74.95% | 74.51% | 75.98% | 76.33% | 77.97% | 77.33% | 78.22% | 81.38% | 84.08% | 83.72% | 81.5% | 82.28% | 81.7% | 81.68% | 81.92% | 82.5% | 82.54% | 83.2% | 82.1% | 80.2% | 79.89% | 87.3% | 86.75% | 81.49% | 74.8% | 72.33% |
| Gross Profit Growth % | - | -12.73% | -12.93% | -14.89% | -21.07% | 5.02% | 4.62% | -10.07% | 15.07% | 4.08% | -2.86% | -15.95% | -21.71% | 47.04% | 27.8% | 12.38% | 16.32% | 6.71% | 7.45% | 3.06% | -5.6% | 2.97% | 16.88% | 4.75% | 9.28% | -7.87% | -0.99% | 4.2% | 11.76% | 35.72% | 85.91% |
| Operating Expenses | 917.37M | 940.52M | 1.33B | 1.31B | 1.48B | 1.79B | 1.67B | 1.57B | 1.73B | 1.5B | 1.48B | 1.51B | 1.74B | 2.12B | 1.48B | 1.19B | 1.05B | 928.97M | 893.62M | 857.7M | 854.39M | 851.64M | 820.89M | 697.01M | 667.39M | 636.06M | 677.61M | 646M | 574.6M | 527.6M | 362.5M |
| OpEx % of Revenue | - | 63.33% | 76.98% | 66.48% | 66.67% | 66.27% | 64.54% | 64.93% | 64.7% | 65.93% | 66.86% | 67.33% | 67.67% | 66.63% | 68.01% | 68.1% | 68.16% | 69.79% | 71.62% | 74.09% | 76.6% | 72.12% | 72.14% | 70.66% | 69.23% | 71.82% | 77.02% | 72.24% | 62.9% | 59.25% | 53.42% |
| Selling, General & Admin | 917.37M | 940.52M | 1.13B | 1.29B | 1.44B | 1.73B | 1.67B | 1.57B | 1.73B | 1.5B | 1.48B | 1.51B | 1.74B | 2.12B | 1.48B | 1.19B | 1.05B | 928.97M | 893.62M | 857.7M | 833.55M | 851.64M | 820.89M | 697.01M | 667.39M | 636.06M | 640M | 612.8M | 533.6M | 503.6M | 357.1M |
| SG&A % of Revenue | - | 63.33% | 65.3% | 65.47% | 64.49% | 64.35% | 64.54% | 64.93% | 64.7% | 65.93% | 66.86% | 67.33% | 67.67% | 66.63% | 68.01% | 68.1% | 68.16% | 69.79% | 71.62% | 74.09% | 74.73% | 72.12% | 72.14% | 70.66% | 69.23% | 71.82% | 72.75% | 68.53% | 58.41% | 56.55% | 52.62% |
| Research & Development | 10.8M | 0 | 13M | 22.6M | 0 | 27.2M | 23.3M | 0 | 23M | 22M | 24.3M | 20.1M | 18.9M | 18M | 14.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.75% | 1.15% | - | 1.01% | 0.9% | - | 0.86% | 0.97% | 1.1% | 0.89% | 0.74% | 0.57% | 0.69% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 189.36M | -2.81M | 48.49M | 24.67M | -23.3M | 0 | -21.19M | -8.92M | -18.27M | -32.74M | -53.68M | 2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 20.84M | 0 | 0 | 0 | 0 | 0 | 37.6M | 33.2M | 41M | 24M | 5.4M |
| Operating Income | 81.53M | 90.88M | -151.59M | 48.27M | 110.85M | 233.99M | 257.56M | 267.43M | 240.86M | 274.48M | 231.1M | 244.7M | 352.19M | 554.11M | 340.84M | 233.74M | 217.06M | 147.71M | 125.43M | 70.91M | 54.7M | 123.12M | 125.76M | 107.31M | 105.81M | 71.48M | 90.41M | 129.7M | 169.8M | 138.5M | 128.3M |
| Operating Margin % | 5.66% | 6.12% | -8.75% | 2.45% | 4.98% | 8.68% | 9.98% | 11.05% | 8.99% | 12.04% | 10.47% | 10.89% | 13.71% | 17.44% | 15.71% | 13.4% | 14.12% | 11.1% | 10.05% | 6.13% | 4.9% | 10.43% | 11.05% | 10.88% | 10.98% | 8.07% | 10.28% | 14.5% | 18.59% | 15.55% | 18.91% |
| Operating Income Growth % | - | 159.95% | -414.05% | -56.46% | -52.63% | -9.15% | -3.69% | 11.03% | -12.25% | 18.77% | -5.56% | -30.52% | -36.44% | 62.57% | 45.82% | 7.68% | 46.95% | 17.77% | 76.88% | 29.63% | -55.57% | -2.1% | 17.2% | 1.41% | 48.03% | -20.94% | -30.29% | -23.62% | 22.6% | 7.95% | 118.2% |
| EBITDA | 131.93M | 143.14M | -81.78M | 117.49M | 183.35M | 359.02M | 331.56M | 344.08M | 323.86M | 346.05M | 303.5M | 316.07M | 407.11M | 589.03M | 374.26M | 266.59M | 246.68M | 176.27M | 155.82M | 103.88M | 83.83M | 154.49M | 154.42M | 130.39M | 127.41M | 103.91M | 128.01M | 162.9M | 210.8M | 162.5M | 133.7M |
| EBITDA Margin % | 9.15% | 9.64% | -4.72% | 5.97% | 8.24% | 13.32% | 12.84% | 14.22% | 12.09% | 15.18% | 13.75% | 14.07% | 15.84% | 18.54% | 17.25% | 15.29% | 16.05% | 13.24% | 12.49% | 8.97% | 7.52% | 13.08% | 13.57% | 13.22% | 13.22% | 11.73% | 14.55% | 18.22% | 23.08% | 18.25% | 19.7% |
| EBITDA Growth % | 225.97% | 275.04% | -169.6% | -35.92% | -48.93% | 8.28% | -3.64% | 6.24% | -6.41% | 14.02% | -3.98% | -22.36% | -30.88% | 57.39% | 40.39% | 8.07% | 39.94% | 13.12% | 50% | 23.91% | -45.73% | 0.04% | 18.43% | 2.34% | 22.62% | -18.83% | -21.41% | -22.72% | 29.72% | 21.54% | 119.9% |
| D&A (Non-Cash Add-back) | 50.4M | 52.26M | 69.81M | 69.22M | 72.51M | 125.02M | 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 |
| EBIT | 79.19M | 90.88M | -148.64M | 133.76M | 102.46M | 243.46M | 257.56M | 267.43M | 311.55M | 274.48M | 231.1M | 244.7M | 352.19M | 554.11M | 350.44M | 233.74M | 217.06M | 146.92M | 107.55M | 76.78M | 65.82M | 124.45M | 125.76M | 112.9M | 105.81M | 71.48M | 90.41M | 129.7M | 169.8M | 180.2M | 137.1M |
| Net Interest Income | -14.91M | -13.95M | -26.41M | -25.56M | -11.49M | 157K | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.8M | -6.9M | -5.8M | -6.9M | -8.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 10.38M | 11.16M | 13.12M | 19.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.91M | 13.95M | 26.41M | 25.56M | 21.88M | 11M | 13.1M | 19.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.8M | 6.9M | 7.8M | 7.8M | 8.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -17.34M | 105.32M | -23.47M | -21.69M | -21.88M | -1.53M | -1.33M | -12.25M | -21.19M | -8.92M | -18.27M | -32.74M | -53.68M | 2.83M | 4.4M | -6.97M | -9.45M | -6.59M | -24.77M | -2.44M | -2.03M | -4.17M | -3.62M | 432K | -2.89M | 8.38M | 5.99M | -1.3M | -3.1M | -6M | -2.9M |
| Pretax Income | 64.19M | 196.2M | -175.05M | 26.58M | 88.97M | 232.46M | 256.23M | 255.17M | 219.67M | 265.57M | 212.84M | 211.96M | 298.51M | 556.94M | 345.24M | 226.77M | 207.61M | 141.12M | 100.65M | 68.48M | 52.68M | 118.95M | 122.14M | 107.74M | 102.92M | 79.86M | 96.41M | 128.4M | 166.7M | 149.3M | 131.2M |
| Pretax Margin % | 4.45% | 13.21% | -10.11% | 1.35% | 4% | 8.62% | 9.92% | 10.54% | 8.2% | 11.65% | 9.64% | 9.43% | 11.62% | 17.53% | 15.91% | 13% | 13.51% | 10.6% | 8.07% | 5.92% | 4.72% | 10.07% | 10.73% | 10.92% | 10.68% | 9.02% | 10.96% | 14.36% | 18.25% | 16.77% | 19.33% |
| Income Tax | 9.67M | 35.99M | -28.46M | 17.98M | -15.81M | 85.19M | 64.88M | 81.62M | 97.78M | 136.13M | 69.75M | 78.91M | 109.33M | 192.05M | 123.6M | 73.44M | 71.56M | 51.28M | 35.31M | 24.61M | 19.86M | 44.92M | 44.47M | 39.86M | 38.08M | 29.55M | 34.71M | 41.7M | 62.8M | 55.7M | 49.5M |
| Effective Tax Rate % | 15.06% | 18.35% | 16.26% | 67.66% | -17.77% | 36.65% | 25.32% | 31.99% | 44.51% | 51.26% | 32.77% | 37.23% | 36.63% | 34.48% | 35.8% | 32.38% | 34.47% | 36.34% | 35.08% | 35.93% | 37.7% | 37.76% | 36.41% | 37% | 37% | 37% | 36% | 32.48% | 37.67% | 37.31% | 37.73% |
| 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 |
| Net Margin % | 3.78% | 10.79% | -8.46% | 0.44% | 4.71% | 5.46% | 7.41% | 7.17% | 4.55% | 5.68% | 6.48% | 5.92% | 7.36% | 11.49% | 10.22% | 8.79% | 8.85% | 6.75% | 5.24% | 3.79% | 2.94% | 6.27% | 6.83% | 6.88% | 6.73% | 5.68% | 7.01% | 9.7% | 11.37% | 10.51% | 12.04% |
| Net Income Growth % | 241.45% | 209.28% | -1805.57% | -91.8% | -28.85% | -23.04% | 10.26% | 42.39% | -5.83% | -9.54% | 7.55% | -29.67% | -48.16% | 64.63% | 44.55% | 12.7% | 51.43% | 37.49% | 48.95% | 33.69% | -55.67% | -4.69% | 14.44% | 4.68% | 28.88% | -18.46% | -28.84% | -16.55% | 11% | 14.57% | 103.23% |
| Net Income (Continuing) | 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 | 118.5M | 84.7M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.10 | 3.18 | -2.95 | 0.17 | 2.07 | 2.86 | 3.63 | 3.10 | 2.16 | 2.36 | 2.55 | 2.25 | 3.11 | 5.94 | 3.52 | 2.38 | 2.11 | 1.40 | 1.02 | 0.67 | 0.47 | 1.04 | 1.07 | 0.85 | 0.78 | 0.60 | 0.72 | 0.99 | 1.19 | 1.36 | 1.02 |
| EPS Growth % | 237.15% | 207.8% | -1835.29% | -91.79% | -27.62% | -21.21% | 17.1% | 43.52% | -8.47% | -7.45% | 13.33% | -27.65% | -47.64% | 68.75% | 47.9% | 12.8% | 50.71% | 37.25% | 52.24% | 42.55% | -54.81% | -2.8% | 25.88% | 8.97% | 30% | -16.67% | -27.27% | -16.81% | -12.5% | 33.33% | 104% |
| EPS (Basic) | - | 3.25 | -2.95 | 0.17 | 2.10 | 2.93 | 3.66 | 3.13 | 2.21 | 2.45 | 2.58 | 2.29 | 3.20 | 6.23 | 3.66 | 2.47 | 2.18 | 1.42 | 1.03 | 0.68 | 0.47 | 1.06 | 1.10 | 0.86 | 0.79 | 0.60 | 0.72 | 1.00 | 1.22 | 1.42 | 1.07 |
| Diluted Shares Outstanding | 49.42M | 50.3M | 49.66M | 49.86M | 50.52M | 51.43M | 52.77M | 55.93M | 56.48M | 54.85M | 56.1M | 59.06M | 60.89M | 61.45M | 63.02M | 64.55M | 64.55M | 64.3M | 64.13M | 65.58M | 70.51M | 71.36M | 72.63M | 79.54M | 83.13M | 83.92M | 85.64M | 87.89M | 87.02M | 87.31M | 83.04M |
| Basic Shares Outstanding | 48.2M | 49.29M | 49.66M | 49.71M | 50M | 50.19M | 52.3M | 55.52M | 55.17M | 52.81M | 55.41M | 58M | 59.07M | 58.61M | 60.6M | 62.07M | 62.37M | 63.33M | 63.51M | 64.78M | 69.42M | 70.05M | 70.73M | 78.64M | 81.73M | 83.47M | 85.4M | 87.08M | 84.89M | 83.33M | 79.16M |
| Dividend Payout Ratio | - | 7.39% | - | 903.11% | 73.5% | 51.79% | 40.96% | 47.36% | 66.11% | 58.76% | 54.82% | 61.02% | 43.01% | 19.32% | 21.82% | 23.89% | 22.92% | 32.28% | 42.76% | 61.87% | 84.68% | 34.32% | 29.13% | 32.19% | 30.22% | - | - | - | - | - | 97.92% |
Regulatory and distribution contraction
As evidenced by the company's recent financial disclosures, Nu Skin has experienced a sustained period of top-line erosion, with revenue declining by 12.0% in 2026Q1 alone, marking a consistent trend of double-digit year-over-year contractions that suggest significant challenges in maintaining its core sales leader network.
The consistent revenue decline across the last ten quarters indicates that the company's direct-selling model is struggling to attract and retain the active sales leaders necessary to drive volume. This persistent contraction suggests that the firm's reliance on legacy beauty-tech hardware may be losing its competitive edge against more agile, digital-first consumer beauty alternatives.
According to reported income statements, Nu Skin's gross margin has fluctuated between 62.7% and 72.1% over the past ten quarters, reflecting an inconsistent ability to maintain premium pricing power while navigating the high variable costs inherent in its global commission-based distributor incentive structure.
While gross margins remain relatively high, the volatility suggests that the company is forced to absorb higher input costs or offer deeper promotional discounts to sustain volume. Investors should monitor whether these margin fluctuations represent a permanent shift in pricing power or merely temporary adjustments to combat the ongoing revenue slide.
Based on the provided financial data, Nu Skin's operating margin has frequently dipped into negative territory, reaching as low as -28.6% in 2024Q2, which highlights a failure to achieve meaningful operating leverage as SG&A expenses remain stubbornly high relative to the shrinking gross profit base.
The inability to scale SG&A expenses downward in proportion to falling revenue suggests a rigid cost structure that is ill-suited for the current contractionary environment. This lack of operating leverage implies that any further revenue declines will likely result in disproportionate impacts on the company's bottom-line profitability.
As reported in recent filings, the divergence between the 6.12% operating margin and the 10.79% net margin suggests that Nu Skin's bottom-line performance is currently being bolstered by non-operating income or tax benefits rather than core operational efficiency, warranting significant caution regarding the sustainability of reported earnings.
The reliance on non-operating items to inflate net income obscures the underlying deterioration of the core business. Analysts should look past the headline EPS figures to evaluate whether these non-core gains are recurring or if they represent one-time events that mask the true extent of operational weakness.
Based on an analysis of the income statement, the primary risk to the investment thesis is the potential for structural obsolescence of the direct-selling model, as evidenced by the 14.26% average revenue decline and the high commission overhead that continues to weigh on operating profitability.
Short-sellers would likely focus on the company's inability to pivot its cost structure away from high-commission incentives toward more efficient digital marketing channels. If the company cannot successfully transition its sales leaders to a more modern, data-driven model, the current cost structure may prove unsustainable in the long term.
Quick answers to the most common questions about buying NUS stock.
For fiscal year 2025, Nu Skin Enterprises, Inc. (NUS) reported total revenue of $1.49B. This represents a 118.9% increase compared to $678.6M in 1996.
Nu Skin Enterprises, Inc. (NUS) is profitable, generating $160.2M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Nu Skin Enterprises, Inc. (NUS) reported an operating income of $90.9M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Nu Skin Enterprises, Inc. (NUS) generated $1.03B in gross profit for the year, representing a gross profit margin of 69.4%. This demonstrates the company's core pricing power and production efficiency.