Free cash flow remains highly inconsistent, swinging from a 13.6% margin in 2024Q3 to a negative 2.7% in 2025Q4, exacerbated by recurring working capital outflows.
| Metric | TTM | Jan'26 | 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 | 16.63M | 22.35M | 60.99M | 70.64M | 103.9M | 121.23M | 160.4M | 126.73M | 152.12M | 123.78M | 137.03M | 111.47M | 105.19M | 98.89M | 92.81M | 70.11M | 66.11M | 32.47M | 45.96M | 57.22M | 60.52M | 48.02M | 38.18M | 35.48M | 15.94M | 9.95M | 4.07M | 15M | 10.6M | 7.1M | 4.2M |
| Operating CF Margin % | - | 2.42% | 7.14% | 7.67% | 10.4% | 10.22% | 14.14% | 11.95% | 12.79% | 11.82% | 13.62% | 12.14% | 13.31% | 13.77% | 14.31% | 12.05% | 12.77% | 7.43% | 10.71% | 13.52% | 16.17% | 14.65% | 14% | 17.74% | 11.92% | 8.71% | 3.3% | 11.59% | 8.72% | 8.33% | 7.41% |
| Operating CF Growth % | -249.29% | -63.36% | -13.66% | -32.01% | -14.29% | -24.42% | 26.57% | -16.69% | 22.89% | -9.67% | 22.93% | 5.97% | 6.36% | 6.56% | 32.37% | 6.05% | 103.6% | -29.35% | -19.68% | -5.45% | 26.04% | 25.76% | 7.62% | 122.53% | 60.22% | 144.62% | -72.88% | 41.51% | 49.3% | 69.05% | 7.69% |
| Net Income | 8.87M | 10.76M | 42.06M | 63.79M | 69.35M | 116.5M | 124.66M | 100.53M | 126.22M | 62.53M | 100.04M | 94.67M | 76.64M | 79.02M | 66.43M | 50.75M | 45.65M | 33.56M | 29.95M | 45.32M | 41.27M | 38.99M | 30.78M | 20.82M | 8.5M | 2.2M | 2.87M | 5.9M | 9.5M | 6.6M | 5M |
| Depreciation & Amortization | 39.25M | 32.56M | 22.23M | 20.39M | 21.41M | 22.19M | 22.51M | 23.01M | 16.84M | 16.11M | 13.48M | 9.98M | 8.81M | 9.04M | 8.83M | 8.47M | 7.92M | 7.07M | 6.7M | 5.33M | 5.56M | 5.9M | 4.84M | 3.88M | 4.14M | 4.12M | 4.19M | 4.5M | 3.4M | 2.2M | 800K |
| Stock-Based Compensation | 10.95M | 13.83M | 14.56M | 14.6M | 13.48M | 14.3M | 14.39M | 15.54M | 14.96M | 15.48M | 16.54M | 11.08M | 9.8M | 7.62M | 10.21M | 10.55M | 10.41M | 8.93M | 7.69M | 6.11M | 4.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.38M | -7.13M | -6.74M | -2.75M | -7.18M | -2.97M | -2.42M | -3.63M | 699K | 19.31M | -3.7M | -2.57M | -1.04M | 814K | 4.11M | -1.6M | 3.19M | -2.3M | -2.44M | -1.56M | -1.3M | -631K | -29K | -170K | -1.06M | 962K | 600K | -800K | -200K | -200K | -100K |
| Other Non-Cash Items | 10.55M | 15.41M | 1.89M | 2.61M | 6.07M | 61K | 701K | 84K | 1.15M | 2.75M | 116K | -12.02M | -14.79M | -7.48M | -3.4M | -3K | -1.08M | 664K | -1.44M | -1.11M | -2.52M | 1.84M | 1.73M | 1.33M | 1.51M | 895K | -441K | 100K | 1.1M | -100K | 100K |
| Working Capital Changes | -47.44M | -43.08M | -13M | -28M | 771K | -28.86M | 556K | -8.79M | -7.75M | 7.6M | 10.55M | 10.33M | 25.76M | 9.87M | 6.62M | 1.94M | 21K | -15.45M | 5.5M | 3.13M | 12.72M | 1.91M | 863K | 9.63M | 2.85M | 1.78M | -3.87M | 100K | -3.2M | -1.8M | -1.5M |
| Change in Receivables | -5.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.28M | 0 | 0 | 4.02M | -5.22M | 1.69M | -5.31M | -2.56M | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 |
| Change in Inventory | -23.17M | -34.69M | -2.12M | 2.35M | 15.8M | -10.5M | -16.78M | 12.99M | -23.1M | 6.05M | -1.03M | -23.07M | 1.1M | -11.78M | 1.37M | -3.21M | -6.26M | -1.12M | -7.22M | 2.68M | -2.22M | -6.42M | -4.83M | -4.61M | -724K | 185K | -1.96M | 0 | -5M | -300K | -4.3M |
| Change in Payables | 1.77M | 5.2M | -1.27M | -428K | -2.66M | -4.57M | 6.08M | 1.83M | -1.72M | 3.04M | -1.34M | 2.48M | -1.34M | 2.79M | -985K | 1.5M | -1.98M | -1.14M | 686K | -3.14M | 4.37M | -107K | -208K | 1.71M | 21K | -695K | -695K | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.85M | -10.13M | -213.09M | -11.97M | -12.37M | -14.19M | -33.96M | 47.49M | -69M | -12.9M | -31.88M | -25.12M | -16.27M | -21.59M | -8.28M | -10.61M | -46.85M | -3.2M | -15.21M | -26.01M | -11.68M | -5.7M | -9.06M | -9.86M | -2.92M | -6.55M | -2.49M | -4.9M | -11.7M | -4.2M | -7.8M |
| Capital Expenditures | -13.66M | -13.82M | -10.07M | -14.49M | -10.4M | -12.76M | -15.09M | -16.57M | -11.43M | -13.22M | -32.7M | -23.73M | -20.42M | -8.05M | -8.43M | -10.64M | -4.19M | -4.13M | -16.06M | -26.26M | -11.04M | -4.31M | -6.95M | -4.56M | -2.97M | -6.6M | -5.26M | -4.9M | -11.3M | -5.3M | -7.8M |
| CapEx % of Revenue | 1.48% | 1.49% | 1.18% | 1.57% | 1.04% | 1.08% | 1.33% | 1.56% | 0.96% | 1.26% | 3.25% | 2.58% | 2.58% | 1.12% | 1.3% | 1.83% | 0.81% | 0.94% | 3.74% | 6.21% | 2.95% | 1.32% | 2.55% | 2.28% | 2.22% | 5.78% | 4.27% | 3.79% | 9.29% | 6.22% | 13.76% |
| Acquisitions | 48K | 0 | -203.34M | 0 | -6.53M | -1.94M | 6K | 17K | 381K | 22K | 11K | -8.46M | 10K | 0 | 0 | 0 | -42.69M | 0 | 0 | 0 | 0 | -1.41M | -2.14M | -5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.77M | 3.7M | 64K | 15K | 7K | 131K | 281K | 231K | 4.85M | 318K | 815K | -1.58M | -4.5M | -4.89M | 154K | 34K | 33K | 931K | 855K | 254K | -642K | 19K | 29K | 48K | 45K | 53K | 2.78M | 0 | -400K | 1.1M | -100K |
| Cash from Financing | -29.78M | -40.6M | 9.55M | -14.24M | -30.09M | -181.41M | -59.44M | -152.05M | -105.28M | -50.32M | -64.86M | -49.16M | -113.02M | -10.16M | -64.54M | -33.37M | -9.58M | -29.5M | -29.77M | -45.9M | -32.45M | -46.24M | -33.52M | -13.74M | -9.91M | -3.1M | -58K | -11M | 1.1M | -1.3M | 1.7M |
| Debt Issued (Net) | -9M | -9M | 22.22M | 792K | 0 | 0 | -46K | -65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -27.99M | 6.99M | 28M | 0 | 0 | 0 | -9M | -3.19M | -3.07M | 2.86M | 12.3M | 0 | -1.5M | 1.5M |
| Equity Issued (Net) | -15.21M | -27.51M | -9.44M | -11.6M | -25.38M | -177.84M | -57.03M | -151.99M | -105.38M | -50M | -64.61M | -61.18M | -138.82M | -18.09M | -68.29M | -33.46M | -17.03M | -1.65M | -39.87M | -76.43M | -37.41M | -46.24M | -33.52M | -4.73M | -6.72M | -33K | -2.92M | -23.4M | 1.1M | 200K | 200K |
| Dividends 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 |
| Share Repurchases | -15.21M | -27.51M | -9.44M | -11.6M | -25.38M | -177.84M | -57.03M | -150M | -105.38M | -50M | -64.61M | -61.18M | -138.82M | -18.09M | -68.29M | -33.46M | -17.03M | -1.65M | -39.87M | -79.58M | -40.96M | -49.2M | -34.94M | -8.24M | -7.85M | -33K | -2.99M | -23.6M | 0 | 0 | 0 |
| Other Financing | -5.57M | -4.1M | -3.22M | -3.43M | -4.71M | -3.58M | -2.37M | 0 | 98K | -316K | -250K | 12.02M | 25.8M | 7.92M | 3.75M | 87K | 14.45M | 142K | 3.12M | 2.53M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Net Change in Cash | -16.76M | -23.27M | -148.74M | 41.93M | 47.67M | -72.28M | 78.25M | 20.45M | -33.3M | 71.36M | 32.56M | 32.08M | -26.22M | 66.5M | 20.49M | 26.13M | 10.56M | 377K | 416K | -14.16M | 16.45M | -4.49M | -3.9M | 12.28M | 4.22M | -435K | 1.49M | -1.2M | 0 | 1.5M | 1.7M |
| Free Cash Flow | 2.96M | 8.53M | 50.92M | 56.15M | 93.5M | 108.46M | 145.31M | 110.16M | 140.69M | 110.56M | 104.33M | 87.74M | 84.76M | 90.84M | 84.37M | 59.47M | 61.92M | 28.34M | 29.89M | 30.95M | 49.48M | 43.71M | 31.23M | 30.91M | 12.98M | 3.35M | -1.2M | 10.1M | -700K | 1.8M | -3.6M |
| FCF Margin % | 0.32% | 0.92% | 5.96% | 6.1% | 9.36% | 9.14% | 12.81% | 10.38% | 11.83% | 10.56% | 10.37% | 9.55% | 10.72% | 12.65% | 13.01% | 10.22% | 11.96% | 6.49% | 6.97% | 7.32% | 13.22% | 13.34% | 11.45% | 15.46% | 9.7% | 2.93% | -0.97% | 7.81% | -0.58% | 2.11% | -6.35% |
| FCF Growth % | -93.97% | -83.26% | -9.31% | -39.95% | -13.79% | -25.36% | 31.9% | -21.7% | 27.25% | 5.97% | 18.91% | 3.51% | -6.69% | 7.67% | 41.89% | -3.96% | 118.47% | -5.2% | -3.42% | -37.44% | 13.21% | 39.95% | 1.03% | 138.22% | 287.49% | 379.78% | -111.85% | 1542.86% | -138.89% | 150% | -1700% |
| FCF per Share | 0.16 | 0.46 | 2.66 | 2.90 | 4.84 | 5.33 | 6.84 | 4.83 | 5.71 | 4.47 | 4.17 | 3.33 | 3.10 | 3.20 | 2.83 | 1.91 | 1.94 | 0.92 | 0.92 | 0.90 | 1.32 | 1.11 | 0.76 | 0.73 | 0.31 | 0.09 | -0.03 | 0.20 | -0.01 | 0.03 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.33x | 2.08x | 1.45x | 1.11x | 1.50x | 1.04x | 1.29x | 1.26x | 1.21x | 1.98x | 1.37x | 1.18x | 1.37x | 1.25x | 1.40x | 1.38x | 1.45x | 0.97x | 1.53x | 1.26x | 1.47x | 1.23x | 1.24x | 1.70x | 1.87x | 4.53x | 1.42x | 2.54x | 1.12x | 1.08x | 0.84x |
| Interest Paid | 611K | 0 | 76K | 68K | 49K | 10K | 711K | 11K | 6K | 16K | 323K | 15K | 136K | 1K | 20K | 10K | 99K | 552K | 714K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 23.75M | 0 | 40.47M | 44.25M | 45.86M | 59.52M | 53.02M | 54.91M | 70.68M | 46.01M | 52.58M | 35.78M | 26.95M | 26.95M | 27.13M | 24.54M | 21.63M | 22.82M | 19.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Greater China regulatory exposure
As reported in recent financial filings, USANA's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 2.78 in 2024Q3 and a low of 0.30 in 2025Q3, which suggests significant volatility in the underlying quality of reported earnings.
The frequent divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily influencing the bottom line. Investors should monitor whether this volatility reflects genuine operational shifts or merely the timing of commission accruals and inventory adjustments within the direct-selling model.
Based on the company's quarterly data, free cash flow margins have exhibited extreme inconsistency, ranging from a peak of 13.6% in 2024Q3 to a negative 2.7% in 2025Q4, highlighting the fragility of cash generation in the current operating environment.
The inability to maintain positive free cash flow consistently suggests that the company's core business model is struggling to absorb fixed costs during periods of revenue contraction. This trajectory warrants further investigation into whether the current cost structure is fundamentally misaligned with the company's ability to generate sustainable cash.
According to the provided cash flow statements, USANA has experienced persistent negative working capital changes, including a significant $18.2 million outflow in 2025Q4, which appears to be a recurring headwind to the company's overall cash position.
These consistent outflows suggest that the company may be struggling with inventory management or delayed collections from its distribution network. Such persistent working capital pressure may indicate that the business is forced to tie up cash to support its Associate base, limiting the liquidity available for other strategic initiatives.
As disclosed in recent financial statements, USANA has utilized share repurchases, such as the $15.2 million buyback in 2025Q2, despite experiencing periods of negative net income, which may indicate a management preference for returning capital over reinvesting in growth.
While the company maintains a fortress balance sheet, the decision to prioritize buybacks during periods of operational strain raises questions regarding the availability of high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy is sustainable if the current margin compression persists.
Quick answers to the most common questions about buying USNA stock.
USANA Health Sciences, Inc. (USNA) generated $22.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
USANA Health Sciences, Inc. (USNA) generated $8.5M 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.
USANA Health Sciences, Inc. (USNA) spent $13.8M 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, USANA Health Sciences, Inc. (USNA) spent $27.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.