Nature’s Sunshine Targets $1B Sales, 15% EBITDA Margin in Growth Push

Key Points

• Nature’s Sunshine is targeting $1 billion in sales and a 15% EBITDA margin, up from $480 million in 2025 sales and a 10% margin. The company has nearly $100 million in cash and no debt.
• Growth plans center on deeper penetration in existing markets, expansion into Germany and another Asian country, increased digital and retail distribution, and new products focused on digestive health, women’s health and GLP-1 treatment support.
• The company is evaluating $75 million–$125 million bolt-on acquisitions, especially in direct-to-consumer and retail businesses, with potential manufacturing and overhead synergies expected to add 1–2 percentage points to EBITDA margins.

Nature's Sunshine Products NASDAQ: NATR outlined a strategy to double sales to $1 billion and expand EBITDA margins to 15%, with Chief Executive Officer Ken Romanzi pointing to geographic expansion, digital and retail channel development, marketing initiatives and acquisitions as the company’s primary growth drivers.

Speaking at a Canaccord consumer conference, Romanzi said the natural health and wellness company generated $480 million in sales in 2025 and reported a 10% EBITDA margin. He said the company has nearly $100 million in cash and no debt.

Romanzi said Nature’s Sunshine has outperformed peers in the direct-selling industry over the past four years, citing a 4% annual top-line growth rate and 16% annual EBITDA growth rate, compared with declines among its peer group. He also said the company’s shareholder return since 2023 has exceeded twice that of the Russell 2000 index.

Consultant network and manufacturing footprint

The company, founded in Provo, Utah, in 1972 by Gene and Kristine Hughes, markets nutritional supplements through tens of thousands of independent consultants in more than 40 countries. Nature’s Sunshine sells its namesake brand in the Americas, Central and Eastern Europe, Russia, Ukraine, the Baltic States and China. Its Synergy WorldWide brand is sold across much of Asia and Western Europe, with a smaller U.S. presence.

Romanzi said the company manufactures more than 90% of its products internally and maintains certifications including Australia’s Therapeutic Goods Administration standards. The company produces products for China in China and supplies other global markets from its Utah manufacturing facility.

Nature’s Sunshine’s leadership team has also been expanded, Romanzi said. The company recently announced that Ruth Perkins will join as chief financial officer on Sept. 1. Perkins previously held finance leadership roles at Ford, Estée Lauder and PepsiCo, according to Romanzi.

Growth plans include deeper market penetration

Romanzi said the company sees opportunities to expand in countries where it already operates. In Japan, where Nature’s Sunshine generates approximately $45 million in annual sales, the business has historically been concentrated in Tokyo. The company recently opened an office in Fukuoka and plans to enter additional Japanese cities in coming years, he said.

Similar opportunities exist in South Korea, where the company is concentrated in Seoul, and in China, where its operations are centered in Shanghai and Shenzhen, Romanzi said.

The company entered Germany earlier this year, targeting what Romanzi described as Europe’s largest supplement market and direct-selling market. Nature’s Sunshine also plans to enter an unnamed Asian country next year, pending government approvals.

In the U.S., Romanzi said the company plans to treat Synergy as a new-market opportunity. Synergy currently has less than $10 million in U.S. revenue, but he said management believes the brand has significant potential. The U.S. will be the only market where Nature’s Sunshine intends to market both the Nature’s Sunshine and Synergy brands through separate systems.

Digital, retail and product initiatives

Nature’s Sunshine has built a direct-to-consumer digital business that generated $40 million in revenue last year and is on track for $50 million this year, Romanzi said. The company plans to further increase digital investment while maintaining its consultant-led direct-selling model.

Romanzi acknowledged that direct-to-consumer selling can create channel conflict with independent consultants. To address that issue, the company plans to differentiate product offerings, with certain products reserved for consultants and others offered through the company website, Amazon, TikTok and other digital channels.

The company also intends to test entry into larger U.S. retail chains, particularly natural-food retailers. Its existing U.S. retail presence is largely limited to smaller health-practitioner and specialty outlets, Romanzi said.

Product development will focus on digestive health, women’s health and products designed to support consumers using GLP-1 weight-loss treatments. Romanzi said the company does not plan to compete directly in pharmaceutical weight loss, but instead is developing products intended to address side effects experienced by people on GLP-1 therapies. Nature’s Sunshine is also expanding its skincare business in Asian markets, where Romanzi said young women represent a large share of its consultant base.

Subscriptions are another focus. Romanzi said subscription revenue represented 40% of sales in Japan, 23% in Taiwan and more than 35% of digital sales in 2025.

M&A focus on bolt-on opportunities

Romanzi said Nature’s Sunshine is evaluating complementary acquisitions, with a preference for direct-to-consumer or retail businesses that can be incorporated into its manufacturing network. The company is particularly focused on the U.S., though it remains open to opportunities elsewhere.

Management has modeled acquisitions with $75 million to $125 million in sales, Romanzi said, emphasizing that it does not intend to pursue deals large enough to double the company’s size. The company is seeking businesses with growth potential in channels or categories where it is underdeveloped, rather than declining assets, he said.

Romanzi said a bolt-on acquisition could add one to two percentage points to EBITDA margin through manufacturing and overhead synergies. The company has excess capacity in Utah, which management believes could allow it to add production volumes with limited incremental fixed costs.

About Nature's Sunshine Products (NASDAQ:NATR)

Nature’s Sunshine Products, Inc is a global manufacturer and direct seller of nutritional supplements, herbal remedies, and personal care products. The company’s core business centers on research, development and distribution of vitamins, minerals, botanicals and essential oil-based formulations designed to support overall health and wellness. Operating under a network-marketing model, Nature’s Sunshine works through a network of independent distributors who promote and sell its product line directly to consumers.

The company’s product portfolio spans dietary supplements such as single-ingredient vitamins, proprietary herbal blends, sports nutrition formulas and weight-management solutions, along with skin and hair care items based on botanical extracts and essential oils.

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