What is Natural Health Trends' operating income?

Natural Health Trends' total operating income in 2025 was -$1.81 million, based on the following breakdown: Total Gross Profit: $29.25 million Total Operating Expenses: $31.06 million

Natural Health Trends (NHTC) Financials

$1.90 -0.02 (-0.78%)

As of 11:36 AM Eastern

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Annual Income Statements for Natural Health Trends

This table shows Natural Health Trends' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	47	55	24	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Consolidated Net Income / (Loss)	47	55	24	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Net Income / (Loss) Continuing Operations	47	55	24	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Total Pre-Tax Income	48	64	43	35	-5.60	1.49	1.51	0.60	0.75	0.62	-0.57
Total Operating Income	48	64	43	34	-7.02	0.67	1.57	-0.27	-1.67	-1.30	-1.81
Total Gross Profit	211	233	159	153	58	45	45	36	33	32	29
Total Revenue	265	288	198	192	78	62	60	49	44	43	40
Operating Revenue	265	288	198	192	78	62	60	49	44	43	40
Total Cost of Revenue	54	55	39	39	20	17	15	13	11	11	11
Operating Cost of Revenue	54	55	39	39	20	17	15	13	11	11	11
Total Operating Expenses	163	169	116	119	65	44	43	37	34	33	31
Selling, General & Admin Expense	163	168	116	119	63	44	43	37	34	33	31
Total Other Income / (Expense), net	-0.08	-0.06	0.37	0.79	1.43	0.82	-0.06	0.87	2.42	1.92	1.24
Other Income / (Expense), net	-0.08	-0.06	0.37	0.79	1.43	0.82	-0.06	0.87	2.42	1.92	1.24
Income Tax Expense	0.55	8.99	20	3.49	0.01	0.65	0.43	0.29	0.18	0.05	0.32
Basic Earnings per Share	$3.84	$4.84	$2.10	$2.75	($0.52)	$0.08	$0.10	$0.03	$0.05	$0.05	($0.08)
Weighted Average Basic Shares Outstanding	12.30M	11.38M	11.25M	11.30M	10.87M	10.63M	11.02M	11.36M	11.44M	11.47M	11.50M
Diluted Earnings per Share	$3.82	$4.83	$2.09	$2.74	($0.52)	$0.07	$0.09	$0.03	$0.05	$0.05	($0.08)
Weighted Average Diluted Shares Outstanding	12.37M	11.41M	11.27M	11.32M	10.87M	11.42M	11.42M	11.42M	11.46M	11.49M	11.50M
Weighted Average Basic & Diluted Shares Outstanding	12.30M	11.34M	11.38M	11.30M	11.42M	11.42M	11.42M	11.52M	11.52M	11.51M	8.58M
Cash Dividends to Common per Share	$0.14	$0.61	$1.52	$2.77	$0.64	$0.80	$0.80	$0.80	$0.80	$0.80	$0.80

This table shows Natural Health Trends' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	0.17	0.36	0.19	0.17	0.04	0.18	0.12	0.02	-0.43	-0.59	-0.15
Consolidated Net Income / (Loss)	0.17	0.36	0.19	0.17	0.04	0.18	0.12	0.02	-0.43	-0.59	-0.15
Net Income / (Loss) Continuing Operations	0.17	0.36	0.19	0.17	0.04	0.18	0.12	0.02	-0.43	-0.59	-0.15
Total Pre-Tax Income	0.29	0.47	0.20	0.28	0.17	-0.03	0.12	0.02	-0.29	-0.41	-0.18
Total Operating Income	-0.29	-0.24	-0.37	-0.24	-0.28	-0.42	-0.35	-0.33	-0.50	-0.64	-0.47
Total Gross Profit	7.93	8.15	8.04	7.78	7.93	8.04	7.91	7.26	6.99	7.11	6.90
Total Revenue	11	11	11	10	11	11	11	9.81	9.48	9.75	9.21
Operating Revenue	11	11	11	10	11	11	11	9.81	9.48	9.75	9.21
Total Cost of Revenue	2.69	2.79	2.91	2.70	2.77	2.80	2.83	2.56	2.49	2.64	2.30
Operating Cost of Revenue	2.69	2.79	2.91	2.70	2.77	2.80	2.83	2.56	2.49	2.64	2.30
Total Operating Expenses	8.22	8.39	8.40	8.01	8.20	8.47	8.25	7.59	7.48	7.74	7.38
Selling, General & Admin Expense	8.22	8.39	8.40	8.01	8.20	8.47	8.25	7.59	7.48	7.74	7.38
Total Other Income / (Expense), net	0.59	0.71	0.56	0.52	0.44	0.40	0.47	0.35	0.21	0.22	0.30
Other Income / (Expense), net	0.59	0.71	0.56	0.52	0.44	0.40	0.47	0.35	0.21	0.22	0.30
Income Tax Expense	0.12	0.11	0.01	0.11	0.13	-0.20	-0.00	0.00	0.14	0.18	-0.03
Basic Earnings per Share	$0.02	$0.03	$0.02	$0.02	$0.00	$0.01	$0.01	$0.00	($0.04)	($0.05)	($0.02)
Weighted Average Basic Shares Outstanding	11.44M	11.44M	11.46M	11.46M	11.47M	11.47M	11.49M	11.49M	11.50M	11.50M	10.14M
Diluted Earnings per Share	$0.02	$0.03	$0.02	$0.02	$0.00	$0.01	$0.01	$0.00	($0.04)	($0.05)	($0.02)
Weighted Average Diluted Shares Outstanding	11.45M	11.46M	11.47M	11.48M	11.49M	11.49M	11.49M	11.50M	11.50M	11.50M	10.14M
Weighted Average Basic & Diluted Shares Outstanding	11.52M	11.52M	11.52M	11.52M	11.51M	11.51M	11.51M	11.51M	11.51M	8.58M	8.58M
Cash Dividends to Common per Share	$0.20	-	$0.20	$0.20	$0.20	-	$0.20	$0.20	$0.20	-	$0.10

This table details how cash moves in and out of Natural Health Trends' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	60	21	9.11	-2.02	-36	-6.53	-8.53	-15	-14	-43	-6.75
Net Cash From Operating Activities	81	53	27	30	-19	1.89	1.02	-4.85	-4.28	-3.37	-6.00
Net Cash From Continuing Operating Activities	81	53	27	30	-19	1.89	1.02	-4.85	-4.28	-3.37	-6.00
Net Income / (Loss) Continuing Operations	47	55	24	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Consolidated Net Income / (Loss)	47	55	24	31	-5.61	0.84	1.09	0.31	0.57	0.57	-0.88
Depreciation Expense	0.26	0.39	0.54	0.42	0.39	0.41	0.30	0.20	0.16	0.13	0.11
Non-Cash Adjustments To Reconcile Net Income	0.00	0.24	-4.10	-0.51	-6.07	-2.39	-0.75	-0.91	0.40	0.10	0.79
Changes in Operating Assets and Liabilities, net	34	-2.54	6.59	-1.24	-7.34	3.03	0.38	-4.46	-5.41	-4.17	-6.01
Net Cash From Investing Activities	-3.74	-0.91	-0.28	-0.21	-0.19	-0.21	-0.23	-0.14	-0.05	-30	8.15
Net Cash From Continuing Investing Activities	-3.74	-0.91	-0.28	-0.21	-0.19	-0.21	-0.23	-0.14	-0.05	-30	8.15
Purchase of Property, Plant & Equipment	-0.71	-0.91	-0.28	-0.21	-0.19	-0.21	-0.23	-0.14	-0.05	-0.06	-0.07
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	-70	-51
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	40	59
Net Cash From Financing Activities	-17	-31	-17	-32	-17	-9.14	-9.14	-9.14	-9.22	-9.21	-9.21
Net Cash From Continuing Financing Activities	-17	-31	-17	-32	-17	-9.14	-9.14	-9.14	-9.22	-9.21	-9.21
Payment of Dividends	-1.71	-6.89	-17	-32	-7.34	-9.14	-9.14	-9.14	-9.22	-9.21	-9.21
Other Net Changes in Cash	-	-	-	-	-	0.93	-0.18	-0.49	0.01	0.01	0.31

This table details how cash moves in and out of Natural Health Trends' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.16	-2.23	-30	-10	7.32	-9.37	8.16	-11	3.80	-7.55	2.41
Net Cash From Operating Activities	-0.87	-0.07	0.55	-3.57	-0.44	0.09	0.48	-5.64	0.11	-0.96	-0.80
Net Cash From Continuing Operating Activities	-0.92	-0.08	0.55	-3.58	-0.43	0.09	0.48	-5.64	0.11	-0.96	-0.80
Net Income / (Loss) Continuing Operations	0.17	0.36	0.19	0.17	0.04	0.18	0.12	0.02	-0.43	-0.59	-0.15
Consolidated Net Income / (Loss)	0.17	0.36	0.19	0.17	0.04	0.18	0.12	0.02	-0.43	-0.59	-0.15
Depreciation Expense	0.04	0.03	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.01
Non-Cash Adjustments To Reconcile Net Income	-0.12	1.41	0.52	-0.90	0.93	-0.45	-0.01	0.08	0.26	0.46	-0.01
Changes in Operating Assets and Liabilities, net	-1.01	-1.88	-0.20	-2.88	-1.42	0.33	0.34	-5.76	0.26	-0.86	-0.64
Net Cash From Investing Activities	-0.02	-0.01	-29	-4.36	9.80	-6.99	9.97	-3.33	5.90	-4.40	9.94
Net Cash From Continuing Investing Activities	-0.02	-0.01	-29	-4.36	9.80	-6.99	9.97	-3.33	5.90	-4.40	9.94
Purchase of Property, Plant & Equipment	-0.02	-0.01	-0.01	-0.02	-0.01	-0.02	-0.02	-0.00	-0.04	-0.01	-0.12
Purchase of Investments	-	-	-29	-7.65	-8.68	-26	-17	-10	-11	-12	-1.10
Sale and/or Maturity of Investments	-	-	0.00	3.31	18	19	27	6.85	17	7.34	11
Net Cash From Financing Activities	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-6.73
Net Cash From Continuing Financing Activities	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-6.73
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-5.87
Payment of Dividends	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-2.30	-0.86
Other Net Changes in Cash	0.03	0.16	-	-	0.27	-0.17	0.00	-	0.09	0.11	-0.01

This table presents Natural Health Trends' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	124	148	160	158	118	106	98	83	69	55	38
Total Current Assets	118	141	151	150	108	100	93	78	64	51	34
Cash & Equivalents	105	126	135	133	96	92	84	70	56	14	6.81
Short-Term Investments	-	-	-	-	-	-	-	-	0.00	30	22
Inventories, net	10	11	8.40	12	6.40	3.78	5.26	4.53	4.29	3.27	2.05
Other Current Assets	2.34	4.07	7.53	5.37	5.94	3.60	4.37	3.36	3.76	3.77	3.27
Plant, Property, & Equipment, net	0.89	1.39	1.15	0.93	0.74	0.54	0.46	0.39	0.27	0.19	0.15
Total Noncurrent Assets	5.55	5.42	7.16	6.80	9.39	5.66	4.42	4.87	4.60	4.19	4.08
Noncurrent Deferred & Refundable Income Taxes	-	0.00	1.44	1.21	2.04	0.73	0.31	0.20	0.37	0.38	0.29
Other Noncurrent Operating Assets	0.62	0.69	3.96	3.83	7.35	4.93	4.11	4.68	4.23	3.80	3.79
Total Liabilities & Shareholders' Equity	124	148	160	158	118	106	98	83	69	55	38
Total Liabilities	67	66	69	68	43	38	39	33	27	22	15
Total Current Liabilities	62	57	42	43	26	22	25	20	20	21	14
Accounts Payable	2.86	2.15	1.75	1.63	0.68	0.58	0.76	0.81	0.99	0.90	0.56
Accrued Expenses	36	29	19	19	5.32	5.42	5.57	4.12	3.24	3.45	3.40
Current Deferred Revenue	20	24	4.46	6.80	4.51	3.09	8.54	5.60	6.17	6.43	5.57
Other Current Liabilities	1.51	1.63	17	16	16	11	8.45	6.94	5.88	5.12	4.16
Total Noncurrent Liabilities	5.83	8.46	27	25	17	17	14	12	7.51	1.69	1.31
Noncurrent Deferred & Payable Income Tax Liabilities	0.06	0.27	0.06	0.19	0.20	0.22	0.15	0.14	0.14	0.17	0.18
Other Noncurrent Operating Liabilities	-	-	-	-	1.56	2.78	1.93	2.99	2.32	1.51	1.13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	57	82	91	90	75	68	59	50	42	33	23
Total Preferred & Common Equity	57	82	91	90	75	68	59	50	42	33	23
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	57	82	91	90	75	68	59	50	42	33	23
Common Stock	86	87	87	86	86	86	86	86	85	85	85
Retained Earnings	-9.65	39	45	44	16	7.82	-0.23	-9.06	-18	-26	-36
Treasury Stock	-19	-42	-41	-40	-26	-26	-26	-26	-24	-24	-24
Accumulated Other Comprehensive Income / (Loss)	-0.10	-0.81	-0.41	-1.25	-1.26	-0.34	-0.49	-1.00	-1.07	-1.30	-0.78

This table presents Natural Health Trends' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	72	68	61	58	53	45	42	32
Total Current Assets	67	63	57	54	49	41	38	27
Cash & Equivalents	58	26	16	23	22	11	14	9.22
Short-Term Investments	-	29	33	23	20	24	18	12
Inventories, net	4.88	4.90	4.25	3.68	2.82	2.77	2.15	1.97
Other Current Assets	3.68	3.40	3.98	3.83	4.09	3.85	3.73	3.33
Plant, Property, & Equipment, net	0.28	0.24	0.23	0.21	0.18	0.15	0.17	0.26
Total Noncurrent Assets	4.57	4.67	4.37	4.24	4.20	4.15	4.19	5.16
Noncurrent Deferred & Refundable Income Taxes	0.30	0.40	0.35	0.31	0.39	0.39	0.25	0.29
Other Noncurrent Operating Assets	4.27	4.27	4.02	3.94	3.81	3.76	3.95	4.87
Total Liabilities & Shareholders' Equity	72	68	61	58	53	45	42	32
Total Liabilities	29	28	24	23	22	16	16	15
Total Current Liabilities	21	21	22	21	21	15	15	13
Accounts Payable	0.67	0.75	0.65	0.55	0.97	0.96	1.01	1.31
Accrued Expenses	3.69	3.62	3.45	3.38	3.01	3.20	3.24	2.90
Current Deferred Revenue	6.25	7.17	7.59	6.83	6.92	6.08	6.01	5.00
Other Current Liabilities	6.08	5.56	5.49	5.32	4.93	4.70	4.49	4.03
Total Noncurrent Liabilities	7.73	7.41	2.11	1.87	1.55	1.36	1.35	2.24
Noncurrent Deferred & Payable Income Tax Liabilities	0.14	0.13	0.14	0.14	0.17	0.17	0.17	0.18
Other Noncurrent Operating Liabilities	2.54	2.22	1.98	1.74	1.38	1.19	1.18	2.06
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	43	39	37	35	31	29	26	16
Total Preferred & Common Equity	43	39	37	35	31	29	26	16
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	43	39	37	35	31	29	26	16
Common Stock	85	85	85	85	85	85	85	85
Retained Earnings	-16	-20	-22	-24	-29	-31	-34	-37
Treasury Stock	-24	-24	-24	-24	-24	-24	-24	-30
Accumulated Other Comprehensive Income / (Loss)	-1.27	-1.22	-1.25	-0.96	-1.14	-0.92	-0.93	-0.78

This table displays calculated financial ratios and metrics derived from Natural Health Trends' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	12,239,498.00	11,287,196.00	11,341,890.00	11,376,092.00	11,520,324.00	11,422,539.00	11,422,539.00	11,422,539.00	11,516,773.00	11,513,075.00	11,513,075.00
DEI Adjusted Shares Outstanding	12,239,498.00	11,287,196.00	11,341,890.00	11,376,092.00	11,520,324.00	11,422,539.00	11,422,539.00	11,422,539.00	11,516,773.00	11,513,075.00	11,513,075.00
DEI Earnings Per Adjusted Shares Outstanding	3.86	4.88	2.08	2.73	-0.49	0.07	0.10	0.03	0.05	0.05	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	112.59%	8.63%	-31.34%	-2.86%	-59.56%	-20.03%	-3.33%	-18.12%	-10.60%	-2.19%	-7.42%
EBITDA Growth	131.70%	34.16%	-31.81%	-20.51%	-114.91%	136.47%	-4.79%	-55.45%	12.78%	-17.38%	-160.99%
EBIT Growth	131.60%	34.07%	-32.23%	-20.51%	-116.21%	126.62%	1.34%	-60.13%	23.75%	-16.78%	-191.45%
NOPAT Growth	130.27%	16.51%	-57.60%	29.71%	-116.21%	107.70%	198.24%	-112.44%	-807.52%	5.93%	-5.60%
Net Income Growth	131.91%	16.61%	-57.20%	31.63%	-118.08%	115.02%	28.71%	-71.15%	81.47%	0.70%	-254.20%
EPS Growth	137.27%	26.44%	-56.73%	31.10%	-118.98%	113.46%	28.57%	-66.67%	66.67%	0.00%	-260.00%
Operating Cash Flow Growth	165.66%	-34.62%	-49.97%	11.67%	-162.73%	110.11%	-46.10%	-577.56%	11.83%	21.30%	-78.11%
Free Cash Flow Firm Growth	162.60%	-37.04%	-57.02%	31.47%	-194.05%	115.25%	-80.04%	-711.84%	-24.75%	24.20%	-46.32%
Invested Capital Growth	-174.46%	9.41%	3.78%	4.25%	50.99%	-17.64%	1.28%	19.87%	25.30%	24.08%	50.81%
Revenue Q/Q Growth	16.88%	-3.79%	-7.59%	-2.29%	-23.43%	-1.96%	-0.81%	-6.82%	-3.46%	-0.21%	-2.68%
EBITDA Q/Q Growth	20.11%	10.32%	-20.13%	-7.42%	-237.47%	174.69%	-35.90%	-9.94%	1.00%	-39.68%	-650.82%
EBIT Q/Q Growth	20.10%	10.32%	-20.34%	-7.43%	-264.23%	150.65%	-39.01%	-11.08%	3.19%	-44.19%	-216.76%
NOPAT Q/Q Growth	19.51%	10.99%	-50.26%	46.89%	-407.01%	114.07%	-25.67%	-253.00%	-66.75%	-57.67%	-13.43%
Net Income Q/Q Growth	20.07%	10.75%	-49.96%	47.87%	-301.11%	130.70%	-32.19%	-12.32%	42.71%	-24.14%	-647.46%
EPS Q/Q Growth	21.66%	13.38%	-50.00%	48.11%	-316.67%	126.92%	-30.77%	0.00%	25.00%	-28.57%	-300.00%
Operating Cash Flow Q/Q Growth	8.60%	1.44%	-17.44%	-18.67%	-30.34%	232.75%	-64.45%	-15.06%	-30.79%	4.46%	-21.15%
Free Cash Flow Firm Q/Q Growth	8.42%	1.57%	-28.71%	-12.39%	-12.15%	364.99%	-67.32%	-17.46%	-40.67%	2.70%	-9.73%
Invested Capital Q/Q Growth	-4.62%	4.95%	-38.84%	2.72%	-13.08%	-11.56%	-5.50%	-4.06%	3.47%	-0.41%	7.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.57%	80.92%	80.44%	79.49%	74.10%	72.63%	74.99%	74.23%	74.56%	73.98%	73.54%
EBITDA Margin	18.14%	22.41%	22.25%	18.21%	-6.71%	3.06%	3.01%	1.64%	2.07%	1.75%	-1.15%
Operating Margin	18.08%	22.29%	21.80%	17.58%	-9.05%	1.08%	2.62%	-0.55%	-3.80%	-3.02%	-4.55%
EBIT Margin	18.04%	22.27%	21.98%	17.99%	-7.21%	2.40%	2.52%	1.23%	1.70%	1.44%	-1.43%
Profit (Net Income) Margin	17.84%	19.15%	11.93%	16.17%	-7.23%	1.36%	1.81%	0.64%	1.29%	1.33%	-2.22%
Tax Burden Percent	98.85%	85.97%	54.29%	89.90%	100.25%	56.58%	71.85%	51.99%	76.24%	92.26%	155.56%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	1.16%	14.03%	45.71%	10.10%	0.00%	43.42%	28.15%	48.01%	23.76%	7.74%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	113.48%	79.12%	27.25%	34.39%	-6.80%	1.18%	1.71%	0.57%	1.24%	1.54%	-3.13%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	54.10%	47.08%	28.23%	21.75%	-4.05%	1.33%	1.48%	0.66%	0.98%	1.00%	-1.21%
Return on Assets (ROA)	53.47%	40.47%	15.33%	19.55%	-4.06%	0.75%	1.06%	0.35%	0.75%	0.92%	-1.88%
Return on Common Equity (ROCE)	113.48%	79.12%	27.25%	34.39%	-6.80%	1.18%	1.71%	0.57%	1.24%	1.54%	-3.13%
Return on Equity Simple (ROE_SIMPLE)	83.16%	66.82%	26.02%	34.54%	-7.48%	1.25%	1.82%	0.62%	1.37%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	47	55	23	30	-4.92	0.38	1.13	-0.14	-1.27	-1.20	-1.27
NOPAT Margin	17.87%	19.16%	11.83%	15.80%	-6.33%	0.61%	1.88%	-0.29%	-2.90%	-2.79%	-3.18%
Net Nonoperating Expense Percent (NNEP)	-0.11%	-0.04%	0.15%	0.53%	-0.61%	0.49%	-0.05%	0.59%	2.93%	3.54%	1.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-3.06%	-3.65%	-5.40%
Cost of Revenue to Revenue	20.43%	19.08%	19.56%	20.51%	25.90%	27.37%	25.01%	25.77%	25.44%	26.02%	26.46%
SG&A Expenses to Revenue	61.40%	58.49%	58.64%	61.91%	80.87%	71.55%	72.37%	74.78%	78.36%	77.01%	78.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.50%	58.63%	58.64%	61.91%	83.15%	71.55%	72.37%	74.78%	78.36%	77.01%	78.09%
Earnings before Interest and Taxes (EBIT)	48	64	43	35	-5.60	1.49	1.51	0.60	0.75	0.62	-0.57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	48	64	44	35	-5.21	1.90	1.81	0.81	0.91	0.75	-0.46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	1.43	0.85	1.19	0.45	0.53	0.91	0.63	1.39	1.32	1.48
Price to Tangible Book Value (P/TBV)	3.06	1.46	0.87	1.22	0.45	0.53	0.91	0.63	1.39	1.32	1.48
Price to Revenue (P/Rev)	0.64	0.41	0.39	0.56	0.44	0.58	0.90	0.64	1.32	1.01	0.87
Price to Earnings (P/E)	3.56	2.14	3.27	3.46	0.00	42.71	49.91	100.15	101.84	76.14	0.00
Dividend Yield	1.02%	5.08%	16.19%	23.34%	18.94%	25.38%	16.87%	29.15%	15.93%	21.15%	26.60%
Earnings Yield	28.08%	46.79%	30.59%	28.94%	0.00%	2.34%	2.00%	1.00%	0.98%	1.31%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.00	0.14
Enterprise Value to EBITDA (EV/EBITDA)	1.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.84	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	1.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.24	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	1.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.84	-1.70	-1.53	-1.48	-1.39	-1.32	-1.39	-1.40	-1.37	-1.34	-1.29
Leverage Ratio	2.12	1.95	1.78	1.76	1.68	1.57	1.61	1.65	1.66	1.67	1.67
Compound Leverage Factor	2.12	1.95	1.78	1.76	1.68	1.57	1.61	1.65	1.66	1.67	1.67
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	5.34	5.49	4.02	4.09	1.99	2.19	2.33	1.87	2.34	1.96	1.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	2.47	3.61	3.49	4.12	4.64	3.79	3.79	3.21	2.45	2.50
Quick Ratio	1.71	2.20	3.23	3.08	3.65	4.29	3.40	3.41	2.81	2.11	2.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	80	50	22	28	-27	4.08	0.81	-4.98	-6.21	-4.71	-6.89
Operating Cash Flow to CapEx	11,454.37%	5,875.58%	9,570.14%	13,883.18%	-9,861.38%	893.36%	451.56%	-3,393.01%	-9,300.00%	-5,907.02%	-8,819.12%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.00	2.11	1.28	1.21	0.56	0.55	0.59	0.54	0.58	0.69	0.85
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	7.61	5.06	3.93	3.83	2.17	3.34	3.32	2.59	2.53	2.96	3.96
Fixed Asset Turnover	386.66	252.17	155.75	184.26	93.01	97.44	119.77	114.67	133.10	188.43	231.93
Accounts Payable Turnover	21.24	21.93	19.84	23.28	17.40	26.97	22.39	16.12	12.42	11.86	14.51
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	47.95	72.17	92.82	95.33	168.57	109.38	109.86	141.00	144.01	123.51	92.25
Days Payable Outstanding (DPO)	17.18	16.64	18.40	15.68	20.98	13.53	16.30	22.64	29.40	30.78	25.15
Cash Conversion Cycle (CCC)	30.77	55.53	74.42	79.65	147.59	95.85	93.56	118.36	114.61	92.74	67.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-51	-46	-45	-43	-21	-25	-24	-20	-15	-11	-5.44
Invested Capital Turnover	-7.57	-5.89	-4.34	-4.39	-2.43	-2.72	-2.45	-2.24	-2.58	-3.35	-4.82
Increase / (Decrease) in Invested Capital	-33	4.83	1.76	1.90	22	-3.70	0.32	4.84	4.94	3.51	5.62
Enterprise Value (EV)	63	-8.19	-58	-25	-62	-56	-30	-38	1.67	-0.39	5.75
Market Capitalization	168	118	77	107	34	36	54	31	58	44	35
Book Value per Share	$4.64	$7.30	$7.99	$7.90	$6.52	$5.93	$5.21	$4.39	$3.61	$2.86	$2.04
Tangible Book Value per Share	$4.50	$7.15	$7.83	$7.74	$6.52	$5.93	$5.21	$4.39	$3.61	$2.86	$2.04
Total Capital	57	82	91	90	75	68	59	50	42	33	23
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-105	-126	-135	-133	-96	-92	-84	-70	-56	-44	-29
Capital Expenditures (CapEx)	0.71	0.91	0.28	0.21	0.19	0.21	0.23	0.14	0.05	0.06	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-49	-42	-26	-26	-14	-14	-15	-13	-12	-14	-8.37
Debt-free Net Working Capital (DFNWC)	56	84	109	107	82	78	69	57	44	30	21
Net Working Capital (NWC)	56	84	109	107	82	78	69	57	44	30	21
Net Nonoperating Expense (NNE)	0.08	0.05	-0.20	-0.71	0.69	-0.46	0.04	-0.45	-1.84	-1.77	-0.38
Net Nonoperating Obligations (NNO)	-108	-129	-135	-133	-96	-92	-84	-70	-56	-44	-29
Total Depreciation and Amortization (D&A)	0.26	0.39	0.54	0.42	0.39	0.41	0.30	0.20	0.16	0.13	0.11
Debt-free, Cash-free Net Working Capital to Revenue	-18.39%	-14.54%	-13.15%	-13.31%	-17.99%	-22.77%	-25.05%	-25.55%	-27.17%	-32.02%	-21.04%
Debt-free Net Working Capital to Revenue	21.22%	29.23%	55.34%	55.81%	105.75%	126.04%	114.68%	116.24%	100.73%	70.26%	51.55%
Net Working Capital to Revenue	21.22%	29.23%	55.34%	55.81%	105.75%	126.04%	114.68%	116.24%	100.73%	70.26%	51.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.84	$4.84	$2.10	$2.75	($0.52)	$0.08	$0.10	$0.03	$0.05	$0.05	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	12.30M	11.38M	11.25M	11.30M	10.87M	10.63M	11.02M	11.36M	11.44M	11.47M	11.50M
Adjusted Diluted Earnings per Share	$3.82	$4.83	$2.09	$2.74	($0.52)	$0.07	$0.09	$0.03	$0.05	$0.05	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	12.37M	11.41M	11.27M	11.32M	10.87M	11.42M	11.42M	11.42M	11.46M	11.49M	11.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.63M	11.34M	11.38M	11.30M	11.42M	11.42M	11.42M	11.52M	11.52M	11.51M	8.58M
Normalized Net Operating Profit after Tax (NOPAT)	47	55	23	30	-3.68	0.38	1.13	-0.14	-1.27	-1.20	-1.27
Normalized NOPAT Margin	17.87%	19.16%	11.83%	15.80%	-4.74%	0.61%	1.88%	-0.29%	-2.90%	-2.79%	-3.18%
Pre Tax Income Margin	18.04%	22.27%	21.98%	17.99%	-7.21%	2.40%	2.52%	1.23%	1.70%	1.44%	-1.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.62%	12.51%	73.03%	101.54%	-130.89%	1,083.99%	842.21%	2,919.49%	1,622.36%	1,610.66%	-1,044.22%
Augmented Payout Ratio	37.64%	55.54%	73.03%	101.54%	-311.19%	1,083.99%	842.21%	2,919.49%	1,622.36%	1,610.66%	-1,044.22%

This table displays calculated financial ratios and metrics derived from Natural Health Trends' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	11,516,773.00	11,516,773.00	11,516,773.00	11,516,773.00	11,516,773.00	11,513,075.00	11,513,075.00	11,513,075.00	11,513,075.00	11,513,075.00	8,577,848.00
DEI Adjusted Shares Outstanding	11,516,773.00	11,516,773.00	11,516,773.00	11,516,773.00	11,516,773.00	11,513,075.00	11,513,075.00	11,513,075.00	11,513,075.00	11,513,075.00	8,577,848.00
DEI Earnings Per Adjusted Shares Outstanding	0.01	0.03	0.02	0.02	0.00	0.02	0.01	0.00	-0.04	-0.05	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.40%	-12.59%	-7.67%	-0.34%	0.72%	-0.83%	-1.95%	-6.32%	-11.36%	-10.11%	-14.26%
EBITDA Growth	260.87%	1.83%	-30.03%	223.05%	-40.66%	-98.80%	-35.62%	-86.03%	-232.49%	-6,616.67%	-212.00%
EBIT Growth	597.62%	5.19%	-31.01%	193.36%	-43.34%	-105.36%	-39.39%	-94.66%	-274.10%	-1,552.00%	-249.17%
NOPAT Growth	-5.64%	-1,118.80%	1.77%	71.83%	66.17%	-58.51%	-1.21%	-127.26%	-497.60%	-50.83%	5.40%
Net Income Growth	265.96%	90.43%	-26.85%	179.00%	-79.65%	-50.84%	-35.11%	-91.33%	-1,331.43%	-434.09%	-226.23%
EPS Growth	0.00%	50.00%	0.00%	200.00%	-100.00%	-66.67%	-50.00%	-100.00%	0.00%	-600.00%	-300.00%
Operating Cash Flow Growth	62.05%	-107.36%	178.88%	-34.95%	49.83%	227.54%	-11.84%	-57.93%	125.92%	-1,189.77%	-264.67%
Free Cash Flow Firm Growth	14.91%	-6.29%	10.71%	10.77%	-8.20%	25.75%	-14.42%	-30.43%	-33.18%	-59.50%	-49.64%
Invested Capital Growth	19.47%	25.30%	18.84%	29.29%	27.01%	24.08%	26.87%	52.79%	46.84%	50.81%	56.73%
Revenue Q/Q Growth	0.99%	3.03%	0.13%	-4.35%	2.06%	1.45%	-1.01%	-8.61%	-3.42%	2.87%	-5.57%
EBITDA Q/Q Growth	229.69%	50.60%	-53.40%	35.19%	-37.46%	-96.95%	2,400.00%	-70.67%	-693.18%	-49.81%	57.03%
EBIT Q/Q Growth	197.34%	59.04%	-57.51%	41.92%	-40.93%	-115.06%	580.00%	-87.50%	-2,026.67%	-42.91%	56.66%
NOPAT Q/Q Growth	67.04%	-8.46%	-86.41%	57.72%	60.43%	-408.26%	-19.02%	5.06%	-4.05%	-28.28%	25.35%
Net Income Q/Q Growth	178.54%	108.14%	-47.49%	-7.98%	-79.77%	402.86%	-30.68%	-87.70%	-2,973.33%	-36.43%	73.81%
EPS Q/Q Growth	200.00%	50.00%	-33.33%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%	-25.00%	60.00%
Operating Cash Flow Q/Q Growth	67.13%	92.06%	895.65%	-749.91%	87.78%	120.18%	450.00%	-1,264.26%	102.01%	-948.67%	16.89%
Free Cash Flow Firm Q/Q Growth	30.01%	-34.01%	24.99%	-26.82%	15.13%	8.03%	-15.59%	-44.57%	13.35%	-10.15%	-8.44%
Invested Capital Q/Q Growth	6.44%	3.47%	-3.33%	24.22%	3.43%	-0.41%	0.47%	51.08%	-8.74%	7.10%	12.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.67%	74.50%	73.41%	74.23%	74.14%	74.17%	73.62%	73.93%	73.73%	72.89%	74.98%
EBITDA Margin	3.13%	4.57%	2.13%	3.01%	1.84%	0.06%	1.40%	0.45%	-2.75%	-4.01%	-1.82%
Operating Margin	-2.75%	-2.21%	-3.33%	-2.27%	-2.57%	-3.88%	-3.21%	-3.39%	-5.22%	-6.51%	-5.15%
EBIT Margin	2.76%	4.26%	1.81%	2.68%	1.55%	-0.23%	1.12%	0.15%	-3.05%	-4.24%	-1.94%
Profit (Net Income) Margin	1.62%	3.27%	1.72%	1.65%	0.33%	1.62%	1.14%	0.15%	-4.55%	-6.03%	-1.67%
Tax Burden Percent	58.70%	76.82%	94.95%	61.57%	21.08%	-704.00%	101.67%	100.00%	149.13%	142.37%	86.03%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	41.30%	23.18%	5.05%	38.43%	78.92%	0.00%	-1.67%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.84%	1.24%	1.14%	2.16%	1.92%	1.54%	1.44%	1.05%	-0.38%	-3.13%	-4.89%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	1.61%	2.46%	1.05%	1.69%	1.03%	-0.16%	0.79%	0.12%	-2.48%	-3.59%	-1.75%
Return on Assets (ROA)	0.94%	1.89%	1.00%	1.04%	0.22%	1.12%	0.80%	0.12%	-3.70%	-5.12%	-1.50%
Return on Common Equity (ROCE)	0.84%	1.24%	1.14%	2.16%	1.92%	1.54%	1.44%	1.05%	-0.38%	-3.13%	-4.89%
Return on Equity Simple (ROE_SIMPLE)	0.92%	0.00%	1.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.17	-0.19	-0.35	-0.15	-0.06	-0.29	-0.35	-0.33	-0.35	-0.44	-0.33
NOPAT Margin	-1.61%	-1.70%	-3.16%	-1.40%	-0.54%	-2.72%	-3.27%	-3.39%	-3.66%	-4.56%	-3.60%
Net Nonoperating Expense Percent (NNEP)	0.53%	0.86%	0.88%	0.58%	0.18%	0.94%	0.98%	0.84%	-0.22%	-0.39%	0.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.45%	-0.88%	-0.39%	-0.16%	-0.90%	-1.14%	-1.15%	-1.33%	-1.90%	-2.02%
Cost of Revenue to Revenue	25.33%	25.50%	26.59%	25.77%	25.86%	25.83%	26.38%	26.07%	26.27%	27.11%	25.02%
SG&A Expenses to Revenue	77.42%	76.71%	76.74%	76.51%	76.71%	78.05%	76.84%	77.33%	78.95%	79.40%	80.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	77.42%	76.71%	76.74%	76.51%	76.71%	78.05%	76.84%	77.33%	78.95%	79.40%	80.13%
Earnings before Interest and Taxes (EBIT)	0.29	0.47	0.20	0.28	0.17	-0.03	0.12	0.02	-0.29	-0.41	-0.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.33	0.50	0.23	0.32	0.20	0.01	0.15	0.04	-0.26	-0.39	-0.17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.39	1.73	1.91	1.67	1.32	1.61	1.73	1.97	1.48	1.45
Price to Tangible Book Value (P/TBV)	1.25	1.39	1.73	1.91	1.67	1.32	1.61	1.73	1.97	1.48	1.45
Price to Revenue (P/Rev)	1.19	1.32	1.58	1.66	1.37	1.01	1.16	1.18	1.26	0.87	0.63
Price to Earnings (P/E)	135.84	101.84	136.45	80.02	78.21	76.14	97.98	143.25	0.00	0.00	0.00
Dividend Yield	17.04%	15.93%	13.53%	12.92%	15.62%	21.15%	18.58%	18.48%	17.88%	26.60%	25.09%
Earnings Yield	0.74%	0.98%	0.73%	1.25%	1.28%	1.31%	1.02%	0.70%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.04	0.32	0.53	0.29	0.00	0.18	0.37	0.48	0.14	0.07
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.84	16.88	16.40	10.15	0.00	11.50	39.31	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	2.24	20.82	18.28	11.38	0.00	14.17	56.55	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.36	-1.37	-1.38	-1.33	-1.33	-1.34	-1.37	-1.25	-1.27	-1.29	-1.33
Leverage Ratio	1.64	1.66	1.69	1.65	1.66	1.67	1.72	1.61	1.64	1.67	1.80
Compound Leverage Factor	1.64	1.66	1.69	1.65	1.66	1.67	1.72	1.61	1.64	1.67	1.80
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.25	2.33	2.42	2.66	2.38	1.92	2.03	2.50	2.41	1.70	0.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.22	3.21	3.01	2.57	2.55	2.45	2.35	2.73	2.57	2.50	2.00
Quick Ratio	2.81	2.81	2.61	2.20	2.19	2.11	2.02	2.29	2.17	2.11	1.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.82	-5.12	-3.84	-4.87	-4.14	-3.80	-4.40	-6.36	-5.51	-6.07	-6.58
Operating Cash Flow to CapEx	-4,827.78%	-492.86%	4,990.91%	-18,778.95%	-6,228.57%	440.00%	3,025.00%	-140,875.00%	262.79%	-19,180.00%	-693.04%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.58	0.58	0.63	0.66	0.69	0.71	0.79	0.81	0.85	0.90
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.36	2.53	2.24	2.47	2.61	2.96	2.88	3.12	3.66	3.96	4.18
Fixed Asset Turnover	128.35	133.10	144.58	160.37	176.09	188.43	205.03	222.10	217.99	231.93	176.24
Accounts Payable Turnover	14.13	12.42	11.66	16.09	18.39	11.86	12.93	13.57	13.70	14.51	8.79
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	154.64	144.01	163.10	147.54	140.02	123.51	126.85	116.91	99.74	92.25	87.40
Days Payable Outstanding (DPO)	25.83	29.40	31.30	22.68	19.84	30.78	28.24	26.90	26.64	25.15	41.53
Cash Conversion Cycle (CCC)	128.81	114.61	131.81	124.87	120.17	92.74	98.62	90.01	73.11	67.10	45.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-15	-15	-15	-11	-11	-11	-11	-5.39	-5.86	-5.44	-4.77
Invested Capital Turnover	-2.69	-2.58	-2.56	-3.12	-3.30	-3.35	-3.28	-5.01	-4.84	-4.82	-4.85
Increase / (Decrease) in Invested Capital	3.65	4.94	3.50	4.73	4.08	3.51	4.05	6.03	5.16	5.62	6.25
Enterprise Value (EV)	-4.35	1.67	14	23	13	-0.39	7.68	16	19	5.75	2.70
Market Capitalization	54	58	68	71	59	44	50	50	52	35	24
Book Value per Share	$3.76	$3.61	$3.44	$3.23	$3.07	$2.86	$2.68	$2.51	$2.27	$2.04	$1.92
Tangible Book Value per Share	$3.76	$3.61	$3.44	$3.23	$3.07	$2.86	$2.68	$2.51	$2.27	$2.04	$1.92
Total Capital	43	42	39	37	35	33	31	29	26	23	16
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-58	-56	-54	-49	-46	-44	-42	-34	-32	-29	-21
Capital Expenditures (CapEx)	0.02	0.01	0.01	0.02	0.01	0.02	0.02	0.00	0.04	0.01	0.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12	-12	-13	-14	-14	-14	-14	-8.33	-8.88	-8.37	-7.94
Debt-free Net Working Capital (DFNWC)	46	44	42	35	33	30	28	26	23	21	13
Net Working Capital (NWC)	46	44	42	35	33	30	28	26	23	21	13
Net Nonoperating Expense (NNE)	-0.34	-0.54	-0.53	-0.32	-0.09	-0.47	-0.47	-0.35	0.08	0.14	-0.18
Net Nonoperating Obligations (NNO)	-58	-56	-54	-49	-46	-44	-42	-34	-32	-29	-21
Total Depreciation and Amortization (D&A)	0.04	0.03	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.01
Debt-free, Cash-free Net Working Capital to Revenue	-26.86%	-27.17%	-29.20%	-32.33%	-31.58%	-32.02%	-32.36%	-19.80%	-21.71%	-21.04%	-20.76%
Debt-free Net Working Capital to Revenue	101.52%	100.73%	97.34%	80.90%	76.02%	70.26%	65.65%	61.57%	56.60%	51.55%	34.76%
Net Working Capital to Revenue	101.52%	100.73%	97.34%	80.90%	76.02%	70.26%	65.65%	61.57%	56.60%	51.55%	34.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	$0.03	$0.02	$0.02	$0.00	$0.01	$0.01	$0.00	($0.04)	($0.05)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	11.44M	11.44M	11.46M	11.46M	11.47M	11.47M	11.49M	11.49M	11.50M	11.50M	10.14M
Adjusted Diluted Earnings per Share	$0.02	$0.03	$0.02	$0.02	$0.00	$0.01	$0.01	$0.00	($0.04)	($0.05)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	11.45M	11.46M	11.47M	11.48M	11.49M	11.49M	11.49M	11.50M	11.50M	11.50M	10.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.52M	11.52M	11.52M	11.52M	11.51M	11.51M	11.51M	11.51M	11.51M	8.58M	8.58M
Normalized Net Operating Profit after Tax (NOPAT)	-0.17	-0.19	-0.35	-0.15	-0.19	-0.29	-0.24	-0.23	-0.35	-0.44	-0.33
Normalized NOPAT Margin	-1.61%	-1.70%	-3.16%	-1.40%	-1.80%	-2.72%	-2.25%	-2.38%	-3.66%	-4.56%	-3.60%
Pre Tax Income Margin	2.76%	4.26%	1.81%	2.68%	1.55%	-0.23%	1.12%	0.15%	-3.05%	-4.24%	-1.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,310.05%	1,622.36%	1,846.49%	1,034.01%	1,221.88%	1,610.66%	1,820.75%	2,647.41%	-7,807.63%	-1,044.22%	-670.55%
Augmented Payout Ratio	2,310.05%	1,622.36%	1,846.49%	1,034.01%	1,221.88%	1,610.66%	1,820.75%	2,647.41%	-7,807.63%	-1,044.22%	-670.55%

Financials Breakdown Chart

Key Financial Trends

Natural Health Trends (NASDAQ: NHTC) had a mixed start to 2026, with a strong liquidity position but continued pressure on profitability and operating cash flow. The quarter also shows a notable shift in the balance sheet compared with a year ago: the company has far less cash on hand, lower short-term investments, and a smaller equity base.

Cash and short-term investments totaled about $21.2 million at the end of Q1 2026, giving the company a solid near-term liquidity cushion.
The company generated $9.9 million of net cash from investing activities in Q1 2026, helped by sales and maturities of investments.
Gross margin remained healthy in Q1 2026, with gross profit of $6.9 million on revenue of $9.2 million, or roughly 75%.
Operating expenses improved slightly year over year, with SG&A down from Q1 2025 while revenue declined by less than the drop in expenses.
The company paid a quarterly dividend of $0.10 per share in Q1 2026, showing a continued return of capital to shareholders.
Q1 2026 revenue of $9.2 million was lower than the prior-year quarter and also below Q4 2025, indicating soft top-line momentum.
The balance sheet still shows a large deferred revenue liability, which can support future revenue recognition, but it also reflects advance customer payments rather than current earnings power.
NHTC reported a net loss of $154,000 in Q1 2026, versus profit in Q1 2025, so profitability weakened at the start of the year.
Operating cash flow was negative $797,000 in Q1 2026, reversing from positive operating cash flow in Q1 2025.
Cash & equivalents fell sharply to $9.2 million from $14.3 million in Q3 2025 and $21.7 million in Q1 2025, while total equity dropped to $16.5 million from $30.9 million a year earlier.

Looking at the broader trend over the last four quarters, NHTC’s revenue has stayed relatively stable in the $9 million to $11 million range, but operating income has remained negative in most periods because SG&A consistently runs above gross profit. That means the business is still depending on other income, investment activity, and balance-sheet strength to support results.

One positive takeaway is that the company’s cash-rich balance sheet gives it flexibility. But the bigger concern is that operating losses and cash burn have returned in early 2026 after a brief improvement in late 2025 and early 2025. Investors will likely want to see stronger sales, better cost control, and a return to positive operating cash flow before confidence in the turnaround improves.

07/21/26 09:26 AM ETAI Generated. May Contain Errors.

Natural Health Trends Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Natural Health Trends' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Natural Health Trends' net income appears to be on a downward trend, with a most recent value of -$882 thousand in 2025, falling from $47.24 million in 2015. The previous period was $572 thousand in 2024. Check out Natural Health Trends' forecast to explore projected trends and price targets.

Natural Health Trends' total operating income in 2025 was -$1.81 million, based on the following breakdown:

Total Gross Profit: $29.25 million
Total Operating Expenses: $31.06 million

Over the last 10 years, Natural Health Trends' total revenue changed from $264.86 million in 2015 to $39.78 million in 2025, a change of -85.0%.

Natural Health Trends' total liabilities were at $15.00 million at the end of 2025, a 33.3% decrease from 2024, and a 77.7% decrease since 2015.

In the past 10 years, Natural Health Trends' cash and equivalents has ranged from $6.81 million in 2025 to $135.31 million in 2017, and is currently $6.81 million as of their latest financial filing in 2025.

Over the last 10 years, Natural Health Trends' book value per share changed from 4.64 in 2015 to 2.04 in 2025, a change of -56.2%.

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Financial statements for NASDAQ:NHTC last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Natural Health Trends (NHTC) Financials

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Natural Health Trends (NHTC) Financials

Annual Income Statements for Natural Health Trends

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Quarterly Cash Flow Statements for Natural Health Trends

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Quarterly Metrics And Ratios for Natural Health Trends

Financials Breakdown Chart

Key Financial Trends

Natural Health Trends Financials - Frequently Asked Questions

When does Natural Health Trends' financial year end?

How has Natural Health Trends' net income changed over the last 10 years?

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How has Natural Health Trends' revenue changed over the last 10 years?

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How has Natural Health Trends' book value per share changed over the last 10 years?

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