Herbalife (HLF) Financials

$12.81 -0.22 (-1.67%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$12.96 +0.14 (+1.11%)

As of 05/15/2026 04:44 PM Eastern

Annual Income Statements for Herbalife

This table shows Herbalife's 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	339	260	214	297	280	373	447	321	142	254	228
Consolidated Net Income / (Loss)	339	260	214	297	311	373	447	321	142	254	228
Net Income / (Loss) Continuing Operations	339	260	214	297	280	373	447	321	142	254	228
Total Pre-Tax Income	486	365	471	464	451	516	561	425	203	169	275
Total Operating Income	584	458	617	683	568	641	734	545	356	386	481
Total Gross Profit	3,613	3,634	3,579	3,973	3,919	4,391	4,564	4,031	3,871	3,889	3,923
Total Revenue	4,469	4,488	4,428	4,892	4,877	5,542	5,803	5,204	5,062	4,993	5,038
Operating Revenue	4,469	4,488	4,428	4,892	4,877	5,542	5,803	5,204	5,062	4,993	5,038
Total Cost of Revenue	856	855	849	919	958	1,151	1,239	1,174	1,191	1,104	1,115
Operating Cost of Revenue	856	855	849	919	958	1,151	1,239	1,174	1,191	1,104	1,115
Total Operating Expenses	3,029	3,176	2,962	3,289	3,351	3,751	3,829	3,486	3,515	3,503	3,442
Selling, General & Admin Expense	1,785	1,967	1,759	1,955	1,940	2,075	2,012	1,810	3,525	3,508	3,447
Other Operating Expenses / (Income)	1,245	1,209	1,203	1,334	1,411	1,676	1,817	1,675	-10	-5.50	-4.80
Total Other Income / (Expense), net	-97	-93	-146	-219	-148	-124	-173	-120	-153	-217	-206
Interest Expense	101	99	161	181	153	133	153	139	166	218	214
Interest & Investment Income	5.60	5.90	15	19	21	8.80	4.40	6.10	12	12	8.50
Other Income / (Expense), net	-2.30	-	0.40	-57	-16	0.00	-25	13	1.00	-11	0.00
Income Tax Expense	147	105	257	168	140	144	114	104	61	-85	47
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.00	-0.50
Basic Earnings per Share	$4.11	$1.57	$1.35	$2.12	$2.26	$2.83	$4.22	$3.26	$1.44	$2.53	$2.22
Weighted Average Basic Shares Outstanding	82.60M	166.10M	158.50M	140.20M	137.40M	131.50M	105.90M	98.50M	99M	100.60M	102.80M
Diluted Earnings per Share	$3.97	$1.51	$1.29	$1.98	$2.20	$2.77	$4.13	$3.23	$1.42	$2.50	$2.20
Weighted Average Diluted Shares Outstanding	85.30M	172.20M	165.70M	149.50M	141.60M	134.50M	108.30M	99.50M	100.20M	101.60M	103.60M
Weighted Average Basic & Diluted Shares Outstanding	82.50M	83.10M	158.40M	139.90M	147.53M	117.92M	109.77M	97.92M	99.26M	101.20M	103.37M

This table shows Herbalife's 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	43	10	24	4.70	47	178	50	49	43	85	62
Consolidated Net Income / (Loss)	43	10	24	4.70	47	178	50	49	43	85	61
Net Income / (Loss) Continuing Operations	43	10	24	4.70	47	178	50	49	43	85	61
Total Pre-Tax Income	69	18	34	12	71	53	71	79	75	51	92
Total Operating Income	107	56	72	80	127	107	123	133	126	100	138
Total Gross Profit	978	927	979	998	972	940	957	982	990	995	1,026
Total Revenue	1,281	1,215	1,264	1,281	1,240	1,207	1,222	1,259	1,274	1,283	1,317
Operating Revenue	1,281	1,215	1,264	1,281	1,240	1,207	1,222	1,259	1,274	1,283	1,317
Total Cost of Revenue	303	288	285	283	269	268	265	277	284	288	291
Operating Cost of Revenue	303	288	285	283	269	268	265	277	284	288	291
Total Operating Expenses	871	872	907	918	845	833	834	850	864	895	888
Selling, General & Admin Expense	455	474	492	502	444	437	834	448	448	2,119	893
Other Operating Expenses / (Income)	416	397	415	415	401	397	0.00	402	416	-1,224	-5.50
Total Other Income / (Expense), net	-38	-38	-38	-68	-57	-54	-52	-54	-51	-49	-47
Interest Expense	39	50	38	58	57	66	52	54	51	58	47
Other Income / (Expense), net	1.00	-	-	-11	0.00	-	0.00	0.00	0.00	-	0.00
Income Tax Expense	26	7.50	9.70	7.50	23	-125	20	30	32	-35	30
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-	0.00	-0.10	-0.10	-	-0.70
Basic Earnings per Share	$0.43	$0.11	$0.24	$0.05	$0.47	$1.77	$0.50	$0.48	$0.42	$0.82	$0.60
Weighted Average Basic Shares Outstanding	99.20M	99M	99.70M	100.60M	100.90M	100.60M	101.50M	102.70M	103.30M	102.80M	103.80M
Diluted Earnings per Share	$0.43	$0.10	$0.24	$0.05	$0.46	$1.75	$0.49	$0.48	$0.42	$0.81	$0.57
Weighted Average Diluted Shares Outstanding	100.40M	100.20M	100.70M	101.70M	101.90M	101.60M	102.20M	103.30M	104M	103.60M	108.40M
Weighted Average Basic & Diluted Shares Outstanding	99.11M	99.26M	99.97M	100.72M	100.79M	101.20M	101.85M	103.11M	103.31M	103.37M	103.67M

This table details how cash moves in and out of Herbalife's 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	244	-27	410	-29	-368	207	-444	-94	79	-157	-63
Net Cash From Operating Activities	629	367	591	648	458	629	460	353	358	285	333
Net Cash From Continuing Operating Activities	629	367	591	648	458	629	460	353	358	285	333
Net Income / (Loss) Continuing Operations	339	260	214	297	311	373	447	321	142	254	228
Consolidated Net Income / (Loss)	339	260	214	297	311	373	447	321	142	254	228
Depreciation Expense	98	98	100	100	98	100	108	115	113	121	121
Amortization Expense	56	56	60	64	44	27	30	6.70	7.40	13	16
Non-Cash Adjustments To Reconcile Net Income	108	48	73	139	63	148	145	53	88	93	68
Changes in Operating Assets and Liabilities, net	28	-95	144	48	-58	-19	-269	-143	6.60	-197	-100
Net Cash From Investing Activities	-73	-142	-95	-84	-108	-123	-156	-156	-135	-85	-109
Net Cash From Continuing Investing Activities	-73	-142	-95	-84	-108	-123	-156	-156	-135	-85	-109
Purchase of Property, Plant & Equipment	-79	-143	-96	-84	-106	-112	-151	-156	-135	-122	-80
Acquisitions	-	-	-	-	-	-	-	-	0.00	0.00	-26
Other Investing Activities, net	5.70	1.00	0.30	0.10	-1.90	-11	-5.00	0.20	0.20	37	-2.80
Net Cash From Financing Activities	-250	-252	-85	-593	-713	-321	-729	-265	-148	-335	-296
Net Cash From Continuing Financing Activities	-250	-252	-85	-593	-713	-321	-729	-265	-148	-335	-296
Repayment of Debt	-234	-439	-517	-1,850	-696	-29	-988	-960	-353	-2,500	-1,012
Repurchase of Common Equity	-17	-13	-844	-750	-17	-924	-1,011	-147	-11	-8.30	-8.20
Issuance of Debt	0.40	200	1,276	1,951	0.00	632	1,271	842	215	2,173	725
Effect of Exchange Rate Changes	-61	-	-	-	-4.00	22	-19	-	4.80	-23	8.10
Cash Interest Paid	51	45	101	106	114	79	144	134	159	194	206
Cash Income Taxes Paid	168	163	159	159	148	138	156	145	0.00	0.00	0.00

This table details how cash moves in and out of Herbalife's 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	-31	80	-183	-23	29	20	-87	-7.40	-16	47	98
Net Cash From Operating Activities	80	96	14	103	100	70	0.20	96	139	98	114
Net Cash From Continuing Operating Activities	80	96	14	103	100	70	0.20	96	139	98	114
Net Income / (Loss) Continuing Operations	43	10	24	4.70	47	178	50	49	43	85	61
Consolidated Net Income / (Loss)	43	10	24	4.70	47	178	50	49	43	85	61
Depreciation Expense	28	28	29	33	31	29	31	31	31	29	29
Amortization Expense	1.90	1.90	2.10	3.50	3.80	4.00	4.10	4.10	4.10	4.10	4.20
Non-Cash Adjustments To Reconcile Net Income	26	34	-11	45	44	27	23	26	35	17	15
Changes in Operating Assets and Liabilities, net	-20	22	-31	17	-26	-168	-108	-14	26	-37	4.40
Net Cash From Investing Activities	-31	-35	-33	-36	10	-26	-19	-51	-21	-19	-11
Net Cash From Continuing Investing Activities	-31	-35	-33	-36	10	-26	-19	-51	-21	-19	-11
Purchase of Property, Plant & Equipment	-31	-35	-33	-36	-27	-26	-18	-23	-21	-19	-11
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	0.00
Other Investing Activities, net	-	0.10	0.10	0.10	37	0.10	-0.50	-2.30	0.20	-0.20	-0.30
Net Cash From Financing Activities	-71	8.30	-158	-82	-86	-9.00	-72	-60	-130	-33	2.00
Net Cash From Continuing Financing Activities	-71	8.30	-158	-82	-86	-9.00	-72	-60	-130	-33	2.00
Repayment of Debt	-195	-11	-317	-1,658	-242	-283	-135	-261	-411	-205	-64
Repurchase of Common Equity	-0.30	-1.30	-2.30	-3.40	-	-2.60	-2.20	-4.60	-1.30	-0.10	-0.70
Issuance of Debt	124	20	161	1,579	156	277	65	206	282	173	67
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	0.00
Effect of Exchange Rate Changes	-	-	-5.80	-	-	-15	3.70	7.40	-3.40	0.40	-6.90

This table presents Herbalife's 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	2,478	2,565	2,895	2,790	2,679	3,076	2,820	2,732	2,809	2,728	2,786
Total Current Assets	1,566	1,463	1,860	1,805	1,488	1,776	1,432	1,356	1,399	1,144	1,145
Cash & Equivalents	890	844	1,279	1,199	839	1,045	602	508	575	415	353
Accounts Receivable	70	70	93	71	80	83	67	71	81	69	92
Inventories, net	332	371	341	382	436	501	576	581	505	475	512
Prepaid Expenses	161	177	147	154	133	146	188	197	238	184	188
Plant, Property, & Equipment, net	339	378	378	360	372	390	442	486	507	460	448
Total Noncurrent Assets	572	725	657	625	819	910	946	890	904	1,124	1,194
Goodwill	92	90	97	93	92	101	95	93	95	88	101
Intangible Assets	310	310	310	310	310	313	317	316	314	312	315
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	179	399	464
Other Noncurrent Operating Assets	141	325	250	222	417	496	533	481	315	326	314
Total Liabilities & Shareholders' Equity	2,478	2,565	2,895	2,790	2,679	3,076	2,820	2,732	2,809	2,728	2,786
Total Liabilities	2,531	2,369	3,230	3,513	3,069	3,932	4,211	3,998	3,870	3,529	3,295
Total Current Liabilities	1,024	792	907	1,589	964	1,127	1,080	977	1,278	1,230	1,013
Short-Term Debt	230	9.50	102	679	24	23	29	30	310	284	21
Accounts Payable	71	66	68	81	82	89	92	90	84	70	100
Accrued Expenses	479	261	278	281	294	358	363	343	343	360	402
Other Current Liabilities	-	455	459	547	565	658	596	514	541	517	490
Total Noncurrent Liabilities	1,507	1,578	2,323	1,924	2,104	2,805	3,131	3,021	2,592	2,299	2,282
Long-Term Debt	1,393	1,438	2,166	1,775	1,779	2,406	2,733	2,663	2,253	1,977	1,972
Other Noncurrent Operating Liabilities	71	139	157	150	325	399	398	359	339	322	311
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	-54	196	-335	-723	-390	-856	-1,392	-1,266	-1,060	-801	-509
Total Preferred & Common Equity	-54	196	-335	-723	-390	-856	-1,392	-1,266	-1,060	-801	-515
Total Common Equity	-54	196	-335	-723	-390	-856	-1,392	-1,266	-1,060	-801	-515
Common Stock	438	468	407	342	367	342	318	189	234	278	316
Retained Earnings	-326	-66	-248	-526	-215	-687	-1,169	-1,205	-1,062	-808	-580
Accumulated Other Comprehensive Income / (Loss)	-166	-205	-165	-210	-213	-182	-212	-250	-232	-271	-252
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	0.00	5.70

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	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	2,725	2,688	2,771	2,725	2,647	2,602	2,654	2,684	2,736	2,697	2,875
Total Current Assets	1,384	1,322	1,371	1,346	1,226	1,214	1,245	1,094	1,103	1,106	1,252
Cash & Equivalents	533	454	527	496	398	374	403	329	321	306	451
Accounts Receivable	85	85	86	80	88	83	82	90	96	98	106
Inventories, net	537	545	525	497	502	481	515	488	513	513	495
Prepaid Expenses	229	238	233	274	238	276	245	187	173	190	200
Plant, Property, & Equipment, net	468	480	486	492	511	468	463	450	466	457	429
Total Noncurrent Assets	874	886	913	886	910	920	946	1,140	1,167	1,134	1,194
Goodwill	88	94	94	93	94	92	93	89	101	101	99
Intangible Assets	316	315	315	314	314	313	313	312	317	316	315
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	414	428	402	464
Other Noncurrent Operating Assets	470	476	504	479	502	516	540	325	322	316	316
Total Liabilities & Shareholders' Equity	2,725	2,688	2,771	2,725	2,647	2,602	2,654	2,684	2,736	2,697	2,875
Total Liabilities	4,087	3,910	3,921	3,828	3,684	3,639	3,608	3,420	3,391	3,303	3,309
Total Current Liabilities	986	1,227	1,241	1,165	945	976	1,285	1,129	1,094	1,000	1,022
Short-Term Debt	30	294	296	233	2.90	22	283	219	168	21	9.20
Accounts Payable	85	68	89	78	90	81	87	85	92	88	88
Accrued Expenses	329	317	328	335	313	317	332	306	329	346	361
Other Current Liabilities	543	548	528	520	539	557	583	519	506	545	564
Total Noncurrent Liabilities	3,102	2,683	2,680	2,663	2,739	2,663	2,323	2,291	2,296	2,303	2,287
Long-Term Debt	2,725	2,335	2,327	2,319	2,405	2,321	1,978	1,975	1,974	1,997	1,982
Other Noncurrent Operating Liabilities	377	348	354	344	334	342	345	316	323	306	305
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	-1,362	-1,223	-1,150	-1,104	-1,037	-1,037	-954	-736	-654	-606	-434
Total Preferred & Common Equity	-1,362	-1,223	-1,150	-1,104	-1,037	-1,037	-954	-736	-661	-612	-442
Total Common Equity	-1,362	-1,223	-1,150	-1,104	-1,037	-1,037	-954	-736	-661	-612	-442
Common Stock	181	191	203	222	244	254	267	288	294	305	334
Retained Earnings	-1,259	-1,175	-1,115	-1,073	-1,038	-1,033	-986	-758	-708	-665	-518
Accumulated Other Comprehensive Income / (Loss)	-284	-239	-238	-253	-243	-257	-235	-266	-247	-252	-258
Noncontrolling Interest	-	-	-	-	-	-	-	-	6.10	6.00	7.30

This table displays calculated financial ratios and metrics derived from Herbalife's 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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.87%	0.43%	-1.35%	10.48%	-0.30%	13.63%	4.71%	-10.31%	-2.73%	-1.37%	0.89%
EBITDA Growth	15.43%	-16.78%	27.02%	1.61%	-12.18%	10.64%	10.37%	-19.72%	-29.70%	6.71%	21.25%
EBIT Growth	16.14%	-21.19%	34.80%	1.34%	-11.73%	15.97%	10.76%	-21.35%	-35.95%	5.04%	28.13%
NOPAT Growth	8.13%	-19.73%	-14.22%	55.81%	-10.32%	18.09%	26.65%	-29.56%	-39.46%	132.04%	-31.25%
Net Income Growth	9.85%	-23.33%	-17.73%	38.66%	4.86%	19.81%	20.02%	-28.15%	-55.74%	78.83%	-10.42%
EPS Growth	16.76%	-23.33%	-17.73%	53.49%	11.11%	25.91%	49.10%	-21.79%	-56.04%	76.06%	-12.00%
Operating Cash Flow Growth	22.94%	-41.58%	60.85%	9.75%	-29.44%	37.40%	-26.77%	-23.42%	1.42%	-20.17%	16.78%
Free Cash Flow Firm Growth	682.19%	-62.03%	107.59%	31.44%	-37.58%	45.69%	-32.66%	-23.00%	-8.72%	92.03%	-32.56%
Invested Capital Growth	-16.42%	17.90%	-18.20%	-18.81%	7.92%	-8.14%	46.06%	19.30%	0.96%	12.60%	8.28%
Revenue Q/Q Growth	-0.78%	-1.18%	1.10%	1.94%	0.70%	3.56%	-3.35%	-0.55%	0.68%	-0.15%	1.52%
EBITDA Q/Q Growth	-2.17%	2.20%	-0.85%	-0.15%	-10.59%	5.86%	-9.26%	1.81%	-6.25%	9.23%	-1.01%
EBIT Q/Q Growth	-3.61%	3.53%	-1.39%	0.22%	-11.80%	6.66%	-11.11%	3.22%	-8.24%	11.99%	-1.37%
NOPAT Q/Q Growth	-4.18%	4.43%	-41.05%	59.44%	2.95%	4.60%	-4.85%	2.01%	-14.14%	168.42%	-29.39%
Net Income Q/Q Growth	-5.28%	6.08%	-43.22%	60.93%	2.57%	4.81%	-7.37%	5.31%	-23.71%	193.65%	-28.95%
EPS Q/Q Growth	-8.31%	6.08%	-43.22%	46.67%	-0.45%	-9.18%	-4.40%	5.21%	-24.47%	194.12%	-29.94%
Operating Cash Flow Q/Q Growth	13.26%	-4.70%	13.22%	-6.85%	4.07%	-6.56%	-5.56%	-8.27%	13.49%	-8.50%	9.42%
Free Cash Flow Firm Q/Q Growth	22.21%	-7.80%	9.13%	-0.46%	4.55%	-12.54%	-0.73%	-10.63%	21.36%	75.37%	-13.88%
Invested Capital Q/Q Growth	-1.35%	2.81%	-24.18%	-7.57%	-7.65%	9.52%	2.46%	6.74%	-2.68%	15.39%	2.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.85%	80.96%	80.83%	81.21%	80.36%	79.24%	78.64%	77.45%	76.47%	77.88%	77.87%
EBITDA Margin	16.46%	13.64%	17.56%	16.15%	14.23%	13.85%	14.60%	13.07%	9.44%	10.22%	12.28%
Operating Margin	13.06%	10.21%	13.94%	13.96%	11.65%	11.56%	12.65%	10.48%	7.04%	7.73%	9.55%
EBIT Margin	13.01%	10.21%	13.95%	12.79%	11.33%	11.56%	12.23%	10.72%	7.06%	7.52%	9.55%
Profit (Net Income) Margin	7.59%	5.79%	4.83%	6.06%	6.38%	6.72%	7.71%	6.17%	2.81%	5.09%	4.52%
Tax Burden Percent	69.72%	71.29%	45.39%	63.89%	68.90%	72.15%	79.74%	75.64%	70.05%	150.12%	82.81%
Interest Burden Percent	83.67%	79.61%	76.31%	74.18%	81.72%	80.61%	79.04%	76.13%	56.80%	45.13%	57.19%
Effective Tax Rate	30.28%	28.71%	54.61%	36.11%	31.10%	27.85%	20.26%	24.36%	29.95%	-50.12%	17.19%
Return on Invested Capital (ROIC)	54.59%	44.17%	38.51%	73.60%	70.84%	84.00%	90.30%	48.87%	27.06%	58.79%	36.65%
ROIC Less NNEP Spread (ROIC-NNEP)	47.37%	34.20%	30.20%	61.13%	63.59%	76.36%	82.51%	44.68%	21.91%	41.83%	26.86%
Return on Net Nonoperating Assets (RNNOA)	-229.43%	319.98%	-347.62%	-129.66%	-126.70%	-143.80%	-130.10%	-73.05%	-39.29%	-86.12%	-71.41%
Return on Equity (ROE)	-174.84%	364.15%	-309.10%	-56.06%	-55.86%	-59.80%	-39.79%	-24.18%	-12.23%	-27.32%	-34.77%
Cash Return on Invested Capital (CROIC)	72.47%	27.74%	58.53%	94.35%	63.22%	92.49%	52.86%	31.27%	26.11%	46.94%	28.70%
Operating Return on Assets (OROA)	24.06%	18.17%	22.62%	22.02%	20.20%	22.26%	24.07%	20.10%	12.90%	13.56%	17.45%
Return on Assets (ROA)	14.03%	10.31%	7.83%	10.43%	11.37%	12.95%	15.17%	11.57%	5.13%	9.18%	8.26%
Return on Common Equity (ROCE)	-174.84%	364.15%	-309.10%	-56.06%	-55.86%	-59.80%	-39.79%	-24.18%	-12.23%	-27.32%	-34.92%
Return on Equity Simple (ROE_SIMPLE)	-633.83%	132.45%	-63.91%	-41.00%	-79.74%	-43.52%	-32.14%	-25.38%	-13.41%	-31.74%	0.00%
Net Operating Profit after Tax (NOPAT)	407	327	280	436	391	462	585	412	250	579	398
NOPAT Margin	9.10%	7.28%	6.33%	8.92%	8.03%	8.34%	10.09%	7.92%	4.93%	11.60%	7.91%
Net Nonoperating Expense Percent (NNEP)	7.21%	9.97%	8.31%	12.46%	7.25%	7.64%	7.80%	4.19%	5.15%	16.96%	9.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	28.92%	16.62%	39.71%	26.85%
Cost of Revenue to Revenue	19.15%	19.04%	19.17%	18.79%	19.64%	20.76%	21.36%	22.55%	23.53%	22.12%	22.13%
SG&A Expenses to Revenue	39.93%	43.82%	39.72%	39.97%	39.78%	37.44%	34.67%	34.79%	36.86%	37.56%	68.42%
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	67.79%	70.75%	66.90%	67.24%	68.71%	67.68%	65.99%	66.97%	69.43%	70.15%	68.33%
Earnings before Interest and Taxes (EBIT)	581	458	618	626	552	641	710	558	357	375	481
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	736	612	778	790	694	768	847	680	478	510	619
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	22.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.11	1.00	1.33	1.88	1.44	1.14	0.79	0.28	0.30	0.14	0.26
Price to Earnings (P/E)	14.63	17.23	27.61	31.03	25.11	16.97	10.26	4.53	10.64	2.65	5.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.83%	5.80%	3.62%	3.22%	3.98%	5.89%	9.74%	22.06%	9.40%	37.71%	17.14%
Enterprise Value to Invested Capital (EV/IC)	8.39	6.35	10.53	19.68	13.92	14.63	8.77	3.97	3.78	2.41	2.63
Enterprise Value to Revenue (EV/Rev)	1.27	1.13	1.56	2.14	1.64	1.39	1.16	0.70	0.69	0.50	0.59
Enterprise Value to EBITDA (EV/EBITDA)	7.74	8.30	8.87	13.24	11.51	10.04	7.97	5.35	7.32	4.94	4.81
Enterprise Value to EBIT (EV/EBIT)	9.80	11.10	11.16	16.71	14.46	12.03	9.51	6.52	9.79	6.71	6.19
Enterprise Value to NOPAT (EV/NOPAT)	13.99	15.56	24.61	23.96	20.40	16.67	11.53	8.83	14.02	4.35	7.47
Enterprise Value to Operating Cash Flow (EV/OCF)	9.06	13.84	11.67	16.13	17.45	12.26	14.67	10.33	9.79	8.83	8.93
Enterprise Value to Free Cash Flow (EV/FCFF)	10.54	24.79	16.19	18.69	22.86	15.14	19.70	13.80	14.53	5.45	9.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-30.32	7.38	-6.78	-3.39	-4.62	-2.84	-1.99	-2.13	-2.42	-2.82	-3.91
Long-Term Debt to Equity	-26.03	7.33	-6.47	-2.45	-4.56	-2.81	-1.96	-2.10	-2.12	-2.47	-3.87
Financial Leverage	-4.84	9.36	-11.51	-2.12	-1.99	-1.88	-1.58	-1.64	-1.79	-2.06	-2.66
Leverage Ratio	-12.46	35.32	-39.45	-5.37	-4.91	-4.62	-2.62	-2.09	-2.38	-2.97	-4.21
Compound Leverage Factor	-10.43	28.12	-30.11	-3.99	-4.01	-3.72	-2.07	-1.59	-1.35	-1.34	-2.41
Debt to Total Capital	103.41%	88.06%	117.31%	141.81%	127.60%	154.45%	201.49%	188.77%	170.59%	154.91%	134.34%
Short-Term Debt to Total Capital	14.63%	0.58%	5.30%	39.23%	1.71%	1.46%	2.14%	2.07%	20.60%	19.43%	1.41%
Long-Term Debt to Total Capital	88.78%	87.48%	112.02%	102.57%	125.90%	152.99%	199.34%	186.70%	149.98%	135.48%	132.94%
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%	0.38%
Common Equity to Total Capital	-3.41%	11.94%	-17.31%	-41.81%	-27.60%	-54.45%	-101.49%	-88.77%	-70.59%	-54.91%	-34.73%
Debt to EBITDA	2.21	2.37	2.92	3.11	2.60	3.16	3.26	3.96	5.36	4.43	3.22
Net Debt to EBITDA	1.00	0.99	1.27	1.59	1.39	1.80	2.55	3.21	4.16	3.62	2.65
Long-Term Debt to EBITDA	1.89	2.35	2.79	2.25	2.56	3.13	3.23	3.91	4.71	3.87	3.19
Debt to NOPAT	3.99	4.43	8.10	5.62	4.61	5.25	4.72	6.53	10.26	3.90	5.00
Net Debt to NOPAT	1.80	1.85	3.53	2.88	2.46	2.99	3.69	5.30	7.96	3.18	4.12
Long-Term Debt to NOPAT	3.42	4.40	7.73	4.07	4.54	5.20	4.67	6.46	9.02	3.41	4.95
Altman Z-Score	3.83	3.75	3.61	3.89	4.00	3.39	3.11	2.35	1.98	1.95	2.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	1.85	2.05	1.14	1.54	1.58	1.33	1.39	1.10	0.93	1.13
Quick Ratio	0.94	1.16	1.51	0.80	0.95	1.00	0.62	0.59	0.51	0.39	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	540	205	426	560	349	509	343	264	241	463	312
Operating Cash Flow to CapEx	795.82%	256.14%	618.64%	771.90%	431.20%	561.25%	304.03%	225.38%	264.81%	233.93%	414.55%
Free Cash Flow to Firm to Interest Expense	5.37	2.07	2.65	3.09	2.28	3.83	2.24	1.89	1.45	2.12	1.45
Operating Cash Flow to Interest Expense	6.26	3.70	3.67	3.58	2.99	4.73	3.01	2.53	2.15	1.31	1.55
Operating Cash Flow Less CapEx to Interest Expense	5.47	2.25	3.08	3.12	2.30	3.88	2.02	1.41	1.34	0.75	1.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.85	1.78	1.62	1.72	1.78	1.93	1.97	1.87	1.83	1.80	1.83
Accounts Receivable Turnover	58.23	64.03	54.13	59.73	64.94	68.00	77.27	75.70	66.70	66.53	62.66
Inventory Turnover	2.41	2.43	2.38	2.54	2.34	2.45	2.30	2.03	2.19	2.25	2.26
Fixed Asset Turnover	12.66	12.52	11.72	13.27	13.33	14.55	13.94	11.21	10.20	10.33	11.10
Accounts Payable Turnover	11.93	12.47	12.68	12.35	11.78	13.51	13.72	12.91	13.71	14.34	13.13
Days Sales Outstanding (DSO)	6.27	5.70	6.74	6.11	5.62	5.37	4.72	4.82	5.47	5.49	5.83
Days Inventory Outstanding (DIO)	151.31	150.19	153.23	143.53	155.83	148.72	158.61	179.83	166.40	162.06	161.62
Days Payable Outstanding (DPO)	30.59	29.28	28.78	29.56	30.99	27.01	26.61	28.27	26.63	25.45	27.80
Cash Conversion Cycle (CCC)	126.98	126.61	131.20	120.08	130.46	127.07	136.73	156.38	145.24	142.09	139.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	679	800	655	532	574	527	770	918	927	1,044	1,130
Invested Capital Turnover	6.00	6.07	6.09	8.25	8.83	10.07	8.95	6.17	5.49	5.07	4.63
Increase / (Decrease) in Invested Capital	-133	122	-146	-123	42	-47	243	149	8.80	117	86
Enterprise Value (EV)	5,694	5,083	6,894	10,458	7,985	7,707	6,751	3,641	3,500	2,519	2,977
Market Capitalization	4,962	4,479	5,905	9,203	7,021	6,324	4,590	1,457	1,512	674	1,332
Book Value per Share	($0.58)	$2.11	($3.84)	($4.63)	($2.65)	($6.50)	($12.41)	($12.93)	($10.70)	($7.95)	($4.99)
Tangible Book Value per Share	($4.92)	($2.19)	($8.51)	($7.22)	($5.37)	($9.65)	($16.09)	($17.11)	($14.83)	($11.92)	($9.01)
Total Capital	1,569	1,644	1,933	1,730	1,413	1,572	1,371	1,426	1,502	1,459	1,483
Total Debt	1,622	1,448	2,268	2,454	1,803	2,428	2,763	2,692	2,562	2,260	1,993
Total Long-Term Debt	1,393	1,438	2,166	1,775	1,779	2,406	2,733	2,663	2,253	1,977	1,972
Net Debt	732	604	989	1,255	964	1,383	2,161	2,184	1,987	1,845	1,640
Capital Expenditures (CapEx)	79	143	96	84	106	112	151	156	135	122	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-118	-164	-223	-304	-292	-374	-221	-99	-144	-219	-200
Debt-free Net Working Capital (DFNWC)	771	681	1,056	895	548	671	381	409	431	197	153
Net Working Capital (NWC)	542	671	954	216	524	649	351	380	122	-87	132
Net Nonoperating Expense (NNE)	68	67	66	140	80	90	138	91	107	325	170
Net Nonoperating Obligations (NNO)	732	604	989	1,255	964	1,383	2,161	2,184	1,987	1,845	1,640
Total Depreciation and Amortization (D&A)	154	154	160	164	141	127	138	122	121	135	138
Debt-free, Cash-free Net Working Capital to Revenue	-2.65%	-3.64%	-5.03%	-6.21%	-5.98%	-6.75%	-3.80%	-1.90%	-2.84%	-4.38%	-3.98%
Debt-free Net Working Capital to Revenue	17.26%	15.16%	23.85%	18.30%	11.23%	12.12%	6.56%	7.86%	8.52%	3.94%	3.03%
Net Working Capital to Revenue	12.13%	14.95%	21.53%	4.42%	10.74%	11.70%	6.06%	7.29%	2.40%	-1.74%	2.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.06	$1.57	$1.35	$2.12	$2.26	$2.83	$4.22	$3.26	$1.44	$2.53	$2.22
Adjusted Weighted Average Basic Shares Outstanding	165.20M	166M	158.40M	140.20M	137.40M	131.50M	105.90M	98.50M	99M	100.60M	102.80M
Adjusted Diluted Earnings per Share	$1.99	$1.51	$1.29	$1.98	$2.20	$2.77	$4.13	$3.23	$1.42	$2.50	$2.20
Adjusted Weighted Average Diluted Shares Outstanding	170.60M	172.20M	165.80M	149.50M	141.60M	134.50M	108.30M	99.50M	100.20M	101.60M	103.60M
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	185.35M	186.17M	174.84M	152.86M	147.53M	117.92M	109.77M	97.92M	99.26M	101.20M	103.37M
Normalized Net Operating Profit after Tax (NOPAT)	407	327	432	436	391	462	585	412	250	270	398
Normalized NOPAT Margin	9.10%	7.28%	9.76%	8.92%	8.03%	8.34%	10.09%	7.92%	4.93%	5.41%	7.91%
Pre Tax Income Margin	10.88%	8.13%	10.64%	9.49%	9.26%	9.32%	9.66%	8.16%	4.01%	3.39%	5.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.78	4.61	3.84	3.46	3.61	4.82	4.63	4.01	2.15	1.72	2.24
NOPAT to Interest Expense	4.05	3.29	1.74	2.41	2.56	3.48	3.82	2.96	1.50	2.65	1.86
EBIT Less CapEx to Interest Expense	5.00	3.17	3.25	2.99	2.92	3.97	3.65	2.88	1.34	1.16	1.87
NOPAT Less CapEx to Interest Expense	3.26	1.84	1.15	1.95	1.86	2.63	2.83	1.84	0.69	2.09	1.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	4.90%	5.08%	394.67%	252.97%	5.37%	247.85%	226.14%	45.66%	7.74%	3.26%	3.60%

This table displays calculated financial ratios and metrics derived from Herbalife's 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	-	-	-	-	-	-	-	-	-	-	103,365,565.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	103,365,565.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.60
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.07%	2.90%	0.97%	-2.50%	-3.20%	-0.63%	-3.37%	-1.72%	2.69%	6.26%	7.82%
EBITDA Growth	-22.34%	-27.69%	3.41%	-31.35%	17.03%	62.40%	52.71%	57.74%	-0.56%	-4.52%	9.14%
EBIT Growth	-26.93%	-37.23%	1.99%	-43.35%	18.01%	90.86%	70.79%	89.70%	-1.02%	-6.29%	12.70%
NOPAT Growth	-38.51%	-57.18%	-22.63%	-64.38%	29.31%	1,020.16%	70.11%	166.62%	-15.06%	-53.31%	5.78%
Net Income Growth	-47.93%	-81.25%	-17.06%	-92.15%	10.75%	1,644.12%	107.41%	946.81%	-9.07%	-52.16%	21.43%
EPS Growth	-48.19%	-82.14%	-17.24%	-91.67%	6.98%	1,650.00%	104.17%	860.00%	-8.70%	-53.71%	16.33%
Operating Cash Flow Growth	14.37%	79.29%	-70.13%	-24.41%	25.00%	-27.58%	-98.55%	-6.34%	39.50%	41.24%	56,800.00%
Free Cash Flow Firm Growth	-1,464.63%	131.82%	132.86%	199.63%	606.47%	942.12%	-322.66%	-439.75%	-197.13%	-66.40%	269.51%
Invested Capital Growth	10.73%	0.96%	2.20%	-1.46%	-5.03%	12.60%	15.96%	25.20%	22.32%	8.28%	-2.00%
Revenue Q/Q Growth	-2.49%	-5.17%	4.06%	1.33%	-3.18%	-2.65%	1.18%	3.06%	1.16%	0.73%	2.67%
EBITDA Q/Q Growth	-10.62%	-37.75%	20.14%	2.71%	52.36%	-13.62%	12.97%	6.09%	-3.95%	-17.06%	29.13%
EBIT Q/Q Growth	-12.72%	-48.19%	28.85%	-2.78%	81.83%	-16.21%	15.31%	7.98%	-5.13%	-20.67%	38.68%
NOPAT Q/Q Growth	-24.11%	-51.27%	59.81%	-39.72%	175.50%	322.11%	-75.73%	-5.53%	-12.22%	132.01%	-45.02%
Net Income Q/Q Growth	-28.55%	-76.17%	138.24%	-80.66%	908.51%	275.32%	-71.67%	-2.38%	-12.40%	97.45%	-28.08%
EPS Q/Q Growth	-28.33%	-76.74%	140.00%	-79.17%	820.00%	280.43%	-72.00%	-2.04%	-12.50%	92.86%	-29.63%
Operating Cash Flow Q/Q Growth	-41.30%	20.73%	-85.64%	642.75%	-2.93%	-30.05%	-99.71%	47,900.00%	44.58%	-29.18%	15.77%
Free Cash Flow Firm Q/Q Growth	41.46%	188.78%	30.53%	46.86%	197.57%	82.68%	-127.89%	-124.09%	14.93%	163.19%	40.71%
Invested Capital Q/Q Growth	0.75%	-2.68%	4.97%	-4.27%	-2.90%	15.39%	8.11%	3.36%	-5.13%	2.14%	-2.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.34%	76.33%	77.46%	77.90%	78.34%	77.85%	78.29%	78.01%	77.69%	77.53%	77.90%
EBITDA Margin	10.77%	7.07%	8.16%	8.27%	13.02%	11.55%	12.90%	13.28%	12.61%	10.38%	13.06%
Operating Margin	8.33%	4.59%	5.69%	6.28%	10.25%	8.82%	10.05%	10.53%	9.88%	7.78%	10.51%
EBIT Margin	8.41%	4.59%	5.69%	5.46%	10.25%	8.82%	10.05%	10.53%	9.88%	7.78%	10.51%
Profit (Net Income) Margin	3.34%	0.84%	1.92%	0.37%	3.82%	14.73%	4.13%	3.91%	3.38%	6.63%	4.65%
Tax Burden Percent	61.85%	57.63%	71.47%	38.52%	67.14%	338.21%	71.19%	62.28%	57.62%	168.51%	66.81%
Interest Burden Percent	64.25%	31.72%	47.29%	17.45%	55.55%	49.39%	57.65%	59.58%	59.46%	50.60%	66.19%
Effective Tax Rate	38.15%	42.37%	28.53%	61.48%	32.86%	-238.21%	28.81%	37.72%	42.38%	-68.51%	33.19%
Return on Invested Capital (ROIC)	28.58%	14.52%	21.43%	12.99%	37.06%	151.18%	33.71%	30.82%	28.09%	60.75%	32.26%
ROIC Less NNEP Spread (ROIC-NNEP)	27.49%	13.47%	20.13%	11.70%	35.12%	141.66%	31.80%	29.06%	26.44%	55.98%	30.42%
Return on Net Nonoperating Assets (RNNOA)	-47.70%	-24.16%	-37.29%	-21.73%	-66.81%	-291.64%	-69.51%	-65.09%	-60.52%	-148.85%	-88.50%
Return on Equity (ROE)	-19.13%	-9.63%	-15.86%	-8.74%	-29.75%	-140.46%	-35.79%	-34.27%	-32.43%	-88.10%	-56.24%
Cash Return on Invested Capital (CROIC)	21.90%	26.11%	22.60%	22.14%	28.40%	46.94%	41.75%	33.11%	36.02%	28.70%	37.87%
Operating Return on Assets (OROA)	15.51%	8.39%	10.82%	10.24%	19.06%	15.91%	18.67%	19.45%	18.32%	14.21%	19.40%
Return on Assets (ROA)	6.16%	1.53%	3.66%	0.69%	7.11%	26.57%	7.66%	7.22%	6.28%	12.12%	8.58%
Return on Common Equity (ROCE)	-19.13%	-9.63%	-15.86%	-8.74%	-29.75%	-140.46%	-35.79%	-34.39%	-32.56%	-88.48%	-56.59%
Return on Equity Simple (ROE_SIMPLE)	-16.89%	0.00%	-13.24%	-7.91%	-9.08%	0.00%	-38.10%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	66	32	51	31	85	360	87	83	72	168	92
NOPAT Margin	5.15%	2.65%	4.06%	2.42%	6.88%	29.83%	7.16%	6.56%	5.69%	13.11%	7.02%
Net Nonoperating Expense Percent (NNEP)	1.08%	1.05%	1.29%	1.29%	1.94%	9.51%	1.91%	1.76%	1.65%	4.77%	1.84%
Return On Investment Capital (ROIC_SIMPLE)	-	2.14%	-	-	-	24.69%	6.00%	5.55%	5.13%	11.34%	5.94%
Cost of Revenue to Revenue	23.66%	23.67%	22.54%	22.10%	21.66%	22.16%	21.71%	21.99%	22.31%	22.47%	22.10%
SG&A Expenses to Revenue	35.53%	39.04%	38.93%	39.21%	35.80%	36.19%	35.35%	35.57%	35.14%	165.18%	67.81%
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	68.01%	71.74%	71.77%	71.63%	68.09%	69.02%	68.24%	67.48%	67.81%	69.75%	67.39%
Earnings before Interest and Taxes (EBIT)	108	56	72	70	127	107	123	133	126	100	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	138	86	103	106	162	140	158	167	161	133	172
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.28	0.30	0.20	0.21	0.14	0.14	0.18	0.18	0.18	0.26	0.30
Price to Earnings (P/E)	7.43	10.64	7.26	12.67	8.36	2.65	3.11	2.70	2.71	5.83	6.35
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	13.46%	9.40%	13.77%	7.89%	11.96%	37.71%	32.11%	37.02%	36.86%	17.14%	15.76%
Enterprise Value to Invested Capital (EV/IC)	3.61	3.78	3.09	3.23	2.86	2.41	2.43	2.32	2.34	2.63	2.78
Enterprise Value to Revenue (EV/Rev)	0.68	0.69	0.59	0.60	0.52	0.50	0.55	0.55	0.52	0.59	0.60
Enterprise Value to EBITDA (EV/EBITDA)	6.75	7.32	6.26	6.79	5.53	4.94	4.76	4.32	4.14	4.81	4.85
Enterprise Value to EBIT (EV/EBIT)	8.83	9.79	8.40	9.55	7.71	6.71	6.27	5.53	5.31	6.19	6.18
Enterprise Value to NOPAT (EV/NOPAT)	11.83	14.02	12.61	15.51	11.97	4.35	4.61	4.65	4.59	7.47	7.66
Enterprise Value to Operating Cash Flow (EV/OCF)	10.92	9.79	9.25	10.30	8.28	8.83	10.07	10.19	8.50	8.93	6.87
Enterprise Value to Free Cash Flow (EV/FCFF)	17.34	14.53	13.82	14.48	9.79	5.45	6.24	7.79	7.15	9.54	7.25
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.31	-2.42	-2.32	-2.26	-2.37	-2.82	-2.98	-3.27	-3.33	-3.91	-4.59
Long-Term Debt to Equity	-2.10	-2.12	-2.32	-2.24	-2.07	-2.47	-2.68	-3.02	-3.30	-3.87	-4.56
Financial Leverage	-1.74	-1.79	-1.85	-1.86	-1.90	-2.06	-2.19	-2.24	-2.29	-2.66	-2.91
Leverage Ratio	-2.21	-2.38	-2.36	-2.46	-2.61	-2.97	-3.01	-3.16	-3.43	-4.21	-4.75
Compound Leverage Factor	-1.42	-0.76	-1.12	-0.43	-1.45	-1.47	-1.73	-1.88	-2.04	-2.13	-3.14
Debt to Total Capital	176.20%	170.59%	175.59%	179.45%	173.01%	154.91%	150.49%	144.01%	142.92%	134.34%	127.89%
Short-Term Debt to Total Capital	16.06%	20.60%	0.21%	1.66%	21.68%	19.43%	15.00%	11.30%	1.47%	1.41%	0.59%
Long-Term Debt to Total Capital	160.14%	149.98%	175.38%	177.79%	151.33%	135.48%	135.49%	132.71%	141.45%	132.94%	127.30%
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%	0.41%	0.43%	0.38%	0.47%
Common Equity to Total Capital	-76.20%	-70.59%	-75.59%	-79.45%	-73.01%	-54.91%	-50.49%	-44.42%	-43.35%	-34.73%	-28.36%
Debt to EBITDA	5.00	5.36	5.01	5.29	4.84	4.43	3.81	3.42	3.23	3.22	3.15
Net Debt to EBITDA	4.03	4.16	4.18	4.45	3.98	3.62	3.24	2.91	2.74	2.65	2.43
Long-Term Debt to EBITDA	4.55	4.71	5.01	5.24	4.23	3.87	3.43	3.15	3.20	3.19	3.13
Debt to NOPAT	8.78	10.26	10.10	12.08	10.48	3.90	3.69	3.68	3.58	5.00	4.97
Net Debt to NOPAT	7.07	7.96	8.43	10.15	8.61	3.18	3.14	3.13	3.04	4.12	3.85
Long-Term Debt to NOPAT	7.98	9.02	10.09	11.97	9.16	3.41	3.33	3.39	3.54	4.95	4.95
Altman Z-Score	1.72	1.62	1.75	1.75	1.62	1.62	1.74	1.76	1.85	1.93	2.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.36%	-0.38%	-0.43%	-0.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	1.10	1.30	1.24	0.97	0.93	0.97	1.01	1.11	1.13	1.23
Quick Ratio	0.49	0.51	0.51	0.47	0.38	0.39	0.37	0.38	0.40	0.44	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-26	23	30	45	133	243	-68	-152	-129	82	115
Operating Cash Flow to CapEx	255.95%	272.24%	41.95%	282.37%	367.16%	270.82%	1.09%	421.05%	667.31%	531.35%	1,044.04%
Free Cash Flow to Firm to Interest Expense	-0.68	0.47	0.80	0.78	2.36	3.68	-1.31	-2.84	-2.54	1.41	2.46
Operating Cash Flow to Interest Expense	2.07	1.94	0.36	1.78	1.76	1.05	0.00	1.79	2.72	1.70	2.43
Operating Cash Flow Less CapEx to Interest Expense	1.26	1.23	-0.50	1.15	1.28	0.66	-0.35	1.37	2.31	1.38	2.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.85	1.83	1.90	1.88	1.86	1.80	1.86	1.85	1.85	1.83	1.85
Accounts Receivable Turnover	61.13	66.70	58.67	59.63	61.93	66.53	55.62	55.07	55.19	62.66	52.35
Inventory Turnover	2.26	2.19	2.25	2.30	2.22	2.25	2.19	2.17	2.13	2.26	2.32
Fixed Asset Turnover	10.47	10.20	10.24	10.57	10.47	10.33	10.30	10.55	10.79	11.10	11.67
Accounts Payable Turnover	14.40	13.71	14.92	13.64	13.67	14.34	12.37	12.46	12.52	13.13	13.15
Days Sales Outstanding (DSO)	5.97	5.47	6.22	6.12	5.89	5.49	6.56	6.63	6.61	5.83	6.97
Days Inventory Outstanding (DIO)	161.39	166.40	162.29	158.39	164.27	162.06	166.58	168.20	171.49	161.62	157.23
Days Payable Outstanding (DPO)	25.35	26.63	24.46	26.76	26.70	25.45	29.50	29.30	29.15	27.80	27.76
Cash Conversion Cycle (CCC)	142.01	145.24	144.05	137.76	143.47	142.09	143.64	145.53	148.95	139.65	136.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	952	927	973	932	905	1,044	1,128	1,166	1,106	1,130	1,106
Invested Capital Turnover	5.55	5.49	5.27	5.37	5.39	5.07	4.71	4.70	4.94	4.63	4.60
Increase / (Decrease) in Invested Capital	92	8.80	21	-14	-48	117	155	235	202	86	-23
Enterprise Value (EV)	3,441	3,500	3,006	3,007	2,583	2,519	2,738	2,705	2,589	2,977	3,069
Market Capitalization	1,385	1,512	996	1,039	724	674	873	878	870	1,332	1,522
Book Value per Share	($11.15)	($10.70)	($10.40)	($10.38)	($9.47)	($7.95)	($7.27)	($6.49)	($5.94)	($4.99)	($4.27)
Tangible Book Value per Share	($15.26)	($14.83)	($14.48)	($14.42)	($13.50)	($11.92)	($11.24)	($10.58)	($9.98)	($9.01)	($8.27)
Total Capital	1,448	1,502	1,371	1,306	1,307	1,459	1,458	1,487	1,412	1,483	1,557
Total Debt	2,552	2,562	2,408	2,343	2,261	2,260	2,194	2,142	2,018	1,993	1,991
Total Long-Term Debt	2,319	2,253	2,405	2,321	1,978	1,977	1,975	1,974	1,997	1,972	1,982
Net Debt	2,056	1,987	2,010	1,969	1,859	1,845	1,864	1,821	1,712	1,640	1,540
Capital Expenditures (CapEx)	31	35	33	36	27	26	18	23	21	19	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-82	-144	-114	-115	-160	-219	-146	-144	-179	-200	-212
Debt-free Net Working Capital (DFNWC)	413	431	284	259	243	197	184	177	127	153	239
Net Working Capital (NWC)	181	122	282	238	-40	-87	-35	8.60	106	132	230
Net Nonoperating Expense (NNE)	23	22	27	26	38	182	37	33	29	83	31
Net Nonoperating Obligations (NNO)	2,056	1,987	2,010	1,969	1,859	1,845	1,864	1,821	1,712	1,640	1,540
Total Depreciation and Amortization (D&A)	30	30	31	36	34	33	35	35	35	33	34
Debt-free, Cash-free Net Working Capital to Revenue	-1.64%	-2.84%	-2.24%	-2.28%	-3.19%	-4.38%	-2.94%	-2.93%	-3.60%	-3.98%	-4.13%
Debt-free Net Working Capital to Revenue	8.22%	8.52%	5.60%	5.14%	4.86%	3.94%	3.71%	3.58%	2.56%	3.03%	4.66%
Net Working Capital to Revenue	3.59%	2.40%	5.55%	4.71%	-0.81%	-1.74%	-0.71%	0.17%	2.14%	2.62%	4.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.43	$0.11	$0.24	$0.05	$0.47	$1.77	$0.50	$0.48	$0.42	$0.82	$0.60
Adjusted Weighted Average Basic Shares Outstanding	99.20M	99M	99.70M	100.60M	100.90M	100.60M	101.50M	102.70M	103.30M	102.80M	103.80M
Adjusted Diluted Earnings per Share	$0.43	$0.10	$0.24	$0.05	$0.46	$1.75	$0.49	$0.48	$0.42	$0.81	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	100.40M	100.20M	100.70M	101.70M	101.90M	101.60M	102.20M	103.30M	104M	103.60M	108.40M
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	99.11M	99.26M	99.97M	100.72M	100.79M	101.20M	101.85M	103.11M	103.31M	103.37M	103.67M
Normalized Net Operating Profit after Tax (NOPAT)	66	32	51	56	85	75	87	83	72	70	92
Normalized NOPAT Margin	5.15%	2.65%	4.06%	4.39%	6.88%	6.17%	7.16%	6.56%	5.69%	5.45%	7.02%
Pre Tax Income Margin	5.40%	1.46%	2.69%	0.95%	5.69%	4.36%	5.80%	6.27%	5.87%	3.94%	6.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.80	1.13	1.90	1.21	2.25	1.61	2.36	2.47	2.47	1.73	2.96
NOPAT to Interest Expense	1.71	0.65	1.36	0.54	1.51	5.44	1.68	1.54	1.42	2.91	1.98
EBIT Less CapEx to Interest Expense	1.99	0.41	1.03	0.58	1.77	1.22	2.01	2.05	2.06	1.41	2.72
NOPAT Less CapEx to Interest Expense	0.91	-0.06	0.49	-0.09	1.03	5.05	1.33	1.12	1.01	2.59	1.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	5.26%	7.74%	3.35%	8.90%	8.08%	3.26%	2.92%	2.89%	3.34%	3.60%	2.81%

Financials Breakdown Chart

Key Financial Trends

Herbalife (HLF) has shown a generally improving revenue trajectory in 2025 with stable gross margins and solid operating cash flow, but continues to contend with a heavily leveraged balance sheet and negative equity. Below is a concise four-year trend snapshot derived from the quarterly statements you provided (2022–2025), focusing on the last four years and the most recent quarters.

Revenue trend: Operating revenue rose from around $1.259B in Q2 2025 to $1.283B in Q4 2025, continuing a multi-quarter uptrend from $1.221B in Q1 2025 and $1.207B in Q4 2024.
Stable gross margin: Total gross profit remained roughly in the $989–$995M range on revenues near $1.27–$1.28B, indicating a consistent gross margin around the high 70s percent in 2025.
Operating cash flow strength: Net cash from continuing operating activities ran around $96–$139M per quarter in 2025 (e.g., Q2 2025: 96.0M; Q3 2025: 138.8M; Q4 2025: 98.3M; Q1 2025: ~99.5M), signaling solid cash generation from operations.
Free cash flow potential: With modest quarterly capex (purchase of PPE generally in the $18–$23M range) and operating cash flow near the two-digit to low hundreds of millions, Herbalife’s quarterly free cash flow remains positive on a cash-flow basis in 2025.
Liquidity position: Cash and equivalents hovered around $305–$329M in 2025, providing a healthy liquidity cushion against near-term liabilities.
Quarterly earnings volatility: Net income and earnings per share show variability, with some quarters impacted by non-operating items and tax effects (e.g., Q4 2024 strength tied to one-time items), which makes cross-quarter comparisons less uniform.
Negative equity on the balance sheet: Total equity remained negative in 2025 (e.g., around -$0.6B to -$1.15B across different 2025 periods), meaning liabilities exceed assets and shareholders’ equity is not positive.
High leverage: Long-term debt in the vicinity of $2.0B and total liabilities near $3.3B (mid-2025) imply ongoing leverage challenges, with assets occasionally trailing liabilities on the balance sheet.
Operating expense pressure: Selling, general & administrative expenses have been substantial (roughly $400–$470M per quarter) relative to gross profit (~$950–$990M), resulting in only modest operating income and notable quarterly volatility.

05/17/26 07:01 AM ETAI Generated. May Contain Errors.

Herbalife Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Herbalife's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

The last 5 years of Herbalife's net income performance:

2021: $447.20 million
2022: $321.30 million
2023: $142.20 million
2024: $254.30 million
2025: $227.80 million

Find out what analysts predict for Herbalife in the coming months.

Herbalife's total operating income in 2025 was $481 million, based on the following breakdown:

Total Gross Profit: $3.92 billion
Total Operating Expenses: $3.44 billion

Over the last 10 years, Herbalife's total revenue changed from $4.47 billion in 2015 to $5.04 billion in 2025, a change of 12.7%.

Herbalife's total liabilities were at $3.30 billion at the end of 2025, a 6.6% decrease from 2024, and a 30.2% increase since 2015.

In the past 10 years, Herbalife's cash and equivalents has ranged from $353.10 million in 2025 to $1.28 billion in 2017, and is currently $353.10 million as of their latest financial filing in 2025.

Over the last 10 years, Herbalife's book value per share changed from -0.58 in 2015 to -4.99 in 2025, a change of 762.3%.

Related Companies

Financial statements for NYSE:HLF last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Herbalife (HLF) Financials

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