HERBALIFE LTD. HLF
Herbalife is a global health and wellness company, that, for 46 years, has empowered millions of people to reach their nutrition, health and wellness goals using our science-backed products and the individual coaching provided by our network of independent members. We are the number one active and lifestyle nutrition brand in the world and sell the number one protein shake in the world. We provide weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products in 95 markets around the world.
We use a direct-selling business model to distribute and market our nutrition products to and through a global network of Members. Members include consumers who purchase products for their own personal use and distributors who wish to resell products or build a sales organization. We further discuss the segmentation of our Members in Our Network Marketing Program – Segmentation, section below. We believe that direct selling is ideally suited for our business because our Members provide personalized support, coaching, and education to their customers, and also join a supportive and understanding community of like-minded people who prioritize health and nutrition.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Other
- United States
- India
- Mexico
- China
- Vietnam
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Other | $2.03B | $2.00B | $2.03B |
| United States | $1.01B | $1.03B | $1.10B |
| India | $889.6M | $844.8M | $796.6M |
| Mexico | $557.7M | $538.6M | $525.0M |
| China | $279.1M | $297.6M | $327.4M |
| Vietnam | $278.2M | $283.7M | $279.0M |
As the company reported it, from the “Segment Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.04B | $4.99B | $5.06B | $5.20B | $5.80B | $5.54B | $4.88B | $4.89B | $4.43B | $4.49B |
| Cost of revenue | $1.11B | $1.10B | $1.19B | $1.17B | $1.24B | $1.15B | $958.0M | $919.3M | $848.6M | $854.6M |
| Gross profit | $3.92B | $3.89B | $3.87B | $4.03B | $4.56B | $4.39B | $3.92B | $3.97B | $3.58B | $3.63B |
| SG&A | $1.66B | $1.73B | $1.70B | $1.81B | $2.01B | $2.08B | $1.94B | $1.96B | $1.76B | $1.97B |
| Operating income | $481.0M | $385.9M | $356.4M | $545.2M | $734.1M | $640.6M | $568.1M | $683.1M | $617.1M | $458.1M |
| Interest expense | $214.4M | $218.3M | $165.9M | $139.3M | $153.1M | $133.0M | $153.0M | $181.0M | $160.8M | $99.3M |
| Pre-tax income | $275.1M | $169.4M | $203.0M | $424.8M | $560.8M | $516.4M | $451.4M | $464.2M | $471.2M | $364.7M |
| Income tax | $47.3M | $84.9M | $60.8M | $103.5M | $113.6M | $143.8M | $140.4M | $167.6M | $257.3M | $104.7M |
| Net income | $228.3M | $254.3M | $142.2M | $321.3M | $447.2M | $372.6M | $311.0M | $296.6M | $213.9M | $260.0M |
| EPS, basic | 2.22 | 2.53 | 1.44 | 3.26 | 4.22 | 2.83 | 2.26 | 2.12 | 1.35 | 1.57 |
| EPS, diluted | 2.20 | 2.50 | 1.42 | 3.23 | 4.13 | 2.77 | 2.20 | 1.98 | 1.29 | 1.51 |
| Shares, diluted (wtd. avg.) | 103.6M | 101.6M | 100.2M | 99.5M | 108.3M | 134.5M | 141.6M | 149.5M | 165.7M | 172.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $353.1M | $415.3M | $595.5M | $516.3M | $610.4M | $1.05B | $847.5M | $1.22B | $1.30B | $856.9M |
| Receivables | $91.9M | $68.9M | $81.2M | $70.6M | $66.9M | $83.3M | $79.7M | $70.5M | $93.3M | $70.3M |
| Inventory | $511.7M | $475.4M | $505.2M | $580.7M | $575.7M | $501.4M | $436.2M | $381.8M | $341.2M | $371.3M |
| Total current assets | $1.14B | $1.14B | $1.40B | $1.36B | $1.43B | $1.78B | $1.49B | $1.80B | $1.86B | $1.46B |
| Property, plant and equipment | $447.7M | $460.2M | $506.5M | $486.3M | $442.1M | $390.2M | $371.5M | $360.0M | $377.5M | $378.0M |
| Goodwill | $100.5M | $87.7M | $95.4M | $93.2M | $95.4M | $100.5M | $91.5M | $92.9M | $96.9M | $89.9M |
| Other intangibles | $315.1M | $312.3M | $314.0M | $315.7M | $317.3M | $313.3M | $310.1M | $310.1M | $310.1M | $310.1M |
| Total assets | $2.79B | $2.73B | $2.81B | $2.73B | $2.82B | $3.08B | $2.68B | $2.79B | $2.90B | $2.57B |
| Accounts payable | $99.8M | $70.0M | $84.0M | $89.8M | $92.0M | $88.7M | $81.6M | $81.1M | $67.8M | $66.0M |
| Short-term debt | $20.9M | $283.5M | $309.5M | $29.5M | $29.4M | $22.9M | $24.1M | $678.9M | $102.4M | $9.5M |
| Total current liabilities | $1.01B | $1.23B | $1.28B | $976.6M | $1.08B | $1.13B | $964.4M | $1.59B | $906.8M | $791.5M |
| Long-term debt | $1.97B | $1.98B | $2.25B | $2.66B | $2.73B | $2.41B | $1.78B | $1.77B | $2.17B | $1.44B |
| Total liabilities | $3.30B | $3.53B | $3.87B | $4.00B | $4.21B | $3.93B | $3.07B | $3.51B | $3.23B | $2.37B |
| Retained earnings | -$579.7M | -$808.0M | -$1.06B | -$1.20B | -$1.17B | -$687.4M | -$215.3M | -$526.3M | -$248.1M | -$66.3M |
| Total equity | -$515.1M | -$801.1M | -$1.06B | -$1.27B | -$1.39B | -$856.1M | -$390.0M | -$723.4M | -$334.7M | $196.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $333.3M | $285.4M | $357.5M | $352.5M | $460.3M | $628.6M | $457.5M | $648.4M | $590.8M | $367.3M |
| Depreciation and amortisation | $99.4M | $96.5M | $88.9M | $94.3M | $89.2M | $80.9M | $78.8M | $80.8M | $80.1M | $80.7M |
| Stock-based compensation | $44.1M | $50.0M | $48.0M | $44.4M | $54.1M | $51.0M | $38.6M | $35.5M | $42.1M | $40.2M |
| Capital expenditure | $80.4M | $122.0M | $135.0M | $156.4M | $151.4M | $112.0M | $106.1M | $84.0M | $95.5M | $143.4M |
| Investing cash flow | -$108.7M | -$84.6M | -$134.8M | -$156.2M | -$156.4M | -$123.2M | -$108.0M | -$83.9M | -$95.2M | -$142.4M |
| Financing cash flow | -$295.5M | -$335.3M | -$148.3M | -$264.7M | -$728.6M | -$320.9M | -$713.0M | -$593.1M | -$85.2M | -$252.3M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Buybacks | $8.2M | $8.3M | $11.0M | $146.7M | $1.01B | $923.5M | $16.7M | $750.3M | $844.2M | $13.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-057113.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.49B | $4.43B | $4.89B | $4.88B | $5.54B | $5.80B | $5.20B | $5.06B | $4.99B | $5.04B |
| Gross profit | $3.63B | $3.58B | $3.97B | $3.92B | $4.39B | $4.56B | $4.03B | $3.87B | $3.89B | $3.92B |
| Net income | $260.0M | $213.9M | $296.6M | $311.0M | $372.6M | $447.2M | $321.3M | $142.2M | $254.3M | $228.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Debt acceleration or default Something has triggered a lender's right to demand early repayment - usually a covenant breach. Item 2.04
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 5122
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|---|---|---|---|---|
| MCK | MCKESSON CORP | $116.68B | 26.1x | 12.4% |
| COR | Cencora, Inc. | $63.16B | 41.6x | 9.3% |
| CAH | CARDINAL HEALTH INC | $58.04B | 34.5x | 14.2% |
| NUS | NU SKIN ENTERPRISES, INC. | $233.2M | 1.5x | -14.3% |
| COSM | Cosmos Health Inc. | $26.3M | — | 19.9% |
| HWH | HWH International Inc. | $20.7M | — | -30.8% |
| MEDS | DataMeds AI, Inc. | $6.8M | — | 28.7% |
| HKPD | Cellyan Biotechnology Co., Ltd | — | — | — |