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
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.
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| HKPD | Cellyan Biotechnology Co., Ltd | — | — | — |