NATURAL ALTERNATIVES INTERNATIONAL INC NAII
Our vision is to enrich the world through the best of nutrition.
We are a leading formulator, manufacturer and marketer of nutritional supplements. Our comprehensive strategic partnerships with our customers allow us to offer a wide range of innovative nutritional products and services to such customers including: scientific research, clinical studies, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging and delivery system design, regulatory review, and international product registration assistance.
As our primary business activity, we provide private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbal and other nutritional supplements, as well as other health care products, to consumers both within and outside the U.S. We also own a patent estate related to the raw material ingredient known as beta-alanine, which is primarily commercialized through the direct sale of this raw material and supply agreements with third parties for the distribution and use of this raw material under our CarnoSyn®, SR CarnoSyn® and TriBsyn™ trademarks. We previously sold a branded version of our SR CarnoSyn® Wellness tablet product under a brand we created called SustainedRx® and a product named Perfect Synergy®. This product was sold directly to consumers through Amazon and our own direct to consumer website. This brand was discontinued during fiscal 2025 as it was not commercially successful. We also sell SR CarnoSyn® tablet products and TriBsyn™ capsule products that are offered as business-to-business private label products.
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 | $129.9M | $113.8M | $154.0M | $171.0M | $178.5M | $118.9M | $138.3M | $132.4M | $121.9M | $114.2M |
| Cost of revenue | $120.6M | $106.9M | $135.9M | $140.5M | $148.1M | $100.0M | $114.7M | $106.1M | $95.7M | $88.9M |
| Gross profit | $9.3M | $6.9M | $18.2M | $30.5M | $30.4M | $18.9M | $23.6M | $26.3M | $26.2M | $25.3M |
| R&D | $1.8M | $1.9M | $2.1M | $2.5M | $1.9M | $1.8M | $1.8M | $1.5M | $1.6M | $1.1M |
| SG&A | — | — | — | — | — | $17.1M | $17.6M | $16.8M | $16.5M | $13.0M |
| Operating income | -$8.7M | -$8.5M | $4.7M | $13.7M | $13.7M | -$1.5M | $6.0M | $9.5M | $9.7M | $12.3M |
| Interest expense | $915.0K | $361.0K | $451.0K | $83.0K | $118.0K | $67.0K | $29.0K | $9.0K | $3.0K | $2.0K |
| Pre-tax income | -$10.7M | -$9.5M | $3.6M | $13.7M | $12.1M | -$1.7M | $8.0M | $10.6M | $10.1M | $13.6M |
| Income tax | $2.8M | $2.2M | $1.0M | $2.9M | $1.4M | $93.0K | $1.4M | $5.6M | $2.9M | $4.0M |
| Net income | -$13.6M | -$7.2M | $2.5M | $10.7M | $10.8M | -$1.6M | $6.5M | $5.1M | $7.2M | $9.5M |
| EPS, basic | -2.28 | -1.23 | 0.43 | 1.75 | 1.71 | -0.25 | 0.96 | 0.76 | 1.10 | 1.46 |
| EPS, diluted | -2.28 | -1.23 | 0.43 | 1.74 | 1.69 | -0.25 | 0.92 | 0.73 | 1.09 | 1.44 |
| Shares, diluted (wtd. avg.) | $5.9M | $5.9M | $5.9M | $6.2M | $6.4M | $6.7M | $7.1M | $6.9M | $6.7M | $6.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.3M | $12.0M | $13.6M | $21.8M | $32.1M | $30.5M | $25.0M | $23.6M | $27.8M | $19.7M |
| Receivables | $14.6M | $16.9M | $7.0M | $17.4M | $17.9M | $17.0M | $16.0M | $14.6M | $8.4M | $13.2M |
| Inventory | $24.9M | $24.2M | $29.7M | $32.5M | $27.0M | $28.0M | $26.0M | $23.6M | $13.7M | $20.8M |
| Total current assets | $59.3M | $61.6M | $57.0M | $76.7M | $80.3M | $79.0M | $71.4M | $65.2M | $51.7M | $55.9M |
| Property, plant and equipment | $50.9M | $52.2M | $53.8M | $44.6M | $22.3M | $21.5M | $21.1M | $19.3M | $18.1M | $15.2M |
| Total assets | $151.9M | $162.3M | $134.2M | $146.0M | $120.3M | $120.2M | $93.5M | $85.2M | $72.6M | $74.2M |
| Accounts payable | $15.4M | $12.7M | $7.8M | $16.2M | $11.9M | $12.5M | $8.6M | $9.6M | $5.1M | $12.8M |
| Total current liabilities | $28.8M | $23.5M | $15.9M | $23.9M | $22.1M | $27.8M | $14.2M | $14.3M | $10.3M | $19.2M |
| Long-term debt | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total liabilities | $83.5M | $79.7M | $45.4M | $57.5M | $40.2M | $48.8M | $17.4M | $17.0M | $11.5M | $20.4M |
| Retained earnings | $59.4M | $73.0M | $80.2M | $77.7M | $66.9M | $56.2M | $57.4M | $50.8M | $45.8M | $38.6M |
| Total equity | $68.4M | $82.6M | $88.8M | $88.5M | $80.1M | $71.4M | $76.1M | $68.2M | $61.1M | $53.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.9M | -$1.5M | $7.0M | $11.9M | $20.8M | $3.7M | $6.6M | $1.8M | $14.1M | $9.3M |
| Depreciation and amortisation | $4.6M | $4.6M | $4.2M | $4.2M | $4.3M | $4.0M | $3.5M | $2.9M | $2.4M | $1.8M |
| Stock-based compensation | $977.0K | $1.2M | $1.0M | $968.0K | $1.4M | $1.7M | $1.7M | $1.3M | $1.0M | $724.0K |
| Capital expenditure | $3.6M | $3.0M | $13.5M | $26.5M | $5.1M | $4.5M | $5.3M | $4.1M | $5.4M | $10.4M |
| Investing cash flow | -$3.6M | -$3.0M | -$13.5M | -$26.5M | -$5.0M | -$4.5M | -$3.8M | -$5.6M | -$5.3M | -$7.4M |
| Financing cash flow | -$2.0M | $2.9M | -$1.8M | $4.3M | -$14.1M | $6.3M | -$1.3M | -$510.0K | -$712.0K | -$648.0K |
| Buybacks | $178.0K | $221.0K | $1.5M | $5.5M | $4.1M | $3.7M | $1.4M | $510.0K | $712.0K | $648.0K |
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 0001437749-25-029731.
Others in SIC 2833
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DFTX | Definium Therapeutics, Inc. | $5.12B | — | — |
| TRLV | Trulieve Cannabis Corp. | $2.33B | — | -0.4% |
| CRON | Cronos Group Inc. | $1.20B | — | 24.6% |
| TLRY | Tilray Brands, Inc. | $612.9M | — | 11.5% |
| CGC | Canopy Growth Corp | $411.5M | — | — |
| USNA | USANA HEALTH SCIENCES INC | $276.4M | 25.8x | 8.3% |
| NAGE | Niagen Bioscience, Inc. | $250.8M | 15.8x | 29.9% |
| FTLF | FITLIFE BRANDS, INC. | $92.2M | 15.6x | 26.4% |