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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Non-US
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $79.1M | $73.5M |
| Non-US | $50.7M | $40.3M |
As the company reported it, from the “Note N - Segment Information - Net Sales by Geographic Region (Details)” 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”.
Revenue by segment
- Private Label Contract Manufacturing
- Patent and Trademark Licensing
| Segment | FY2025 | FY2024 |
|---|---|---|
| Private Label Contract Manufacturing | $121.8M | $105.4M |
| Patent and Trademark Licensing | $8.1M | $8.4M |
As the company reported it, from the “Note N - Segment Information - Operating Results by Business Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. 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 | $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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114.2M | $121.9M | $132.4M | $138.3M | $118.9M | $178.5M | $171.0M | $154.0M | $113.8M | $129.9M |
| Gross profit | $25.3M | $26.2M | $26.3M | $23.6M | $18.9M | $30.4M | $30.5M | $18.2M | $6.9M | $9.3M |
| Net income | $9.5M | $7.2M | $5.1M | $6.5M | -$1.6M | $10.8M | $10.7M | $2.5M | -$7.2M | -$13.6M |
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
- Officer or director change Item 5.02
- 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
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- 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
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
- Shareholder vote Item 5.07
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 2833
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|---|---|---|---|---|
| DFTX | Definium Therapeutics, Inc. | $4.79B | — | — |
| TRLV | Trulieve Cannabis Corp. | $2.01B | — | -0.4% |
| CRON | Cronos Group Inc. | $1.23B | — | 24.6% |
| TLRY | Tilray Brands, Inc. | $382.7M | — | 11.5% |
| CGC | Canopy Growth Corp | $285.9M | — | — |
| USNA | USANA HEALTH SCIENCES INC | $257.9M | 24.1x | 8.3% |
| NAGE | Niagen Bioscience, Inc. | $192.3M | 12.2x | 29.9% |
| FTLF | FITLIFE BRANDS, INC. | $78.4M | 13.3x | 26.4% |