NATURAL HEALTH TRENDS CORP NHTC
Natural Health Trends Corp. is an international direct-selling and e-commerce company. Through our subsidiaries, we sell personal care, wellness, and "quality of life" products under the "NHT Global" brand. Our wholly-owned subsidiaries have an active physical presence in the following markets: the Americas, which consists of the United States, Canada, Cayman Islands, Mexico, Peru and Colombia; Greater China, which consists of Hong Kong, Taiwan and China; Southeast Asia, which consists of Malaysia and Singapore; South Korea; Japan; India; and Europe. We also operate in Russia and Kazakhstan through our engagement with a local service provider.
Most of our order volume, particularly in our Hong Kong subsidiary, is for personal consumption through existing members' referrals. Our objectives are to enrich the lives of our customers and enable our members to benefit financially from the sale of our 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 | $39.8M | $43.0M | $43.9M | $49.1M | $60.0M | $62.1M | $77.6M | $191.9M | $197.6M | $287.7M |
| Cost of revenue | $10.5M | $11.2M | $11.2M | $12.7M | $15.0M | $17.0M | $20.1M | $39.4M | $38.6M | $54.9M |
| Gross profit | $29.3M | $31.8M | $32.7M | $36.5M | $45.0M | $45.1M | $57.5M | $152.5M | $158.9M | $232.8M |
| SG&A | $14.8M | $15.5M | $16.0M | $16.0M | $17.8M | $18.2M | $27.2M | $31.3M | $32.2M | $43.2M |
| Total operating expenses | $31.1M | $33.1M | $34.4M | $36.7M | $43.4M | $44.4M | $64.5M | $118.8M | $115.9M | $168.7M |
| Operating income | -$1.8M | -$1.3M | -$1.7M | -$270.0K | $1.6M | $669.0K | -$7.0M | $33.7M | $43.1M | $64.1M |
| Pre-tax income | -$567.0K | $620.0K | $745.0K | $602.0K | $1.5M | $1.5M | -$5.6M | $34.5M | $43.4M | $64.1M |
| Income tax | $315.0K | $48.0K | $177.0K | $289.0K | $425.0K | $647.0K | $14.0K | $3.5M | $19.8M | $9.0M |
| Net income | -$882.0K | $572.0K | $568.0K | $313.0K | $1.1M | $843.0K | -$5.6M | $31.0M | $23.6M | $55.1M |
| EPS, basic | -0.08 | 0.05 | 0.05 | 0.03 | 0.10 | 0.08 | -0.52 | 2.75 | 2.10 | 4.84 |
| EPS, diluted | -0.08 | 0.05 | 0.05 | 0.03 | 0.09 | 0.07 | -0.52 | 2.74 | 2.09 | 4.83 |
| Shares, diluted (wtd. avg.) | $11.5M | $11.5M | $11.5M | $11.4M | $11.4M | $11.4M | $10.9M | $11.3M | $11.3M | $11.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.8M | $13.5M | $56.2M | $69.7M | $83.8M | $92.4M | $96.0M | $135.7M | $138.5M | $128.9M |
| Short-term investments | $22.1M | $30.4M | $0 | — | — | — | — | — | — | — |
| Inventory | $2.0M | $3.3M | $4.3M | $4.5M | $5.3M | $3.8M | $6.4M | $12.2M | $8.4M | $11.3M |
| Total current assets | $34.2M | $51.0M | $64.2M | $77.6M | $93.5M | $99.7M | $108.4M | $150.2M | $151.2M | $141.2M |
| Property, plant and equipment | $153.0K | $190.0K | $266.0K | $394.0K | $463.0K | $539.0K | $735.0K | $934.0K | $1.1M | $1.4M |
| Goodwill | — | — | — | — | — | — | $0 | $1.8M | $1.8M | $1.8M |
| Total assets | $38.4M | $55.4M | $69.1M | $82.8M | $98.4M | $105.9M | $118.5M | $157.9M | $159.6M | $148.1M |
| Accounts payable | $555.0K | $895.0K | $990.0K | $810.0K | $761.0K | $580.0K | $680.0K | $1.6M | $1.8M | $2.1M |
| Total current liabilities | $13.7M | $20.8M | $20.0M | $20.4M | $24.7M | $21.5M | $26.3M | $43.1M | $41.9M | $57.2M |
| Total liabilities | $15.0M | $22.5M | $27.5M | $32.7M | $38.9M | $38.2M | $43.4M | $68.1M | $68.9M | $65.6M |
| Retained earnings | -$36.4M | -$26.3M | -$17.7M | -$9.1M | -$231.0K | $7.8M | $16.1M | $44.4M | $44.9M | $38.5M |
| Total equity | $23.4M | $32.9M | $41.6M | $50.2M | $59.5M | $67.7M | $75.1M | $89.9M | $90.6M | $82.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.0M | -$3.4M | -$4.3M | -$4.9M | $1.0M | $1.9M | -$18.6M | $29.7M | $26.6M | $53.2M |
| Depreciation and amortisation | $109.0K | $131.0K | $164.0K | $204.0K | $299.0K | $410.0K | $387.0K | $424.0K | $536.0K | $394.0K |
| Stock-based compensation | $132.0K | $145.0K | $161.0K | $0 | — | — | — | $0 | $35.0K | $104.0K |
| Capital expenditure | $68.0K | $57.0K | $46.0K | $143.0K | $225.0K | $211.0K | $189.0K | $214.0K | $278.0K | $905.0K |
| Investing cash flow | $8.1M | -$30.1M | -$46.0K | -$143.0K | -$225.0K | -$211.0K | -$189.0K | -$214.0K | -$278.0K | -$905.0K |
| Financing cash flow | -$9.2M | -$9.2M | -$9.2M | -$9.1M | -$9.1M | -$9.1M | -$17.5M | -$31.5M | -$17.2M | -$30.6M |
| Dividends paid | $9.2M | $9.2M | $9.2M | $9.1M | $9.1M | $9.1M | $7.3M | $31.5M | $17.2M | $6.9M |
| Buybacks | — | — | — | — | — | $0 | $10.1M | $0 | $0 | $23.7M |
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 0001437749-26-004876.
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