NATRMEDIUM SIGNALFINANCIAL10-K

NATR demonstrated improved operational performance with stronger cash generation and reduced debt burden, while significantly increasing shareholder returns through expanded buyback activity.

The company's operating cash flow grew notably to $35.3M while substantially reducing debt from $2.4M to $1.2M, indicating stronger financial discipline and cash management. Management's confidence is reflected in the meaningfully expanded share buyback program, which grew from $8.9M to $16.3M, suggesting they view the stock as undervalued at current levels.

Comparing 2026-03-10 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

NATR showed solid operational improvement with operating income advancing 23.1% to $24.7M and operating cash flow expanding to $35.3M. The company strengthened its balance sheet by cutting debt roughly in half while substantially increasing share repurchases, though total liabilities rose 24.7% primarily due to higher current liabilities. Capital expenditures declined 40.9% to $6.5M, which may reflect either improved capital efficiency or potential underinvestment in growth initiatives.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+84.1%
$8.9M→$16.3M

Share repurchases increased 84.1% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
-72.3%
$249K→$69K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
-51.4%
$2.4M→$1.2M

Debt reduced 51.4% — deleveraging strengthens balance sheet and reduces financial risk.

Capital Expenditure
Cash Flow
-40.9%
$11.0M→$6.5M

Capex reduced 40.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+39.6%
$25.3M→$35.3M

Operating cash flow surged 39.6% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
+24.7%
$79.9M→$99.6M

Liabilities increased 24.7% — monitor debt-to-equity ratio and interest coverage.

Operating Income
P&L
+23.1%
$20.1M→$24.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Liabilities
Balance Sheet
+19.6%
$65.7M→$78.5M

Current liabilities rose 19.6% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
+14.9%
$59.4M→$68.3M

Inventory built 14.9% — monitor whether demand supports this build or if write-downs may follow.

R&D Expense
P&L
+11.8%
$1.7M→$1.9M

R&D investment increased 11.8% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-11
ADDED
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2025 was approximately $ 211,304,715 based on the closing price of $14.79 as quoted by Nasdaq Capital Market on June 30, 2025.
We are a Utah corporation formed in 1976 with our principal place of business in Lehi, Utah.
During the years ended December 31, 2025 and 2024, we experienced no major complications in obtaining and maintaining adequate sources of raw materials supply.
Compliance In order to comply with regulations that apply to both us and our independent consultants, we conduct research into the applicable regulatory framework prior to entering any new market to identify all necessary licenses, registrations and approvals and applicable limitations on our operations in that market.
As of December 31, 2025, we employed 806 individuals with viewpoints and backgrounds as diverse as the customers we serve around the world.
Stringent safety standards and promotion of a company culture that prioritizes safety throughout our manufacturing and distributions centers around the world.
Under these laws and regulations, as well as other anti-corruption laws, anti-money-laundering laws, export control laws, customs laws, sanctions laws and other laws governing our operations, various government agencies may require export licenses, may seek to impose modifications to business practices (including cessation of business activities in sanctioned countries or with sanctioned persons or entities) and modifications to compliance programs, which may increase compliance costs and may subject us to fines, penalties and other sanctions.
trade controls and made an initial voluntary self-disclosure of apparent trade controls violations to the U.S.
In addition, in April 2025 we filed an initial voluntary self-disclosure with the Office of Foreign Asset Control ( OFAC ) relating to the same internal investigation.
Following our internal investigation, we filed final voluntary self-disclosures with BIS and OFAC on September 5, 2025.
REMOVED
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2024 was approximately $ 183,438,927 based on the closing price of $15.07 as quoted by Nasdaq Capital Market on June 28, 2024.
We are a Utah corporation formed in 1976 with our principal place of business in Lehi, Utah, and sell our products to a sales force of independent consultants who use the products themselves or resell them to consumers.
During the years ended December 31, 2024 and 2023, we experienced no major complications in obtaining and maintaining adequate sources of raw materials supply.
There are inherent limitations to our ability to monitor the activities of our independent consultants sufficient to ensure that they refrain, in accordance with our consultant agreements, from distributing our products in countries where we have not commenced operations.
As of December 31, 2024 we employed 819 individuals with viewpoints and backgrounds as diverse as the customers we serve around the world.
Hybrid work model that recognizes the evolving needs of workers and allows them to build a hybrid work schedule providing greater flexibility for their personal needs.
Sustainability We believe that our focus on reliable, pure, proven and potent ingredients and the processes through which ingredients are harvested sets our products and business apart.
We emphasize collaborating with growers and suppliers that protect and care for the natural resources they farm and harvest along with the economic and social interests of their local communities.
We choose supply partners with business models that value making a positive impact on the environments and economies that they source from and, in many cases, go to creative lengths to bring benefits to the communities they operate within.
In May 2024, we achieved our goal of zero waste at our distribution centers and received the TRUE Zero Waste Gold Certification.
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