NATRMEDIUM SIGNALFINANCIAL10-K

NATR delivered strong profitability improvements with net income surging 154% while significantly reducing debt and increasing share buybacks.

The company demonstrated robust operational performance with operating cash flow up 40% and operating income growing 23%, suggesting improved business fundamentals. However, the 25% increase in total liabilities alongside rising inventory levels warrants monitoring for potential working capital pressures or operational changes.

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

NATR showed strong financial performance with net income more than doubling to $19.5M while operating cash flow increased 40% to $35.3M, indicating genuine operational improvements rather than accounting gains. The company strengthened its balance sheet by cutting debt in half and returned more cash to shareholders through increased buybacks ($16.3M vs $8.9M), though total liabilities rose 25% primarily due to higher current liabilities and inventory buildup. Overall, the financial picture signals a company generating strong cash flows and improving profitability, but investors should monitor the liability increases for potential working capital challenges.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+153.7%
$7.7M$19.5M

Net income grew 153.7% — bottom-line growth signals improving overall business health.

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.

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.
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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.
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