NUSHIGH SIGNALFINANCIAL10-K

Nu Skin achieved a dramatic financial turnaround with revenue growing 49% to $3.2B and swinging from a $146.6M net loss to $160.2M profit, though this was accompanied by concerning operational cash flow decline and reduced share count.

This represents a remarkable operational turnaround that suggests either successful restructuring or potential acquisition activity given the magnitude of changes. However, the 28% decline in operating cash flow despite strong profitability improvement raises questions about earnings quality and cash conversion efficiency that investors should scrutinize.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

Nu Skin delivered exceptional top-line growth with revenue jumping 49% to $3.2B while achieving a stunning $307M improvement in net income from deep losses to solid profitability. The company strengthened its balance sheet significantly, reducing total liabilities by 27% and boosting stockholders' equity by 24%, while cash positions improved substantially. However, the 28% decline in operating cash flow despite strong earnings growth, combined with nearly doubled interest expenses, suggests the transformation may have come at the cost of cash generation efficiency and increased leverage.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+209.3%
-$146.6M$160.2M

Net income grew 209.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+143.4%
-$151.6M$65.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+89.6%
$13.5M$25.6M

Interest expense surged 89.6% — significant debt increase or rising rates materially impacting earnings.

Revenue
P&L
+49%
$2.1B$3.2B

Strong top-line growth of 49% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
-28.2%
$111.7M$80.3M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Cash & Equivalents
Balance Sheet
+27.7%
$186.9M$238.6M

Cash grew 27.7% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
-26.6%
$817.5M$600.1M

Liabilities reduced 26.6% — deleveraging improves balance sheet strength and financial flexibility.

Stockholders Equity
Balance Sheet
+23.6%
$651.5M$805.2M

Equity base grew 23.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
-22.1%
$50.8M$39.5M

Receivables declined — improved collection efficiency or conservative revenue recognition.

R&D Expense
P&L
-16.9%
$13.0M$10.8M

R&D spending cut 16.9% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
As of January 31, 2026, 48,126,825 shares of the Registrant s Class A common stock, $.001 par value per share, and no shares of the Registrant s Class B common stock, $.001 par value per share, were outstanding.
IN SOME CASES, YOU CAN IDENTIFY THESE STATEMENTS BY FORWARD-LOOKING WORDS SUCH AS BELIEVE, EXPECT, PROJECT, ANTICIPATE, DETERMINE, ESTIMATE, COMMIT, INTEND, PLAN, GOAL, OBJECTIVE, TARGETS, BECOME, LIKELY, WILL, WOULD, COULD, MAY, MIGHT, THE NEGATIVE OF THESE WORDS AND OTHER SIMILAR WORDS.
In 2025, our revenue of $1.5 billion was primarily generated by our two primary product categories: beauty products and wellness products.
In 2025, the Rhyz companies generated $223.6 million, or 15%, of our 2025 reported revenue (excluding sales to our core Nu Skin business).
Our Rhyz companies enable us to optimize our cost of goods, improve lead times, diversify our revenue mix, and create synergies for our brands.
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REMOVED
As of January 31, 2025, 49,722,779 shares of the Registrant s Class A common stock, $.001 par value per share, and no shares of the Registrant s Class B common stock, $.001 par value per share, were outstanding.
IN SOME CASES, YOU CAN IDENTIFY THESE STATEMENTS BY FORWARD-LOOKING WORDS SUCH AS "BELIEVE," "EXPECT," "PROJECT," "ANTICIPATE," "ESTIMATE," "COMMIT," "INTEND," "PLAN," "TARGETS," "LIKELY," "WILL," "WOULD," "COULD," "MAY," "MIGHT," THE NEGATIVE OF THESE WORDS AND OTHER SIMILAR WORDS.
In 2024, our revenue of $1.7 billion was primarily generated by our three primary brands: our beauty brand, Nu Skin; our wellness brand, Pharmanex; and our anti-aging brand, ageLOC.
In 2024, the Rhyz companies generated $286.6 million, or 17%, of our 2024 reported revenue (excluding sales to our core Nu Skin business).
In 2024, we generated approximately 30% of our revenue from the United States (consisting of our Nu Skin United States and Rhyz businesses) and the remainder from our international markets.
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