USNAHIGH SIGNALFINANCIAL10-K

USNA experienced a substantial deterioration in profitability with net income declining meaningfully while expanding its business model beyond direct selling into omni-channel distribution.

The company's strategic pivot to an omni-channel platform including retail and marketplace sales appears to be pressuring margins significantly, with SG&A expenses rising 28% while revenue declined. The substantial reduction in the active customer base from 454,000 to 387,000 suggests execution challenges during this business model transition that investors should monitor closely.

Comparing 2026-03-16 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

USNA's financial performance deteriorated substantially in fiscal 2025, with revenue declining 11% to $1.1B while operating income fell 44% to $37.4M as SG&A expenses surged 28%. The company's profitability took a significant hit with net income and operating cash flow both declining substantially, while inventory levels increased 47% suggesting potential demand or supply chain challenges. The overall picture indicates meaningful execution difficulties as the company transitions from a direct-selling model to a broader omni-channel approach.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-74.4%
$42.0M→$10.8M

Net income declined 74.4% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-63.4%
$61.0M→$22.3M

Operating cash flow fell 63.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Inventory
Balance Sheet
+47.1%
$69.7M→$102.6M

Inventory surged 47.1% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Operating Income
P&L
-43.6%
$66.3M→$37.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Capital Expenditure
Cash Flow
+37.2%
$10.1M→$13.8M

Capital expenditure jumped 37.2% — major investment cycle underway; assess returns on deployment.

Interest Expense
P&L
+36.5%
$192K→$262K

Interest expense surged 36.5% — significant debt increase or rising rates materially impacting earnings.

SG&A Expense
P&L
+28.1%
$263.3M→$337.4M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Cash & Equivalents
Balance Sheet
-12.9%
$181.8M→$158.4M

Cash decreased 12.9% — monitor burn rate and upcoming capital needs.

Revenue
P&L
-10.8%
$1.2B→$1.1B

Revenue softened 10.8% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-12
ADDED
There were 18,456,935 shares of the registrant s common stock outstanding as of March 13, 2026.
develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world.
In 2025, we generated $925 million in net sales and finished the year with approximately 387,000 active Customers in our core nutritional business.
Mainland China ( China ) is our largest market and single largest source of revenue, representing approximately 41.3% of net sales and approximately 49.9% of core nutritional active Customers.
In 2022, we acquired Rise and have expanded Rise's product offering, distribution channel, and customer base over the last three years.
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REMOVED
There were 18,904,526 shares of the registrant s common stock outstanding as of March 7, 2025.
is a global direct selling and direct-to-consumer nutrition, personal health and wellness company.
In 2024, we generated $855 million in net sales and finished the year with approximately 454,000 direct selling active Customers.
Consequently, we now operate and sell products through both direct selling and direct-to-consumer channels.
Mainland China ( China ) is our largest direct selling market and single largest source of revenue, representing approximately 48.4% of net sales and approximately 50.2% of direct selling active Customers.
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