Natural Alternatives International Inc. (NAII) Financials

NAII

Trailing 12 months to March 31, 2026

Revenue $141.9M +13.1% YoY

Net Income -$14.4M -74.6% YoY

EPS (Diluted) -$2.40 -72.7% YoY

Free Cash Flow -$9.0M -171.6% YoY

Market Cap $12.3M as of Sep 12, 2026

Price / Sales 0.1x on $141.9M revenue, trailing 12 months to March 31, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to March 31, 2026

Price / Book 0.2x on $63.1M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Mar 31, 2026 Reported May 19, 2026 Currency USD FYE June

Newest figures come from the 10-Q for Q3 FY2026, filed May 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NAII SEC filings page.

Natural Alternatives International Inc. (NAII) reported $141.9M in revenue over the twelve months to Mar 31, 2026, up 13.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NAII FY2025 2026-08-29

Revenue recovery has not repaired the cost structure: thin gross margins coexist with persistent operating losses and rising leverage.

The cash conversion picture in FY2025 is better than the income statement: operating cash flow was $5.9M and free cash flow $2.3M despite a net loss, indicating non-cash charges and balance-sheet movements supplied cash without restoring profitability. That contrasts with FY2022, when $11.9M of operating cash flow was overwhelmed by $26.5M of capital spending, making cash generation unusually sensitive to reinvestment needs.

Revenue increased 14.1% from FY2024 to FY2025, yet the operating loss remained about $9M, so the recovery did not produce operating leverage. Gross margin improved from 6.0% to 7.2%, but remains too thin to absorb operating costs.

Liabilities rose from $40.2M in FY2021 to $83.5M in FY2025. Debt-to-equity reached 1.2x as the current ratio fell to 2.1x, indicating a more leveraged balance sheet with less short-term cushion.

Financial Health Signals

Financial Health Score 29/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Natural Alternatives International Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Natural Alternatives International Inc. has an operating margin of -6.7%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 18/100. This is up from -7.5% the prior year.

Growth

Natural Alternatives International Inc.'s revenue grew 14.1% year-over-year to $129.9M, a solid pace of expansion. This earns a growth score of 11/100.

Leverage

Natural Alternatives International Inc. has a moderate D/E ratio of 1.22. This balance of debt and equity financing earns a leverage score of 43/100.

Liquidity

Natural Alternatives International Inc.'s current ratio of 2.06 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Natural Alternatives International Inc.'s free cash flow margin of 1.8% results in a low score of 23/100. Capital expenditures of $3.6M absorb a large share of operating cash flow.

Returns

Natural Alternatives International Inc. posts a -19.8% return on equity (ROE), meaning it loses $20 for every $100 of shareholders' equity. This results in a returns score of 18/100. This is down from -8.7% the prior year.

Altman Z-Score Distress

1.54

Natural Alternatives International Inc. scores 1.54, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Natural Alternatives International Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Natural Alternatives International Inc. reported a net loss of $13.6M while generating $5.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Natural Alternatives International Inc. reported an operating loss of $8.7M against $915K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$35.5M

YoY+23.3%

QoQ+2.0%

5Y CAGR-5.2%

10Y CAGR+1.7%

Natural Alternatives International Inc. generated $35.5M in revenue in Q3 2026. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.

EBITDA

-$2.8M

YoY-193.4%

QoQ-314.1%

Natural Alternatives International Inc.'s EBITDA was -$2.8M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 193.4% from the same quarter a year earlier. Against the prior quarter it is down 314.1%.

Net Income

-$4.3M

YoY-97.2%

QoQ-68.9%

Natural Alternatives International Inc. reported -$4.3M in net income in Q3 2026. This represents a decrease of 97.2% from the same quarter a year earlier. Against the prior quarter it is down 68.9%.

EPS (Diluted)

-$0.72

YoY-94.6%

QoQ-71.4%

Natural Alternatives International Inc. earned -$0.72 per diluted share (EPS) in Q3 2026. This represents a decrease of 94.6% from the same quarter a year earlier. Against the prior quarter it is down 71.4%.

Cash & Balance Sheet

Free Cash Flow

$1.4M

YoY-73.0%

QoQ+119.3%

5Y CAGR-32.6%

Natural Alternatives International Inc. generated $1.4M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 73.0% from the same quarter a year earlier. Against the prior quarter it is up 119.3%.

Cash & Debt

$9.2M

YoY-13.3%

QoQ+145.0%

5Y CAGR-20.0%

10Y CAGR-5.6%

Natural Alternatives International Inc. held $9.2M in cash as of Q3 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY+1.6%

QoQ+1.6%

5Y CAGR-0.5%

10Y CAGR-0.9%

Natural Alternatives International Inc. had 6M shares outstanding in Q3 2026. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 1.6%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

1.1%

YoY-5.3pp

QoQ-6.1pp

5Y change-13.7pp

10Y change-20.4pp

Natural Alternatives International Inc.'s gross margin was 1.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.1 percentage points.

Operating Margin

-11.3%

YoY-4.0pp

QoQ-6.0pp

5Y change-17.1pp

10Y change-21.7pp

Natural Alternatives International Inc.'s operating margin was -11.3% in Q3 2026, reflecting core business profitability. This is down 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.0 percentage points.

Net Margin

-12.2%

YoY-4.5pp

QoQ-4.8pp

5Y change-16.3pp

10Y change-22.2pp

Natural Alternatives International Inc.'s net profit margin was -12.2% in Q3 2026, showing the share of revenue converted to profit. This is down 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.

Return on Equity

-6.8%

YoY-4.0pp

QoQ-3.0pp

5Y change-9.3pp

10Y change-12.9pp

Natural Alternatives International Inc.'s ROE was -6.8% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.0 percentage points.

Capital Allocation

Share Buybacks

$82K

YoY-51.2%

5Y CAGR-33.7%

Natural Alternatives International Inc. spent $82K on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 51.2% from the same quarter a year earlier.

Capital Expenditures

$1.1M

YoY+37.2%

QoQ+17.8%

5Y CAGR-2.0%

10Y CAGR-14.9%

Natural Alternatives International Inc. invested $1.1M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 37.2% from the same quarter a year earlier. Against the prior quarter it is up 17.8%.

R&D Spending

Not reported for Q3 2026.

NAII Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NAII quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$141.9M	$129.9M+14.1%	$113.8M-26.1%	$154.0M-9.9%	$171.0M-4.2%	$178.5M+50.2%	$118.9M-14.0%	$138.3M+4.4%	$132.4M+8.6%	$121.9M+6.8%	$114.2M+43.6%	$79.5M+7.5%	$73.9M+17.7%	$62.8M-13.8%	$72.8M+30.3%	$55.9M
Cost of Revenue	$131.1M	$120.6M+12.8%	$106.9M-21.3%	$135.9M-3.3%	$140.5M-5.1%	$148.1M+48.1%	$100.0M-12.8%	$114.7M+8.1%	$106.1M+10.8%	$95.7M+7.6%	$88.9M+36.5%	$65.2M+6.5%	$61.2M+20.8%	$50.7M-11.7%	$57.4M+26.8%	$45.3M
Gross Profit	$10.8M	$9.3M+35.3%	$6.9M-62.2%	$18.2M-40.5%	$30.5M+0.2%	$30.4M+61.3%	$18.9M-20.0%	$23.6M-10.4%	$26.3M+0.4%	$26.2M+3.7%	$25.3M+76.1%	$14.3M+12.6%	$12.7M+5.0%	$12.1M-21.5%	$15.5M+45.4%	$10.6M
R&D Expenses	N/A	$1.8M-5.3%	$1.9M-9.5%	$2.1M-16.0%	$2.5M+31.6%	$1.9M+5.6%	$1.8M0.0%	$1.8M+20.0%	$1.5M-6.3%	$1.6M+45.5%	$1.1M0.0%	$1.1M+10.0%	$1.0M-16.7%	$1.2M+9.1%	$1.1M+12.2%	$980K
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$17.1M-2.9%	$17.6M+4.9%	$16.8M+1.7%	$16.5M+26.9%	$13.0M+27.7%	$10.2M+2.2%	$10.0M-0.2%	$10.0M+7.9%	$9.3M+11.4%	$8.3M
Operating Income	-$7.5M	-$8.7M-1.5%	-$8.5M-281.1%	$4.7M-65.5%	$13.7M+0.1%	$13.7M+1006.0%	-$1.5M-125.3%	$6.0M-37.5%	$9.5M-1.7%	$9.7M-20.9%	$12.3M+194.7%	$4.2M+49.8%	$2.8M+29.0%	$2.2M-65.3%	$6.2M+166.7%	$2.3M
EBITDA	N/A	-$4.1M-5.5%	-$3.9M-143.4%	$9.0M-49.8%	$17.8M-0.9%	$18.0M+635.1%	$2.5M-74.0%	$9.4M-24.2%	$12.4M+2.9%	$12.1M-13.9%	$14.0M+112.9%	$6.6M+16.0%	$5.7M+9.5%	$5.2M-43.7%	$9.2M+66.1%	$5.5M
Interest Expense	-$933K	-$915K-153.5%	-$361K+20.0%	-$451K-443.4%	-$83K+29.7%	-$118K-76.1%	-$67K-131.0%	-$29K-222.2%	-$9K-200.0%	-$3K-250.0%	$2K-83.3%	$12K+9.1%	$11K-42.1%	$19K-81.9%	$105K+81.0%	$58K
Income Tax	$4.8M	$2.8M+226.2%	-$2.2M-317.5%	$1.0M-64.9%	$2.9M+117.2%	$1.4M+1559.1%	-$93K-106.6%	$1.4M-74.6%	$5.6M+93.4%	$2.9M-28.6%	$4.0M+318.9%	$961K+42.6%	$674K+28.9%	$523K-74.9%	$2.1M+176.2%	-$2.7M
Net Income	-$14.4M	-$13.6M-88.1%	-$7.2M-386.2%	$2.5M-76.5%	$10.7M-0.5%	$10.8M+754.6%	-$1.6M-125.1%	$6.5M+29.5%	$5.1M-30.2%	$7.2M-24.2%	$9.5M+185.3%	$3.3M+67.8%	$2.0M+27.0%	$1.6M-62.2%	$4.2M-18.2%	$5.1M
EPS (Basic)	N/A	-$2.28-85.4%	-$1.23-386.0%	$0.43-75.4%	$1.75+2.3%	$1.71+784.0%	-$0.25-126.0%	$0.96+26.3%	$0.76-30.9%	$1.10-24.7%	$1.46+192.0%	$0.50+72.4%	$0.29+26.1%	$0.23-61.7%	$0.60-16.7%	$0.72
EPS (Diluted)	-$2.40	-$2.28-85.4%	-$1.23-386.0%	$0.43-75.3%	$1.74+3.0%	$1.69+776.0%	-$0.25-127.2%	$0.92+26.0%	$0.73-33.0%	$1.09-24.3%	$1.44+193.9%	$0.49+69.0%	$0.29+26.1%	$0.23-61.0%	$0.59-16.9%	$0.71
Diluted Shares (Avg)	N/A	6M+1.3%	6M-0.1%	6M-4.5%	6M-3.5%	6M-4.7%	7M-5.7%	7M+3.1%	7M+3.5%	7M+0.2%	7M-2.4%	7M-0.8%	7M-0.3%	7M-1.5%	7M-1.8%	7M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$35.5M+23.3%	$34.8M+2.1%	$37.7M+13.8%	$33.9M+14.8%	$28.8M+14.4%	$34.1M+35.2%	$33.1M-2.4%	$29.5M-17.8%
Cost of Revenue	$35.1M+30.3%	$32.3M-0.3%	$33.3M+7.9%	$30.3M+8.1%	$26.9M+16.1%	$32.4M+30.6%	$30.9M+0.2%	$28.1M-8.6%
Gross Profit	$383K-79.0%	$2.5M+49.3%	$4.4M+94.6%	$3.5M+149.1%	$1.8M-5.0%	$1.7M+331.3%	$2.3M-28.0%	$1.4M-72.7%
SG&A Expenses	$4.4M+12.0%	$4.3M-2.5%	$4.1M+0.4%	N/A	$3.9M+1.3%	$4.4M+14.1%	$4.1M+11.2%	N/A
Operating Income	-$4.0M-91.1%	-$1.8M+33.6%	$284K+115.5%	-$1.9M+23.0%	-$2.1M-7.6%	-$2.8M+20.9%	-$1.8M-237.5%	-$2.5M-179.6%
EBITDA	-$2.8M-193.4%	-$681K+58.6%	$1.4M+304.5%	-$784K+40.9%	-$961K-12.8%	-$1.6M+28.8%	-$709K-217.4%	-$1.3M-130.4%
Interest Expense	-$270K-9.8%	-$224K+19.4%	-$226K-27.0%	-$213K-71.8%	-$246K-232.4%	-$278K-297.1%	-$178K-91.4%	-$124K+39.5%
Income Tax	$68K+114.9%	$224K+133.2%	$92K+121.3%	$4.4M+584.8%	-$456K-16.9%	-$675K+11.3%	-$431K-128.0%	-$907K-229.2%
Net Income	-$4.3M-97.2%	-$2.6M-16.5%	-$291K+85.3%	-$7.2M-285.1%	-$2.2M-38.5%	-$2.2M+28.6%	-$2.0M-185.2%	-$1.9M-192.0%
EPS (Basic)	-$0.72-94.6%	-$0.42-13.5%	-$0.05+84.8%	-$1.21-278.1%	-$0.37-37.0%	-$0.37+28.8%	-$0.33-175.0%	-$0.32-191.4%
EPS (Diluted)	-$0.72-94.6%	-$0.42-13.5%	-$0.05+84.8%	-$1.21-278.1%	-$0.37	-$0.37+28.8%	-$0.33-175.0%	-$0.32-191.4%
Diluted Shares (Avg)	6M+1.4%	6M+1.5%	6M+1.5%	N/A	6M	6M+1.2%	6M+1.2%	N/A

Not reported in any period shown, so not listed: R&D Expenses.

NAII Balance Sheet

NAII quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$151.9M-6.4%	$162.3M+21.0%	$134.2M-8.1%	$146.0M+21.4%	$120.3M+0.1%	$120.2M+28.6%	$93.5M+9.7%	$85.2M+17.3%	$72.6M-2.1%	$74.2M+37.8%	$53.8M+3.0%	$52.3M+12.0%	$46.6M-1.2%	$47.2M+14.7%	$41.1M
Current Assets	$59.3M-3.8%	$61.6M+8.1%	$57.0M-25.7%	$76.7M-4.5%	$80.3M+1.7%	$79.0M+10.7%	$71.4M+9.5%	$65.2M+26.1%	$51.7M-7.5%	$55.9M+28.2%	$43.6M+6.6%	$40.9M+15.8%	$35.3M+2.3%	$34.5M+24.0%	$27.8M
Cash & Equivalents	$12.3M+2.9%	$12.0M-11.9%	$13.6M-37.7%	$21.8M-32.1%	$32.1M+5.4%	$30.5M+21.7%	$25.0M+6.0%	$23.6M-15.2%	$27.8M+41.0%	$19.7M+6.4%	$18.6M-4.9%	$19.5M+16.9%	$16.7M+15.3%	$14.5M-6.4%	$15.5M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$24.9M+2.6%	$24.2M-18.3%	$29.7M-8.6%	$32.5M+20.3%	$27.0M-3.5%	$28.0M+7.6%	$26.0M+10.3%	$23.6M+71.7%	$13.7M-33.9%	$20.8M+65.3%	$12.6M-2.1%	$12.8M+28.0%	$10.0M+20.1%	$8.4M+28.6%	$6.5M
Accounts Receivable	$14.6M-13.3%	$16.9M+140.5%	$7.0M-59.7%	$17.4M-2.9%	$17.9M+5.6%	$17.0M+6.5%	$16.0M+9.2%	$14.6M+73.9%	$8.4M-36.4%	$13.2M+33.6%	$9.9M+44.8%	$6.8M+3.5%	$6.6M-24.5%	$8.8M+166.2%	$3.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$83.5M+4.7%	$79.7M+75.7%	$45.4M-21.1%	$57.5M+43.0%	$40.2M-17.7%	$48.8M+180.5%	$17.4M+2.6%	$17.0M+47.9%	$11.5M-43.9%	$20.4M+105.4%	$10.0M+1.4%	$9.8M+55.8%	$6.3M-14.0%	$7.3M+29.4%	$5.7M
Current Liabilities	$28.8M+22.8%	$23.5M+47.7%	$15.9M-33.5%	$23.9M+8.3%	$22.1M-20.6%	$27.8M+95.1%	$14.3M-0.2%	$14.3M+39.0%	$10.3M-46.5%	$19.2M+111.2%	$9.1M-5.3%	$9.6M+61.6%	$5.9M-13.1%	$6.8M+38.2%	$4.9M
Non-Current Liabilities	$54.7M-2.8%	$56.3M+90.8%	$29.5M-12.2%	$33.6M+85.3%	$18.1M-13.8%	$21.0M+566.1%	$3.2M+17.8%	$2.7M+124.6%	$1.2M-4.1%	$1.2M+44.1%	$863K+292.3%	$220K-38.7%	$359K-27.2%	$493K-31.4%	$719K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0	$0	$0	N/A	N/A	N/A	N/A	N/A
Total Equity	$68.4M-17.2%	$82.6M-7.0%	$88.8M+0.3%	$88.5M+10.5%	$80.1M+12.2%	$71.4M-6.2%	$76.1M+11.5%	$68.2M+11.6%	$61.1M+13.8%	$53.7M+22.5%	$43.9M+3.4%	$42.4M+5.2%	$40.3M+1.2%	$39.9M+12.4%	$35.5M
Retained Earnings	$59.4M-18.6%	$73.0M-9.0%	$80.2M+3.2%	$77.7M+16.0%	$66.9M+19.2%	$56.2M-2.1%	$57.4M+12.9%	$50.8M+11.0%	$45.8M+18.8%	$38.6M+32.9%	$29.0M+13.0%	$25.7M+8.4%	$23.7M+7.1%	$22.1M+23.2%	$17.9M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$154.9M0.0%	$153.3M-1.8%	$156.9M-2.7%	$151.9M-6.4%	$154.9M+1.1%	$156.1M+0.3%	$161.3M+0.6%	$162.3M+21.0%
Current Assets	$64.0M+9.4%	$61.5M+5.1%	$65.1M+4.1%	$59.3M-3.8%	$58.5M+7.6%	$58.5M+7.6%	$62.5M+8.2%	$61.6M+8.1%
Cash & Equivalents	$9.2M-13.3%	$3.8M-56.7%	$7.7M-23.7%	$12.3M+2.9%	$10.6M-14.5%	$8.7M-47.8%	$10.2M-39.4%	$12.0M-11.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$29.9M+10.9%	$33.4M+45.1%	$30.7M+18.2%	$24.9M+2.6%	$27.0M+28.1%	$23.0M+17.6%	$25.9M+11.3%	$24.2M-18.3%
Accounts Receivable	$20.6M+76.7%	$17.8M+5.1%	$18.9M+7.3%	$14.6M-13.3%	$11.7M+3.8%	$16.9M+61.6%	$17.6M+80.7%	$16.9M+140.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$91.8M+17.2%	$86.3M+12.0%	$87.9M+8.4%	$83.5M+4.7%	$78.3M+13.3%	$77.0M+9.5%	$81.1M+13.5%	$79.7M+75.7%
Current Liabilities	$39.1M+67.8%	$32.8M+51.7%	$33.9M+38.7%	$28.8M+22.8%	$23.3M+70.8%	$21.6M+61.4%	$24.4M+58.3%	$23.5M+47.7%
Non-Current Liabilities	$52.6M-4.3%	$53.4M-3.5%	$54.0M-4.6%	$54.7M-2.8%	$55.0M-0.8%	$55.3M-2.7%	$56.7M+1.2%	$56.3M+90.8%
Total Equity	$63.1M-17.6%	$67.0M-15.3%	$69.0M-13.9%	$68.4M-17.2%	$76.6M-8.9%	$79.1M-7.4%	$80.2M-9.7%	$82.6M-7.0%
Retained Earnings	$52.2M-21.6%	$56.5M-17.8%	$59.1M-16.7%	$59.4M-18.6%	$66.6M-11.0%	$68.8M-10.0%	$71.0M-10.7%	$73.0M-9.0%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

NAII Cash Flow Statement

NAII quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$4.5M	$5.9M+496.3%	-$1.5M-121.3%	$7.0M-40.8%	$11.9M-43.0%	$20.8M+463.7%	$3.7M-43.8%	$6.6M+258.1%	$1.8M-87.0%	$14.1M+52.3%	$9.3M+246.7%	$2.7M-49.9%	$5.3M+19.6%	$4.5M+162.0%	$1.7M-81.2%	$9.1M
Depreciation & Amortization	N/A	$4.6M-1.9%	$4.6M+9.3%	$4.3M+2.0%	$4.2M-4.0%	$4.3M+9.6%	$4.0M+14.3%	$3.5M+19.2%	$2.9M+22.0%	$2.4M+34.5%	$1.8M-27.1%	$2.4M-16.3%	$2.9M-4.3%	$3.0M+0.6%	$3.0M-6.4%	$3.2M
Stock-Based Compensation	N/A	$977K-18.6%	$1.2M+18.2%	$1.0M+4.9%	$968K-32.3%	$1.4M-16.5%	$1.7M+2.4%	$1.7M+25.3%	$1.3M+29.3%	$1.0M+42.5%	$724K+85.6%	$390K+66.0%	$235K+16.3%	$202K-9.0%	$222K-4.7%	$233K
Capital Expenditures	$4.5M	$3.6M+19.8%	$3.0M-77.7%	$13.5M-48.9%	$26.5M+418.7%	$5.1M+12.5%	$4.5M-14.8%	$5.3M+30.5%	$4.1M-23.8%	$5.4M-48.7%	$10.4M+511.3%	$1.7M-36.2%	$2.7M+65.3%	$1.6M-29.0%	$2.3M+33.0%	$1.7M
Free Cash Flow	-$9.0M	$2.3M+151.4%	-$4.5M+30.6%	-$6.5M+55.5%	-$14.6M-193.1%	$15.7M+1946.9%	-$850K-168.7%	$1.2M+155.0%	-$2.2M-125.6%	$8.8M+859.8%	-$1.2M-219.2%	$970K-63.6%	$2.7M-6.4%	$2.8M+592.9%	-$578K-107.8%	$7.4M
Investing Cash Flow	-$4.5M	-$3.6M-19.8%	-$3.0M+77.6%	-$13.5M+49.1%	-$26.5M-425.1%	-$5.0M-11.8%	-$4.5M-18.3%	-$3.8M+31.4%	-$5.6M-4.2%	-$5.3M	N/A	-$1.6M+34.5%	-$2.5M-56.0%	-$1.6M+30.6%	-$2.3M-36.6%	-$1.7M
Financing Cash Flow	$7.6M	-$2.0M-168.3%	$2.9M+262.3%	-$1.8M-141.5%	$4.3M+130.4%	-$14.1M-325.7%	$6.3M+570.5%	-$1.3M-160.6%	-$510K+28.4%	-$712K	N/A	-$2.0M-3268.3%	-$60K+91.0%	-$666K-64.4%	-$405K+19.2%	-$501K
Share Buybacks	$89K	$178K-19.5%	$221K-85.3%	$1.5M-72.7%	$5.5M+32.7%	$4.1M+10.7%	$3.7M+174.1%	$1.4M+168.0%	$510K-28.4%	$712K+9.9%	$648K-67.9%	$2.0M+3268.3%	$60K-91.5%	$703K+73.6%	$405K-4.9%	$426K

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	$2.5M-58.2%	-$6.3M-17208.1%	-$4.0M-16.8%	$3.3M+223.1%	$6.0M+265.4%	$37K-89.4%	-$3.4M-176.6%	-$2.7M-136.3%
Depreciation & Amortization	$1.2M+4.8%	$1.2M+2.8%	$1.2M+3.5%	$1.2M-4.0%	$1.1M+3.5%	$1.1M-5.5%	$1.1M-1.8%	$1.2M+0.7%
Stock-Based Compensation	$140K-42.9%	$178K-35.7%	$177K-35.9%	N/A	$245K+22.5%	$277K-7.7%	$276K-8.6%	N/A
Capital Expenditures	$1.1M+37.2%	$934K-11.6%	$1.0M+242.2%	$1.5M+40.7%	$802K+190.6%	$1.1M+146.2%	$301K-76.4%	$1.0M+262.8%
Free Cash Flow	$1.4M-73.0%	-$7.3M-612.9%	-$5.1M-35.0%	$1.9M+150.4%	$5.2M+233.1%	-$1.0M-1158.0%	-$3.7M-216.3%	-$3.8M-152.1%
Investing Cash Flow	-$1.1M-37.2%	-$934K+11.6%	-$1.0M-242.2%	-$1.5M-40.7%	-$802K-190.6%	-$1.1M-146.2%	-$301K+76.4%	-$1.0M-274.6%
Financing Cash Flow	$4.0M+224.6%	$3.3M+790.5%	$472K-75.4%	-$176K-105.3%	-$3.2M-1026.0%	-$474K-549.3%	$1.9M+2728.8%	$3.3M+136.3%
Share Buybacks	$82K-51.2%	$0	$5K-37.5%	$2K-50.0%	$168K-22.6%	$0	$8K	$4K

Not reported in any period shown, so not listed: Dividends Paid.

NAII Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NAII quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	7.1%+1.1pp	6.0%-5.8pp	11.8%-6.1pp	17.8%+0.8pp	17.1%+1.2pp	15.9%-1.2pp	17.1%-2.8pp	19.9%-1.6pp	21.5%-0.6pp	22.1%+4.1pp	18.0%+0.8pp	17.2%-2.1pp	19.3%-1.9pp	21.2%+2.2pp	19.0%
Operating Margin	-6.7%+0.8pp	-7.5%-10.6pp	3.1%-4.9pp	8.0%+0.3pp	7.7%+8.9pp	-1.3%-5.6pp	4.3%-2.9pp	7.2%-0.8pp	8.0%-2.8pp	10.7%+5.5pp	5.2%+1.5pp	3.8%+0.3pp	3.4%-5.1pp	8.5%+4.3pp	4.2%
Net Margin	-10.4%-4.1pp	-6.3%-8.0pp	1.6%-4.6pp	6.3%+0.2pp	6.0%+7.4pp	-1.4%-6.1pp	4.7%+0.9pp	3.8%-2.1pp	5.9%-2.4pp	8.4%+4.1pp	4.2%+1.5pp	2.7%+0.2pp	2.5%-3.2pp	5.7%-3.4pp	9.1%
Return on Equity	-19.8%-11.1pp	-8.7%-11.6pp	2.8%-9.3pp	12.1%-1.4pp	13.5%+15.8pp	-2.3%-10.9pp	8.6%+1.2pp	7.4%-4.4pp	11.8%-5.9pp	17.8%+10.1pp	7.6%+2.9pp	4.7%+0.8pp	3.9%-6.5pp	10.4%-3.9pp	14.3%
Return on Assets	-8.9%-4.5pp	-4.5%-6.3pp	1.9%-5.5pp	7.3%-1.6pp	8.9%+10.3pp	-1.4%-8.4pp	7.0%+1.1pp	5.9%-4.0pp	10.0%-2.9pp	12.9%+6.7pp	6.2%+2.4pp	3.8%+0.4pp	3.4%-5.4pp	8.8%-3.6pp	12.4%
Current Ratio	2.06-0.6x	2.63-1.0x	3.59+0.4x	3.21-0.4x	3.64+0.8x	2.84-2.2x	5.01+0.4x	4.56-0.5x	5.03+2.1x	2.91-1.9x	4.79+0.5x	4.26-1.7x	5.94+0.9x	5.05-0.6x	5.63
Debt-to-Equity	1.22+0.3x	0.97+0.5x	0.51-0.1x	0.65+0.1x	0.50-0.2x	0.68+0.7x	0.000.0x	0.000.0x	0.000.0x	0.00-0.2x	0.230.0x	0.23+0.1x	0.160.0x	0.180.0x	0.16
Asset Turnover	0.85+0.2x	0.70-0.4x	1.150.0x	1.17-0.3x	1.48+0.5x	0.99-0.5x	1.48-0.1x	1.55-0.1x	1.68+0.1x	1.54+0.1x	1.48+0.1x	1.41+0.1x	1.35-0.2x	1.54+0.2x	1.36
FCF Margin	1.8%+5.8pp	-4.0%+0.3pp	-4.2%+4.3pp	-8.6%-17.3pp	8.8%+9.5pp	-0.7%-1.6pp	0.9%+2.6pp	-1.7%-8.9pp	7.2%+8.2pp	-1.0%-2.2pp	1.2%-2.4pp	3.6%-0.9pp	4.5%+5.3pp	-0.8%-14.0pp	13.2%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	1.1%-5.3pp	7.2%+2.3pp	11.7%+4.8pp	10.4%+5.6pp	6.3%-1.3pp	4.9%+3.4pp	6.8%-2.4pp	4.8%-9.7pp
Operating Margin	-11.3%-4.0pp	-5.3%+2.9pp	0.8%+6.3pp	-5.7%+2.8pp	-7.3%+0.5pp	-8.2%+5.8pp	-5.5%-3.9pp	-8.6%-17.4pp
Net Margin	-12.2%-4.5pp	-7.3%-0.9pp	-0.8%+5.2pp	-21.3%-15.0pp	-7.6%-1.3pp	-6.4%+5.8pp	-6.0%-3.9pp	-6.3%-12.0pp
Return on Equity	-6.8%-4.0pp	-3.8%-1.0pp	-0.4%+2.1pp	-10.5%-8.3pp	-2.9%-1.0pp	-2.8%+0.8pp	-2.5%-1.7pp	-2.3%-4.6pp
Return on Assets	-2.8%-1.4pp	-1.7%-0.3pp	-0.2%+1.0pp	-4.8%-3.6pp	-1.4%-0.4pp	-1.4%+0.6pp	-1.2%-0.8pp	-1.1%-2.7pp
Current Ratio	1.64-0.9x	1.87-0.8x	1.92-0.6x	2.06-0.6x	2.51-1.5x	2.70-1.4x	2.56-1.2x	2.63-1.0x
Debt-to-Equity	1.45+0.4x	1.29+0.3x	1.27+0.3x	1.22+0.3x	1.02+0.2x	0.97+0.2x	1.01+0.2x	0.97+0.5x
Asset Turnover	0.230.0x	0.230.0x	0.240.0x	0.220.0x	0.190.0x	0.22+0.1x	0.210.0x	0.18-0.1x
FCF Margin	4.0%-14.1pp	-20.9%-17.9pp	-13.4%-2.1pp	5.6%+18.3pp	18.1%+33.6pp	-3.0%-2.7pp	-11.3%-20.8pp	-12.7%-32.8pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Natural Alternatives International Inc. NAII	FY2025	$129.9M	-$13.6M	-10.4%	$12.3M	29/100
Coffee Holding Co., Inc. JVA	FY2025	$96.3M	$1.4M	1.5%	$22.0M	51/100
Steakholder Foods Ltd. American STKH	FY2025	N/A	-$11.2M	N/A	$2.6M	—
Nocera, Inc. NCRA	FY2025	$11.0M	-$2.9M	-26.1%	$5.3M	30/100
BranchOut Food Inc. BOF	FY2025	$13.7M	-$6.1M	-44.6%	$63.3M	20/100

Where Natural Alternatives International Inc. Ranks

Frequently Asked Questions

What is Natural Alternatives International Inc.'s annual revenue?

Natural Alternatives International Inc. (NAII) reported $129.9M in total revenue for fiscal year 2025. This represents a 14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Natural Alternatives International Inc.'s revenue growing?

Natural Alternatives International Inc. (NAII) revenue grew by 14.1% year-over-year, from $113.8M to $129.9M in fiscal year 2025.

Is Natural Alternatives International Inc. profitable?

No, Natural Alternatives International Inc. (NAII) reported a net income of -$13.6M in fiscal year 2025, with a net profit margin of -10.4%.

What is Natural Alternatives International Inc.'s EBITDA?

Natural Alternatives International Inc. (NAII) had EBITDA of -$4.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Natural Alternatives International Inc.'s gross margin?

Natural Alternatives International Inc. (NAII) had a gross margin of 7.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Natural Alternatives International Inc.'s operating margin?

Natural Alternatives International Inc. (NAII) had an operating margin of -6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Natural Alternatives International Inc.'s net profit margin?

Natural Alternatives International Inc. (NAII) had a net profit margin of -10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Natural Alternatives International Inc.'s return on equity (ROE)?

Natural Alternatives International Inc. (NAII) has a return on equity of -19.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Natural Alternatives International Inc.'s free cash flow?

Natural Alternatives International Inc. (NAII) generated $2.3M in free cash flow during fiscal year 2025. This represents a 151.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Natural Alternatives International Inc.'s operating cash flow?

Natural Alternatives International Inc. (NAII) generated $5.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Natural Alternatives International Inc.'s total assets?

Natural Alternatives International Inc. (NAII) had $151.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Natural Alternatives International Inc.'s capital expenditures?

Natural Alternatives International Inc. (NAII) invested $3.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Natural Alternatives International Inc. spend on research and development?

Natural Alternatives International Inc. (NAII) invested $1.8M in research and development during fiscal year 2025.

Does Natural Alternatives International Inc. buy back shares?

Yes, Natural Alternatives International Inc. (NAII) spent $178K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Natural Alternatives International Inc. have outstanding?

Natural Alternatives International Inc. (NAII) had 6M shares outstanding as of fiscal year 2025.

What is Natural Alternatives International Inc.'s current ratio?

Natural Alternatives International Inc. (NAII) had a current ratio of 2.06 as of fiscal year 2025, which is generally considered healthy.

What is Natural Alternatives International Inc.'s debt-to-equity ratio?

Natural Alternatives International Inc. (NAII) had a debt-to-equity ratio of 1.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Natural Alternatives International Inc.'s return on assets (ROA)?

Natural Alternatives International Inc. (NAII) had a return on assets of -8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Natural Alternatives International Inc.'s P/E ratio?

Natural Alternatives International Inc. (NAII) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $12.3M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Natural Alternatives International Inc.'s price-to-sales ratio?

Natural Alternatives International Inc. (NAII) trades at 0.1x sales, its market capitalization divided by revenue of $141.9M revenue, trailing 12 months to March 31, 2026. The market capitalization is $12.3M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Natural Alternatives International Inc.'s Altman Z-Score?

Natural Alternatives International Inc. (NAII) has an Altman Z-Score of 1.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Natural Alternatives International Inc.'s Piotroski F-Score?

Natural Alternatives International Inc. (NAII) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Natural Alternatives International Inc.'s earnings high quality?

Natural Alternatives International Inc. (NAII) reported a net loss of $13.6M while generating $5.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Natural Alternatives International Inc. cover its interest payments?

Natural Alternatives International Inc. (NAII) reported an operating loss of $8.7M against $915K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Natural Alternatives International Inc.?

Natural Alternatives International Inc. (NAII) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.