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Natural Health Trends Corp Financials

NHTC
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Natural Health Trends Corp (NHTC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 NHTC FY2025

Stable gross margins could not offset a cash-funded payout model as shrinking sales eroded the business's operating scale.

Across the last several years, gross margin stayed near 75%, which suggests the product economics held up. The real break was scale: operating margin swung from 2.6% to -4.6% because revenue kept shrinking while overhead did not fall enough to match it.

The company has been running a distribution-first cash cycle: annual dividends of about $9.2M continued even while free cash flow stayed negative, so payouts were financed by the balance sheet rather than current operations. That helps explain why cash fell from $83.8M to $6.8M over the period, despite only modest liability reduction.

Reported profit looked better than the core business for several years: net income remained positive in FY2024 even as operating cash flow was -$3.4M, showing that accounting earnings were not converting into cash. Even after the cash drawdown, the current ratio was still 2.5x and total liabilities were $15.0M, so the pressure comes from shrinking reserves, not heavy leverage.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 31 / 100
Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Natural Health Trends Corp'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
13

Natural Health Trends Corp has an operating margin of -4.5%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is down from -3.0% the prior year.

Growth
25

Natural Health Trends Corp's revenue declined 7.4% year-over-year, from $43.0M to $39.8M. This contraction results in a growth score of 25/100.

Leverage
89

Natural Health Trends Corp carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
47

Natural Health Trends Corp's current ratio of 2.50 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
0

While Natural Health Trends Corp generated -$6.0M in operating cash flow, capex of $68K consumed most of it, leaving -$6.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
9

Natural Health Trends Corp generates a -3.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is down from 1.7% the prior year.

Piotroski F-Score Weak
2/9

Natural Health Trends Corp passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
6.80x

For every $1 of reported earnings, Natural Health Trends Corp generates $6.80 in operating cash flow (-$6.0M OCF vs -$882K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$39.8M
YoY-7.4%
5Y CAGR-8.5%
10Y CAGR-17.3%

Natural Health Trends Corp generated $39.8M in revenue in fiscal year 2025. This represents a decrease of 7.4% from the prior year.

EBITDA
-$1.7M
YoY-45.5%

Natural Health Trends Corp's EBITDA was -$1.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 45.5% from the prior year.

Net Income
-$882K
YoY-254.2%

Natural Health Trends Corp reported -$882K in net income in fiscal year 2025. This represents a decrease of 254.2% from the prior year.

EPS (Diluted)
$-0.08
YoY-260.0%

Natural Health Trends Corp earned $-0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 260.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$6.1M
YoY-77.1%

Natural Health Trends Corp generated -$6.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 77.1% from the prior year.

Cash & Debt
$6.8M
YoY-49.7%
5Y CAGR-40.6%
10Y CAGR-23.9%

Natural Health Trends Corp held $6.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.80
YoY+0.0%
5Y CAGR+0.0%
10Y CAGR+19.0%

Natural Health Trends Corp paid $0.80 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
N/A

Margins & Returns

Gross Margin
73.5%
YoY-0.4pp
5Y CAGR+0.9pp
10Y CAGR-6.0pp

Natural Health Trends Corp's gross margin was 73.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.

Operating Margin
-4.5%
YoY-1.5pp
5Y CAGR-5.6pp
10Y CAGR-22.6pp

Natural Health Trends Corp's operating margin was -4.5% in fiscal year 2025, reflecting core business profitability. This is down 1.5 percentage points from the prior year.

Net Margin
-2.2%
YoY-3.6pp
5Y CAGR-3.6pp
10Y CAGR-20.1pp

Natural Health Trends Corp's net profit margin was -2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity
-3.8%
YoY-5.5pp
5Y CAGR-5.0pp
10Y CAGR-86.9pp

Natural Health Trends Corp's ROE was -3.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.5 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$68K
YoY+19.3%
5Y CAGR-20.3%
10Y CAGR-20.9%

Natural Health Trends Corp invested $68K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 19.3% from the prior year.

NHTC Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $9.2M-5.6% $9.7M+2.9% $9.5M-3.4% $9.8M-8.6% $10.7M-1.0% $10.8M+1.4% $10.7M+2.1% $10.5M
Cost of Revenue $2.3M-12.9% $2.6M+6.1% $2.5M-2.7% $2.6M-9.7% $2.8M+1.1% $2.8M+1.3% $2.8M+2.4% $2.7M
Gross Profit $6.9M-2.9% $7.1M+1.7% $7.0M-3.7% $7.3M-8.2% $7.9M-1.7% $8.0M+1.5% $7.9M+1.9% $7.8M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $3.5M-7.6% $3.8M+5.8% $3.6M+0.8% $3.6M-4.9% $3.8M-3.9% $3.9M+1.2% $3.9M+1.5% $3.8M
Operating Income -$474K+25.4% -$635K-28.3% -$495K-48.6% -$333K+3.5% -$345K+18.1% -$421K-53.1% -$275K-15.5% -$238K
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax -$25K-114.3% $175K+23.2% $142K $0+100.0% -$2K+99.0% -$201K-253.4% $131K+21.3% $108K
Net Income -$154K+73.8% -$588K-36.4% -$431K-2973.3% $15K-87.7% $122K-30.7% $176K+402.9% $35K-79.8% $173K
EPS (Diluted) $-0.02 N/A $-0.04 $0.00-100.0% $0.01 N/A $0.00-100.0% $0.02

NHTC Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $31.9M-16.9% $38.4M-9.0% $42.3M-6.4% $45.2M-15.1% $53.2M-3.9% $55.4M-5.0% $58.3M-5.2% $61.5M
Current Assets $26.5M-22.4% $34.2M-9.7% $37.9M-7.3% $40.9M-16.3% $48.8M-4.3% $51.0M-5.3% $53.8M-5.4% $56.9M
Cash & Equivalents $9.2M+35.3% $6.8M-52.5% $14.3M+36.1% $10.5M-51.4% $21.7M+60.3% $13.5M-40.9% $22.9M+47.0% $15.6M
Inventory $2.0M-3.7% $2.0M-5.0% $2.2M-22.2% $2.8M-1.6% $2.8M-14.0% $3.3M-11.2% $3.7M-13.3% $4.3M
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $15.5M+3.2% $15.0M-6.9% $16.1M-1.2% $16.3M-26.9% $22.3M-0.8% $22.5M-2.2% $23.0M-5.2% $24.2M
Current Liabilities $13.2M-3.3% $13.7M-7.2% $14.8M-1.3% $14.9M-27.9% $20.7M-0.3% $20.8M-1.5% $21.1M-4.6% $22.1M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $16.5M-29.7% $23.4M-10.4% $26.1M-9.4% $28.9M-6.6% $30.9M-6.1% $32.9M-6.9% $35.3M-5.2% $37.3M
Retained Earnings -$37.4M-2.8% -$36.4M-8.6% -$33.5M-8.9% -$30.8M-8.0% -$28.5M-8.3% -$26.3M-8.8% -$24.2M-10.3% -$21.9M

NHTC Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$797K+16.9% -$959K-948.7% $113K+102.0% -$5.6M-1264.3% $484K+450.0% $88K+120.2% -$436K+87.8% -$3.6M
Capital Expenditures $115K+2200.0% $5K-88.4% $43K+975.0% $4K-75.0% $16K-20.0% $20K+185.7% $7K-63.2% $19K
Free Cash Flow -$912K+5.4% -$964K-1477.1% $70K+101.2% -$5.6M-1304.9% $468K+588.2% $68K+115.3% -$443K+87.6% -$3.6M
Investing Cash Flow $9.9M+326.2% -$4.4M-174.5% $5.9M+277.3% -$3.3M-133.4% $10.0M+242.7% -$7.0M-171.3% $9.8M+324.6% -$4.4M
Financing Cash Flow -$6.7M-192.4% -$2.3M+0.1% -$2.3M0.0% -$2.3M0.0% -$2.3M0.0% -$2.3M0.0% -$2.3M0.0% -$2.3M
Dividends Paid $858K-62.7% $2.3M-0.1% $2.3M0.0% $2.3M0.0% $2.3M0.0% $2.3M0.0% $2.3M0.0% $2.3M
Share Buybacks $5.9M N/A N/A N/A $0 N/A N/A N/A

NHTC Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 75.0%+2.1pp 72.9%-0.8pp 73.7%-0.2pp 73.9%+0.3pp 73.6%-0.6pp 74.2%+0.0pp 74.1%-0.1pp 74.2%
Operating Margin -5.1%+1.4pp -6.5%-1.3pp -5.2%-1.8pp -3.4%-0.2pp -3.2%+0.7pp -3.9%-1.3pp -2.6%-0.3pp -2.3%
Net Margin -1.7%+4.4pp -6.0%-1.5pp -4.5%-4.7pp 0.1%-1.0pp 1.1%-0.5pp 1.6%+1.3pp 0.3%-1.3pp 1.7%
Return on Equity -0.9%+1.6pp -2.5%-0.9pp -1.7%-1.7pp 0.1%-0.4pp 0.4%-0.1pp 0.5%+0.4pp 0.1%-0.4pp 0.5%
Return on Assets -0.5%+1.0pp -1.5%-0.5pp -1.0%-1.1pp 0.0%-0.2pp 0.2%-0.1pp 0.3%+0.3pp 0.1%-0.2pp 0.3%
Current Ratio 2.00-0.5 2.50-0.1 2.57-0.2 2.73+0.4 2.35-0.1 2.45-0.1 2.55-0.0 2.57
Debt-to-Equity 0.94+0.3 0.64+0.0 0.62+0.1 0.57-0.2 0.72+0.0 0.68+0.0 0.650.0 0.65
FCF Margin -9.9%-0.0pp -9.9%-10.6pp 0.7%+58.2pp -57.5%-61.8pp 4.4%+3.7pp 0.6%+4.8pp -4.1%+30.1pp -34.2%

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