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Natural Alternatives International, Inc.

Rank #437Startup

NAII · Nasdaq · Consumer Defensive

Natural Alternatives International, Inc. (NAII) — Rank #437 by gross profitability (GP/assets 0.06) · ROE -21.5% · Piotroski F-Score N/A.

As-of 2026-09-28 · CIK 0000787253 · all metrics point-in-time as of the filing date.

About

Natural Alternatives International, Inc. engages in formulating, manufacturing, and marketing nutritional supplements in the United States and internationally.

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It operates through two segments: Private-Label Contract Manufacturing, and Patent and Trademark Licensing. The company offers private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbal, and other nutritional supplements, as well as other health care products. It also provides strategic partnering services, such as customized product formulation, clinical study design and support, manufacturing, marketing support, international regulatory and label law compliance, international product registration, packaging in multiple formats and labeling design, scientific research, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management, packaging and delivery system design, regulatory review, and international product registration assistance. In addition, the company sells beta-alanine ingredient under the CarnoSyn, TriBsynm, and SR CarnoSyn names. The company manufactures products in various forms, including capsules, tablets, chewable wafers, and powders. Its private-label contract manufacturing customers include companies that market nutritional supplements through direct sales marketing channels, direct to consumer e-commerce channels, and retail stores. Natural Alternatives International, Inc.

was founded in 1980 and is headquartered in Carlsbad, California.

Industry
Packaged Foods
Sector
Consumer Defensive
State
DE
Filer Category
Non-accelerated filerSmaller reporting company
Fiscal Year End
June 30

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

293

Industry

Packaged Foods

Exchange

Nasdaq

Signal Flags

2 green
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Quality Profile

Profitability

1/1 pass
GP / assets
0.06
Return on equity
-21.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.45
Current ratio
1.64×
Net cash
$9.20M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.8%

Growth

2/2 pass
Revenue growth
14.1%
Piotroski F-Score
N/A
Share dilution
1.3%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.06

Primary signal (Novy-Marx).

8th pctl of 39 SIC 28 peers

Return on equity

-21.5%

Gross margin

7.2%

3rd pctl of 39 SIC 28 peers

Revenue growth (YoY)

14.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-8.8%

Revenue CAGR (5Y)

1.8%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.45

12th pctl of 35 SIC 28 peers (best = lowest)

Current ratio

1.64×

18th pctl of 39 SIC 28 peers

Quick ratio

0.76×

Net cash

$9.20M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 15 years of history

Weak
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-14.0%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-26.1%Significant decline

Cash-flow health

Free cash flow

$2.32M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.17

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Decline
Hypergrowth
Capital Return
Startup
View full financial statements →