Quality Investor

Nature's Sunshine Products, Inc.

Rank #4Capital Return

NATR · Nasdaq · Consumer Defensive

Nature's Sunshine Products, Inc. (NATR) — Rank #4 by gross profitability (GP/assets 1.34) · ROE 11.5% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000275053 · all metrics point-in-time as of the filing date.

About

Nature's Sunshine Products, Inc., a natural health and wellness company, manufactures and sells nutritional and personal care products in Asia, Europe, North America, Latin America, and internationally.

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The company distributes general health products related to blood sugar support, bone health, cellular health, cognitive function, joint health, mood, sexual health, sleep, sports and energy, and vision; and immune products to support and strengthen the human immune system. It also offers cardiovascular products; digestive products to regulate intestinal and digestive functions; personal care products for external use, including oils and lotions, aloe vera gel, herbal shampoo, herbal skin treatment, toothpaste, and skin cleanser. In addition, the company provides weight management products, such as meal replacements and products that increase caloric burn rate. It offers its products under the Nature's Sunshine and Synergy Worldwide brands through its network of independent consultants to customers. Nature's Sunshine Products, Inc.

was founded in 1972 and is headquartered in Lehi, Utah.

Industry
Packaged Foods
Sector
Consumer Defensive
State
UT
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
December 31

Price History

NATR-22.2% · -4.9% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$233.05M

P/E (annual)

12.5

P/S (annual)

0.5

P/B

1.4

P/OCF (annual)

6.6

Shareholder Yield

3.3%

Employees

806

Industry

Packaged Foods

Exchange

Nasdaq

Signal Flags

4 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
1.34
Return on equity
11.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.53
Current ratio
2.60×
Net cash
$82.50M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.2%

Growth

2/2 pass
Revenue growth
5.7%
Piotroski F-Score
N/A
Share dilution
-3.3%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-4.2%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -3.3% — per-share value needs a total required return of -7.5% once share-count change is priced in.

vs. own 6-year median revenue growth: 5.6%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-7.8%

r = 10% (base)

-4.2%

r = 12%

-1.1%

Net debt / market cap: -33.7%

Base FCF: $28.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

23.7xFair
11.8xmed 22.9x76.6x

P / S

Price / revenue per share

1.0xExpensive
0.4xmed 0.5x1.0x

P / B

Price / book value per share

2.9xExpensive
1.2xmed 1.5x2.9x

P / GP

Price / gross profit per share

1.3xExpensive
0.6xmed 0.8x1.3x

P / FCF

Price / free cash flow per share

16.1xFair
9.5xmed 14.1x58.2x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

1.34

Primary signal (Novy-Marx).

1st of 9 SIC 2834 peers

Return on equity

11.5%

Gross margin

72.4%

7th of 9 SIC 2834 peers

Revenue growth (YoY)

5.7%

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)

4.4%

Revenue CAGR (5Y)

4.5%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.53

4th of 9 SIC 2834 peers (best = lowest)

Current ratio

2.60×

5th of 9 SIC 2834 peers

Quick ratio

1.40×

Net cash

$82.50M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$28.84M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.48

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Value
Capital Return
Startup