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what it is
FitLife sells vitamins, sports nutrition, and wellness products through GNC, retail partners, and online channels.
how it gets paid
FY2024 revenue was ~$64M (full-year segment mix shown below). NDS Products was the largest line at ~$28M, or ~44% of that mix.
why growth slowed
Legacy online traffic softness (especially MRC), rising MusclePharm promo and input costs, and Irwin deal amortization / transaction expense compressed YTD 2025 earnings even as wholesale grew.
what just happened
Through nine months ended Sep 30, 2025: revenue ~$55.6M, diluted EPS ~$0.47, gross margin ~40.5%. Irwin closed Aug 8, 2025 — most of Irwin is in Q3 wholesale.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
25.0x trailing p/e — priced about right
21.6% return on capital — every dollar works hard here
~$0.91 EPS est (screen / forward)
xvary composite: 60/100 — average
What they do
FitLife sells vitamins, sports nutrition, and wellness products through GNC, retail partners, and online channels.
This is not a household-name moat. It is a shelf-space moat. FitLife sells more than 100 NDS products into about 700 GNC franchise stores, plus Metis into more than 1,400 corporate GNC stores, so your product is already where the customer is standing. Return on capital was 21.6% in fiscal 2024, which means each dollar put into the business produced about $0.22 in profit before financing choices.
How they make money
$64M
annual revenue (FY2024 mix shown — ~$64M)
NDS Products
$28M
+25.0%
MRC Products
$16M
+18.0%
iSatori Products
$10M
+8.0%
MusclePharm
$6M
+60.0%
Other wellness brands
$4M
+5.0%
The products that matter
sports nutrition supplements
NDS Nutrition
within the ~$51M supplement slice of ~$64M FY revenue
this brand sits inside the segment that produces 80% of total revenue, so if supplements stall, the whole company feels it.
core revenue driver
specialty supplement products
iSatori
acquisition-led expansion
this is part of the acquisition playbook. with total company revenue near ~$64M on a FY2024 basis, each added brand matters more here than it would at a larger consumer company.
deal thesis
skincare and wellness brands
Mimi's Rock Skincare
$13M segment · 20% of revenue
this segment is only $13M today, which means it is too small to carry results on its own but large enough to matter if management can scale it.
second leg of growth
Key numbers
~21% / ~14%
operating margin
FY2024 operating margin was ~21% (strong distributor economics). Nine months ended Sep 2025 was ~14% of revenue — Irwin + M&A and mix pulled it down; do not confuse the two periods.
21.6%
return on capital
Return on capital → profit earned on money invested → so what: management has turned capital into earnings better than most consumer small caps.
~$47M
borrowings
Sep 30, 2025: term loans ~$40.5M + revolver ~$6M drawn — leverage stepped up with Irwin. Against ~$130M market cap this is not “optional” balance-sheet math.
25.0x
trailing p/e
P/E → how many dollars investors pay for one dollar of earnings → so what: you are paying a premium price for a still-tiny supplements business.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 30 / 100
- long-term debt ~$47M term + revolver (Sep 30, 2025)
B — adequate liquidity story post-deal; debt jumped with Irwin — watch covenants and paydown cadence.
Total return vs. market
Return history isn't available for FTLF right now.
source: institutional data · return history unavailable
What just happened
mixed vs prior year
Nine months ended Sep 30, 2025: revenue ~$55.6M; diluted EPS ~$0.47; gross margin ~40.5% (GAAP).
YTD revenue rose ~12% vs prior-year YTD, but diluted EPS fell from ~$0.70 to ~$0.47 on Irwin transaction expense, higher interest, and margin mix. Q3 2025 alone: revenue ~$23.5M (+47% vs. prior year) with Irwin contributing ~$6.8M of the ~$7.5M increase.
~$55.6M
9M 2025 revenue
$0.47
9M diluted EPS
~$23.5M
Q3 2025 revenue
the number that mattered
Operating income YTD ~$7.8M on ~$55.6M revenue (~14% margin) matters — you need Irwin synergies and stable online traffic before leverage looks comfortable.
source: FitLife Q3 2025 release (Nov 13, 2025) · nine-month data
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What could go wrong
the top risk is integration risk from an acquisition-led growth model.
high
M&A execution failure
The model depends on integrations (Irwin closed Aug 2025) and wholesale scale. Q3 2025 already showed transaction expense, inventory step-up, and interest can swamp a microcap income statement.
If acquisitions stop adding cleanly to earnings, the premium multiple loses its support.
high
Debt and cash flow tension
Gross borrowings were ~$47M at Sep 30, 2025; nine-month operating cash flow ~$7.2M covers only ~15% of that stack — flexibility is tight if earnings wobble.
More borrowing or weaker cash conversion would make every acquisition more expensive.
med
Margin compression
Nine-month gross margin ~40.5%, but net margin ~8.4% ($4.7M net on ~$55.6M revenue) — SG&A, M&A line items, and interest chew through the gross quickly.
A few points of margin pressure can do more damage here than investors expect.
med
Category concentration
Supplements account for 80% of revenue at $51M. The business has other brands, but one category still pays most of the bills.
If demand softens in supplements, diversification does not save the quarter.
This is a ~$130M market-cap name that just levered up for Irwin (~$47M borrowings Sep 2025) while nine-month net margin is ~8%. If integration or consumer softness drags, the multiple reprices fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
FY2025 report & Irwin synergies
Watch FY2025 revenue/EPS vs the ~$64M FY2024 baseline and whether wholesale + Irwin can offset online softness — especially MRC traffic.
calendar
Q4 2025 earnings release
Projected for march 31, 2026. You want to see whether the Q3 2025 integration costs were temporary or the start of a pattern.
balance sheet
debt coverage
Nine-month operating cash flow ~$7.2M vs ~$47M borrowings (Sep 2025) is ~15% coverage — thin unless earnings and working capital free up cash.
trend
gross-to-net margin gap
Nine-month gross ~40.5% vs net ~8.4% — overhead, M&A lines, and interest matter more than the top-line headline.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not view these earnings as especially steady. acquisitions make forecasting harder.
risk rank
2
that translates to safer than 80% of stocks on this system. the twist is that the stock can still feel volatile because execution risk and price stability are different things.
source: institutional data
Institutional activity
institutional ownership data for FTLF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16.97
current price
n/a
target midpoint · n/a from current
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