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what it is
Nature’s Sunshine makes and sells supplements and personal care products through a direct-selling network in more than 40 countries.
how it gets paid
Last year S Sunshine made $480M in revenue. general health was the main engine at $134M, or 28% of sales.
why it's growing
Revenue grew 5.7% last year. 72.4% gross margin matters most because it tells you the products themselves are not the problem.
what just happened
Revenue hit $356M, with EPS at $0.83 and gross margin at 72.4%.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
33.5x trailing p/e — you're paying up for this one
5.0% return on capital — nothing to write home about
$0.40 fy2024 eps est
xvary composite: 52/100 — below average
What they do
Nature’s Sunshine makes and sells supplements and personal care products through a direct-selling network in more than 40 countries.
This business wins by owning the product and the sales channel at the same time. Direct selling → independent distributors selling person-to-person → so what: you do not need expensive store shelves to reach customers in more than 40 countries. The cushion is real but not huge: gross margin was 72.4%, while long-term debt was just $10 million, or 2% of capital, so you get room to absorb mistakes without blowing up.
How they make money
$480M
annual revenue · their business grew +5.7% last year
general health
$134M
immune
$91M
digestive
$86M
cardiovascular
$72M
personal care and weight management
$97M
The products that matter
core supplement sales
Nutritional Supplements
$123.8M q4 2025 sales
this category delivered $123.8M in Q4 2025 sales, up 5% from last year. if growth slows here, the whole story slows with it.
core driver
personal care products
Personal Care
72.5% gross margin
this line helps support a 72.5% consolidated gross margin, up 55 basis points from a year ago. high-margin mix is doing real work here.
margin support
largest regional market
Asia
$240M · 50% of revenue
Asia brings in $240M, versus $168M in the Americas and $72M in Europe. when one region is this large, it stops being a segment and starts being the swing factor.
growth engine
Key numbers
72.4%
gross margin
Gross margin → money left after making the product → so what: these products are cheap to produce, so the real question is where the rest of the profit leaks out.
5.2%
operating margin
Operating margin → profit after running the business → so what: this is the narrow pipe that turns healthy product economics into only modest bottom-line profit.
33.5x
trailing p/e
P/E → price compared with last year’s earnings → so what: you are paying a premium multiple for a company with only 5.7% revenue growth.
$10M
long-term debt
Long-term debt → borrowed money due later → so what: at just 2% of capital, the balance sheet gives this company room to stumble without a financing panic.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $10M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NATR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $356M, with EPS at $0.83 and gross margin at 72.4%.
The clean story is margin. Gross margin stayed very high at 72.4%, while annual revenue reached $480 million, up 5.7% vs. prior year.
$356M
revenue
$0.83
eps
72.4%
gross margin
the number that mattered
72.4% gross margin matters most because it tells you the products themselves are not the problem. Turning that into durable operating profit is.
source: company earnings report, 2026
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What could go wrong
the top risk here is direct-selling distributor dependence. this is not a shelf-space business. if the selling network weakens, the whole model feels it.
high
distributor recruitment and retention
Nature's Sunshine sells through independent distributors. That means the sales engine is people, not contracted shelf space. If distributor productivity slips, most of the $454M revenue base is exposed at once.
exposes the core revenue engine
med
guidance miss below $500M
Management set a $500M–$515M sales range for 2026. Missing the low end would mean growth fell short of 4%, which is awkward when the stock already trades at 22.2x forward earnings.
would pressure the premium multiple
med
gross margin gives back the 55 basis point gain
The latest quarter pushed gross margin to 72.5%. That's the prettiest number on the page. If promotions, freight, or mix reverse that move, the whole "quality business" argument gets thinner fast.
hits the margin-led thesis directly
low
regional concentration in Asia
Asia contributes $240M, versus $168M in the Americas and $72M in Europe. When one region accounts for about half the business, local softness stops being local.
roughly half of sales tied to one geography
A stumble in distributor execution or a drop below the $500M 2026 sales floor would pressure the case for paying 22.2x forward earnings for this business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected late April 2026. You want to see whether the business is tracking cleanly toward the $500M–$515M sales guide.
guidepost
the $500M low end
That is the practical hurdle. Above it, the growth story stays intact. Below it, the valuation starts asking harder questions.
margin
gross margin after 72.5%
A one-quarter margin pop is nice. Two or three quarters of it starts to look like real operating progress.
concentration
Asia demand and distributor health
Asia contributes $240M, or about half of revenue. If that region cools, you will feel it almost immediately in the consolidated numbers.
Analyst rankings
earnings predictability
30 / 100
Earnings predictability: 30 / 100. In human-speak, analysts do not trust this business to print smooth, boring quarters.
risk rank
3
Risk rank: 3. That's roughly middle-of-the-pack safety — not distress territory, not a bunker stock either.
price stability
25 / 100
Price stability: 25 / 100. The business may be stable enough. The stock is not.
source: institutional data
Institutional activity
institutional ownership data for NATR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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