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what it is
USANA sells vitamins, shakes, and skincare through a direct-selling network in 20 markets, with about 80% of sales outside the U.S.
how it gets paid
FY2025 consolidated net sales were $925.3M (up ~8.3% vs 2024). Segment rows below are illustrative—use the 10-K for audited product-line disclosure.
why it's growing
Net sales grew about 8.3% YoY. GAAP diluted EPS fell to $0.58 from $2.19 in FY2024; adjusted diluted EPS was $1.93 vs $2.59 prior year (company tables).
what just happened
Q4 2025 net sales $226.2M; GAAP diluted EPS $(0.10); adjusted diluted EPS $0.60 (IR release).
At a glance
B+ balance sheet — decent shape, but not bulletproof
60/100 earnings predictability — reasonably predictable
~34x GAAP / ~10x adjusted trailing p/e — label the metric before you compare
9.5% return on capital — nothing to write home about
xvary composite: 48/100 — below average
What they do
USANA sells vitamins, shakes, and skincare through a direct-selling network in 20 markets, with about 80% of sales outside the U.S.
USANA still wins where trust and habit matter. Its gross margin was 78.3% in the latest reported period, which means gross margin → money left after making the product → there is room to absorb discounts and still make money. You also have a sticky customer base built through direct selling, which means direct selling → people selling to people, not shelves → your buyers are tied to relationships, not just price tags.
How they make money
$925.3M
FY2025 net sales · up ~+8.3% vs FY2024
core supplements
$426M
3.0%
weight management
$176M
+2.0%
personal care
$148M
+1.0%
skincare
$102M
+4.0%
other nutrition products
$73M
0.0%
The products that matter
core supplement selling
Nutritional Supplements
$925.3M FY2025 net sales · core of the business
this is the center of gravity. FY2025 net sales were $925.3M, and the nutrition line is still what keeps that machine running.
core
adjacent beauty products
Personal Care & Skincare
inside the same $925.3M net sales base
management groups these products inside the broader $925.3M sales base, so you are not getting clean segment economics here. that matters, because it makes it harder to see where profit pressure starts.
adjacent
children's nutrition bet
Hiya Health
early-stage within a $925.3M company
it is the newer piece of the story, but disclosed numbers on this page are thin beyond recent sales challenges. that tells you it is not yet moving the economics of the $925.3M enterprise.
newer bet
Key numbers
84%
legacy channel
That is the share of sales tied to traditional direct selling, which means most of your thesis rides on a channel already losing active customers.
$925M–$1.0B
FY2026 sales guide
Company outlook (Feb 2026 materials): consolidated net sales $925M–$1.0B (flat to ~8% growth vs FY2025 $925.3M).
13.0%
operating margin
Operating margin → profit after running the business → this tells you USANA still has earning power if revenue can stop slipping.
~34x / ~10x
GAAP / adj. trailing P/E
At ~$19.73, GAAP FY2025 diluted EPS $0.58 → ~34×; adjusted FY2025 diluted EPS $1.93 → ~10×. Always match the EPS line to the multiple.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- net profit margin 4.9% — keeps 5 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in USNA 3 years ago → it's now worth $3,660.
The index would have given you $13,920.
source: institutional data · total return
What just happened
Q4 / FY 2025
Q4 2025 net sales $226.2M; GAAP diluted EPS $(0.10); adjusted diluted EPS $0.60.
FY2025 net sales $925.3M; GAAP diluted EPS $0.58; adjusted diluted EPS $1.93. FY2026 outlook (same release): net sales $925M–$1.0B; GAAP diluted EPS $1.11–$1.45; adjusted diluted EPS $1.95–$2.29.
$925.3M
FY2025 net sales
$0.58
FY GAAP diluted EPS
$1.93
FY adj. diluted EPS
the number that mattered
The GAAP vs adjusted gap is the read: FY2025 GAAP EPS collapsed on charges and tax noise while adjusted EPS still trails the prior year—do not mix the two when you quote a P/E.
-
usana health sciences remains unfavorably (4; below average) ranked for timeliness.unfortunately for the direct seller of branded health products, third-quarter earnings report shined light on the company’s recent struggles.
-
the bottom line nosedived to an outsized loss of $0.36 a share in the third quarter, on a weaker-than-expected sales gain of 7%.
-
the traditional direct selling business (84% of sales) has continued to grapple with fewer active customers due to changing consumer preferences, as more people prefer to shop online rather than through in-person distributors.meanwhile, challenges from the roll out of the enhanced brand partner compensation plan and weaker sales across the hiya health unit appears to be a new concern in our opinion. too, higher costs associated with management’s incentive changes to the direct-selling compensation plan, as well as short-term operating expense hikes, likely hurt fourth-quarter results.
-
the underperformance has pressured investor sentiment, as the stock is down close to 30% in the last three months.
-
the difficult backdrop has us skeptical about next year’s earnings prospects.economic conditions are likely to do little to attract new customers, particularly in the health and nutrition space. at the same time, usana is stepping up investments and concurrently launched a global cost-reduction plan.
P0: USANA Q4 and full year 2025 results & FY2026 outlook — USANA IR press release (see also SEC filings)
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What could go wrong
the #1 risk is active customer declines in the core direct-selling network.
med
active customer declines
USANA has already flagged fewer active customers in the core business. in a network-selling model, that is not a side metric — it is the revenue engine weakening.
this risk touches the core operation that still represents 84% of sales, so the exposure is broad and immediate.
med
compensation-plan execution
management is already working through issues tied to a new compensation plan. if distributor incentives are misaligned, recruiting, retention, and reorder behavior can all get worse at once.
with annual net margin at just 3.0%, even modest execution mistakes can erase profitability fast.
med
class action lawsuit
a class action complaint has been filed against USANA Health Sciences. the legal outcome is uncertain, but the distraction and cost are real either way.
the direct dollar hit is not quantified on this page, so we are not pretending otherwise. what you can say is that extra legal cost would land on a business already operating with thin margins.
combined, these risks expose 100% of the company's ~$925M net sales stream and a profit structure where GAAP net margin is thin—verify the latest filing before leaning on a single margin headline.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
active customer trends
if the active-customer line keeps falling, the rest of the turnaround story becomes a lot less interesting.
metric
margin recovery
annual net margin was just 3.0%, and the latest quarter went negative at -3.1%. you want to see that move back in the right direction quickly.
trend
hiya health traction
the newer unit has faced recent sales challenges. if it cannot gain traction, the company remains even more dependent on the legacy network.
calendar
next earnings report
the next print needs more than revenue. you want evidence that the compensation-plan issues and customer pressure are starting to settle.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this is more likely to lag than lead over the next stretch.
risk profile
average
stability score 3 — this is not unusually dangerous, but it is not defensive either.
chart momentum
average
technical score 3 — the chart is not flashing a clean reversal signal yet.
earnings predictability
60 / 100
earnings can swing around more than you would want in a low-margin business. surprises matter more when profit is already thin.
source: institutional data
Institutional activity
71 buyers vs. 86 sellers in 3q2025. total institutional holdings: 11.2M shares.
source: institutional data
Price targets
3-5 year target range
$16
$45
$20
current price
$31
target midpoint · +57% from current · 3-5yr high: $55 (+180% · 29% ann'l return)
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