NAII

MKT CAP:$17M

Natural Alternatives International, Inc.

Market Cap

$17M

Consumer Defensive·Packaged Foods·🇺🇸 United States·NASDAQ

Consumer Def.·Packaged Foods·🇺🇸·NASDAQ

Stock Price

$2.65-$0.94 (-26.18%)

Apr 17, 2026

Company Details

Natural Alternatives International, Inc. engages in formulating, manufacturing, and marketing nutritional supplements in the United States, Europe, Asia, and internationally. The company operates in two segments, Private-Label Contract Manu...

CEO

Mark A. LeDoux

IPO Date

Oct 28, 1993

Website

www.nai-online.com

Key Metrics TTM

Revenue

$134M

+18.6% YoY

Net Income

-$12M

EPS (Diluted)

-$1.96

Free Cash Flow

$1M

Revenue / Share

$22.32

Gross Margin

8.2%

Operating Margin

-5.1%

Net Margin

-8.9%

FCF Margin

0.8%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2025

May 12, 2026

PENDING

Q1 2025

Nov 12, 2025

$37M+12.6%EPS -$0.05

FY 2024

Sep 23, 2025

$130M+14.1%EPS -$2.28

Q4 2024

Sep 23, 2025

$34M+14.8%EPS -$1.17

Q3 2024

May 14, 2025

$29M+14.4%EPS -$0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$38M	$7M	$2M
Q3 21	$42M	$7M	$3M
Q4 21	$53M	$8M	$4M
Q1 22	$43M	$5M	$2M
Q2 22	$42M	$6M	$2M
Q3 22	$33M	$1M	-$2M
Q4 22	$36M	$5M	$3M
Q1 23	$34M	$3M	-$544.0K
Q2 23	$25M	$387.0K	-$4M
Q3 23	$25M	$2M	-$2M
Q4 23	$29M	$1M	-$3M
Q1 24	$33M	$2M	-$2M
Q2 24	$34M	$2M	-$3M
Q3 24	$29M	$2M	-$2M
Q4 24	$34M	$4M	-$2M
Q1 25	$37M	$4M	-$17.0K

Valuation

Quarter	P/S	P/E
Q2 21	0.1x	1.7x
Q3 21	0.1x	1.6x
Q4 21	0.1x	1.5x
Q1 22	0.1x	1.9x
Q2 22	0.1x	2.0x
Q3 22	0.1x	4.6x
Q4 22	0.1x	6.6x
Q1 23	0.1x	21.4x
Q2 23	0.1x	—
Q3 23	0.1x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.1x	—
Q4 24	0.1x	—
Q1 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$3M	$2M
Q3 21	$4M	$2M
Q4 21	$9M	$4M
Q1 22	-$5M	-$12M
Q2 22	$8M	$4M
Q3 22	-$4M	-$6M
Q4 22	$7M	$7M
Q1 23	$4M	$3M
Q2 23	$348.0K	-$81.0K
Q3 23	-$4M	-$4M
Q4 23	-$3M	-$4M
Q1 24	-$3M	-$4M
Q2 24	$37.0K	-$1M
Q3 24	$6M	$5M
Q4 24	$3M	$2M
Q1 25	-$4M	-$5M

Capital Expenditures

Quarter	CapEx
Q2 21	$1M
Q3 21	$2M
Q4 21	$5M
Q1 22	$8M
Q2 22	$4M
Q3 22	$2M
Q4 22	$285.0K
Q1 23	$1M
Q2 23	$429.0K
Q3 23	$276.0K
Q4 23	$1M
Q1 24	$301.0K
Q2 24	$1M
Q3 24	$802.0K
Q4 24	$1M
Q1 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-21.5%	-17.3%
Q3 21	-8.5%	-10.4%
Q4 21	+18.3%	+19.2%
Q1 22	+12.5%	+21.9%
Q2 22	+12.1%	+12.7%
Q3 22	-22.8%	-10.0%
Q4 22	-31.7%	-32.9%
Q1 23	-21.2%	-17.0%
Q2 23	-40.4%	-27.9%
Q3 23	-23.1%	-23.0%
Q4 23	-17.8%	-2.2%
Q1 24	-2.4%	+1.4%
Q2 24	+35.2%	+28.4%
Q3 24	+14.4%	+13.9%
Q4 24	+14.8%	+11.9%
Q1 25	+12.6%	+6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$245.0K	0.6%
Q3 21	$266.0K	0.6%
Q4 21	$235.0K	0.4%
Q1 22	$235.0K	0.5%
Q2 22	$232.0K	0.5%
Q3 22	$258.0K	0.8%
Q4 22	$0	0.0%
Q1 23	$302.0K	0.9%
Q2 23	$305.0K	1.2%
Q3 23	$315.0K	1.3%
Q4 23	$278.0K	0.9%
Q1 24	$276.0K	0.8%
Q2 24	$277.0K	0.8%
Q3 24	$245.0K	0.9%
Q4 24	$179.0K	0.5%
Q1 25	$177.0K	0.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	—	—	—	$4M
Q3 21	—	—	—	$4M
Q4 21	$3M	$3M	$1M	—
Q1 22	—	—	—	$4M
Q2 22	—	—	—	$4M
Q3 22	—	—	—	$4M
Q4 22	$2M	$1M	$700.0K	—
Q1 23	—	—	—	$4M
Q2 23	—	—	—	$4M
Q3 23	—	—	—	$4M
Q4 23	—	$4M	$300.0K	—
Q1 24	—	—	—	$4M
Q2 24	—	—	—	$4M
Q3 24	—	—	—	$4M
Q4 24	$2M	$4M	$400.0K	—
Q1 25	$2M	$4M	$400.0K	—

Revenue Segments

Quarter	Patent and Trademark Licensing	Private Label Contract Manufacturing
Q3 24	$2M	$27M
Q1 25	$2M	$36M

Revenue by Geography

Quarter	Non-US	United States
Q3 24	$11M	$18M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$19M	$0	$19M
Q4 21	$22M	$0	$22M
Q1 22	$12M	$0	$12M
Q2 22	$13M	$0	$13M
Q3 22	$16M	$0	$16M
Q4 22	$14M	$0	$14M
Q1 23	$17M	$0	$17M
Q2 23	$17M	$0	$17M
Q3 23	$12M	$0	$12M
Q4 23	$12M	$0	$12M
Q1 24	$10M	$0	$10M
Q2 24	$9M	$0	$9M
Q3 24	$11M	$0	$11M
Q4 24	$12M	$0	$12M
Q1 25	$8M	$0	$8M
Q2 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	6M	-1.5%	-2.3%
Q3 21	6M	-3.4%	-4.5%
Q4 21	6M	+1.9%	-2.5%
Q1 22	6M	-3.4%	-6.4%
Q2 22	6M	-1.2%	-6.1%
Q3 22	6M	-1.0%	-3.7%
Q4 22	6M	+0.7%	-4.9%
Q1 23	6M	-0.1%	-1.6%
Q2 23	6M	0.0%	-0.4%
Q3 23	6M	+0.3%	+0.9%
Q4 23	6M	+0.8%	+1.0%
Q1 24	6M	+0.1%	+1.2%
Q2 24	6M	+0.0%	+1.2%
Q3 24	6M	+0.4%	+1.3%
Q4 24	6M	+4.0%	+4.4%
Q1 25	6M	-2.8%	+1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$171.5K	220
Q3 21	$192.6K	220
Q4 21	$178.7K	294
Q1 22	$146.7K	294
Q2 22	$143.9K	294
Q3 22	$111.2K	294
Q4 22	$148.9K	241
Q1 23	$141.0K	241
Q2 23	$104.6K	241
Q3 23	$104.3K	241
Q4 23	$129.9K	227
Q1 24	$146.0K	227
Q2 24	$150.1K	227
Q3 24	$126.7K	227
Q4 24	$157.5K	215
Q1 25	$173.6K	215

Revenue / Employee