/
USANA Health Sciences, Inc. develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world. In 2025, we generated $925 million in net sales and finished the year with approximately 387,000 active Customers in our core nutritional business.
Operating margin is thin at 4.05%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 8.3%, steady but not accelerating. Margins contracted 3.7pp, which offsets some of the top-line progress.
Free cash flow declined 83% versus the prior year, cash generation momentum has weakened. ROIC dropped from 9.91% to 5.38%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$926M
▲ +8.3% YoY
Net Income (TTM)
$9M
▼ -74.4% YoY
Op. Margin
3.85%
▼ -3.7pp YoY
ROIC
5.23%
▼ -4.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -83.3% YoY
Op. Cash Flow (TTM)
$17M
▼ -63.4% YoY
Net Debt
-$163M
Net Cash Position
Cash & Equiv.
$163M
5Y CAGR: -4.0%
5Y CAGR: -43.3%
Continue Research