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NATURAL HEALTH TRENDS CORP

NHTC Clue Score30
United States Fiscal year ends December CIK 0000912061
$0.98 +5.92% Close, 12 Oct 2026
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Price $0.98 −86.69% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income64.1Net income55.1EPS, diluted4.83Fiscal year 2017Revenue197.6Operating income43.1Net income23.6 −57.2%EPS, diluted2.09 −56.7%Fiscal year 2018Revenue191.9 −2.9%Operating income33.7Net income31.0 +31.6%EPS, diluted2.74 +31.1%Fiscal year 2019Revenue77.6 −59.6%Operating income−7.0Net income−5.6 −118.1%EPS, diluted−0.52 −119.0%Fiscal year 2020Revenue62.1 −20.0%Operating income0.7Net income0.8EPS, diluted0.07Fiscal year 2021Revenue60.0 −3.3%Operating income1.6Net income1.1 +28.7%EPS, diluted0.09 +28.6%Fiscal year 2022Revenue49.1 −18.1%Operating income−0.3Net income0.3 −71.2%EPS, diluted0.03 −66.7%Fiscal year 2023Revenue43.9 −10.6%Operating income−1.7Net income0.6 +81.5%EPS, diluted0.05 +66.7%Fiscal year 2024Revenue43.0 −2.2%Operating income−1.3Net income0.6 +0.7%EPS, diluted0.05 +0.0%Fiscal year 2025Revenue39.8 −7.4%Operating income−1.8Net income−0.9 −254.2%EPS, diluted−0.08 −260.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a 197.6 191.9 77.6 62.1 60.0 49.1 43.9 43.0 39.8
Growth −2.9% −59.6% −20.0% −3.3% −18.1% −10.6% −2.2% −7.4%
Operating income 64.1 43.1 33.7 −7.0 0.7 1.6 −0.3 −1.7 −1.3 −1.8
Net income 55.1 23.6 31.0 −5.6 0.8 1.1 0.3 0.6 0.6 −0.9
Growth −57.2% +31.6% −118.1% +28.7% −71.2% +81.5% +0.7% −254.2%
EPS, diluted 4.83 2.09 2.74 −0.52 0.07 0.09 0.03 0.05 0.05 −0.08
Growth −56.7% +31.1% −119.0% +28.6% −66.7% +66.7% +0.0% −260.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Gross margin80.4%Operating margin21.8%Net margin11.9%Free cash flow margin13.3%Fiscal year 2018Gross margin79.5%Operating margin17.6%Net margin16.2%Free cash flow margin15.4%Fiscal year 2019Gross margin74.1%Operating margin−9.0%Net margin−7.2%Free cash flow margin−24.3%Fiscal year 2020Gross margin72.6%Operating margin1.1%Net margin1.4%Free cash flow margin2.7%Fiscal year 2021Gross margin75.0%Operating margin2.6%Net margin1.8%Free cash flow margin1.3%Fiscal year 2022Gross margin74.2%Operating margin−0.5%Net margin0.6%Free cash flow margin−10.2%Fiscal year 2023Gross margin74.6%Operating margin−3.8%Net margin1.3%Free cash flow margin−9.8%Fiscal year 2024Gross margin74.0%Operating margin−3.0%Net margin1.3%Free cash flow margin−8.0%Fiscal year 2025Gross margin73.5%Operating margin−4.5%Net margin−2.2%Free cash flow margin−15.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a 80.4% 79.5% 74.1% 72.6% 75.0% 74.2% 74.6% 74.0% 73.5%
Operating margin n/a 21.8% 17.6% −9.0% 1.1% 2.6% −0.5% −3.8% −3.0% −4.5%
Net margin n/a 11.9% 16.2% −7.2% 1.4% 1.8% 0.6% 1.3% 1.3% −2.2%
Free cash flow margin n/a 13.3% 15.4% −24.3% 2.7% 1.3% −10.2% −9.8% −8.0% −15.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow53.2Capital expenditure−0.9Free cash flow52.3Buybacks−23.7Dividends paid−6.9Fiscal year 2017Operating cash flow26.6Capital expenditure−0.3Free cash flow26.3 −49.6%Buybacks0.0Dividends paid−17.2Fiscal year 2018Operating cash flow29.7Capital expenditure−0.2Free cash flow29.5 +12.0%Buybacks0.0Dividends paid−31.5Fiscal year 2019Operating cash flow−18.6Capital expenditure−0.2Free cash flow−18.8 −163.8%Buybacks−10.1Dividends paid−7.3Fiscal year 2020Operating cash flow1.9Capital expenditure−0.2Free cash flow1.7Buybacks0.0Dividends paid−9.1Fiscal year 2021Operating cash flow1.0Capital expenditure−0.2Free cash flow0.8 −52.7%Dividends paid−9.1Fiscal year 2022Operating cash flow−4.9Capital expenditure−0.1Free cash flow−5.0 −731.5%Dividends paid−9.1Fiscal year 2023Operating cash flow−4.3Capital expenditure−0.0Free cash flow−4.3Dividends paid−9.2Fiscal year 2024Operating cash flow−3.4Capital expenditure−0.1Free cash flow−3.4Dividends paid−9.2Fiscal year 2025Operating cash flow−6.0Capital expenditure−0.1Free cash flow−6.1Dividends paid−9.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 53.2 26.6 29.7 −18.6 1.9 1.0 −4.9 −4.3 −3.4 −6.0
Capital expenditure −0.9 −0.3 −0.2 −0.2 −0.2 −0.2 −0.1 −0.0 −0.1 −0.1
Free cash flow 52.3 26.3 29.5 −18.8 1.7 0.8 −5.0 −4.3 −3.4 −6.1
Growth −49.6% +12.0% −163.8% −52.7% −731.5%
Buybacks −23.7 0.0 0.0 −10.1 0.0 n/a n/a n/a n/a n/a
Dividends paid −6.9 −17.2 −31.5 −7.3 −9.1 −9.1 −9.1 −9.2 −9.2 −9.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash125.9Shareholders’ equity82.4Fiscal year 2017Cash135.3Shareholders’ equity90.6Fiscal year 2018Cash132.7Shareholders’ equity89.9Fiscal year 2019Cash96.0Shareholders’ equity75.1Fiscal year 2020Cash92.4Shareholders’ equity67.7Fiscal year 2021Cash83.8Shareholders’ equity59.5Fiscal year 2022Cash69.7Shareholders’ equity50.2Fiscal year 2023Cash56.2Shareholders’ equity41.6Fiscal year 2024Cash13.5Shareholders’ equity32.9Fiscal year 2025Cash6.8Shareholders’ equity23.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 125.9 135.3 132.7 96.0 92.4 83.8 69.7 56.2 13.5 6.8
Shareholders’ equity 82.4 90.6 89.9 75.1 67.7 59.5 50.2 41.6 32.9 23.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a 80.4% 79.5% 74.1% 72.6% 75.0% 74.2% 74.6% 74.0% 73.5%
n/a 21.8% 17.6% −9.0% 1.1% 2.6% −0.5% −3.8% −3.0% −4.5%
n/a 22.0% 18.0% −7.2% 2.4% 2.5% 1.2% 1.7% 1.4% −1.4%
n/a 11.9% 16.2% −7.2% 1.4% 1.8% 0.6% 1.3% 1.3% −2.2%
n/a 13.3% 15.4% −24.3% 2.7% 1.3% −10.2% −9.8% −8.0% −15.2%
Spending
n/a 16.3% 16.3% 35.1% 29.3% 29.7% 32.6% 36.4% 36.1% 37.1%
n/a 0.1% 0.1% 0.2% 0.3% 0.4% 0.3% 0.1% 0.1% 0.2%
14.0% 45.7% 10.1% n/a 43.4% 28.1% 48.0% 23.8% 7.7% n/a
Returns
66.8% 26.0% 34.5% −7.5% 1.2% 1.8% 0.6% 1.4% 1.7% −3.8%
37.2% 14.8% 19.7% −4.7% 0.8% 1.1% 0.4% 0.8% 1.0% −2.3%
Balance and payout
44.3% 43.2% 43.1% 36.7% 36.1% 39.5% 39.4% 39.8% 40.6% 39.0%
12.5% 73.0% 101.5% n/a 1,084.0% 842.2% 2,919.5% 1,622.4% 1,610.7% n/a
58.5% 65.4% 106.8% n/a 545.9% 1,155.2% n/a n/a n/a n/a