Natural Alternatives International (NAII)


Market Price (10/16/2026): $1.11 | Market Cap: $6.7 MilSector: Consumer Staples | Industry: Packaged Foods & Meats

Natural Alternatives International (NAII)


Market Price (10/16/2026): $1.11
Market Cap: $6.7 Mil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Nutritional Supplements, Functional Foods & Beverages, and Organic & Natural Products.

Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -161%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.8%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 626%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.9%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -309%

Key risks
NAII key risks include [1] significant net losses driven by shrinking revenue, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57%
1 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Nutritional Supplements, Functional Foods & Beverages, and Organic & Natural Products.
2 Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -161%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.8%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 626%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.9%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -309%
8 Key risks
NAII key risks include [1] significant net losses driven by shrinking revenue, Show more.

NAII in ETFs

Weight = NAII's share of each fund

VTI0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/8/2026

Natural Alternatives International (NAII) stock has lost about 55% since 6/30/2026 because of the following key factors:

1. Significantly Widened Net Loss and Underperformance: Natural Alternatives International reported a substantial widening of its net loss for both fiscal Q4 2026 and the full fiscal year 2026. The net loss for fiscal Q4 2026 was $13.5 million, or ($2.23) per diluted share, a considerable increase from the $7.2 million net loss, or ($1.20) per diluted share, recorded in the prior year's fourth quarter. For the full fiscal year 2026, the net loss expanded to $20.7 million, or ($3.43) per diluted share, up from $13.6 million, or ($2.28) per diluted share, in fiscal year 2025.

2. Non-Cash Impairment Charge and Manufacturing Facility Underutilization: The substantial net loss in fiscal Q4 2026 included a non-recurring, non-cash charge of $10.4 million. This charge was related to the impairment of the company's Carlsbad, CA manufacturing facility, primarily due to its underutilization. Natural Alternatives International plans to consolidate its U.S. manufacturing operations into its Vista, CA facility and sell the Carlsbad site to enhance efficiency and reduce operating costs.

Show more
Updated on 10/8/2026

Natural Alternatives International (NAII) stock has lost about 55% since 6/30/2026 because of the following key factors:

1. Significantly Widened Net Loss and Underperformance: Natural Alternatives International reported a substantial widening of its net loss for both fiscal Q4 2026 and the full fiscal year 2026. The net loss for fiscal Q4 2026 was $13.5 million, or ($2.23) per diluted share, a considerable increase from the $7.2 million net loss, or ($1.20) per diluted share, recorded in the prior year's fourth quarter. For the full fiscal year 2026, the net loss expanded to $20.7 million, or ($3.43) per diluted share, up from $13.6 million, or ($2.28) per diluted share, in fiscal year 2025.

2. Non-Cash Impairment Charge and Manufacturing Facility Underutilization: The substantial net loss in fiscal Q4 2026 included a non-recurring, non-cash charge of $10.4 million. This charge was related to the impairment of the company's Carlsbad, CA manufacturing facility, primarily due to its underutilization. Natural Alternatives International plans to consolidate its U.S. manufacturing operations into its Vista, CA facility and sell the Carlsbad site to enhance efficiency and reduce operating costs.

3. Deteriorating Financial Health and "Going Concern" Disclosure: The company's financial stability deteriorated, with cash and equivalents falling to $7.388 million as of June 30, 2026, from $12.325 million a year earlier. Additionally, line-of-credit borrowings increased to $7.749 million from $1.900 million in the prior year. Critically, management disclosed "substantial doubt about its ability to continue as a going concern" as of September 30, 2026, anticipating non-compliance with a domestic fixed charge coverage ratio covenant following downward revisions to fiscal 2027 orders from one of its largest customers.

4. Declining Gross Margin and Weak Customer Demand: Natural Alternatives International experienced a significant decline in its quarterly gross margin, which fell to 5.0% in fiscal Q4 2026 from 10.4% in the comparable prior year period, indicating severe pressure on profitability. This was further impacted by a mixed sales performance in Q4 2026, where a modest 0.6% increase in private-label contract manufacturing sales was primarily driven by increased orders from one major customer, but this was largely offset by reduced orders from other existing customers, underscoring customer concentration risk and broader weak demand.

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Stock Movement Drivers

Fundamental Drivers

The -53.1% change in NAII stock from 6/30/2026 to 10/15/2026 was primarily driven by a -53.0% change in the company's P/S Multiple.
(LTM values as of)630202610152026Change
Stock Price ($)2.391.12-53.1%
Change Contribution By: 
Total Revenues ($ Mil)1421430.5%
P/S Multiple0.10.0-53.0%
Shares Outstanding (Mil)66-0.8%
Cumulative Contribution-53.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/15/2026
ReturnCorrelation
NAII-53.1% 
Market (SPY)3.4%30.1%
Sector (XLP)4.3%-5.6%

Fundamental Drivers

The -57.4% change in NAII stock from 3/31/2026 to 10/15/2026 was primarily driven by a -59.2% change in the company's P/S Multiple.
(LTM values as of)331202610152026Change
Stock Price ($)2.631.12-57.4%
Change Contribution By: 
Total Revenues ($ Mil)1351435.4%
P/S Multiple0.10.0-59.2%
Shares Outstanding (Mil)66-1.0%
Cumulative Contribution-57.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/15/2026
ReturnCorrelation
NAII-57.4% 
Market (SPY)19.0%27.8%
Sector (XLP)6.5%-2.5%

Fundamental Drivers

The -60.8% change in NAII stock from 9/30/2025 to 10/15/2026 was primarily driven by a -63.8% change in the company's P/S Multiple.
(LTM values as of)930202510152026Change
Stock Price ($)2.851.12-60.8%
Change Contribution By: 
Total Revenues ($ Mil)1301439.7%
P/S Multiple0.10.0-63.8%
Shares Outstanding (Mil)66-1.1%
Cumulative Contribution-60.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/15/2026
ReturnCorrelation
NAII-60.8% 
Market (SPY)16.8%19.2%
Sector (XLP)12.9%5.7%

Fundamental Drivers

The -82.7% change in NAII stock from 9/30/2023 to 10/15/2026 was primarily driven by a -80.6% change in the company's P/S Multiple.
(LTM values as of)930202310152026Change
Stock Price ($)6.491.12-82.7%
Change Contribution By: 
Total Revenues ($ Mil)154143-7.5%
P/S Multiple0.20.0-80.6%
Shares Outstanding (Mil)66-3.6%
Cumulative Contribution-82.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/15/2026
ReturnCorrelation
NAII-82.7% 
Market (SPY)86.7%9.9%
Sector (XLP)35.7%6.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NAII Return19%-34%-22%-34%-17%-68%-89%
Peers Return18%-22%0%-25%3%14%-18%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
NAII Win Rate42%42%42%42%33%20% 
Peers Win Rate67%42%52%38%47%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
NAII Max Drawdown-35%-47%-45%-40%-40%-76% 
Peers Max Drawdown-23%-42%-31%-33%-35%-31% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PRGO, BCPC, ADM, HLF, USNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/15/2026 (YTD)

How Low Can It Go

EventNAIIS&P 500
2025 US Tariff Shock
  % Loss-37.1%-18.8%
  % Gain to Breakeven59.0%23.1%
  Time to Breakeven262 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven27.0%10.5%
  Time to Breakeven115 days24 days
2020 COVID-19 Crash
  % Loss-30.9%-33.7%
  % Gain to Breakeven44.7%50.9%
  Time to Breakeven148 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.7%-3.7%
  % Gain to Breakeven55.5%3.9%
  Time to Breakeven772 days6 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.6%-17.9%
  % Gain to Breakeven29.2%21.8%
  Time to Breakeven18 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-17.8%-15.4%
  % Gain to Breakeven21.7%18.2%
  Time to Breakeven46 days125 days

Compare to PRGO, BCPC, ADM, HLF, USNA

In The Past

Natural Alternatives International's stock fell -37.1% during the 2025 US Tariff Shock. Such a loss loss requires a 59.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNAIIS&P 500
2025 US Tariff Shock
  % Loss-37.1%-18.8%
  % Gain to Breakeven59.0%23.1%
  Time to Breakeven262 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven27.0%10.5%
  Time to Breakeven115 days24 days
2020 COVID-19 Crash
  % Loss-30.9%-33.7%
  % Gain to Breakeven44.7%50.9%
  Time to Breakeven148 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.7%-3.7%
  % Gain to Breakeven55.5%3.9%
  Time to Breakeven772 days6 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.6%-17.9%
  % Gain to Breakeven29.2%21.8%
  Time to Breakeven18 days123 days
2008-2009 Global Financial Crisis
  % Loss-35.1%-53.4%
  % Gain to Breakeven54.2%114.4%
  Time to Breakeven1110 days1085 days
Summer 2007 Credit Crunch
  % Loss-21.5%-8.6%
  % Gain to Breakeven27.4%9.5%
  Time to Breakeven69 days47 days

Compare to PRGO, BCPC, ADM, HLF, USNA

In The Past

Natural Alternatives International's stock fell -37.1% during the 2025 US Tariff Shock. Such a loss loss requires a 59.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Natural Alternatives International (NAII)

Natural Alternatives International (NAII) operates as a contract manufacturer and ingredient supplier within the nutritional supplement industry. The company provides a comprehensive range of services, primarily categorized into two segments: private-label contract manufacturing and patent and trademark licensing. Founded in 1980 and headquartered in Carlsbad, California, NAII serves clients across the United States, Europe, Asia, and internationally.

In its private-label contract manufacturing segment, NAII offers end-to-end solutions for companies seeking to market their own branded nutritional supplements. This includes customized product formulation, scientific research, clinical studies, and the manufacturing of vitamins, minerals, herbal, and other health care products. NAII produces these supplements in various forms, such as capsules, tablets, chewable wafers, and powders. Additionally, the company provides strategic support, including marketing assistance, international regulatory and label law compliance, product registration, and packaging design.

NAII's primary customers for its contract manufacturing services are companies that distribute nutritional supplements through diverse channels, including direct sales marketing, direct-to-consumer e-commerce, and traditional retail stores. The company's other significant segment, patent and trademark licensing, focuses on proprietary ingredients, notably selling the beta-alanine ingredient under its recognized CarnoSyn and SR CarnoSyn brand names. This dual approach allows NAII to support the development and market entry of nutritional products for a broad spectrum of clients.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Natural Alternatives International (NAII):

  • They are the Foxconn of the nutritional supplement world, manufacturing products for many different brands that put their own label on the bottle.
  • Think of them as an Intel or Qualcomm for the supplement industry, providing key ingredients and contract manufacturing services that power numerous other supplement brands.

AI Analysis | Feedback

  • Private-Label Contract Manufacturing: Manufactures vitamins, minerals, herbal, and other nutritional supplements for other companies to market under their own brands.
  • Strategic Partnering Services: Offers a comprehensive suite of services including product formulation, clinical studies, manufacturing support, regulatory compliance, and packaging design.
  • Ingredient Sales: Sells the proprietary beta-alanine ingredient under the CarnoSyn and SR CarnoSyn names.
  • Patent and Trademark Licensing: Licenses its intellectual property, including patents and trademarks, to other businesses.

AI Analysis | Feedback

Natural Alternatives International (NAII) primarily sells its products and services to other companies, operating as a private-label contract manufacturer and a licensor of proprietary ingredients.

While the company has disclosed in its public filings (e.g., Form 10-K) that a single major customer accounted for a significant portion of its consolidated net sales (e.g., 69% in fiscal 2023), the name of this major customer, or other specific customer companies, is not publicly disclosed by Natural Alternatives International. This is a common practice in the private-label contract manufacturing industry to protect client confidentiality.

Generally, NAII's private-label contract manufacturing customers include companies that market and distribute nutritional supplements through various channels:

  • Companies utilizing direct sales marketing channels.
  • Companies utilizing direct-to-consumer e-commerce channels.
  • Companies distributing products through retail stores.

Additionally, for its CarnoSyn and SR CarnoSyn beta-alanine ingredients, NAII sells to other companies that incorporate these ingredients into their own nutritional supplement products.

AI Analysis | Feedback

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AI Analysis | Feedback

Mark A. LeDoux, Chief Executive Officer

Mark A. LeDoux founded Natural Alternatives International (NAI) in 1980. He has over 50 years of experience in the nutritional supplements industry, starting in 1975, and is recognized as a leader and spokesperson for the industry.

Michael E. Fortin, Chief Financial Officer

Michael E. Fortin brings over 18 years of experience in accounting and finance, including work in Big 4 public accounting and private industry. He is a Certified Public Accountant (California) and holds a Bachelor of Science in Business Administration-Accounting.

Kenneth E. Wolf, President, Chief Operating Officer, and Secretary

Kenneth E. Wolf serves as the President, Chief Operating Officer, and Secretary of Natural Alternatives International.

Shane Conti, Vice President of Global Sales

Shane Conti joined NAI as Vice President of Global Sales in July 2023. He previously served as a Senior Business Development Manager for NAI from 2016 to 2021. Conti has over 25 years of experience in the domestic and international nutritional supplement industry, with a proven track record in building new business.

Aaron Starr, Vice President of CarnoSyn® Brands

Aaron Starr was appointed Vice President of CarnoSyn® Brands in April 2022. Prior to this role, he managed customer relationships and operations, contributing to sales growth for NAI and CarnoSyn® Brands.

AI Analysis | Feedback

The key risks to Natural Alternatives International (NAII) are as follows:
  1. Customer Concentration and Demand Volatility: Natural Alternatives International faces significant risk due to its reliance on a limited number of large customers and the volatility of demand from these clients. In August 2023, the company temporarily closed a new high-speed powder blending and packaging facility, which was primarily intended to handle orders from one of its largest customers, because this customer temporarily ceased purchases to rebalance supply and demand. This action was anticipated to have an adverse effect on NAII's operations and financial condition. More recently, in fiscal year 2026, the company has experienced difficulties in accurately forecasting demand from several clients, particularly those in multi-level marketing and direct selling channels across China, Europe, and North America. Reductions in customer forecasts and delayed product launches have directly contributed to the underutilization of manufacturing capacity.
  2. Operational Inefficiencies and Underutilization of Manufacturing Capacity: The company has reported significant net losses in recent fiscal periods, partly attributable to the underutilization of its factory capacities. The temporary closure of the Carlsbad facility in 2023 due to a major customer's reduced orders directly resulted in operational inefficiencies and employee furloughs. Additionally, increased manufacturing costs, including labor, foreign currency exchange rates, operating supplies, rent, and freight costs, have negatively impacted the company's financial performance.
  3. Reliance on Proprietary Ingredients and Intellectual Property Risk: A portion of NAII's business operates through its Patent and Trademark Licensing segment, specifically involving the beta-alanine ingredient sold under the CarnoSyn and SR CarnoSyn names. A decrease in royalty and licensing revenue from CarnoSyn® beta-alanine, primarily due to reduced orders from existing customers, has contributed to the company's net losses. This highlights a risk associated with the continued demand for their proprietary ingredients and the ongoing protection and value of their intellectual property.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable markets for Natural Alternatives International's (NAII) main products and services are as follows:

  • Private-Label Contract Manufacturing (Nutritional Supplements): The global dietary supplements contract manufacturing market was estimated at USD 59.63 billion in 2024, and is projected to reach USD 121.2 billion by 2030.
  • Beta-Alanine Ingredient Sales (CarnoSyn and SR CarnoSyn): The global beta-alanine supplements market size was valued at USD 1,390.2 million in 2023 and is projected to grow to USD 2,318.8 million by 2031.

AI Analysis | Feedback

Natural Alternatives International (NAII) anticipates future revenue growth over the next two to three years driven by several key factors:

  • Increased Orders from Existing and New Private-Label Contract Manufacturing Customers: The company has consistently reported growth in its private-label contract manufacturing segment, attributing it to increased orders from both existing clientele and the acquisition of new customers. This trend is expected to continue contributing to sales expansion.
  • Growth in CarnoSyn® Beta-Alanine Revenue and New Product Introductions: While subject to fluctuations, Natural Alternatives International aims to grow revenue from its patent and trademark licensing segment, particularly through its proprietary CarnoSyn® beta-alanine ingredient. The launch and adoption of new products, such as TriBsyn™, a carnosine booster designed to enhance beta-alanine bioavailability, are expected to expand the company's reach in wellness and healthy aging markets.
  • Enhanced Manufacturing Capacity and Operational Efficiency: Investments in manufacturing infrastructure, including capacity expansions like a high-volume powder manufacturing facility and increased blending capabilities in the United States, are crucial for supporting increased production demands. These improvements in operational efficiency and capacity are anticipated to enable the company to fulfill larger orders and improve gross profit margins, thereby facilitating revenue growth.
  • Strategic Client Expansion and Channel Diversity: Management has expressed a focus on expanding client relationships and diversifying sales channels. This strategic approach includes efforts to broaden its customer base and explore various distribution methods, such as direct sales, e-commerce, and retail stores, to capture new market opportunities.

AI Analysis | Feedback

Share Repurchases

  • Natural Alternatives International, Inc. announced a $3.0 million increase to its stock repurchase plan on January 18, 2022, bringing the total authorized amount to $18.0 million.
  • As of January 18, 2022, the company had purchased 1.9 million shares under this plan, including 237,000 shares since September 30, 2021, with $3.0 million remaining available for repurchases.
  • The stock repurchase plan, initially announced on June 3, 2011, was completed by September 30, 2025, with a total of 2,193,504 shares repurchased for $18.3 million.

Share Issuance

  • A director of Natural Alternatives International received an 8,000-share restricted stock grant in March 2026, which vests in three equal annual installments starting in March 2027.
  • Another director also received a grant of 8,000 shares of restricted common stock under the company's 2020 Omnibus Incentive Plan, with vesting scheduled for March 7, 2027, 2028, and 2029.
  • The number of shares outstanding for NAII increased by 1.43% in one year, based on data reflecting recent periods.

Inbound Investments

  • Dimensional Fund Advisors LP reported passive beneficial ownership of 384,497 shares, representing 6.2% of Natural Alternatives International Inc.'s common stock, as of December 31, 2025.

Capital Expenditures

  • Natural Alternatives International reported capital expenditures of -$4.22 million in the last 12 months (prior to February 2026).
  • The company continued work on its new manufacturing and warehouse facility in Carlsbad, CA, with full operational status anticipated in Fall 2022.
  • NAI invested in sustainable production capabilities by installing solar energy generation equipment on its manufacturing facilities.

Better Bets vs. Natural Alternatives International (NAII)

Peer Outperformance in Packaged Foods & Meats

NAII has trailed 83% of its 46 Packaged Foods & Meats peers over 5Y. Among the peers that beat it are TR, SJM and PPC. Packaged Foods & Meats ranks 10th of 12 industries in Consumer Staples by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Packaged Foods & Meats constituents that NAII has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
22%
of 51 industry peers · -59.3% return
3Y
14%
of 49 industry peers · -82.5% return
5Y
17%
of 46 industry peers · -91.7% return
Packaged Foods & Meats peers with revenue growth within 4pp of NAII's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
NAII Natural Alternatives International -0.8% -0.3x -59.3%-82.5%-91.7% —
TR Tootsie Roll Industries 0.5% 30.1x -8.1%40.5%48.3% +140pp
SJM JM Smucker 2.7% 58.6x 26.7%25.5%23.6% +115pp
PPC Pilgrims Pride 2.6% 12.6x -24.3%34.3%12.2% +104pp
KHC Kraft Heinz -2.8% -8.1x -1.3%-12.9%-19.0% +73pp
TSN Tyson Foods 1.5% 33.2x 6.3%27.0%-20.2% +72pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Staples sector, ranked by 5Y. Packaged Foods & Meats is NAII's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Consumer Staples Merchandise Retail 12 9.2%50.9%66.7% WMT 164% · PSMT 134% · COST 128%
Food Retail 6 -7.2%58.6%44.6% CASY 270% · SFM 201% · KR 81%
Tobacco 6 -39.2%6.8%18.8% PM 156% · MO 123%
Food Distributors 9 1.3%33.7%14.2% CHEF 239% · USFD 161% · ANDE 129%
Soft Drinks & Non-alcoholic Beverages 12 -3.1%-10.9%1.1% COKE 441% · MNST 112% · CCHGY 108%
Brewers 3 -12.0%-26.6%0.9% BUD 58% · TAP 1%
Household Products 19 10.7%-2.5%-11.5% IPAR 64% · CL 37% · CHD 31%
Personal Care Products 4 9.7%4.3%-17.8% ELF 271% · PG 24% · COTY -59%
Agricultural Products & Services 11 -18.4%-1.9%-20.6% ADM 49% · BG 43% · INGR 16%
Packaged Foods & Meats ← 47 -25.4%-27.7%-41.0% CALM 135% · TR 48% · SJM 24%
Distillers & Vintners 5 -37.5%-52.5%-74.5% STZ -35% · BF-B -54%
Drug Retail 3 -27.5%-51.7%-95.0%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NAIIPRGOBCPCADMHLFUSNAMedian
NameNatural .Perrigo Balchem Archer-D.HerbalifeUsana He. 
Mkt Price1.1116.45170.4582.9214.6215.3315.89
Mkt Cap0.02.35.440.21.50.31.9
Rev LTM1434,1451,08682,0995,2019132,615
Op Inc LTM-82502221,88749241236
FCF LTM-131191711,67732216145
FCF 3Y Avg-52021612,98221742181
CFO LTM-91962202,79538428208
CFO 3Y Avg-13012004,36731455250

Growth & Margins

NAIIPRGOBCPCADMHLFUSNAMedian
NameNatural .Perrigo Balchem Archer-D.HerbalifeUsana He. 
Rev Chg LTM9.7%-4.2%10.1%-0.8%5.5%1.6%3.5%
Rev Chg 3Y Avg-0.8%-3.6%5.0%-6.2%1.1%-1.1%-0.9%
Rev Chg Q1.9%-3.2%11.2%7.2%5.4%-5.3%3.6%
QoQ Delta Rev Chg LTM0.5%-0.8%2.7%1.9%1.3%-1.4%0.9%
Op Inc Chg LTM-14.3%-39.4%12.0%19.3%0.7%-26.2%-6.8%
Op Inc Chg 3Y Avg-93.5%20.6%15.5%-18.2%9.7%-24.0%-4.3%
Op Mgn LTM-5.8%6.0%20.4%2.3%9.5%4.5%5.3%
Op Mgn 3Y Avg-6.3%6.7%19.6%2.5%8.5%6.8%6.8%
QoQ Delta Op Mgn LTM-1.5%-0.3%0.2%0.5%-0.2%-0.8%-0.3%
CFO/Rev LTM-6.3%4.7%20.2%3.4%7.4%3.0%4.1%
CFO/Rev 3Y Avg-1.0%7.0%20.0%5.2%6.2%6.2%6.2%
FCF/Rev LTM-8.9%2.9%15.8%2.0%6.2%1.7%2.5%
FCF/Rev 3Y Avg-3.7%4.7%16.1%3.5%4.3%4.7%4.5%

Valuation

NAIIPRGOBCPCADMHLFUSNAMedian
NameNatural .Perrigo Balchem Archer-D.HerbalifeUsana He. 
Mkt Cap0.02.35.440.21.50.31.9
P/S0.00.65.00.50.30.30.4
P/Op Inc-0.89.124.521.33.16.88.0
P/EBIT-0.4-1.624.615.03.896.19.4
P/E-0.3-1.333.122.79.3-12.54.5
P/CFO-0.811.724.814.44.010.210.9
Total Yield-304.3%-68.7%3.6%6.9%10.8%-8.0%-2.2%
Dividend Yield0.0%7.0%0.6%2.5%0.0%0.0%0.3%
FCF Yield 3Y Avg-29.3%7.2%3.1%9.8%19.3%6.6%6.9%
D/E7.41.40.00.21.40.00.8
Net D/E6.31.30.00.21.2-0.60.7

Returns

NAIIPRGOBCPCADMHLFUSNAMedian
NameNatural .Perrigo Balchem Archer-D.HerbalifeUsana He. 
1M Rtn-43.7%21.3%3.1%-4.3%22.5%2.9%3.0%
3M Rtn-50.9%50.4%2.5%0.5%18.2%-32.3%1.5%
6M Rtn-58.7%50.8%-2.3%22.3%-9.6%-19.6%-5.9%
12M Rtn-59.6%-15.8%18.7%34.7%67.5%-25.3%1.4%
3Y Rtn-82.6%-35.6%34.6%23.0%0.6%-72.7%-17.5%
1M Excs Rtn-46.7%18.1%-1.7%-5.8%20.2%0.8%-0.4%
3M Excs Rtn-54.6%51.9%-0.3%-7.5%17.2%-34.4%-3.9%
6M Excs Rtn-69.5%40.0%-13.2%11.4%-20.5%-30.5%-16.8%
12M Excs Rtn-75.6%-34.4%2.3%20.5%50.1%-45.3%-16.1%
3Y Excs Rtn-160.6%-115.0%-43.6%-55.5%-74.5%-153.2%-94.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Private-label contract manufacturing122105145155164
Patent and trademark licensing8891614
Corporate expenses not allocated to segments00   
Total130114154171179


Operating Income by Segment
$ Mil20252024202320222021
Patent and trademark licensing33374
Private-label contract manufacturing-2-391618
Corporate expenses not allocated to segments-10-8-8-9-9
Total-9-951414


Assets by Segment
$ Mil20252024202320222021
Private-label contract manufacturing11412810211695
Patent and trademark licensing3835323025
Corporate expenses not allocated to segments 0   
Total152162134146120


Price Behavior

Price Behavior
Market Price$1.12 
Market Cap ($ Bil)0.0 
First Trading Date10/28/1993 
Distance from 52W High-76.8% 
   50 Days200 Days
DMA Price$1.86$2.61
DMA Trenddowndown
Distance from DMA-39.6%-57.2%
 3M1YR
Volatility65.1%65.1%
Downside Capture511.07182.79
Upside Capture60.9356.33
Correlation (S&P 500)34.5%18.4%
NAII Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.731.481.851.160.970.36
Up Beta-2.17-0.690.971.161.630.17
Down Beta-2.86-1.790.710.220.250.13
Up Capture-27%104%121%48%40%6%
Bmk +ve Days6162766132424
Stock +ve Days7162141103320
Down Capture482%453%332%213%131%99%
Bmk -ve Days16263760120328
Stock -ve Days12223464123371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NAII
NAII-58.0%65.1%-1.06-
Sector ETF (XLP)11.1%14.8%0.496.0%
Equity (SPY)17.6%12.7%0.9917.8%
Gold (GLD)0.5%29.5%0.0216.5%
Commodities (DBC)50.9%20.7%1.88-1.3%
Real Estate (VNQ)4.7%13.7%0.082.4%
Bitcoin (BTCUSD)-28.1%43.7%-0.6319.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NAII
NAII-38.5%51.5%-0.77-
Sector ETF (XLP)6.8%13.7%0.279.1%
Equity (SPY)13.4%17.1%0.6013.6%
Gold (GLD)18.5%18.9%0.796.1%
Commodities (DBC)9.7%19.5%0.380.4%
Real Estate (VNQ)1.1%18.8%-0.0512.1%
Bitcoin (BTCUSD)8.7%51.8%0.358.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NAII
NAII-21.9%48.0%-0.34-
Sector ETF (XLP)7.9%14.9%0.3910.6%
Equity (SPY)15.4%17.9%0.7313.9%
Gold (GLD)12.2%16.4%0.615.8%
Commodities (DBC)8.2%18.1%0.372.6%
Real Estate (VNQ)5.0%20.7%0.2013.7%
Bitcoin (BTCUSD)63.1%66.2%1.037.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 9152026-47.8%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity6.1 Mil
Short % of Basic Shares0.1%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202609/28/202610-K
03/31/202605/19/202610-Q
12/31/202502/13/202610-Q
09/30/202511/12/202510-Q
06/30/202509/23/202510-K
03/31/202505/14/202510-Q
12/31/202402/14/202510-Q
09/30/202411/13/202410-Q
06/30/202409/27/202410-K
03/31/202405/14/202410-Q
12/31/202302/13/202410-Q
09/30/202311/09/202310-Q
06/30/202309/21/202310-K
03/31/202305/15/202310-Q
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202609/28/202610-K
03/31/202605/19/202610-Q
12/31/202502/13/202610-Q
09/30/202511/12/202510-Q
06/30/202509/23/202510-K
03/31/202505/14/202510-Q
12/31/202402/14/202510-Q
09/30/202411/13/202410-Q
06/30/202409/27/202410-K
03/31/202405/14/202410-Q
12/31/202302/13/202410-Q
09/30/202311/09/202310-Q
06/30/202309/21/202310-K
03/31/202305/15/202310-Q
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
06/30/202209/21/202210-K
03/31/202205/13/202210-Q
12/31/202102/09/202210-Q
09/30/202111/09/202110-Q
06/30/202109/20/202110-K
03/31/202105/13/202110-Q
12/31/202002/09/202110-Q
09/30/202011/10/202010-Q
06/30/202009/21/202010-K
03/31/202005/14/202010-Q
12/31/201902/11/202010-Q
09/30/201911/14/201910-Q

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ledoux, Mark ACEO/ChairmanDirectBuy30620262.805321,490448,619Form
2Ledoux, Mark ACEO/ChairmanDirectBuy30620262.75218600439,145Form
3Ledoux, Mark ACEO/ChairmanDirectBuy30620262.775001,385441,735Form
4Ledoux, Mark ACEO/ChairmanDirectBuy30320262.795001,395443,529Form
5Ledoux, Mark ACEO/ChairmanDirectBuy30320262.855001,425451,642Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ledoux, Mark ACEO/ChairmanDirectBuy30620262.805321,490448,619Form
2Ledoux, Mark ACEO/ChairmanDirectBuy30620262.75218600439,145Form
3Ledoux, Mark ACEO/ChairmanDirectBuy30620262.775001,385441,735Form
4Ledoux, Mark ACEO/ChairmanDirectBuy30320262.795001,395443,529Form
5Ledoux, Mark ACEO/ChairmanDirectBuy30320262.855001,425451,642Form
6Ledoux, Mark ACEO/ChairmanDirectBuy22720262.80250700442,319Form
7Ledoux, Mark ACEO/ChairmanDirectBuy22720262.855001,423448,874Form
8Ledoux, Mark ACEO/ChairmanDirectBuy22720262.815001,405441,791Form
9Ledoux, Mark ACEO/ChairmanDirectBuy22420262.711,0002,710425,391Form
10Ledoux, Mark ACEO/ChairmanDirectBuy22420262.707502,025421,122Form
11Ledoux, Mark ACEO/ChairmanDirectBuy22420262.65250664412,112Form
12Ledoux, Mark ACEO/ChairmanDirectBuy22020262.561,5003,833395,312Form
13Ledoux, Mark ACEO/ChairmanDirectBuy22020262.565001,282392,705Form
14Ledoux, Mark ACEO/ChairmanDirectBuy22020262.602,5006,490396,464Form
Core Cache Last Updated: 10/15/2026