# Herbalife Nutrition (HLF.US)

Canonical: https://gigainvestors.com/s/HLF

Analysis as of: 2026-10-16T07:29:03.462Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.57 per share; close as of 2026-10-15.

Estimated value: low $31.86 per share, central $35.90 per share, high $41.28 per share. Buy at or below the central value $35.90 per share. Valuation as of 2026-10-16T07:29:03.462Z; scenarios are not confidence intervals.

Expected annual return: 23.3% at the stated quote. About 23.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.12×

- FY2021: 0.13×

- FY2022: 0.10×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.09×

### moat: pass

- ROIC, median of available years: 51.4%

- ROIC, second-lowest year: 26.7%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 78.9%

- Recent gross margin (lower of latest and 3-year median): 75.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 26.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 46.0%

- FY2017: 71.9%

- FY2018: >100%

- FY2019: 56.8%

- FY2020: 69.1%

- FY2021: 63.8%

- FY2022: 39.1%

- FY2023: 24.0%

- FY2024: 33.1%

- FY2025: 26.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: -14.3%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 9.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.87×

- FY2023: 0.85×

- FY2024: 1.00×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 71.9% vs 26.7%

- Per-share earnings: 1.51 to 2.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.9%

- Ordinary dilution, 5-year annual growth: -5.1%

- Market cap gain: -$3.2B

- Cumulative retained earnings: -$513M

- Diluted shares, 10-year annual growth: -4.9%

- Diluted shares, 5-year annual growth: -5.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.8%

- Per-share value change: $0.69

- Per-share value, starting three-year median: $1.51

- Per-share value, ending three-year median: $2.20

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 7.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $35M

- Cumulative net income, 10 years: $2.8B

- ROIC, first three-year median: 71.9%

- ROIC, last three-year median: 26.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.51

- FY2017: $1.29

- FY2018: $1.98

- FY2019: $2.20

- FY2020: $2.77

- FY2021: $4.13

- FY2022: $3.23

- FY2023: $1.42

- FY2024: $2.50

- FY2025: $2.20

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 13.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.46×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -13.0%

- FY2018: -12.6%

- FY2019: -5.5%

- FY2020: -8.3%

- FY2021: -0.5%

- FY2022: -1.1%

- FY2023: -7.7%

- FY2024: -1.1%

- FY2025: -3.8%

## Holders

- [Seth Klarman](https://gigainvestors.com/BAUPOST): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 69% since Oct 2021 · "Despite these initiatives, softness in North America and adverse currency impacts weighed on performance." (finance.yahoo.com, Aug 2025) · sales +0.9%

Story as of 2026-10-16T09:58:53.069Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.1% a year for ten years

- 2026-02-18: Herbalife (NYSE:HLF) Beats Q4 CY2025 Sales Expectations, Stock Jumps 11.7% ([finance.yahoo.com](https://finance.yahoo.com/news/herbalife-nyse-hlf-beats-q4-214122541.html))

### Sales · FY2024–2025

sales +0.9%; source https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm; observed 2026-02-18.

- FY2016: $4.5B 

- FY2017: $4.4B 

- FY2018: $4.9B 

- FY2019: $4.9B 

- FY2020: $5.5B 

- FY2021: $5.8B 

- FY2022: $5.2B 

- FY2023: $5.1B 

- FY2024: $5.0B 

- FY2025: $5.0B 

### Gross margin · FY2025

gross margin 75.6%; source https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm; observed 2026-02-18.

- FY2016: 81.0% 

- FY2017: 80.8% 

- FY2018: 81.2% 

- FY2019: 80.4% 

- FY2020: 79.2% 

- FY2021: 78.6% 

- FY2022: 77.4% 

- FY2023: 76.5% 

- FY2024: 77.9% 

- FY2025: 75.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); FY2025: revenue 5037500000; grossProfit 3808900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); HLF.US: Herbalife Ltd., together with its subsidiaries, provides health and wellness products in North America, Mexico, South and Central America, Europe, the Middle East, Africa, China, and the Asia Pacific. It offers weight management products, including meal replacement, protein shakes, drink mixes, weight loss supplements, healthy snacks, and metabolism boosting teas; targeted nutrition products comprising functional beverages and dietary and nutritional supplements containing herbs, vitamins, minerals and other natural ingredients; energy, sports, and fitness products; and facial skin care, body care, and hair care products. The company also provides literature, promotional, and other materials, such as start-up kits, sales tools, and educational materials. It sells its products through sales representatives, independent service providers, and company-operated retail stores and platforms. The company was formerly known as Herbalife Nutrition Ltd. and changed its name to Herbalife Ltd. in April 2023. Herbalife Ltd. was founded in 1980 and is headquartered in Los Angeles, California.

### Why customers stay

Margins ranged from 75.6% to 77.9% during 2023–25; it earns 51.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 76.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 77.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 75.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.45978633712777567],[2017,0.7192307692307692],[2018,1.01234610123119],[2019,0.5677437271196634],[2020,0.6913169083090486],[2021,0.6375462939802523],[2022,0.390978718343878],[2023,0.24037701377090606],[2024,0.33118777892207346],[2025,0.26728336683575393]]; median 0.5137650321237195. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 3.2%; sales volumes fell.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); [p0]  other macroeconomic factors, such as foreign exchange rate fluctuations and geopolitical conflicts, can impact our financial condition, results of operations and liquidity. For example, inflationary pressure impacts both our cost structures and our pricing. During the twelve months ended December 31, 2025, we instituted pricing actions in certain markets to address region or market-specific conditions. We also instituted localized pricing actions in 2024. These actions are discussed further in the Sales by Geographic Region discussion further below. We continue to examine our cost structure and assess additional potential incremental pricing actions in response to ongoing inflationary pressures and any tariffs and retaliatory tariffs imposed by the U.S. or foreign governments which could have a significant adverse impact to our business, which includes our Mexico market where our U.S. manufacturing operations provide a significant amount of finished goods inventory to our Mexico operations. The war in Ukraine has also impacted our results there as well as in Russia and certain neighboring markets; we do not have any manufacturing operations in Russia and Ukraine and our combined total assets in Russia and Ukraine, which primarily consists of short-term assets, was approximately 1% of our consolidated total assets as of December 31, 2025. Given the unpredictable and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact they may have on our geographic regions and individual markets. See “Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024” and “Sales by Geographic Region” for more specific discussion of these and other factors. See Part I, Ite

[p1] and geopolitical conflicts, can impact our financial condition, results of operations and liquidity. For example, inflationary pressure impacts both our cost structures and our pricing. During the twelve months ended December 31, 2025, we instituted pricing actions in certain markets to address region or market-specific conditions. We also instituted localized pricing actions in 2024. These actions are discussed further in the Sales by Geographic Region discussion further below. We continue to examine our cost structure and assess additional potential incremental pricing actions in response to ongoing inflationary pressures and any tariffs and retaliatory tariffs imposed by the U.S. or foreign governments which could have a significant adverse impact to our business, which includes our Mexico market where our U.S. manufacturing operations provide a significant amount of finished goods inventory to our Mexico operations. The war in Ukraine has also impacted our results there as well as in Russia and certain neighboring markets; we do not have any manufacturing operations in Russia and Ukraine and our combined total assets in Russia and Ukraine, which primarily consists of short-term assets, was approximately 1% of our consolidated total assets as of December 31, 2025. Given the unpredictable and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact they may have on our geographic regions and individual markets. See “Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024” and “Sales by Geographic Region” for more specific discussion of these and other factors. See Part I, Item 1A, Risk Factors, of this Annual Report on Form 10-K for a further disc

[p2]  inflationary pressure impacts both our cost structures and our pricing. During the twelve months ended December 31, 2025, we instituted pricing actions in certain markets to address region or market-specific conditions. We also instituted localized pricing actions in 2024. These actions are discussed further in the Sales by Geographic Region discussion further below. We continue to examine our cost structure and assess additional potential incremental pricing actions in response to ongoing inflationary pressures and any tariffs and retaliatory tariffs imposed by the U.S. or foreign governments which could have a significant adverse impact to our business, which includes our Mexico market where our U.S. manufacturing operations provide a significant amount of finished goods inventory to our Mexico operations. The war in Ukraine has also impacted our results there as well as in Russia and certain neighboring markets; we do not have any manufacturing operations in Russia and Ukraine and our combined total assets in Russia and Ukraine, which primarily consists of short-term assets, was approximately 1% of our consolidated total assets as of December 31, 2025. Given the unpredictable and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact they may have on our geographic regions and individual markets. See “Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024” and “Sales by Geographic Region” for more specific discussion of these and other factors. See Part I, Item 1A, Risk Factors, of this Annual Report on Form 10-K for a further discussion of risks related to these matters. Volume Points by Geographic Region As previously disclosed in Part II, 

[p3] c conditions. We also instituted localized pricing actions in 2024. These actions are discussed further in the Sales by Geographic Region discussion further below. We continue to examine our cost structure and assess additional potential incremental pricing actions in response to ongoing inflationary pressures and any tariffs and retaliatory tariffs imposed by the U.S. or foreign governments which could have a significant adverse impact to our business, which includes our Mexico market where our U.S. manufacturing operations provide a significant amount of finished goods inventory to our Mexico operations. The war in Ukraine has also impacted our results there as well as in Russia and certain neighboring markets; we do not have any manufacturing operations in Russia and Ukraine and our combined total assets in Russia and Ukraine, which primarily consists of short-term assets, was approximately 1% of our consolidated total assets as of December 31, 2025. Given the unpredictable and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact they may have on our geographic regions and individual markets. See “Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024” and “Sales by Geographic Region” for more specific discussion of these and other factors. See Part I, Item 1A, Risk Factors, of this Annual Report on Form 10-K for a further discussion of risks related to these matters. Volume Points by Geographic Region As previously disclosed in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the 2024 10-K, considering the changes to Volume Point values in certain regions and Management’s recent asse

[p4] anges in foreign currency translation rates. The discussion of changes in net sales quantifies the impact of those drivers that are quantifiable such as changes in foreign currency translation rates, and cites the estimated impact of any significant price changes. The remaining drivers, which management believes are the primary drivers of changes in volume, are typically qualitative factors whose impact cannot be quantified. Global inflationary pressures, supply chain challenges and other macroeconomic factors such as foreign exchange rate fluctuations, geopolitical conflict, and rising trade tensions, including U.S. tariffs and retaliatory tariffs from foreign countries, may impact both our cost structures and our pricing, with potential adverse sales volume impact. However, given the unpredictable, unprecedented, and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact it may have on our regions and individual markets. We continue to examine our cost structure and assess potential incremental pricing actions in response to ongoing inflationary pressures which could impact our net sales and sales volumes. See the Sales by Geographic Region below for a more detailed discussion of each geographic region and individual market. Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Net sales were $5,037.5 million for the year ended December 31, 2025. Net sales increased $44.4 million, or 0.9%, for the year ended December 31, 2025 as compared to the same period in 2024. In local currency, net sales increased 2.5% for the year ended December 31, 2025 as compared to the same period in 2024. The 0.9% increase in net sales for the year ended December 3

[p5] allenges and other macroeconomic factors such as foreign exchange rate fluctuations, geopolitical conflict, and rising trade tensions, including U.S. tariffs and retaliatory tariffs from foreign countries, may impact both our cost structures and our pricing, with potential adverse sales volume impact. However, given the unpredictable, unprecedented, and fluid nature of these factors, we are unable to predict the extent to which they will adversely impact our business, financial condition, and results of operations, including the impact it may have on our regions and individual markets. We continue to examine our cost structure and assess potential incremental pricing actions in response to ongoing inflationary pressures which could impact our net sales and sales volumes. See the Sales by Geographic Region below for a more detailed discussion of each geographic region and individual market. Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Net sales were $5,037.5 million for the year ended December 31, 2025. Net sales increased $44.4 million, or 0.9%, for the year ended December 31, 2025 as compared to the same period in 2024. In local currency, net sales increased 2.5% for the year ended December 31, 2025 as compared to the same period in 2024. The 0.9% increase in net sales for the year ended December 31, 2025 was primarily driven by a 3.2% favorable impact of price increases, partially offset by a 1.6% unfavorable impact of fluctuations in foreign currency exchange rates and a 0.5% decrease in sales volume. 49 Net income attributable to Herbalife was $228.3 million, or $2.20 per diluted share, for the year ended December 31, 2025. Net income attributable to Herbalife decreased $26.0 million, or 10.2%, for the year ended December 31, 2025 as compared to the same period

[p6] tent to which they will adversely impact our business, financial condition, and results of operations, including the impact it may have on our regions and individual markets. We continue to examine our cost structure and assess potential incremental pricing actions in response to ongoing inflationary pressures which could impact our net sales and sales volumes. See the Sales by Geographic Region below for a more detailed discussion of each geographic region and individual market. Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Net sales were $5,037.5 million for the year ended December 31, 2025. Net sales increased $44.4 million, or 0.9%, for the year ended December 31, 2025 as compared to the same period in 2024. In local currency, net sales increased 2.5% for the year ended December 31, 2025 as compared to the same period in 2024. The 0.9% increase in net sales for the year ended December 31, 2025 was primarily driven by a 3.2% favorable impact of price increases, partially offset by a 1.6% unfavorable impact of fluctuations in foreign currency exchange rates and a 0.5% decrease in sales volume. 49 Net income attributable to Herbalife was $228.3 million, or $2.20 per diluted share, for the year ended December 31, 2025. Net income attributable to Herbalife decreased $26.0 million, or 10.2%, for the year ended December 31, 2025 as compared to the same period in 2024. The decrease in net income attributable to Herbalife for the year ended December 31, 2025 was mainly due to $132.2 million higher income taxes; partially offset by $61.3 million lower general and administrative expenses driven by lower labor and benefits costs (see General and Administrative Expenses below for further discussion), $34.1 million higher gross profit driven by higher net sales, and $10.5 mil

[p7]  in 2024. In local currency, net sales increased 2.5% for the year ended December 31, 2025 as compared to the same period in 2024. The 0.9% increase in net sales for the year ended December 31, 2025 was primarily driven by a 3.2% favorable impact of price increases, partially offset by a 1.6% unfavorable impact of fluctuations in foreign currency exchange rates and a 0.5% decrease in sales volume. 49 Net income attributable to Herbalife was $228.3 million, or $2.20 per diluted share, for the year ended December 31, 2025. Net income attributable to Herbalife decreased $26.0 million, or 10.2%, for the year ended December 31, 2025 as compared to the same period in 2024. The decrease in net income attributable to Herbalife for the year ended December 31, 2025 was mainly due to $132.2 million higher income taxes; partially offset by $61.3 million lower general and administrative expenses driven by lower labor and benefits costs (see General and Administrative Expenses below for further discussion), $34.1 million higher gross profit driven by higher net sales, and $10.5 million loss on extinguishment of debt in 2024 related to the April 2024 debt refinancing transactions (see Liquidity and Capital Resources below for further discussion). Net income attributable to Herbalife for the year ended December 31, 2025 included $36.3 million favorable deferred income tax impacts relating to the changes in the Company’s corporate entity structure in 2024, an $11.3 million pre-tax unfavorable impact ($8.5 million post-tax) of Goods and Services Tax (“GST”) transition charge related to the September 2025 GST amendments in India, a $9.1 million pre-tax unfavorable impact ($7.5 million post-tax) of Technology Realignment Program expenses, primarily relating to employee retention and separation costs, a $7.0 million pre-tax unfavorable imp

[p8] om around the world and to introduce new or upgraded products. A variety of training and development tools are also available through online and mobile platforms. 7 Our Marketing Plan and Member Compensation In addition to benefiting from discounted prices, Members interested in the entrepreneurial opportunity may earn money in several ways under our Marketing Plan. First, Members may earn a retail profit by purchasing our products at wholesale prices, discounted depending on the Member’s level within our Marketing Plan, and reselling those products at a higher retail price. Second, Members who build a sales team may earn additional income based on the sales activity of their team, which may include commissions and bonuses that we call royalty overrides, production bonuses, and other bonuses in our Marketing Plan. Members earning such compensation have generally attained the level of sales leader as described below. There are also many Members, which include distributors, who do not sponsor others and are generally considered discount buyers or small retailers as they do not receive additional income based on the sales activity of their team. For a separate discussion related to the Member compensation and service fees in China, refer to the “Business in China” section below. The basis for calculating Marketing Plan payouts, or compensation to our Members, varies depending on product and market. For 2025, we utilized on a weighted-average basis approximately 90% of suggested retail price, to which we applied discounts of up to 50% for distributor allowances and paid commissions and bonuses that total up to 22% in the aggregate, and allocated approximately 1% for an additional bonus known as the Mark Hughes bonus. We believe that the opportunity for Members to earn this Member compensation contributes significantly to o

### Where the cash goes

Paid no dividends in 10 years; bought back USD 8.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 1396000.054019332; upkeep 142003999.94598067; owner earnings 216296000.05401933. Growth capex / owner earnings = 0.006454118678434575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 95500000; owner earnings 218200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 84000000; owner earnings 313000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 106100000; owner earnings 302600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 11700000; upkeep 100300000; owner earnings 372600000. Growth capex / owner earnings = 0.03140096618357488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 26026533.575055107; upkeep 125373466.42494489; owner earnings 429426533.5750551. Growth capex / owner earnings = 0.06060765122820757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 156400000; owner earnings 280300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 135000000; owner earnings 120500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 122000000; owner earnings 253700000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 80400000; owner earnings 269100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 8199999 USD.

### Are managers owners

Insiders own 5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); HLF.US SharesStats.PercentInsiders = 5.009 percentage points; cache date 2026-10-15.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm (filed 2026-02-18); ped in four principal categories: weight management; targeted nutrition; energy, sports, and fitness; and outer nutrition, along with literature, promotional, and other items. Our products are often sold through a series of related products and literature designed to simplify weight management and nutrition for consumers and maximize our Members’ cross-selling opportunities.

While we continue to monitor the current global financial environment including the impacts of inflation, foreign exchange rate fluctuations, the wars in Ukraine and the Middle East, rising trade tensions, including U.S. tariffs and retaliatory tariffs from foreign countries and other factors, we remain focused on the opportunities and challenges in retailing our products and enhancing the customer experience, sponsoring and retaining Members, improving Member productivity, further penetrating existing markets, globalizing successful Daily Methods of Operation, or DMOs, such as Nutrition Clubs, Fit Clubs, and Weight Loss Challenges, introducing new products and globalizing existing products, developing niche market segments and further investing in our infrastructure.

We sell our products in five geographic regions:

•

North America;

•

Latin America, which consists of Mexico and South and Central America;

•

EMEA, which consists of Europe, the Middle East, and Africa;

•

Asia Pacific (excluding China); and

•

China.

On July 15, 2016, we reached a settlement with the U.S. Federal Trade Commission, or FTC, and entered into the Consent Order, which resolved the FTC’s multi-year investigation of the Company. We continue to monitor the impact of the Consent Order and our Audit Committee assists our board of directors in overseeing continued compliance with the Consent Order. While we currently do not expect the settlement to have a long-term and materially adverse impact on our business and our Member base, our business and our Member base, particularly in the U.S., may be negatively impacted. The terms of the Consent Order do not change our going to market through direct selling by independent distributors, and compensating those distributors based upon the product they and their sales organization sell. See Part I, Item 1, Business, of this Annual Report on Form 10-K for further discussion about the Consent Order and Part I, Item 1A, Risk Factors, of this Annual Report on Form 10-K for a discussion of risks related to the settlement with the FTC.

45

Certain Factors Impacting Results

Global inflationary pressures and other macroeconomic factors, such as foreign exchange rate fluctuations and geopolitical conflicts, can impact our financial condition, results of operations and liquidity. For example, inflationary pressure impacts both our cost structures and our pricing. During the twelve months ended December 31, 2025, we instituted pricing actions in certain markets to

### What the price says

The price assumes cash profits shrink 12.1% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate -0.18129569806022694. Price 14.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0990621336459556 → FY2025 2.5974903474903477. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $30.34 per share

- 2016-11: $24.52 per share

- 2016-12: $24.07 per share

- 2017-01: $28.10 per share

- 2017-02: $28.25 per share

- 2017-03: $29.07 per share

- 2017-04: $31.63 per share

- 2017-05: $35.89 per share

- 2017-06: $35.67 per share

- 2017-07: $33.26 per share

- 2017-08: $34.51 per share

- 2017-09: $33.92 per share

- 2017-10: $36.31 per share

- 2017-11: $35.07 per share

- 2017-12: $33.86 per share

- 2018-01: $41.50 per share

- 2018-02: $46.05 per share

- 2018-03: $48.74 per share

- 2018-04: $52.87 per share

- 2018-05: $50.77 per share

- 2018-06: $53.72 per share

- 2018-07: $51.63 per share

- 2018-08: $56.59 per share

- 2018-09: $54.55 per share

- 2018-10: $53.26 per share

- 2018-11: $57.25 per share

- 2018-12: $58.95 per share

- 2019-01: $59.70 per share

- 2019-02: $56.10 per share

- 2019-03: $52.99 per share

- 2019-04: $52.85 per share

- 2019-05: $41.78 per share

- 2019-06: $42.76 per share

- 2019-07: $41.02 per share

- 2019-08: $34.43 per share

- 2019-09: $37.86 per share

- 2019-10: $44.67 per share

- 2019-11: $45.61 per share

- 2019-12: $47.67 per share

- 2020-01: $38.85 per share

- 2020-02: $32.36 per share

- 2020-03: $29.16 per share

- 2020-04: $37.35 per share

- 2020-05: $43.84 per share

- 2020-06: $44.98 per share

- 2020-07: $51.24 per share

- 2020-08: $49.15 per share

- 2020-09: $46.65 per share

- 2020-10: $45.14 per share

- 2020-11: $47.91 per share

- 2020-12: $48.05 per share

- 2021-01: $50.96 per share

- 2021-02: $44.98 per share

- 2021-03: $44.36 per share

- 2021-04: $45.77 per share

- 2021-05: $52.57 per share

- 2021-06: $52.73 per share

- 2021-07: $50.94 per share

- 2021-08: $51.34 per share

- 2021-09: $42.38 per share

- 2021-10: $46.40 per share

- 2021-11: $37.36 per share

- 2021-12: $40.93 per share

- 2022-01: $42.51 per share

- 2022-02: $35.58 per share

- 2022-03: $30.36 per share

- 2022-04: $26.58 per share

- 2022-05: $21.79 per share

- 2022-06: $20.45 per share

- 2022-07: $24.41 per share

- 2022-08: $26.09 per share

- 2022-09: $19.89 per share

- 2022-10: $21.26 per share

- 2022-11: $17.52 per share

- 2022-12: $14.88 per share

- 2023-01: $17.57 per share

- 2023-02: $19.35 per share

- 2023-03: $16.10 per share

- 2023-04: $14.86 per share

- 2023-05: $11.84 per share

- 2023-06: $13.24 per share

- 2023-07: $16.24 per share

- 2023-08: $15.02 per share

- 2023-09: $13.99 per share

- 2023-10: $14.25 per share

- 2023-11: $12.88 per share

- 2023-12: $15.26 per share

- 2024-01: $12.05 per share

- 2024-02: $8.83 per share

- 2024-03: $10.05 per share

- 2024-04: $8.65 per share

- 2024-05: $10.30 per share

- 2024-06: $10.39 per share

- 2024-07: $12.28 per share

- 2024-08: $8.16 per share

- 2024-09: $7.19 per share

- 2024-10: $7.55 per share

- 2024-11: $7.77 per share

- 2024-12: $6.69 per share

- 2025-01: $5.46 per share

- 2025-02: $8.30 per share

- 2025-03: $8.63 per share

- 2025-04: $7.20 per share

- 2025-05: $7.81 per share

- 2025-06: $8.62 per share

- 2025-07: $9.20 per share

- 2025-08: $9.78 per share

- 2025-09: $8.44 per share

- 2025-10: $8.00 per share

- 2025-11: $12.73 per share

- 2025-12: $12.89 per share

- 2026-01: $17.24 per share

- 2026-02: $19.52 per share

- 2026-03: $14.72 per share

- 2026-04: $16.60 per share

- 2026-05: $11.96 per share

- 2026-06: $13.15 per share

- 2026-07: $12.42 per share

- 2026-08: $10.99 per share

- 2026-09: $12.13 per share

- 2026-10: $14.57 per share

## Annual estimated value (USD per share)

- FY2016: low $28.19 per share, central $31.52 per share, high $35.96 per share

- FY2017: low $22.20 per share, central $24.30 per share, high $27.09 per share

- FY2018: low $30.75 per share, central $41.44 per share, high $47.42 per share

- FY2019: low $35.66 per share, central $48.74 per share, high $56.33 per share

- FY2020: low $42.67 per share, central $57.09 per share, high $65.80 per share

- FY2021: low $52.35 per share, central $71.63 per share, high $83.28 per share

- FY2022: low $40.64 per share, central $45.68 per share, high $52.40 per share

- FY2023: low $38.99 per share, central $43.72 per share, high $50.01 per share

- FY2024: low $32.04 per share, central $36.02 per share, high $41.33 per share

- FY2025: low $30.83 per share, central $34.74 per share, high $39.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Seth Klarman](https://gigainvestors.com/BAUPOST): 9,259,844 HLF shares; USD 121,767,000 reported position value; 2.25% of portfolio; hold; quarter 2026 Q2.

# HLF — Herbalife Nutrition Ltd.

Held by 1 investor · USD 121,767,000 total · 2026 Q2 · reported price USD 13.15 (split-adjusted).
Page: https://gigainvestors.com/s/HLF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Seth Klarman (https://gigainvestors.com/BAUPOST) | USD 121,767,000 | 2.3% | hold |

## Total held by quarter

- 2013 Q2: USD 765,867,133 · 1 holder · USD 22.57
- 2013 Q3: USD 1,183,581,994 · 1 holder · USD 34.88
- 2013 Q4: USD 1,335,262,370 · 1 holder · USD 39.35
- 2014 Q1: USD 973,760,000 · 1 holder · USD 28.64
- 2014 Q2: USD 1,097,180,000 · 1 holder · USD 32.27
- 2014 Q3: USD 743,920,000 · 1 holder · USD 21.88
- 2014 Q4: USD 640,900,000 · 1 holder · USD 18.85
- 2015 Q1: USD 726,920,000 · 1 holder · USD 21.38
- 2015 Q2: USD 936,700,000 · 1 holder · USD 27.55
- 2015 Q3: USD 926,500,000 · 1 holder · USD 27.25
- 2015 Q4: USD 911,540,000 · 1 holder · USD 26.81
- 2016 Q1: USD 1,046,520,000 · 1 holder · USD 30.78
- 2016 Q2: USD 995,180,000 · 1 holder · USD 29.27
- 2016 Q3: USD 1,215,914,798 · 1 holder · USD 31.00
- 2016 Q4: USD 1,083,150,000 · 1 holder · USD 24.07
- 2017 Q1: USD 1,329,796,917 · 1 holder · USD 29.07
- 2017 Q2: USD 1,631,711,594 · 1 holder · USD 35.67
- 2017 Q3: USD 1,551,658,460 · 1 holder · USD 33.92
- 2017 Q4: USD 1,587,191,902 · 2 holders · USD 33.86
- 2018 Q1: USD 2,284,225,085 · 2 holders · USD 48.73
- 2018 Q2: USD 1,953,127,277 · 2 holders · USD 53.72
- 2018 Q3: USD 1,983,349,956 · 2 holders · USD 54.55
- 2018 Q4: USD 2,143,326,855 · 2 holders · USD 58.95
- 2019 Q1: USD 1,926,630,874 · 2 holders · USD 52.99
- 2019 Q2: USD 1,554,684,585 · 2 holders · USD 42.76
- 2019 Q3: USD 1,456,096,547 · 3 holders · USD 37.86
- 2019 Q4: USD 1,921,325,049 · 3 holders · USD 47.67
- 2020 Q1: USD 1,068,812,153 · 2 holders · USD 29.16
- 2020 Q2: USD 1,648,668,403 · 2 holders · USD 44.98
- 2020 Q3: USD 1,023,097,057 · 2 holders · USD 46.65
- 2020 Q4: USD 1,053,800,935 · 2 holders · USD 48.05
- 2021 Q1: USD 444,280,837 · 2 holders · USD 44.36
- 2021 Q2: USD 105,273,441 · 1 holder · USD 52.73
- 2021 Q3: USD 292,166,322 · 3 holders · USD 42.38
- 2021 Q4: USD 306,825,606 · 4 holders · USD 40.93
- 2022 Q1: USD 155,419,094 · 3 holders · USD 30.36
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 29,760,000 · 1 holder · USD 14.88
- 2023 Q1: USD 31,462,620 · 1 holder · USD 16.10
- 2023 Q2: USD 25,873,608 · 1 holder · USD 13.24
- 2023 Q3: USD 23,689,897 · 1 holder · USD 13.99
- 2023 Q4: USD 25,633,733 · 1 holder · USD 15.26
- 2024 Q1: USD 40,982,473 · 2 holders · USD 10.05
- 2024 Q2: USD 72,251,343 · 2 holders · USD 10.39
- 2024 Q3: USD 49,982,299 · 2 holders · USD 7.19
- 2024 Q4: USD 50,847,519 · 1 holder · USD 6.69
- 2025 Q1: USD 65,592,539 · 1 holder · USD 8.63
- 2025 Q2: USD 67,075,856 · 2 holders · USD 8.62
- 2025 Q3: USD 65,866,032 · 2 holders · USD 8.45
- 2025 Q4: USD 120,023,481 · 2 holders · USD 12.90
- 2026 Q1: USD 136,304,904 · 1 holder · USD 14.72
- 2026 Q2: USD 121,767,000 · 1 holder · USD 13.15