# USANA Health Sciences (USNA.US)

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

Analysis as of: 2026-10-16T07:32:46.912Z. Financial observations: FY1996–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: $15.38 per share; close as of 2026-10-15.

Estimated value: low $48.70 per share, central $54.34 per share, high $61.84 per share. Buy at or below the central value $54.34 per share. Valuation as of 2026-10-16T07:32:46.912Z; scenarios are not confidence intervals.

Expected annual return: 49.8% at the stated quote. About 49.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.13×

- FY2018: 0.16×

- FY2019: 0.14×

- FY2020: 0.16×

- FY2021: 0.14×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.08×

- FY2025: 0.05×

### moat: pass

- ROIC, median of available years: 69.7%

- ROIC, second-lowest year: 17.6%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 81.6%

- Recent gross margin (lower of latest and 3-year median): 78.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 45.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 64.9%

- FY2017: 74.5%

- FY2018: >100%

- FY2019: 77.6%

- FY2020: 93.0%

- FY2021: 75.0%

- FY2022: 49.1%

- FY2023: 37.1%

- FY2024: 17.6%

- FY2025: 13.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $367M

- Net income, five-year total: $302M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 8.1%

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

- FY2021: 1.08×

- FY2022: 1.16×

- FY2023: 1.09×

- FY2024: 1.29×

- FY2025: 3.41×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 74.5% vs 17.6%

- Per-share earnings: 3.59 to 2.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -2.7%

- Market cap gain: -$1.1B

- Cumulative retained earnings: $200M

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -2.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.0%

- Per-share value change: -$1.40

- Per-share value, starting three-year median: $3.59

- Per-share value, ending three-year median: $2.19

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 4.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $211M

- Cumulative net income, 10 years: $816M

- ROIC, first three-year median: 74.5%

- ROIC, last three-year median: 17.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.99

- FY2017: $2.53

- FY2018: $5.12

- FY2019: $4.41

- FY2020: $5.86

- FY2021: $5.73

- FY2022: $3.59

- FY2023: $3.30

- FY2024: $2.19

- FY2025: $0.58

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 61.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.9%

- FY2017: -11.8%

- FY2018: -4.7%

- FY2019: -5.1%

- FY2020: -5.6%

- FY2021: -0.8%

- FY2022: -5.8%

- FY2023: -1.1%

- FY2024: -2.5%

- FY2025: -1.6%

## Holders

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

## Price story

Down 85% since Dec 2021 · "USANA signals $29M Hiya goodwill impairment while lowering 2026 outlook" (seekingalpha.com, Aug 2026) · sales +8.3%

Story as of 2026-10-16T09:59:46.691Z; price observation 2026-10-15.

Price needs cash profits to shrink 23.2% a year for ten years

- 2026-01-12: USANA Health Sciences Projects FY25 Net Sales Ahead Of Its Most Recently Issued Guidance ([nasdaq.com](https://www.nasdaq.com/articles/usana-health-sciences-projects-fy25-net-sales-ahead-its-most-recently-issued-guidance))

- 2026-08-05: USANA signals $29M Hiya goodwill impairment while lowering 2026 outlook ([seekingalpha.com](https://seekingalpha.com/news/4626592-usana-signals-29m-hiya-goodwill-impairment-while-lowering-2026-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +8.3%; source https://www.sec.gov/Archives/edgar/data/896264/000089626426000021/usna-20260103.htm; observed 2026-03-16.

- FY2016: $1.0B 

- FY2017: $1.0B 

- FY2018: $1.2B 

- FY2019: $1.1B 

- FY2020: $1.1B 

- FY2021: $1.2B 

- FY2022: $999M 

- FY2023: $921M 

- FY2024: $855M 

- FY2025: $925M 

### Gross margin · FY2025

gross margin 78.3%; source https://www.sec.gov/Archives/edgar/data/896264/000089626426000021/usna-20260103.htm; observed 2026-03-16.

- FY2016: 82.1% 

- FY2017: 82.9% 

- FY2018: 83.1% 

- FY2019: 82.3% 

- FY2020: 81.6% 

- FY2021: 81.6% 

- FY2022: 80.6% 

- FY2023: 79.4% 

- FY2024: 79.4% 

- FY2025: 78.3% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are USD 925.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/896264/000089626426000021/usna-20260103.htm (filed 2026-03-16); FY2025: revenue 925257000; grossProfit 724405000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); USNA.US: USANA Health Sciences, Inc. develops, manufactures, and sells science-based nutritional, personal care, and skincare products in the Asia Pacific, the Americas, and Europe. It operates in two segments, Core nutritional and Hiya Direct-To-Consumer. The company offers USANA nutritional optimizers, including supplements for cardiovascular health, skeletal/structural health, and digestive health; Essentials/CellSentials, such as vitamin and mineral supplements for age group beginning with children 13 months of age; and food products that include meal replacement shakes, snack bars, and other related products for healthy weight management, digestive health, and energy and hydration. It offers Celavive, a skincare regimen for various skin care types and ethnicities; and all other products comprising materials and online tools for associates to build business and marketing of products The company sells its products through retail customers, a subscription model, and direct selling, as well as online. The company was founded in 1992 and is headquartered in Salt Lake City, Utah.

### Why customers stay

Margins ranged from 78.3% to 79.4% during 2023–25; it earns 69.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: grossProfit / revenue = 79.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: grossProfit / revenue = 79.4%.

- Source: https://www.sec.gov/Archives/edgar/data/896264/000089626426000021/usna-20260103.htm (filed 2026-03-16); FY2025: grossProfit / revenue = 78.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 10-year return on capital observations [[2016,0.6488412134014577],[2017,0.7446555018545578],[2018,1.058935336786527],[2019,0.7759648486211794],[2020,0.9304882446294879],[2021,0.7500549621216633],[2022,0.4909811326052166],[2023,0.3714040580777849],[2024,0.17569128320910274],[2025,0.13183935365007457]]; median 0.6967483576280078. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 27.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2016: growth capex 8128887.6693082675; upkeep 24569112.330691732; owner earnings 88953887.66930827. Growth capex / owner earnings = 0.09138316359514183.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2017: growth capex 0; upkeep 13220000; owner earnings 65425000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2018: growth capex 0; upkeep 11433000; owner earnings 131634000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2019: growth capex 0; upkeep 16569000; owner earnings 106964000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2020: growth capex 0; upkeep 15094000; cash acquisitions 0; owner earnings 132079000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2021: growth capex 0; upkeep 12763000; cash acquisitions 0; owner earnings 125935000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2022: growth capex 0; upkeep 10400000; cash acquisitions 6532000; owner earnings 80360000. Growth capex plus acquisitions / owner earnings = 0.08128422100547536.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: growth capex 0; upkeep 14494000; cash acquisitions 0; owner earnings 69689000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: growth capex 0; upkeep 10073000; cash acquisitions 203336000; owner earnings 54186000. Growth capex plus acquisitions / owner earnings = 3.752556010777692.

- Source: https://www.sec.gov/Archives/edgar/data/896264/000089626426000021/usna-20260103.htm (filed 2026-03-16); FY2025: growth capex 0; upkeep 13823000; cash acquisitions 0; owner earnings 36639000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 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/896264/000089626426000021/usna-20260103.htm (filed 2026-03-16); FY2025: cash repurchases 27507000 USD.

### Are managers owners

Insiders own 40.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); USNA.US SharesStats.PercentInsiders = 40.885 percentage points; cache date 2026-10-04.

### What the price says

The price assumes cash profits shrink 23.2% yearly over ten years; actual decline was 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Ten-year compound average after fade. Initial solved rate -0.32997059794654715. Price 15.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.5249279666764197 → FY2025 1.9725961020781737. Closing-price date 2026-10-15.

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

- 2016-10: $64.25 per share

- 2016-11: $60.95 per share

- 2016-12: $61.20 per share

- 2017-01: $62.30 per share

- 2017-02: $58.05 per share

- 2017-03: $57.60 per share

- 2017-04: $56.85 per share

- 2017-05: $64.40 per share

- 2017-06: $64.10 per share

- 2017-07: $57.10 per share

- 2017-08: $59.20 per share

- 2017-09: $57.70 per share

- 2017-10: $65.70 per share

- 2017-11: $71.70 per share

- 2017-12: $74.05 per share

- 2018-01: $74.65 per share

- 2018-02: $76.40 per share

- 2018-03: $85.90 per share

- 2018-04: $105.55 per share

- 2018-05: $117.00 per share

- 2018-06: $115.30 per share

- 2018-07: $132.25 per share

- 2018-08: $131.95 per share

- 2018-09: $120.55 per share

- 2018-10: $117.02 per share

- 2018-11: $122.38 per share

- 2018-12: $117.73 per share

- 2019-01: $117.10 per share

- 2019-02: $98.50 per share

- 2019-03: $83.87 per share

- 2019-04: $83.46 per share

- 2019-05: $70.78 per share

- 2019-06: $79.43 per share

- 2019-07: $68.05 per share

- 2019-08: $67.97 per share

- 2019-09: $68.39 per share

- 2019-10: $74.11 per share

- 2019-11: $73.60 per share

- 2019-12: $78.55 per share

- 2020-01: $61.70 per share

- 2020-02: $66.10 per share

- 2020-03: $57.76 per share

- 2020-04: $89.22 per share

- 2020-05: $84.72 per share

- 2020-06: $73.43 per share

- 2020-07: $81.18 per share

- 2020-08: $78.41 per share

- 2020-09: $73.65 per share

- 2020-10: $75.65 per share

- 2020-11: $75.18 per share

- 2020-12: $77.10 per share

- 2021-01: $82.76 per share

- 2021-02: $97.06 per share

- 2021-03: $97.60 per share

- 2021-04: $89.99 per share

- 2021-05: $105.74 per share

- 2021-06: $102.43 per share

- 2021-07: $95.27 per share

- 2021-08: $97.03 per share

- 2021-09: $92.20 per share

- 2021-10: $97.06 per share

- 2021-11: $99.72 per share

- 2021-12: $101.20 per share

- 2022-01: $95.58 per share

- 2022-02: $88.01 per share

- 2022-03: $79.45 per share

- 2022-04: $76.66 per share

- 2022-05: $70.33 per share

- 2022-06: $72.36 per share

- 2022-07: $69.62 per share

- 2022-08: $64.52 per share

- 2022-09: $56.05 per share

- 2022-10: $52.51 per share

- 2022-11: $55.04 per share

- 2022-12: $53.20 per share

- 2023-01: $58.44 per share

- 2023-02: $60.78 per share

- 2023-03: $62.90 per share

- 2023-04: $66.37 per share

- 2023-05: $60.67 per share

- 2023-06: $63.04 per share

- 2023-07: $64.91 per share

- 2023-08: $64.29 per share

- 2023-09: $58.61 per share

- 2023-10: $45.55 per share

- 2023-11: $47.26 per share

- 2023-12: $53.60 per share

- 2024-01: $46.82 per share

- 2024-02: $48.26 per share

- 2024-03: $48.50 per share

- 2024-04: $41.52 per share

- 2024-05: $47.60 per share

- 2024-06: $45.24 per share

- 2024-07: $44.60 per share

- 2024-08: $40.82 per share

- 2024-09: $37.92 per share

- 2024-10: $36.94 per share

- 2024-11: $38.53 per share

- 2024-12: $35.89 per share

- 2025-01: $32.57 per share

- 2025-02: $29.59 per share

- 2025-03: $26.97 per share

- 2025-04: $28.09 per share

- 2025-05: $29.87 per share

- 2025-06: $30.53 per share

- 2025-07: $29.39 per share

- 2025-08: $31.91 per share

- 2025-09: $27.55 per share

- 2025-10: $21.15 per share

- 2025-11: $19.85 per share

- 2025-12: $19.63 per share

- 2026-01: $21.70 per share

- 2026-02: $21.52 per share

- 2026-03: $17.47 per share

- 2026-04: $19.05 per share

- 2026-05: $18.30 per share

- 2026-06: $21.35 per share

- 2026-07: $22.11 per share

- 2026-08: $14.26 per share

- 2026-09: $14.47 per share

- 2026-10: $15.38 per share

## Annual estimated value (USD per share)

- FY2016: low $63.32 per share, central $86.86 per share, high $100.89 per share

- FY2017: low $62.74 per share, central $83.87 per share, high $96.83 per share

- FY2018: low $74.15 per share, central $103.44 per share, high $119.78 per share

- FY2019: low $77.43 per share, central $108.66 per share, high $126.08 per share

- FY2020: low $91.80 per share, central $127.65 per share, high $147.65 per share

- FY2021: low $81.21 per share, central $91.08 per share, high $104.23 per share

- FY2022: low $76.49 per share, central $85.24 per share, high $96.90 per share

- FY2023: low $68.60 per share, central $75.83 per share, high $85.46 per share

- FY2024: low $47.82 per share, central $53.23 per share, high $60.43 per share

- FY2025: low $48.73 per share, central $54.41 per share, high $61.97 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/896264/000089626426000021/usna-20260103.htm); period 2026-01-03, filed 2026-03-16.

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.