Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 6.0x · ROE N/A. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.3B | $680M | $1.5B | $1.5B | $4.4B | $6.5B | $6.8B | $8.8B | $5.6B | $4.1B |
| Enterprise Value | $3.3B | $3.3B | $2.7B | $3.7B | $3.9B | $6.8B | $8.1B | $7.9B | $10.1B | $6.6B | $4.7B |
| P/E Ratio → | 5.97 | 5.86 | 2.68 | 10.75 | 4.61 | 9.91 | 17.35 | 21.67 | 29.77 | 26.25 | 15.94 |
| P/S Ratio | 0.27 | 0.27 | 0.14 | 0.30 | 0.28 | 0.76 | 1.17 | 1.38 | 1.80 | 1.27 | 0.92 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | 21.11 |
| P/FCF | 5.39 | 5.28 | 4.16 | 6.87 | 7.55 | 14.35 | 12.51 | 19.21 | 15.61 | 11.33 | 18.51 |
| P/OCF | 4.09 | 4.01 | 2.38 | 4.28 | 4.20 | 9.63 | 10.28 | 14.75 | 13.59 | 9.50 | 11.28 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 0.55 | 0.74 | 0.75 | 1.18 | 1.46 | 1.62 | 2.06 | 1.49 | 1.06 |
| EV / EBITDA | 5.95 | 5.90 | 5.39 | 7.93 | 5.90 | 8.12 | 10.92 | 11.90 | 12.85 | 9.21 | 8.53 |
| EV / EBIT | 7.58 | 7.52 | 7.05 | 10.09 | 6.90 | 9.58 | 12.45 | 13.63 | 14.74 | 10.70 | 11.08 |
| EV / FCF | — | 13.13 | 16.73 | 16.73 | 19.86 | 22.14 | 15.66 | 22.54 | 17.84 | 13.33 | 21.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.6% | 75.6% | 77.9% | 76.5% | 77.4% | 78.6% | 79.2% | 80.4% | 81.2% | 80.8% | 81.0% |
| Operating Margin | 8.8% | 8.8% | 7.7% | 7.0% | 10.5% | 12.7% | 11.6% | 11.6% | 14.0% | 13.9% | 10.2% |
| Net Profit Margin | 4.5% | 4.5% | 5.1% | 2.8% | 6.2% | 7.7% | 6.7% | 6.4% | 6.1% | 4.8% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | 364.1% |
| ROA | 8.3% | 8.3% | 9.2% | 5.1% | 11.6% | 15.2% | 12.9% | 11.4% | 10.4% | 7.8% | 10.3% |
| ROIC | 24.3% | 24.3% | 24.3% | 23.4% | 37.8% | 61.8% | 62.0% | 64.9% | 86.4% | 63.6% | 46.5% |
| ROCE | 27.0% | 27.0% | 25.5% | 21.7% | 31.2% | 39.8% | 35.0% | 39.0% | 42.8% | 32.8% | 28.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | 7.38 |
| Debt / EBITDA | 4.16 | 4.16 | 4.87 | 5.90 | 4.42 | 3.57 | 3.60 | 3.02 | 3.13 | 3.16 | 2.60 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | 3.08 |
| Net Debt / EBITDA | 3.53 | 3.53 | 4.05 | 4.67 | 3.65 | 2.86 | 2.19 | 1.76 | 1.60 | 1.38 | 1.09 |
| Debt / FCF | — | 7.85 | 12.57 | 9.86 | 12.31 | 7.79 | 3.15 | 3.33 | 2.22 | 2.00 | 2.70 |
| Interest Coverage | 2.06 | 2.06 | 1.78 | 2.22 | 4.05 | 4.66 | 4.88 | 3.80 | 3.77 | 3.84 | 4.31 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 0.93 | 1.10 | 1.39 | 1.33 | 1.58 | 1.54 | 1.14 | 2.05 | 1.85 |
| Quick Ratio | 0.62 | 0.62 | 0.54 | 0.70 | 0.79 | 0.79 | 1.13 | 1.09 | 0.90 | 1.68 | 1.38 |
| Cash Ratio | 0.35 | 0.35 | 0.34 | 0.45 | 0.52 | 0.56 | 0.93 | 0.87 | 0.75 | 1.41 | 1.07 |
| Asset Turnover | — | 1.81 | 1.83 | 1.80 | 1.90 | 2.06 | 1.80 | 1.82 | 1.75 | 1.53 | 1.75 |
| Inventory Turnover | 2.40 | 2.40 | 2.32 | 2.36 | 2.02 | 2.15 | 2.29 | 2.20 | 2.41 | 2.49 | 2.30 |
| Days Sales Outstanding | — | 6.66 | 5.04 | 5.85 | 4.95 | 4.21 | 5.49 | 5.96 | 5.26 | 7.69 | 5.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.7% | 17.1% | 37.4% | 9.3% | 21.7% | 10.1% | 5.8% | 4.6% | 3.4% | 3.8% | 6.3% |
| FCF Yield | 18.6% | 18.9% | 24.0% | 14.6% | 13.2% | 7.0% | 8.0% | 5.2% | 6.4% | 8.8% | 5.4% |
| Buyback Yield | 0.6% | 0.6% | 1.2% | 0.7% | 9.9% | 22.8% | 14.3% | 0.2% | 8.5% | 15.0% | 0.3% |
| Total Shareholder Yield | 0.6% | 0.6% | 1.2% | 0.7% | 9.9% | 22.8% | 14.3% | 0.2% | 8.5% | 15.0% | 0.3% |
| Shares Outstanding | — | $104M | $102M | $100M | $100M | $108M | $135M | $142M | $150M | $166M | $172M |
Distributor network sustainability
According to current market data, HLF trades at a forward P/E of 4.73, a valuation multiple that suggests investors are heavily discounting the company's future earnings potential due to the inherent regulatory and operational risks associated with its multi-level marketing business model compared to broader industry peers.
The low P/E and EV/EBITDA multiples indicate that the market views the company as a legacy cash-flow play rather than a growth-oriented consumer defensive entity. This valuation gap relative to the broader packaged foods sector appears to reflect a persistent 'complexity discount' that may not fully account for the company's ability to maintain high gross margins.
Based on reported financial statements, HLF's ROIC has exhibited significant volatility, recently dipping to -1.1% in 2026Q1, which highlights the difficulty of compounding returns on invested capital when the underlying business model requires substantial ongoing investment in distributor incentives and administrative overhead to sustain revenue.
The inconsistent ROIC trend suggests that the company is struggling to generate returns that exceed its cost of capital, a concerning signal for long-term value creation. Investors should monitor whether management can improve capital allocation efficiency or if the current structure inherently limits the potential for meaningful return expansion.
As indicated by the 133-day cash conversion cycle reported in 2026Q1, HLF's working capital efficiency remains constrained by high inventory levels, which suggests that the company's reliance on a decentralized distributor network may be creating bottlenecks in product movement and cash realization compared to traditional retail models.
The elevated days inventory outstanding (DIO) of 156 days warrants further investigation, as it may indicate an accumulation of unsold product within the distribution channel. This inefficiency ties up significant liquidity and may necessitate future write-downs if the inventory does not turn over at a faster rate.
According to recent quarterly balance sheet data, the current ratio has fluctuated near 1.0, reaching 1.23 in 2026Q1, which indicates that the company operates with a narrow liquidity buffer that leaves little room for error in managing its short-term obligations and working capital requirements under stress.
The reliance on a quick ratio that has dipped as low as 0.54 suggests that the company is highly dependent on inventory liquidity to meet its immediate liabilities. This position appears vulnerable to any sudden disruption in distributor demand or unexpected regulatory shifts that could impact cash inflows.
The P/E ratio is frequently misapplied to HLF because it obscures the impact of non-operating items and the high variable cost structure inherent in the MLM model, which often leads to an inaccurate assessment of the company's true underlying earning power and cash-generating capacity for shareholders.
Instead of relying on P/E, analysts should focus on free cash flow yield and adjusted operating margins to better understand the cash available after accounting for distributor compensation and necessary capital expenditures. The current P/E may provide a misleading sense of value if the underlying cash flows remain volatile and sensitive to distributor retention.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying HLF stock.
Herbalife Nutrition Ltd.'s current P/E ratio is 6.0x. The historical average is 14.5x. This places it at the 14th percentile of its historical range.
Herbalife Nutrition Ltd.'s current EV/EBITDA is 6.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Based on historical data, Herbalife Nutrition Ltd. is trading at a P/E of 6.0x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Herbalife Nutrition Ltd. has 75.6% gross margin and 8.8% operating margin.
Herbalife Nutrition Ltd.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.