Latest Ratios: P/E Ratio -1.0x · EV/EBITDA N/A · ROE -18.0%. (1995–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14M | $20M | $35M | $42M | $64M | $107M | $46M | $83M | $70M | $66M | $73M |
| Enterprise Value | $61M | $66M | $84M | $60M | $74M | $92M | $44M | $58M | $46M | $38M | $54M |
| P/E Ratio → | -1.00 | — | — | 16.74 | 6.00 | 9.96 | — | 12.67 | 13.90 | 9.13 | 7.67 |
| P/S Ratio | 0.11 | 0.15 | 0.31 | 0.27 | 0.38 | 0.60 | 0.39 | 0.60 | 0.53 | 0.54 | 0.64 |
| P/B Ratio | 0.20 | 0.29 | 0.43 | 0.48 | 0.73 | 1.34 | 0.64 | 1.09 | 1.02 | 1.08 | 1.36 |
| P/FCF | 6.17 | 8.42 | — | — | — | 6.84 | — | 66.90 | — | 7.54 | — |
| P/OCF | 2.41 | 3.29 | — | 6.03 | 5.42 | 5.16 | 12.41 | 12.61 | 38.13 | 4.68 | 7.90 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.51 | 0.74 | 0.39 | 0.43 | 0.51 | 0.37 | 0.42 | 0.35 | 0.31 | 0.47 |
| EV / EBITDA | — | — | — | 5.06 | 3.61 | 5.09 | 18.00 | 6.12 | 3.72 | 3.18 | 3.82 |
| EV / EBIT | — | — | — | 14.89 | 5.40 | 7.49 | 89.82 | 7.23 | 3.72 | 3.79 | 3.95 |
| EV / FCF | — | 28.56 | — | — | — | 5.84 | — | 46.66 | — | 4.37 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.2% | 7.2% | 6.0% | 11.8% | 17.8% | 17.1% | 15.9% | 17.0% | 19.9% | 21.5% | 22.1% |
| Operating Margin | -6.7% | -6.7% | -7.5% | 3.1% | 8.0% | 7.7% | -1.3% | 4.3% | 7.2% | 8.0% | 10.7% |
| Net Profit Margin | -10.5% | -10.5% | -6.3% | 1.6% | 6.3% | 6.0% | -1.4% | 4.7% | 3.8% | 5.9% | 8.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.0% | -18.0% | -8.4% | 2.8% | 12.7% | 14.2% | -2.2% | 9.1% | 7.8% | 12.6% | 19.6% |
| ROA | -8.6% | -8.6% | -4.9% | 1.8% | 8.0% | 9.0% | -1.5% | 7.3% | 6.4% | 9.9% | 14.9% |
| ROIC | -5.3% | -5.3% | -5.4% | 3.5% | 12.6% | 15.3% | -1.9% | 9.3% | 18.3% | 21.6% | 31.0% |
| ROCE | -6.6% | -6.6% | -6.6% | 3.9% | 12.4% | 14.3% | -1.8% | 7.9% | 14.3% | 16.5% | 24.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.73 | 0.35 | 0.36 | 0.21 | 0.40 | — | — | — | — |
| Debt / EBITDA | — | — | — | 2.62 | 1.55 | 0.92 | 11.75 | — | — | — | — |
| Net Debt / Equity | — | 0.68 | 0.58 | 0.20 | 0.11 | -0.20 | -0.02 | -0.33 | -0.35 | -0.46 | -0.37 |
| Net Debt / EBITDA | — | — | — | 1.47 | 0.49 | -0.87 | -0.69 | -2.66 | -1.90 | -2.30 | -1.41 |
| Debt / FCF | — | 20.15 | — | — | — | -1.00 | — | -20.24 | — | -3.17 | — |
| Interest Coverage | -7.93 | -7.93 | -25.22 | 8.88 | 165.57 | 103.75 | 7.33 | 275.24 | 1381.44 | 3371.33 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.06 | 2.06 | 2.63 | 3.59 | 3.21 | 3.64 | 2.84 | 5.01 | 4.56 | 5.03 | 2.91 |
| Quick Ratio | 1.19 | 1.19 | 1.59 | 1.72 | 1.85 | 2.42 | 1.84 | 3.18 | 2.91 | 3.70 | 1.83 |
| Cash Ratio | 0.43 | 0.43 | 0.51 | 0.86 | 0.91 | 1.46 | 1.10 | 1.76 | 1.65 | 2.71 | 1.03 |
| Asset Turnover | — | 0.85 | 0.70 | 1.15 | 1.17 | 1.48 | 0.99 | 1.48 | 1.55 | 1.68 | 1.54 |
| Inventory Turnover | 4.85 | 4.85 | 4.41 | 4.58 | 4.33 | 5.48 | 3.58 | 4.41 | 4.50 | 6.97 | 4.28 |
| Days Sales Outstanding | — | 41.94 | 54.18 | 17.36 | 37.34 | 38.93 | 54.80 | 44.51 | 40.30 | 25.95 | 42.29 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 6.0% | 16.7% | 10.0% | — | 7.9% | 7.2% | 11.0% | 13.0% |
| FCF Yield | 16.2% | 11.9% | — | — | — | 14.6% | — | 1.5% | — | 13.3% | — |
| Buyback Yield | 1.2% | 0.9% | 0.6% | 3.6% | 8.6% | 3.9% | 8.2% | 1.7% | 0.7% | 1.1% | 0.9% |
| Total Shareholder Yield | 1.2% | 0.9% | 0.6% | 3.6% | 8.6% | 3.9% | 8.2% | 1.7% | 0.7% | 1.1% | 0.9% |
| Shares Outstanding | — | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $7M |
Persistent operating margin erosion
According to recent market data, NAII trades at a price-to-sales multiple of 0.12, a valuation level that suggests investors are heavily discounting the company's future earnings potential due to the persistent negative net margins observed in recent quarterly filings.
The current P/S ratio of 0.12 indicates that the market assigns minimal value to the company's revenue base, likely viewing the contract manufacturing segment as a low-margin commodity business. This valuation appears to reflect a deep skepticism regarding the company's ability to pivot toward higher-margin licensing revenue or stabilize its core manufacturing operations.
Based on reported financial statements, NAII's ROIC has trended into negative territory, reaching -2.1% in 2025Q3, which highlights a fundamental failure to generate returns on invested capital that exceed the company's cost of capital during the current period of operational stress.
The consistent decline in ROIC over the last ten quarters suggests that the company's asset base is becoming increasingly unproductive. Investors should monitor whether this decay is a structural consequence of the manufacturing-heavy business model or a temporary result of under-utilized capacity in the contract manufacturing facilities.
As reported in recent quarterly filings, NAII's cash conversion cycle has remained elevated at 86 days in 2025Q3, indicating that the company's working capital management is struggling to keep pace with the inventory and receivable demands of its primary contract manufacturing clients.
The persistent length of the cash conversion cycle suggests that capital is being trapped in inventory and receivables for extended periods, which exacerbates the company's liquidity constraints. This inefficiency appears to be a structural drag on cash flow, particularly given the company's reliance on a small number of large customers.
According to the latest balance sheet data, NAII's debt-to-equity ratio has climbed to 1.03 as of 2025Q3, reflecting an increasing reliance on external financing to support operations as the company's internal cash generation remains consistently negative.
The upward trend in leverage is particularly concerning given the company's inability to maintain positive operating margins. This shift suggests that the company is becoming more vulnerable to interest rate fluctuations and credit availability, which warrants close monitoring by investors concerned with long-term solvency.
As indicated by the company's negative TTM P/E of -1.05, the price-to-earnings ratio is a fundamentally flawed metric for evaluating NAII, as it fails to account for the significant non-recurring litigation costs and the underlying value of the IP-licensing segment.
Investors should instead focus on an adjusted EV/EBITDA or a sum-of-the-parts analysis that separates the low-margin manufacturing business from the high-margin royalty stream. Relying on P/E ratios in this context obscures the potential value of the CarnoSyn patent portfolio and misrepresents the company's true economic health.
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Quick answers to the most common questions about buying NAII stock.
Natural Alternatives International, Inc.'s current P/E ratio is -1.0x. The historical average is 15.8x.
Natural Alternatives International, Inc.'s return on equity (ROE) is -18.0%. The historical average is 4.3%.
Based on historical data, Natural Alternatives International, Inc. is trading at a P/E of -1.0x. Compare with industry peers and growth rates for a complete picture.
Natural Alternatives International, Inc. has 7.2% gross margin and -6.7% operating margin.