Latest Ratios: P/E Ratio 37.6x · EV/EBITDA 2.8x · ROE 1.8%. (1996–2025 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 | $402M | $361M | $684M | $1.0B | $1.0B | $2.1B | $1.6B | $1.8B | $2.9B | $1.8B | $1.5B |
| Enterprise Value | $258M | $217M | $541M | $720M | $753M | $1.8B | $1.3B | $1.6B | $2.7B | $1.6B | $1.4B |
| P/E Ratio → | 37.55 | 33.52 | 16.30 | 16.24 | 14.82 | 17.66 | 13.16 | 17.81 | 22.99 | 29.27 | 15.34 |
| P/S Ratio | 0.43 | 0.39 | 0.80 | 1.13 | 1.03 | 1.74 | 1.44 | 1.69 | 2.44 | 1.75 | 1.52 |
| P/B Ratio | 0.69 | 0.62 | 1.17 | 2.09 | 2.36 | 5.21 | 3.71 | 5.10 | 7.42 | 5.04 | 4.71 |
| P/FCF | 47.16 | 42.35 | 13.43 | 18.47 | 10.99 | 18.98 | 11.28 | 16.27 | 20.62 | 16.55 | 14.69 |
| P/OCF | 17.99 | 16.16 | 11.21 | 14.68 | 9.89 | 16.98 | 10.22 | 14.14 | 19.07 | 14.78 | 11.19 |
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 | — | 0.23 | 0.63 | 0.78 | 0.75 | 1.55 | 1.19 | 1.49 | 2.26 | 1.51 | 1.35 |
| EV / EBITDA | 2.85 | 2.39 | 6.11 | 6.34 | 5.83 | 9.54 | 6.77 | 9.37 | 13.10 | 10.66 | 8.92 |
| EV / EBIT | 5.07 | 5.11 | 7.06 | 7.01 | 6.92 | 10.76 | 7.55 | 10.83 | 14.03 | 11.75 | 9.79 |
| EV / FCF | — | 25.42 | 10.63 | 12.82 | 8.05 | 16.93 | 9.27 | 14.37 | 19.10 | 14.31 | 13.01 |
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 | 78.3% | 78.3% | 79.4% | 79.4% | 79.2% | 80.5% | 80.4% | 81.0% | 81.7% | 81.3% | 80.7% |
| Operating Margin | 5.5% | 5.5% | 7.8% | 10.1% | 10.8% | 14.3% | 15.6% | 13.8% | 15.8% | 12.7% | 13.8% |
| Net Profit Margin | 1.2% | 1.2% | 4.9% | 6.9% | 6.9% | 9.8% | 11.0% | 9.5% | 10.6% | 6.0% | 9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 1.8% | 7.8% | 13.7% | 16.7% | 27.8% | 31.4% | 27.1% | 33.5% | 18.2% | 33.0% |
| ROA | 1.4% | 1.4% | 6.1% | 10.4% | 11.8% | 19.1% | 21.5% | 18.8% | 23.5% | 12.6% | 22.4% |
| ROIC | 8.6% | 8.6% | 15.9% | 41.1% | 48.6% | 79.1% | 90.4% | 68.7% | 96.5% | 74.8% | 72.4% |
| ROCE | 8.3% | 8.3% | 11.8% | 19.3% | 24.7% | 38.3% | 41.3% | 37.2% | 48.1% | 37.3% | 44.4% |
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 | 0.02 | 0.02 | 0.07 | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 | — | — | — |
| Debt / EBITDA | 0.15 | 0.15 | 0.44 | 0.12 | 0.11 | 0.09 | 0.11 | 0.15 | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.24 | -0.64 | -0.63 | -0.56 | -0.66 | -0.59 | -0.55 | -0.68 | -0.54 |
| Net Debt / EBITDA | -1.59 | -1.59 | -1.61 | -2.80 | -2.13 | -1.16 | -1.46 | -1.24 | -1.05 | -1.66 | -1.16 |
| Debt / FCF | — | -16.93 | -2.80 | -5.65 | -2.94 | -2.05 | -2.01 | -1.90 | -1.52 | -2.24 | -1.68 |
| Interest Coverage | 50.32 | 50.32 | 272.71 | 392.04 | 566.73 | 2994.72 | 351.98 | 2215.00 | 5320.72 | 2927.96 | 312.21 |
Net cash position: cash ($158M) exceeds total debt ($14M)
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 | 2.24 | 2.24 | 2.00 | 3.52 | 2.65 | 2.26 | 2.52 | 2.41 | 2.64 | 2.41 | 2.01 |
| Quick Ratio | 1.45 | 1.45 | 1.50 | 3.00 | 2.18 | 1.65 | 1.98 | 1.90 | 2.09 | 1.96 | 1.54 |
| Cash Ratio | 1.23 | 1.23 | 1.30 | 2.78 | 2.01 | 1.49 | 1.86 | 1.73 | 1.87 | 1.75 | 1.27 |
| Asset Turnover | — | 1.25 | 1.14 | 1.46 | 1.67 | 2.05 | 1.77 | 2.05 | 2.14 | 2.02 | 2.14 |
| Inventory Turnover | 1.96 | 1.96 | 2.52 | 3.08 | 3.09 | 2.35 | 2.47 | 2.93 | 2.65 | 3.11 | 2.99 |
| Days Sales Outstanding | — | — | 3.51 | 2.85 | 2.64 | 2.20 | 2.39 | 3.01 | 4.31 | 4.69 | 6.18 |
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 | 2.7% | 3.0% | 6.1% | 6.2% | 6.7% | 5.7% | 7.6% | 5.6% | 4.3% | 3.4% | 6.5% |
| FCF Yield | 2.1% | 2.4% | 7.4% | 5.4% | 9.1% | 5.3% | 8.9% | 6.1% | 4.8% | 6.0% | 6.8% |
| Buyback Yield | 6.8% | 7.6% | 1.4% | 1.1% | 2.5% | 8.6% | 3.5% | 8.4% | 3.6% | 2.7% | 4.2% |
| Total Shareholder Yield | 6.8% | 7.6% | 1.4% | 1.1% | 2.5% | 8.6% | 3.5% | 8.4% | 3.6% | 2.7% | 4.2% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $20M | $21M | $23M | $25M | $25M | $25M |
Greater China regulatory exposure
Based on current market data, USANA trades at a P/E of 35.69, yet the forward P/E of 11.90 suggests that investors are pricing in a significant contraction in earnings power, a trend consistent with the company's recent struggle to maintain consistent profitability in its core Asia-Pacific markets.
The wide divergence between trailing and forward multiples indicates that the market is skeptical of the company's ability to sustain historical earnings levels. Given the low P/S ratio of 0.41, the market appears to be valuing the company more as a liquidating asset than a growth-oriented enterprise, likely due to the high regulatory risks inherent in its direct-selling model.
As reported in recent financial statements, USANA's ROIC has experienced a sharp decline from 10.6% in 2023Q4 to 2.3% in 2026Q1, signaling that the company is struggling to generate meaningful returns on its invested capital as operating margins face persistent downward pressure from rising incentive costs.
The erosion of ROIC suggests that the company's capital allocation strategy is failing to offset the diminishing returns of its distribution network. Investors should monitor whether this decay is a temporary byproduct of regional economic headwinds or a structural shift in the profitability of the Associate-led business model.
According to quarterly data, USANA's cash conversion cycle has lengthened significantly, reaching 130 days in 2026Q1 compared to 107 days in 2023Q4, which suggests that the company is becoming less efficient at managing its inventory and converting sales into cash within its complex multi-level marketing ecosystem.
The increase in DIO to 152 days highlights a potential buildup of inventory that may be tied to Associate loading rather than end-user demand. This inefficiency in working capital management, combined with the reliance on high commission payouts, suggests that the company's operational leverage is increasingly constrained by its own distribution structure.
Based on reported figures, USANA maintains a strong liquidity position with a current ratio of 2.51 as of 2026Q1, providing a substantial buffer against short-term volatility, although this strength is somewhat offset by the company's inability to translate its cash reserves into consistent, high-margin growth.
While the near-zero debt profile provides a significant safety net, the liquidity position is largely static and does not appear to be driving operational improvements. The company's reliance on cash reserves to support share repurchases during periods of negative net income warrants further investigation into the long-term sustainability of this capital allocation strategy.
The P/E ratio is frequently misapplied to USANA, as it fails to account for the 'hollow' nature of earnings where a vast majority of gross profit is diverted to commission payouts, making the metric a poor proxy for the underlying health of the business model.
Analysts should instead focus on the ratio of Associate Incentives to Net Sales, as this provides a clearer view of the true cost of revenue and the sustainability of the distribution network. Relying on P/E ignores the fact that USANA's earnings are highly sensitive to regulatory changes in China, which can render traditional valuation metrics obsolete overnight.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying USNA stock.
USANA Health Sciences, Inc.'s current P/E ratio is 37.6x. The historical average is 17.2x. This places it at the 100th percentile of its historical range.
USANA Health Sciences, Inc.'s current EV/EBITDA is 2.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
USANA Health Sciences, Inc.'s return on equity (ROE) is 1.8%. The historical average is 40.3%.
Based on historical data, USANA Health Sciences, Inc. is trading at a P/E of 37.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
USANA Health Sciences, Inc. has 78.3% gross margin and 5.5% operating margin.
USANA Health Sciences, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.