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Natural Alternatives International (NAII) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 28, 2026 · Natural Alternatives International (NAII) Q4 FY26 earnings results →

Q4 FY26 Revenue up 2% year over year to $34.5M · 39¢ of every $1 of revenue lost · operating margin -38.2%

Natural Alternatives International made $34.5M in Q4 FY26 (+2% Y/Y). Operating margin -38.2%, net loss $13.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 28, 2026.

Revenue$34.5M
Year over year+2%
Operating margin-38.2%
Net earnings−$13.5M
Operating cash flow−$1.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $34.5M in Q4 FY26, up 2% year over year and down 3% from the previous quarter.

Gross margin was 5.0%, down 5.4 points from Q4 FY25. Operating costs exceeded revenue by $13.2M, an operating margin of -38.2%. Operating expenses grew 172% against revenue growth of 2%. The quarter ended with a net loss of $13.5M, wider than the previous quarter's $4.3M loss.

Operating cash flow was −$1.1M. Non-cash charges added back $1.2M of depreciation and amortization and $108K of share-based compensation. Working capital and other items added $11.2M. Capital expenditures of $637K exceeded it, leaving free cash flow of −$1.7M.

Quarterly history

Natural Alternatives International revenue by quarterNatural Alternatives International revenue by quarter$34.1MQ2 FY25$28.8MQ3 FY25$33.9MQ4 FY25$37.7MQ1 FY26$34.8MQ2 FY26$35.5MQ3 FY26$34.5MQ4 FY26
Natural Alternatives International net earnings by quarterNatural Alternatives International net earnings by quarter−$2.2MQ2 FY25−$2.2MQ3 FY25−$7.2MQ4 FY25−$291KQ1 FY26−$2.6MQ2 FY26−$4.3MQ3 FY26−$13.5MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 28, 2026$34.5M+2%-38.2%−$13.5M−$1.1M
Q3 FY2610-QMay 19, 2026$35.5M+23%-11.3%−$4.3M$2.5M
Q2 FY2610-QFeb 13, 2026$34.8M+2%-5.3%−$2.6M−$6.3M
Q1 FY2610-QNov 12, 2025$37.7M+14%0.8%−$291K−$4.0M
Q4 FY2510-KSep 23, 2025$33.9M+15%-5.7%−$7.2M$3.3M
Q3 FY2510-QMay 14, 2025$28.8M+14%-7.3%−$2.2M$6.0M
Q2 FY2510-QFeb 14, 2025$34.1M+35%-8.2%−$2.2M$37K

Charts

Natural Alternatives International: revenue growth, year over year and quarter over quarterNatural Alternatives International: revenue growth, year over year and quarter over quarterY/YQ/Q+35%Q2 FY25+14%-16%Q3 FY25+15%+18%Q4 FY25+14%+11%Q1 FY26+2%-8%Q2 FY26+23%+2%Q3 FY26+2%-3%Q4 FY26
Latest (Q4 FY26): Y/Y +2%, Q/Q -3%.
Natural Alternatives International: where the cash came from (+) and went (−), FY26Natural Alternatives International: where the cash came from (+) and went (−), FY26Operating cash flow−$8.9MNet borrowing (+) / repaid (−)$7.9MCash drawn (+) / kept (−)$4.9MCapital spending−$3.7MBuybacks−$89K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Natural Alternatives International: profit against cash, quarter by quarterNatural Alternatives International: profit against cash, quarter by quarterNet incomeOperating cash flow−$2.0M−$3.4MQ1 FY25−$2.2M$37KQ2 FY25−$2.2M$6.0MQ3 FY25−$7.2M$3.3MQ4 FY25−$291K−$4.0MQ1 FY26−$2.6M−$6.3MQ2 FY26−$4.3M$2.5MQ3 FY26−$13.5M−$1.1MQ4 FY26
Latest (Q4 FY26): Net income −$13.5M, Operating cash flow −$1.1M.
Natural Alternatives International: diluted shares by fiscal yearNatural Alternatives International: diluted shares by fiscal year6MFY216MFY226MFY236MFY246MFY256MFY26
-5.5% since FY21: buybacks shrank the count.
Natural Alternatives International in its industry: growth against margin (22 companies, SIC 2833)Natural Alternatives International in its industry: growth against margin (22 companies, SIC 2833)revenue growth, year over year →↑ operating marginmedian +6%median -6%CURLFTLRYTRLVUSNAAAWHCRONCGCJUSHBTMDMRMDNAGEMTEXFTLFLEEEFCHUCHYEXMEHACBDYADIANPHCCFOONAII (+2%, -38%)
Medicinal Chemicals & Botanical Products; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Natural Alternatives International

We are a leading formulator, manufacturer and marketer of nutritional supplements. Our comprehensive strategic partnerships with our customers allow us to offer a wide range of innovative nutritional products and services to such customers including: scientific research, clinical studies, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging and delivery system design, regulatory review, and international product registration assistance. As our primary business activity, we provide private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbal and other nutritional supplements, as well as other health care products, to consumers both within and outside the U.S.

In its own words, from its annual report, filed Sep 23, 2025.

Natural Alternatives International against its Medicinal Chemicals & Botanical Products peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +7%. Operating margin: -38.2% against the peers' median 0.8%.

CompanyQuarterRevenueY/YOp. margin
NAII Natural Alternatives InternationalQ4 FY26$34.5M+2%-38.2%
CURLF Curaleaf HoldingsQ3 2026$353M+11%0.8%
TLRY Tilray BrandsQ1 FY27$257M+23%-9.4%
TRLV Trulieve CannabisQ3 2026$230M-20%18.5%
USNA Usana Health SciencesQ2 2026$223M-5%-9.0%
AAWH Ascend Wellness HoldingsQ2 2026$126M-0.9%4.2%
CRON Cronos GroupQ3 2026$83.9M+72%10.8%
CGC Canopy GrowthQ2 FY27$71.1M+20%-23.1%
JUSH Jushi HoldingsQ3 2026$70.5M+7%5.0%

Source: Natural Alternatives International 10-K on SEC EDGAR · CIK 787253 · Medicinal Chemicals & Botanical Products

13F: who owns NAII and who is buying

Largest holders of NAII (13F)Largest holders of NAII (13F)Caldwell Sutter Capital$1.2MVanguard Group$862KDimensional Fund Advisors LP$803KMorgan Stanley$735KMink Brook Asset Management LLC$701KRenaissance Technologies LLC$663KVanguard Capital Management LLC$504KCitadel Advisors LLC$181KBridgeway Capital Management, LLC$147KIntegrated Wealth Concepts LLC$105K
Funds' net buying of NAII by quarter (13F)Funds' net buying of NAII by quarter (13F)−$73K2024-09−$337K2024-12−$204K2025-03−$6K2025-06$42K2025-09$661K2025-12−$164K2026-03$163K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NAII

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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