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1. Company Snapshot

1.a. Company Description

Natural Alternatives International, Inc.engages in formulating, manufacturing, and marketing nutritional supplements in the United States, Europe, Asia, and internationally.The company operates in two segments, Private-Label Contract Manufacturing, and Patent and Trademark Licensing.


It offers 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.The company also provides strategic partnering services, such as customized product formulation, clinical studies, manufacturing, marketing support, international regulatory and label law compliance, international product registration, packaging in multiple formats and labeling design, scientific research, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, packaging and delivery system design, and regulatory review.In addition, it sells beta-alanine ingredient under the CarnoSyn and SR CarnoSyn names.


The company manufactures products in various forms, including capsules, tablets, chewable wafers, and powders.Its private-label contract manufacturing customers include companies that market nutritional supplements through direct sales marketing channels, direct to consumer e-commerce channels, and retail stores.Natural Alternatives International, Inc.


was founded in 1980 and is headquartered in Carlsbad, California.

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1.b. Last Insights on NAII

Negative drivers behind Natural Alternatives International's recent performance include a net loss of $2.2 million in Q2 2025, a decline from the prior year's net loss of $3.1 million. The company's net sales of $34.1 million for the quarter also fell short of expectations. Furthermore, the absence of any notable revenue growth or new product launches in the recent quarter contributed to the company's underwhelming performance. Additionally, the lack of significant cost-cutting measures or restructuring efforts has hindered the company's ability to mitigate its losses.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Natural Alternatives International (NASDAQ:NAII) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

Nov -19

Source: defenseworld.net

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Natural Alternatives International, Inc. Announces 2026 Q1 Results

Nov -12

Source: globenewswire.com

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Zacks Initiates Coverage of NAII With Neutral Recommendation

Oct -27

Source: zacks.com

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Natural Alternatives International, Inc. Announces Fiscal 2025 Q4 and YTD Results

Sep -23

Source: globenewswire.com

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Natural Alternatives International, Inc. Announces New Manufacturing Agreement with The Juice Plus+® Company

Jul -21

Source: globenewswire.com

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Natural Alternatives International, Inc. Announces Amended and Extended Credit Facility with Wells Fargo Bank

Jun -23

Source: globenewswire.com

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Natural Alternatives International, Inc. Announces 2025 Q3 and YTD Results

May -14

Source: globenewswire.com

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Natural Alternatives International and CarnoSyn® Brands Publish Clinical Research Demonstrating TriBsyn™ Delivering Exceptional Bioavailability, Increased Efficiency and Paresthesia Elimination

Mar -05

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Private-label Contract Manufacturing

Expected Growth: 8.5%

Growing demand for private-label products, increasing outsourcing by brands, and rising consumer preference for natural and organic products drive the growth of private-label contract manufacturing services offered by Natural Alternatives International, Inc.

Patent and Trademark Licensing

Expected Growth: 8.5%

Growing demand for natural and authentic products drives the patent and trademark licensing market. Increasing consumer awareness of product quality and authenticity, coupled with the need for companies to differentiate themselves, fuels the growth of this segment.

7. Detailed Products

Private Label Contract Manufacturing

NAI provides private label contract manufacturing services for vitamins, minerals, and other nutritional supplements

Custom Formulations

NAI offers custom formulation services for dietary supplements, allowing clients to create unique products tailored to their specific needs

Patented Ingredients

NAI develops and licenses patented ingredients for use in dietary supplements, functional foods, and beverages

Research and Development

NAI provides research and development services to support the creation of innovative, science-backed products

Manufacturing and Packaging

NAI offers manufacturing and packaging services for dietary supplements, including capsules, tablets, and powders

8. Natural Alternatives International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Natural Alternatives International, Inc. faces moderate threat from substitutes due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of buyers in the market, giving Natural Alternatives International, Inc. an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers in the market, giving Natural Alternatives International, Inc. some negotiating power.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the industry, making it easier for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.84%
Debt Cost 3.95%
Equity Weight 74.16%
Equity Cost 6.67%
WACC 5.97%
Leverage 34.84%

11. Quality Control: Natural Alternatives International, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.3/10

Value: 9.5

Growth: 2.9

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.14$

Current Price

3.14$

Potential

-0.00%

Expected Cash-Flows