olivLaw · European equity research
Naturhouse Health, S.A. NTH.MC
Spain · BME Madrid · ISIN ES0105043006 · Vertical: Listed companies from Spain
Naturhouse Health, S.A. is a Spanish chain of stores and franchises selling food products for weight control and nutrition. Its fiscal 2025 annual report shows a net cash position, with a net financial debt ratio of -0.28, while the group cuts costs to protect profitability in a weak European economy.
At the close of 05 Nov 2026, Naturhouse Health, S.A. (NTH.MC) stock was 2.26 EUR (−0.88% on the day), with market capitalisation 134.2 m EUR, P/E 13.3 on diluted EPS of 0.17 EUR over the last 12 months, dividend yield 13.42%, beta 0.17, 52-week range 2.00–2.79 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.9
- neutral
- Bollinger (20, 2)
- 2.17 – 2.32
- in the upper half of the band · %B 0.61 · band width 6.7%
- SMA 50 / 200
- 2.33 / 2.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.2% | −0.6% | +9.8 pp | — |
| 3 months | −11.4% | −4.2% | −7.2 pp | — |
| 6 months | −11.4% | +4.3% | −15.7 pp | — |
| Year to date | +2.7% | +7.5% | −4.8 pp | — |
| 1 year | +11.3% | +9.9% | +1.4 pp | +6.7% |
| 3 years | +41.2% | +49.8% | −8.6 pp | +31.5% |
| 5 years | +17.7% | +42.8% | −25.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 8.5, median 10.3, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 50.4 m | 49.4 m | 47.6 m |
| Revenue YoY | unavailable | −1.9% | −3.6% |
| Net income | 11.3 m | 9.9 m | 10.1 m |
| Net income YoY | unavailable | −12.7% | +2.3% |
| Diluted EPS | 0.19 | 0.16 | 0.17 |
| Diluted EPS YoY | unavailable | −15.8% | +6.3% |
| net % | 22.4% | 20.0% | 21.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 17.8 m EUR
- Total assets
- 33.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.65x
- ROE
- 40.8%
- ROA
- 26.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 50.4 m | 49.4 m | 47.6 m | esef· 20 Oct 2026verified |
| Cost of revenue | 13.7 m | 14.0 m | 13.4 m | esef· 20 Oct 2026verified |
| Gross profit | 36.7 m | 35.5 m | 34.3 m | esef· 20 Oct 2026verified |
| Operating income | 16.3 m | 13.1 m | 13.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 2.3 m | 2.0 m | 1.1 m | esef· 20 Oct 2026verified |
| EBITDA | 18.5 m ≈ | 15.1 m ≈ | 14.3 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 616.0 k | 596.0 k | 88.0 k | esef· 20 Oct 2026verified |
| Pre-tax income | 15.4 m | 13.5 m | 13.7 m | esef· 20 Oct 2026verified |
| Income tax | 4.2 m | 3.7 m | 3.6 m | esef· 20 Oct 2026verified |
| Net income | 11.3 m | 9.9 m | 10.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.19 | 0.16 | 0.17 | esef· 20 Oct 2026verified |
| Dividend per share | 0.10 | 0.19 | 0.30 | esef· 20 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.4 m | 20.7 m | 13.4 m | esef· 20 Oct 2026verified |
| Receivables | 2.3 m | 1.7 m | 1.5 m | esef· 20 Oct 2026verified |
| Current assets | 34.4 m | 28.2 m | 19.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 3.7 m | 3.3 m | 2.6 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 444.0 k | 371.0 k | 370.0 k | esef· 20 Oct 2026verified |
| Total assets | 48.8 m | 42.6 m | 33.4 m | esef· 20 Oct 2026verified |
| Current liabilities | 12.8 m | 6.5 m | 11.9 m | esef· 20 Oct 2026verified |
| Equity | 30.6 m | 31.7 m | 17.8 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 59.4 m | 61.6 m | 59.4 m | esef· 20 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 134.2 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.58 – 5.62 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.58 – 3.86 (Mid 3.38)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)4.12 – 5.62 (Mid 4.76)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.2% | 89 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 149.3x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.6x | 71 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 13.3x | 86 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 13.4% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet88/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial89/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial86/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NATURHOUSE HEALTH, S.A. (NTH.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 47.6 m EUR in 2025; YoY growth -3.6%; net margin 21.2%; ROE 40.8%.
The estimated value range is 3.35–4.74 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.07 EUR, the price of 2.26 EUR leaves a potential of 80.0% (value / price − 1) and a margin of safety of 44.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.2%
- Interest coverage: 149.3x
- Current ratio: 1.6x
- P/E (TTM): 13.3x
- Shareholder yield (distributions): 13.4%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| NTH.MCNaturhouse Health, S.A. | 134.2 m | 13.3 | 40.8% | 21.2% | −3.6% | +7% / +41% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for NTH.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.23 Total return -40% · Per year -40% | 2.18 Total return 4% · Per year 4% | 3.29 Total return 54% · Per year 54% |
| 3 years | 1.00 Total return -41% · Per year -16% | 2.02 Total return 10% · Per year 3% | 3.38 Total return 76% · Per year 21% |
| 5 years | 0.82 Total return -41% · Per year -10% | 1.88 Total return 17% · Per year 3% | 3.48 Total return 99% · Per year 15% |
- Exit P/E± 0.51
- Net margin± 0.35
- Annual revenue growth± 0.32
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Naturhouse Health, S.A. is a Spanish chain of stores and franchises selling food products for weight control and nutrition. Its fiscal 2025 annual report shows a net cash position, with a net financial debt ratio of -0.28, while the group cuts costs to protect profitability in a weak European economy.
SWOT
Strengths
- Mixed business model with owned stores and franchises, which could diversify sources of revenue.
- Very low research and development costs, which points to a light operating structure.
Weaknesses
- Dependence on the European market, and on Spain in particular, exposes the group to regional economic conditions.
- Declining tangible fixed assets, which may indicate a shrinking physical network.
- The parent company's individual profit fell compared with the previous year, showing pressure on results.
Opportunities
- Omnichannel integration could widen the customer base if investment in e-commerce delivers results.
- Spain's more dynamic growth, supported by tourism, could support sales in the home country.
- Expanding the franchise network could speed up growth without large own investment in commercial premises.
Threats
- A slowdown in the euro area economy and moderating consumption could reduce demand for the group's products.
- Tariff policies and trade restrictions are external risks for the Spanish economy.
- Currency volatility linked to the Polish zloty could affect results, given that 10% of sales are exposed.
Risks
- Dependence on European consumptionmedium
Group sales depend on consumption in the euro area, which the report describes as weak; a prolonged stagnation could affect revenue.
- Currency risklow
Exposure to the Polish zloty is significant relative to other foreign currencies, and a depreciation could reduce the euro value of sales in Poland.
- Liquidity and interest rate risklow
All borrowings carry variable interest, but the group holds cash far above its debt, so management considers the exposure not significant.
- Customer credit risklow
Commercial customers have collection periods between 30 and 60 days, although a large part of sales is paid in advance; a deterioration in solvency could increase losses.
- Pressure on profitabilitymedium
The parent company's profit fell compared with the previous year, and management cites cost-containment policies, which suggests margins are under pressure.
Investment thesis
What would need to be true (bull case)
- The group has a net cash position and a lightly indebted capital structure, which leaves room for investment or for dividend distributions, as seen in fiscal 2025.
- The omnichannel model combines physical stores, franchises and online sales, which could open new growth channels if demand recovers.
- Operating costs are kept under control and investment focuses on sales points and digitalisation, which could protect margins.
What would break the thesis
- The parent company's profit fell compared with the previous year, and margin pressure could continue if the European economy remains weak.
- Dependence on the Spanish and European markets exposes the group to slower consumption and tariff policies, with no visible geographic diversification.
- The physical network and tangible fixed assets have declined, which may indicate fewer sales points without a clear offset from the online channel.
What to watch
- Trend in profit and margins compared with fiscal 20252026
- Results of e-commerce investment and omnichannel integration2026
- Impact of interest rate cuts and inflation on demand in the euro area2027
- Effect of adopting IFRS 18 on the presentation of financial statements2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Naturhouse group operates through company-owned stores and franchises, selling products both in physical stores and online, in the omnichannel model the company explicitly describes in its annual report. The weight of franchises versus owned stores and the number of sales points are not broken down in the source provided. The company treats each owned store as a cash-generating unit, and the main assets tied to these units are the right-of-use assets of the leased commercial premises. The consolidated report covers Naturhouse Health, S.A. and its subsidiaries, with the consolidation perimeter unchanged in 2025 and 2024 1.
The group's research and development spending is negligible: the company expenses research and development costs directly, because most of this work is done by external suppliers. R&D expense was 3 thousand euros in 2025, compared with 24 thousand euros in 2024 1. Brands and product formulas are recorded in the relevant health department, and the trademarks acquired in 2014 are fully amortised.
With relatively light fixed assets, the group reported net property, plant and equipment of 2,593 thousand euros at 31 December 2025, down from 3,332 thousand euros at the end of 2024, reflecting depreciation and the closure of some sales points, partly offset by new openings 1. Investments in e-commerce applications were the main category of intangible additions in 2025 1.
Segments
Owned stores and online channel
Owned stores are treated as cash-generating units, and recent investment focuses on opening and closing physical points of sale, in line with the omnichannel strategy. The source does not give sales by this segment, so its relative size cannot be quantified from the report 1.
Franchise
Sales of owned-store material to franchisees are mentioned as reflected in property disposals, which indicates active transactions between the group and its franchise network. The source does not detail franchise revenue, so the financial impact cannot be estimated from the text provided 1.
Market context
The core market is Europe, with a focus on Spain, where the company is headquartered and where much of the activity sits. The report describes the euro area economy as showing weak and uneven growth, with industrial slowdown and moderating consumption, while Spain records somewhat more dynamic growth, supported by tourism and moderate inflation 1. Currency exposure is limited, but the Polish zloty represents 10% of group sales and 2% of its assets 1.
According to management, demand for the group's products is influenced by an uncertain macroeconomic context marked by geopolitical volatility and rising trade restrictions. The gradual reduction of interest rates in the euro area could add inflationary risks, and tariff policies are an external risk for the Spanish economy 1.
Trends
- Weak European economy and moderate consumptionheadwind
The industrial slowdown and moderating consumption in the euro area could reduce demand for nutrition and weight-control products if consumers' disposable income stays under pressure.
- Tourism supports the Spanish economytailwind
Spain's more dynamic growth, supported by tourism, could help traffic in the group's stores and franchises in its home country.
- Trade and tariff policiesheadwind
Trade restrictions and external tariffs are risks for the Spanish economy and for supply costs, given that the group sells mainly in European markets.
- Omnichannel integrationmixed
The online channel and the physical network complement each other; investment in e-commerce applications and the reorganisation of sales points could support sales growth if this model is adopted widely.
Competitive position
The source provided does not explicitly name the competitors of the Naturhouse group. The annual report focuses on financial position and macroeconomic factors, without a comparative analysis of the weight-control and nutrition market 1.
Competitive pressure cannot be assessed from the text provided. A full analysis would need data on market share and on the strategies of other operators in the weight-control and food supplement segment.
- European nutrition and weight-control operators
The source does not name competitors, so a comparison with other operators in the segment cannot be made from the report provided.
- Food supplement and dietary product chains
Competition in physical and online channels is not identified in the source, so strategies cannot be compared.
- Healthy-eating franchise networks
The franchise model, present in the group, could be compared with other networks, but the source gives no information about them.
- Online nutrition platforms
E-commerce is an investment area for the group; the source does not indicate which platforms compete directly.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Naturhouse Health, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.