olivLaw · US equity research
Natural Alternatives International, Inc. NAII
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
Natural Alternatives International formulates, manufactures and markets nutritional supplements, mainly through private-label contract manufacturing for customers who sell via direct sales and e-commerce. The company grew sales in fiscal 2026 but posted a net loss of 20.7 million USD, and an expected breach of a credit covenant plus substantial doubt about going concern make the situation fragile. With net sales of 142.5 million USD, that loss highlights pressure on profitability.
At the close of 04 Nov 2026, Natural Alternatives International, Inc. (NAII) stock was 1.10 USD (+3.77% on the day), with market capitalisation 24.3 m USD, beta 0.47, 52-week range 1.06–4.83 USD. Latest reported quarter (Q4 2026): revenue of 34.5 m USD (+1.9% YoY), net income of -13.5 m USD, diluted EPS -2.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.2
- weak (30–45)
- Bollinger (20, 2)
- 1.05 – 1.23
- in the lower half of the band · %B 0.26 · band width 15.2%
- SMA 50 / 200
- 1.57 / 2.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.15
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.1% | −1.1% | −22.0 pp | — |
| 3 months | −51.3% | −0.5% | −50.9 pp | — |
| 6 months | −59.6% | +4.4% | −64.0 pp | — |
| Year to date | −69.3% | +12.3% | −81.6 pp | — |
| 1 year | −59.7% | +13.5% | −73.2 pp | −35.8% |
| 3 years | −82.1% | +76.4% | −158.5 pp | −14.7% |
| 5 years | −91.7% | +63.7% | −155.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.2 m | 34.1 m | 28.8 m | 33.9 m | 37.7 m | 34.8 m | 35.5 m | 34.5 m |
| Cost of revenue | 30.9 m | 32.4 m | 26.9 m | 30.3 m | 33.3 m | 32.3 m | 35.1 m | 32.8 m |
| Gross profit | 2.3 m | 1.7 m | 1.8 m | 3.5 m | 4.4 m | 2.5 m | 383.0 k | 1.7 m |
| SG&A | 4.1 m | 4.4 m | 3.9 m | — | 4.1 m | 4.3 m | 4.4 m | — |
| Operating income | -1.8 m | -2.8 m | -2.1 m | -1.9 m | 284.0 k | -1.8 m | -4.0 m | -13.2 m |
| Depreciation & amortisation | 1.1 m | 1.1 m | 1.1 m | 1.2 m | 1.2 m | 1.2 m | 1.2 m | 1.2 m |
| Pre-tax income | -2.4 m | -2.9 m | -2.6 m | -2.8 m | -199.0 k | -2.3 m | -4.2 m | -13.5 m |
| Income tax | -431.0 k | -675.0 k | -456.0 k | 4.4 m | 92.0 k | 224.0 k | 68.0 k | 46.0 k |
| Net income | -2.0 m | -2.2 m | -2.2 m | -7.2 m | -291.0 k | -2.6 m | -4.3 m | -13.5 m |
| Diluted EPS | -0.33 | -0.37 | -0.37 | -1.20 ≈ | -0.05 | -0.42 | -0.72 | -2.23 ≈ |
| Operating cash flow | -3.4 m | 37.0 k ≈ | 6.0 m ≈ | 3.3 m | -4.0 m | -6.3 m ≈ | 2.5 m ≈ | -1.1 m |
| Capex | 301.0 k | 1.1 m ≈ | 802.0 k ≈ | 1.5 m | 1.0 m | 934.0 k ≈ | 1.1 m ≈ | 637.0 k |
| Share repurchases | 8.0 k | 0 ≈ | 168.0 k ≈ | 2.0 k | 5.0 k | 0 ≈ | 82.0 k ≈ | 2.0 k |
≈ derived quarter (cumulative difference / share-days average)
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.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138.3 m | 118.9 m | 178.5 m | 171.0 m | 154.0 m | 113.8 m | 129.9 m | 142.5 m |
| Revenue YoY | +4.4% | −14.0% | +50.2% | −4.2% | −9.9% | −26.1% | +14.1% | +9.7% |
| Net income | 6.5 m | -1.6 m | 10.8 m | 10.7 m | 2.5 m | -7.2 m | -13.6 m | -20.7 m |
| Net income YoY | +29.5% | −125.1% | unavailable | −0.5% | −76.5% | −386.2% | unavailable | unavailable |
| Diluted EPS | 0.92 | -0.25 | 1.69 | 1.74 | 0.43 | -1.23 | -2.28 | -3.43 |
| Diluted EPS YoY | +26.0% | −127.2% | unavailable | +3.0% | −75.3% | −386.0% | unavailable | unavailable |
| net % | 4.7% | -1.4% | 6.0% | 6.3% | 1.6% | -6.3% | -10.5% | -14.5% |
| Free cash flow | 1.2 m | -850.0 k | 15.7 m | -14.6 m | -6.5 m | -4.5 m | 2.3 m | -12.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 7.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 50.0 m USD
- Total assets
- 126.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.73x
- ROE
- -35.0%
- ROA
- -14.9%
- FCF margin
- -8.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 178.5 m | 171.0 m | 154.0 m | 113.8 m | 129.9 m | 142.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Cost of revenue | 148.1 m | 140.5 m | 135.9 m | 106.9 m | 120.6 m | 133.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Gross profit | 30.4 m | 30.5 m | 18.2 m | 6.9 m | 9.3 m | 9.0 m | SEC (XBRL)· 28 Sept 2026verified |
| Research & development | 1.9 m | 2.5 m | 2.1 m | 1.9 m | 1.8 m | 2.3 m | SEC (XBRL)· 28 Sept 2026verified |
| Operating income | 13.7 m | 13.7 m | 4.7 m | -8.5 m | -8.7 m | -18.8 m | SEC (XBRL)· 28 Sept 2026verified |
| Depreciation & amortisation | 4.3 m | 4.2 m | 4.3 m | 4.6 m | 4.6 m | 4.7 m | SEC (XBRL)· 28 Sept 2026verified |
| EBITDA | 18.0 m ≈ | 17.8 m ≈ | 9.0 m ≈ | -3.9 m ≈ | -4.1 m ≈ | -14.0 m ≈ | SEC (XBRL)· 28 Sept 2026derived |
| Pre-tax income | 12.1 m | 13.7 m | 3.6 m | -9.5 m | -10.7 m | -20.3 m | SEC (XBRL)· 28 Sept 2026verified |
| Income tax | 1.4 m | 2.9 m | 1.0 m | -2.2 m | 2.8 m | 430.0 k | SEC (XBRL)· 28 Sept 2026verified |
| Net income | 10.8 m | 10.7 m | 2.5 m | -7.2 m | -13.6 m | -20.7 m | SEC (XBRL)· 28 Sept 2026verified |
| Diluted EPS | 1.69 | 1.74 | 0.43 | -1.23 | -2.28 | -3.43 | SEC (XBRL)· 28 Sept 2026verified |
| Weighted average diluted shares | 6.4 m | 6.2 m | 5.9 m | 5.9 m | 5.9 m | 6.0 m | SEC (XBRL)· 28 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 32.1 m | 21.8 m | 13.6 m | 12.0 m | 12.3 m | 7.4 m | SEC (XBRL)· 28 Sept 2026verified |
| Receivables | 17.9 m | 17.4 m | 7.0 m | 16.9 m | 14.6 m | 20.7 m | SEC (XBRL)· 28 Sept 2026verified |
| Inventories | 27.0 m | 32.5 m | 29.7 m | 24.2 m | 24.9 m | 30.8 m | SEC (XBRL)· 28 Sept 2026verified |
| Current assets | 80.3 m | 76.7 m | 57.0 m | 61.6 m | 59.3 m | 65.4 m | SEC (XBRL)· 28 Sept 2026verified |
| Property, plant & equipment, net | 22.3 m | 44.6 m | 53.8 m | 52.2 m | 50.9 m | 35.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Total assets | 120.3 m | 146.0 m | 134.2 m | 162.3 m | 151.9 m | 126.4 m | SEC (XBRL)· 28 Sept 2026verified |
| Accounts payable | 11.9 m | 16.2 m | 7.8 m | 12.7 m | 15.4 m | 18.1 m | SEC (XBRL)· 28 Sept 2026verified |
| Current liabilities | 22.1 m | 23.9 m | 15.9 m | 23.5 m | 28.8 m | 37.7 m | SEC (XBRL)· 28 Sept 2026verified |
| Total liabilities | 40.2 m | 57.5 m | 45.4 m | 79.7 m | 83.5 m | 76.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Equity | 80.1 m † | 88.5 m † | 88.8 m † | 82.6 m † | 68.4 m † | 50.0 m † | SEC (XBRL)· 28 Sept 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.8 m | 11.9 m | 7.0 m | -1.5 m | 5.9 m | -8.9 m | SEC (XBRL)· 28 Sept 2026verified |
| Capex | 5.1 m | 26.5 m | 13.5 m | 3.0 m | 3.6 m | 3.7 m | SEC (XBRL)· 28 Sept 2026verified |
| Free cash flow | 15.7 m ≈ | -14.6 m ≈ | -6.5 m ≈ | -4.5 m ≈ | 2.3 m ≈ | -12.6 m ≈ | SEC (XBRL)· 28 Sept 2026derived |
| Investing cash flow | -5.0 m | -26.5 m | -13.5 m | -3.0 m | -3.6 m | -3.7 m | SEC (XBRL)· 28 Sept 2026verified |
| Financing cash flow | -14.1 m | 4.3 m | -1.8 m | 2.9 m | -2.0 m | 7.8 m | SEC (XBRL)· 28 Sept 2026verified |
| Share repurchases | 4.1 m | 5.5 m | 1.5 m | 221.0 k | 178.0 k | 89.0 k | SEC (XBRL)· 28 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 24.3 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -14.5% | 40 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.6% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 78 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -51.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 0.4% | 5 (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 sheet· partial78/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial40/100 · 1/3 factors with a value
- Returns· partial5/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
NATURAL ALTERNATIVES INTERNATIONAL, INC. (NAII). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 142.5 m USD in 2026; YoY growth 9.7%; net margin -14.5%; ROE -35.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- Revenue CAGR 3Y: -2.6%
- FCF yield: -51.9%
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 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 | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −60% / −82% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
1- and 3-year price returns: for NAII 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 (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Natural Alternatives International formulates, manufactures and markets nutritional supplements, mainly through private-label contract manufacturing for customers who sell via direct sales and e-commerce. The company grew sales in fiscal 2026 but posted a net loss of 20.7 million USD, and an expected breach of a credit covenant plus substantial doubt about going concern make the situation fragile 1. With net sales of 142.5 million USD 1, that loss highlights pressure on profitability.
SWOT
Strengths
- The company holds multiple manufacturing certifications, including NSF, SSCI, organic and Swissmedic, supporting relations with existing customers 1.
- Its beta-alanine patent and trademark estate provides a point of differentiation and licence revenue 1.
- Integrated formulation, research, regulatory and packaging services are hard for smaller competitors to replicate 1.
Weaknesses
Opportunities
Risks
- Credit covenant breachhigh
The company has said it will not be able to meet a fixed charge coverage covenant at September 30, 2026, and a waiver from the lender is not assured 1.
- Going concern doubthigh
Management acknowledges substantial doubt about the company's ability to continue as a going concern if results do not improve or property sales do not succeed 1.
- Customer concentrationhigh
Losing one of the two major customers could significantly harm the financial position 1.
- Underused factoriesmedium
Idle capacity has already caused an impairment, and a sale of the Carlsbad plant could take a long time 1.
- Geopolitical and supply chain disruptionmedium
Conflicts in the Middle East and Eastern Europe could disrupt ingredient supply and ocean freight 1.
Investment thesis
What would need to be true (bull case)
- Sales grew in fiscal 2026, and larger orders from existing customers show that private-label manufacturing can still expand 1.
- The new CarnoSyn® 4X and TriBsyn® products could open untapped segments and support licence revenue over the long term 1.
- Multiple certifications and a quality reputation could help attract new customers if the customer base is diversified 1.
What would break the thesis
- The large net loss and asset impairment show the business is not yet profitable, and a further loss is expected in fiscal 2027 1.
- The covenant breach and going concern doubt could limit access to financing and could force asset sales on unfavourable terms 1.
- Dependence on a few large customers leaves revenue exposed to sudden changes in their orders 1.
What to watch
- Resolution of the credit covenant breach with the lenderQ1 2027
- Sale of the headquarters and the Carlsbad manufacturing plant2027
- Order trends from the two largest customersnext 10-K
- Market uptake of CarnoSyn® 4X and TriBsyn®2027
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
Natural Alternatives International, Inc. (NAI) is a formulator, manufacturer and marketer of nutritional supplements, based in Carlsbad, California 1. Its primary activity is private-label contract manufacturing for companies that sell vitamins, minerals and plant-based supplements within and outside the U.S. 1. The company also owns a patent estate for beta-alanine, sold under the CarnoSyn®, SR CarnoSyn®, CarnoSyn® 4X and TriBsyn® trademarks 1.
Manufacturing is concentrated in Vista and Carlsbad, California, and at the Manno, Switzerland facility of subsidiary NAIE 1. The facilities hold GMP registrations, NSF Certified for Sport, USDA organic and SSCI certifications, and the Swiss site is licensed by Swissmedic 1. Management aims to improve profitability by consolidating factories and improving operational efficiency 1.
Long-term strategy seeks to diversify the sales base, attract quality-oriented customers and expand beta-alanine commercialization in sports nutrition, wellness and medical food 1. In fiscal 2026 the company launched CarnoSyn® 4X and TriBsyn® expansions, while patents for instant-release beta-alanine expired in July 2026 1.
Segments
Market context
The company operates in the nutritional supplement market, which is fragmented and competitive, with products sold through drug stores, supermarkets, e-commerce, natural food stores and direct sales channels 1. Demand depends heavily on the direct sales channel, through which many of NAI's customers sell 1. Economic conditions, inflation and geopolitical tensions could affect consumer demand and raw material costs 1.
The company expects upward pricing pressure on raw materials and packaging to continue in fiscal 2027, driven by tariffs and transport costs 1. Conflicts in the Middle East and Eastern Europe could affect the availability of certain ingredients 1.
Trends
- Inflationary cost pressureheadwind
Higher labour, transport, energy and tariff costs could compress margins if they cannot be passed on to customers 1.
- Growth in new product formatstailwind
The launch of CarnoSyn® 4X and TriBsyn® could open new consumer segments such as older adults, vegetarians and vegans 1.
- Geopolitical instabilitymixed
Conflicts in the Middle East and Eastern Europe affect the price and availability of some raw materials and ocean freight, although the company has largely found alternative sources 1.
- Reliance on a few large customersheadwind
Concentrated sales to two major customers could hurt results sharply if one reduces orders, as happened after a downward forecast revision 1.
Competitive position
The company competes with other manufacturers, distributors and marketers of supplements, many of which are private and larger, with greater financial resources and brand recognition 1. Entry barriers are relatively low, and new products can quickly capture market share 1.
NAI says it differentiates itself through comprehensive customer services, certified manufacturing, a commitment to quality and its research and development 1. The source does not identify publicly listed U.S. competitors, so no listed competitor tickers can be given 1.
- Private supplement contract manufacturers
Larger, mostly unlisted rivals that are not subject to public-company disclosure and may compete on price 1.
- Direct-sales supplement distributors
Companies selling supplements through network marketing and internet channels, where brand and promotion matter 1.
- Retail supplement sellers
Drug store chains, supermarkets and natural food stores selling own-label or third-party supplements 1.
- Beta-alanine and ingredient producers
Ingredient suppliers that may compete in the raw material market for beta-alanine 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement23 Oct 2026
- Annual report28 Sept 2026
- Quarterly report19 May 2026
- Current report01 May 2026Departure or appointment of officers
- Current report20 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report13 Feb 2026
- Current report17 Dec 2025Material agreement · Financial statements and exhibits
- Current report12 Dec 2025Shareholder vote
- Quarterly report12 Nov 2025
- Proxy statement23 Oct 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Natural Alternatives International, Inc. · 28 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Natural Alternatives International, Inc. · 22 Sept 2008
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.