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olivLaw · US equity research

USANA Health Sciences, Inc. USNA

Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

14.33USD−3.63% · 1 dayClose 04 Nov 2026

USANA Health Sciences develops and manufactures nutritional supplements, functional foods and personal care products sold through direct selling and, increasingly, omni-channel routes. The company is in a transition in 2026, in which Hiya and Rise have fallen short of expectations and guidance has been cut, while sales in China remain central. Net sales were 925 million USD in 2025, and the updated 2026 outlook is 910 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, USANA Health Sciences, Inc. (USNA) stock was 14.33 USD (−3.63% on the day), with market capitalisation 264.8 m USD, beta 0.84, 52-week range 12.86–23.24 USD. Latest reported quarter (Q2 2027): revenue of 223.3 m USD (−5.3% YoY), net income of -21.4 m USD (−321.5% YoY), diluted EPS -1.16 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
264.8 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.21 · TTM to 04 Jul 2026
E/P (TTM)
-8.42%
TTM to 04 Jul 2026
Dividend yield
unavailable
Beta (2y)
0.84
Volatility (1y) 59%
52-week range
12.8623.24

Price history

Loading chart…

Technical reading

RSI (14)
45.9
neutral
Bollinger (20, 2)
13.75 – 15.60
in the lower half of the band · %B 0.31 · band width 12.6%
SMA 50 / 200
14.61 / 18.02
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.10 / -0.11
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

CompanyS&P 500vs S&P 500Vertical median
1 month−3.5%−1.1%−2.4 pp—
3 months−4.4%−0.5%−4.0 pp—
6 months−28.4%+4.4%−32.8 pp—
Year to date−27.0%+12.3%−39.3 pp—
1 year−30.3%+13.5%−43.8 pp−39.5%
3 years−69.1%+76.4%−145.5 pp−14.7%
5 years−86.0%+63.7%−149.7 pp—
Max drawdown (1y)
−44.7%
28 Jul 2026 → 17 Aug 2026
Max drawdown (5y)
−87.6%
16 Nov 2021 → 17 Aug 2026
Compound annual growth (5y)
−32.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 04 Jul 2026

Revenue
223.3 m USD
−5.3% YoY
Net income
-21.4 m USD
−321.5% YoY
Diluted EPS
-1.16
−323.1% YoY
net / operating
-9.6% / -9.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue200.2 m213.6 m249.5 m235.8 m213.7 m226.2 m250.2 m223.3 m
Cost of revenue39.3 m38.6 m52.4 m50.2 m48.8 m49.4 m59.4 m48.3 m
Gross profit161.0 m175.1 m197.1 m185.7 m164.9 m176.8 m190.8 m174.9 m
SG&A61.3 m73.3 m91.4 m81.9 m85.9 m78.1 m88.3 m82.3 m
Operating income15.6 m8.2 m15.7 m16.7 m1.2 m3.8 m13.9 m-20.0 m
Depreciation & amortisation3.6 m4.0 m8.3 m7.7 m7.9 m8.6 m8.3 m7.7 m
Interest expense49.0 k129.0 k411.0 k259.0 k49.0 k123.0 k240.0 k0
Pre-tax income18.6 m10.4 m16.7 m18.8 m1.8 m4.2 m15.5 m-18.9 m
Income tax8.0 m5.9 m7.4 m8.4 m8.5 m5.8 m8.5 m9.1 m
Net income10.6 m4.5 m9.4 m9.7 m-6.5 m-1.8 m7.5 m-21.4 m
Diluted EPS0.560.23 ≈0.490.52-0.36-0.10 ≈0.41-1.16
Operating cash flow29.5 m ≈5.8 m15.5 m12.2 m ≈-2.0 m ≈-3.4 m9.8 m23.3 m ≈
Capex2.4 m ≈1.8 m2.8 m5.0 m ≈3.2 m ≈2.8 m2.6 m3.2 m ≈
Share repurchases0 ≈012.3 m15.2 m ≈0 ≈000 ≈

≈ 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 year20172018201920212022202320242026
Revenue1.0 bn1.2 bn1.1 bn1.1 bn998.6 m921.0 m854.5 m925.3 m
Revenue YoY+4.1%+13.6%−10.8%unavailable−12.0%−7.8%−7.2%unavailable
Net income62.5 m126.2 m100.5 m124.7 m69.4 m63.8 m42.0 m10.8 m
Net income YoY−37.5%+101.8%−20.4%unavailable−44.4%−8.0%−34.1%unavailable
Diluted EPS2.535.124.415.863.593.302.190.58
Diluted EPS YoY−36.6%+102.4%−13.9%unavailable−38.7%−8.1%−33.6%unavailable
net %6.0%10.6%9.5%11.0%6.9%6.9%4.9%1.2%
Free cash flow110.6 m140.7 m110.2 m145.3 m93.5 m56.1 m50.9 m8.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 03 Jan 2026

Cash
158.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
533.1 m USD
Total assets
742.9 m USD
Debt / equity
unavailable
Current ratio
2.24x
ROE
unavailable
ROA
1.4%
FCF margin
0.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
921.0 m
2024
854.5 m
2026
925.3 m

SEC (XBRL)· 16 Mar 2026verified

Cost of revenue
2023
176.7 m
2024
161.2 m
2026
200.9 m

SEC (XBRL)· 16 Mar 2026verified

Gross profit
2023
744.3 m
2024
693.3 m
2026
724.4 m

SEC (XBRL)· 16 Mar 2026verified

Research & development
2023
11.4 m
2024
11.6 m
2026
10.7 m

SEC (XBRL)· 16 Mar 2026verified

SG&A
2023
257.0 m
2024
263.3 m
2026
337.4 m

SEC (XBRL)· 16 Mar 2026verified

Operating income
2023
93.1 m
2024
66.3 m
2026
37.4 m

SEC (XBRL)· 16 Mar 2026verified

Depreciation & amortisation
2023
12.7 m
2024
14.5 m
2026
32.6 m

SEC (XBRL)· 16 Mar 2026verified

EBITDA
2023
105.8 m ≈
2024
80.9 m ≈
2026
70.0 m ≈

SEC (XBRL)· 16 Mar 2026derived

Interest expense
2023
262.0 k
2024
281.0 k
2026
842.0 k

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
102.5 m
2024
76.4 m
2026
41.5 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
38.7 m
2024
34.3 m
2026
30.1 m

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
63.8 m
2024
42.0 m
2026
10.8 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
3.30
2024
2.19
2026
0.58

SEC (XBRL)· 16 Mar 2026verified

Weighted average diluted shares
2023
19.3 m
2024
19.2 m
2026
18.6 m

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
330.4 m
2024
181.8 m
2026
158.4 m

SEC (XBRL)· 16 Mar 2026verified

Inventories
2023
61.5 m
2024
69.7 m
2026
102.6 m

SEC (XBRL)· 16 Mar 2026verified

Current assets
2023
417.7 m
2024
279.2 m
2026
288.4 m

SEC (XBRL)· 16 Mar 2026verified

Property, plant & equipment, net
2023
99.8 m
2024
94.6 m
2026
94.4 m

SEC (XBRL)· 16 Mar 2026verified

Goodwill
2023
17.1 m
2024
144.2 m
2026
138.0 m

SEC (XBRL)· 16 Mar 2026verified

Intangibles (excl. goodwill)
2023
29.9 m
2024
151.8 m
2026
133.2 m

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
632.8 m
2024
748.2 m
2026
742.9 m

SEC (XBRL)· 16 Mar 2026verified

Accounts payable
2023
10.1 m
2024
12.0 m
2026
17.3 m

SEC (XBRL)· 16 Mar 2026verified

Current liabilities
2023
118.8 m
2024
139.6 m
2026
128.6 m

SEC (XBRL)· 16 Mar 2026verified

Total liabilities
2023
135.6 m
2024
161.9 m
2026
156.6 m

SEC (XBRL)· 16 Mar 2026verified

Equity
2023
497.2 m †
2024
532.1 m †
2026
533.1 m †

SEC (XBRL)· 16 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
70.6 m
2024
61.0 m
2026
22.3 m

SEC (XBRL)· 16 Mar 2026verified

Capex
2023
14.5 m
2024
10.1 m
2026
13.8 m

SEC (XBRL)· 16 Mar 2026verified

Free cash flow
2023
56.1 m ≈
2024
50.9 m ≈
2026
8.5 m ≈

SEC (XBRL)· 16 Mar 2026derived

Investing cash flow
2023
-12.0 m
2024
-213.1 m
2026
-10.1 m

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
-14.2 m
2024
9.6 m
2026
-40.6 m

SEC (XBRL)· 16 Mar 2026verified

Share repurchases
2023
11.6 m
2024
9.4 m
2026
27.5 m

SEC (XBRL)· 16 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
0.2%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
-4.0%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
-44.7%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
-38.7%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
-44.0%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
-37.0%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
77.4%
computed by olivLawTTM to 04 Jul 2026
EBITDA margin
3.4%
computed by olivLawTTM to 04 Jul 2026
EBIT margin
-0.1%
computed by olivLawTTM to 04 Jul 2026
Net margin
-2.4%
computed by olivLawTTM to 04 Jul 2026
FCF margin
1.7%
computed by olivLawTTM to 04 Jul 2026

Returns

ROE
-4.2%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
ROA
-3.1%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
ROIC
unavailable
input data missing
ROCE
-0.2%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-2.6x
computed by olivLawTTM to 04 Jul 2026

Liquidity

Current ratio
2.7x
computed by olivLawbalance sheet at 04 Jul 2026
Quick ratio
1.8x
computed by olivLawbalance sheet at 04 Jul 2026
Cash ratio
1.6x
computed by olivLawbalance sheet at 04 Jul 2026

Cash

Operating cash flow
27.7 m USD
computed by olivLawTTM to 04 Jul 2026
Capital expenditure
11.8 m USD
computed by olivLawTTM to 04 Jul 2026
Free cash flow
15.9 m USD
computed by olivLawTTM to 04 Jul 2026
FCF conversion
unavailable
insufficient data
Cash conversion
88.4%
computed by olivLawTTM to 04 Jul 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
150 days
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
Days payables outstanding
30 days
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
264.8 m USD
computed by olivLawbalance sheet at 04 Jul 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-8.4%
computed by olivLawTTM to 04 Jul 2026
P/B
0.5x
computed by olivLawbalance sheet at 04 Jul 2026
P/S
0.3x
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
16.6x
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
FCF yield
6.0%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 47.9% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

14.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 264.8 m USD

Key indicators

Market capitalisation
264.8 m USD
computed by olivLawbalance sheet at 04 Jul 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.5x
computed by olivLawbalance sheet at 04 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
-4.2%
computed by olivLawTTM to 04 Jul 2026 · balance sheet at 04 Jul 2026
Net margin
-2.4%
computed by olivLawTTM to 04 Jul 2026
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 04 Jul 2026
Latest balance sheet date: 04 Jul 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 2438derived 164

Score by group

48% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • 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

Multiple comparisons use the SIC vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

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: score weight coverage: 47.9% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-2.4%60 (vs peers)13%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth0.2%1 (on a fixed band)17%
EPS CAGR 3Y · Growth-44.0%0 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-2.6x0 (on a fixed band)13%
Current ratio · Balance sheet2.7x100 (on a fixed band)9%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation6.0%75 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)13%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth1/100 · 2/2 factors with a value
  • Quality· partial60/100 · 1/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation· partial75/100 · 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

USANA HEALTH SCIENCES, INC. (USNA). Latest full fiscal year: 2026; data up to 2026-07-04.

Figures computed from the financial statements: revenue 925.3 m USD in 2026; net margin -2.4%; ROE -4.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 47.9% 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: 2.7x
  • FCF yield: 6.0%

What contradicts it

  • Revenue CAGR 3Y: 0.2%
  • EPS CAGR 3Y: -44.0%
  • Interest coverage: -2.6x
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, 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

P/E
—
vertical median 13.1x
EV/EBITDA
—
vertical median —
P/S
0.3x
vertical median 0.5x
below median (−36.2%)
P/B
0.5x
vertical median 1.6x
below median (−69.0%)
ROE
-4.2%
vertical median -20.8%
above median
Net margin
-2.4%
vertical median -10.7%
above median
EBIT margin
-0.1%
vertical median -8.7%
above median
Revenue YoY
—
vertical median 2.8%
Net debt/EBITDA
—
vertical median -0.9x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 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−30% / −69%
NAGENiagen Bioscience, Inc.199.6 m21.313.3%8.4%+29.9%−63% / +81%
MDWDMediwound Ltd.182.3 m—-63.9%-140.8%−16.1%−21% / +59%
FTLFFitlife Brands, Inc.76.8 m13.114.1%6.2%+26.4%−56% / −15%
BTMDbiote Corp.71.6 m11.8—3.2%−2.5%−55% / −75%
NAIINatural Alternatives International, Inc.24.3 m—-35.0%-14.5%+9.7%−70% / −81%
MTEXMannatech Inc16.7 m—-1,490.1%-6.9%−8.3%−8% / −3%
BONBon Natural Life Limited4.4 m—-3.9%-10.7%−21.7%−39% / −99%
GLASGlass House Brands Inc.——-31.2%-16.3%−9.4%−57% / −45%
ACBAurora Cannabis Inc——0.3%0.5%+27.3%+14% / +14%
SNDLSNDL Inc.——-1.4%-1.7%+2.8%−20% / −1%
IMCCIM Cannabis Corp.——-1,496.2%-20.7%+1.3%−99% / −99%
CGCCanopy Growth Corp——-39.9%-79.2%+5.8%−36% / −87%
CRONCronos Group Inc.——6.5%39.1%+24.6%+42% / +74%

1- and 3-year price returns: for USNA 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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.

    Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).

    In brief

    USANA Health Sciences develops and manufactures nutritional supplements, functional foods and personal care products sold through direct selling and, increasingly, omni-channel routes. The company is in a transition in 2026, in which Hiya and Rise have fallen short of expectations and guidance has been cut, while sales in China remain central. Net sales were 925 million USD in 2025 1, and the updated 2026 outlook is 910 million USD 3.

    SWOT

    Strengths

    • The company has a debt-free balance sheet with substantial cash, giving it financial flexibility 3. It has an international customer base and high gross margins in core nutritional 12.
    • The product portfolio is built around the Optimizers line, whose share has been stable in recent years 12. The company runs research and development programs and has a clearly defined innovation strategy 1.
    • The omni-channel model, through which Hiya and Rise enter retail and e-commerce, diversifies revenue beyond direct selling 13.

    Weaknesses

    • Dependence on the Chinese market is high, and the number of active customers fell over the past year 13. A decline in China would directly affect consolidated results.
    • The Hiya segment recorded a goodwill impairment in the second quarter of 2026 and subscriber growth was weak 3. These below-expectation results raise questions about integrating the acquisition.
    • The company cut its 2026 forecasts for revenue and profit 3. The full-year net result is expected to be negative, reflecting pressured margins 3.

    Opportunities

    • Expanding Hiya into Canada, the United Kingdom and retail could open new growth sources 13. If the expansion succeeds, it could offset pressure in the core segment.
    • Protein Pop, recently launched, is attracting new retailers and could support an expanded product pipeline for Rise 3. In-house production of Hiya products could improve margins in the second half of the year 1.
    • Modernizing technology and the compensation plan could make the business more attractive to Brand Partners and customers 1.

    Threats

    • US and Chinese regulation of direct selling could limit the compensation model or marketing claims 1. Rule violations by distributors could create liability.
    • Trade and political tensions between the US and China could affect operations and customers in China 1. Currency movements could also influence reported results.
    • Competition from larger, well-funded rivals could erode market share and raise customer acquisition costs 1.

    Risks

    • Direct-selling regulationhigh

      Authorities could change rules or their interpretation on direct selling, which could force changes to the compensation plan 1.

    • Exposure to Chinahigh

      A decline in sales or customers in China would significantly affect results, since this market dominates the revenue base 1.

    • Goodwill impairment at Hiyamedium

      The impairment recorded in the second quarter of 2026 shows that segment performance could remain below expectations 3.

    • Trade and currency tensionsmedium

      Trade policy and currency changes could affect margins and reported results, especially since most sales are outside the US 12.

    • Product liability and health claimslow

      Limited clinical evidence and supplement regulation could lead to liability or restrictions on marketing 1.

    Investment thesis

    What would need to be true (bull case)

    • If Hiya and Rise recover from digital and packaging pressures, omni-channel diversification could support longer-term growth 3.
    • If the modernized compensation plan and product innovation succeed, they could stabilize the active customer base in the core segment 13.

    What would break the thesis

    • Continued declines in active customers in China and Asia could deepen losses and make the revised forecasts hard to reach 3.
    • If FTC rules on earnings claims tighten, the direct-selling model could become more costly and restrictive 1.
    • Problems at Hiya and Rise could persist, and further impairments could weigh on net results 3.

    What to watch

    • Trend in active customers in Greater ChinaQ3 2026
    • Recovery of Hiya subscribers and retail salesQ3 2026
    • Timing and final form of FTC rules on earnings claims2027

    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.

    Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).

    The business

    USANA Health Sciences, Inc. develops and manufactures nutritional supplements, functional foods and personal care and skincare products sold worldwide. Historically it has distributed products through direct selling, which it considers consistent with its vision of improving the health and nutrition of individuals and families. It is listed on the NYSE and operates in 25 geographic markets 1. It has also expanded through acquisitions: in December 2024 it acquired a 78.85% stake in Hiya Health Products, LLC, and in 2022 it acquired Rise, so it now operates through an omni-channel platform including direct selling, direct-to-consumer, third-party marketplaces and retail 1.

    By early 2026 the company reports three segments: Core Nutritional, Hiya and Rise 2. Core Nutritional, which represented about 84% of consolidated net sales 1, relies on Brand Partners, who are independent distributors, and Preferred Customers, who buy for personal use. As of July 4, 2026, active customers in this segment were about 384 000 23. The business model depends on retaining and recruiting these partners, which makes changes to the compensation plan an important factor.

    China is the largest market: it represents about 41.3% of net sales and about 49.9% of core nutritional active customers 1. Results are therefore sensitive to currency movements, economic and political conditions, and Chinese direct-selling regulation, where the BabyCare model has not been explicitly approved by the government 1.

    Segments

    Rise

    Rise manufactures and sells protein bars, powdered drinks and Protein Pop, a clear protein drink line launched in 2025 12. Its revenue comes mainly from large national and club retailers 2. Second-quarter 2026 sales were 3 million USD 3, and the full-year forecast was cut to 35 million USD 3.

    Market context

    The underlying market is global health and wellness, where the company aims to strengthen brand relevance through an omni-channel platform 1. More than 90% of core nutritional net sales come from outside the United States 12, so currency and trade policy exposure is significant. Consolidated net sales for 2026 were revised to 910 million USD from the previous 925 million USD to 1 billion USD range 3.

    Direct selling faces growing scrutiny: US regulators such as the FTC have proposed new rules on earnings claims 1. Supplement markets are also shaped by limits on clinical evidence and product regulation, which may condition expansion into new countries 1.

    Trends

    • Shift to an omni-channel modelmixed

      The company is expanding through Hiya and Rise, with planned growth in retail and e-commerce, which could reduce reliance on direct selling if these businesses recover 13.

    • Digital marketing pressure on Hiyaheadwind

      In the second quarter of 2026 management cited a challenging digital marketing environment that pressured Hiya's sales, subscriber growth and margins 3. If this pressure persists, segment forecasts could remain below expectations.

    • Regulation of direct-selling earnings claimsheadwind

      FTC proposals on earnings and recruiting claims could change the compensation model that is central to Brand Partners 1. Changes could limit advertising and affect recruitment.

    • Currency and Asian demandmixed

      The company expects a favorable currency impact of about 2% of core nutritional sales for 2026 3. If the dollar weakens, reported USD results could benefit, although active customers in Asia have declined 3.

    • Technology and product investmenttailwind

      The company intends to modernize its IT infrastructure and accelerate product innovation, including new products launched at its Global Convention 1. These investments could support long-term customer loyalty.

    Competitive position

    The company describes competition as intense and coming from larger, wealthier and more established competitors 1. It competes in direct selling as well as in supplement and wellness markets where many brands sell at retail and online.

    Competitive pressure shows up in the need to improve compensation plans to attract Brand Partners in a changing market 1. In the Hiya segment, competition in digital and retail channels could influence customer acquisition costs 3.

    • Direct-to-consumer children's product companies

      Competitors in the Hiya segment, especially in digital and retail channels.

    • Protein bar and protein drink producers

      Competitors in the Rise segment, which sells to national and club retailers.

    • Direct-selling companies subject to FTC actions

      Companies cited in the filing in a regulatory context, not identified as direct rivals.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2026-01-03 · SEC / USANA Health Sciences, Inc. · 16 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-07-04 · SEC / USANA Health Sciences, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / USANA Health Sciences, Inc. · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.