Natural Alternatives International Inc. (NAII) intrinsic value & 10-year financials
Natural Alternatives International Inc. (NAII) has a Graham intrinsic value of $4.22 per share. At $1.15 on Oct 17, 2026, the stock trades 73% below that value. Over the last 10 fiscal years revenue grew 1.4% a year to $129.9M, with an average return on invested capital of 8.9%.
- Graham intrinsic value
- $4.22
- Share price (Oct 17, 2026)
- $1.15
- Price vs Graham value
- 73% below
- Market cap
- $6.8M
- Revenue (FY2025)
- $129.9M
- Revenue growth (10-yr CAGR)
- 1.4%
- ROIC (10-yr avg)
- 8.9%
- Free cash flow (FY2025)
- $2.3M
NAII 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $129.9M | -$13.6M | -$2.28 | $2.3M | -6.7% | -7.9% |
| FY2024 | $113.8M | -$7.2M | -$1.23 | -$4.5M | -7.5% | -6.2% |
| FY2023 | $154.0M | $2.5M | $0.43 | -$6.5M | 3.1% | 3.7% |
| FY2022 | $171.0M | $10.7M | $1.74 | -$14.6M | 8.0% | 14.0% |
| FY2021 | $178.5M | $10.8M | $1.69 | $15.7M | 7.7% | 19.6% |
| FY2020 | $118.9M | -$1.6M | -$0.25 | -$850.0K | -1.3% | -2.6% |
| FY2019 | $138.3M | $6.5M | $0.92 | $1.2M | 4.3% | 10.2% |
| FY2018 | $132.4M | $5.1M | $0.73 | -$2.2M | 7.2% | 12.2% |
| FY2017 | $121.9M | $7.2M | $1.09 | $8.8M | 8.0% | 20.6% |
| FY2016 | $114.2M | $9.5M | $1.44 | -$1.2M | 10.7% | 25.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NATURAL ALTERNATIVES INTERNATIONAL INC has demonstrated mature, steady growth, with revenue compounding at 1.4% annually over the past decade.
NATURAL ALTERNATIVES INTERNATIONAL INC returns on capital have been average, hovering around 8.9% ROIC over the decade.
Over the decade, NATURAL ALTERNATIVES INTERNATIONAL INC shows that management has aggressively returned capital to shareholders by retiring 10.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NATURAL ALTERNATIVES INTERNATIONAL INC is modeled at 1.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.22 per share.