Natural Alternatives International (NAII) Fair Value & Analysis

Consumer Defensive · US · Market cap $12.8M · ISIN US6388423021

What is Natural Alternatives International really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price is below even our cautious bear case ($4.29). The market is more pessimistic than our downside scenario.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range ($4.29 to $8.54) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range $2.04 – $19.15 · fair‑value band $4.29 – $8.54 · the $2.12 price screens below the $6.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Natural Alternatives International (NAII) currently trades at $2.12, while our model-based Fair Value estimate is $6.14, implying the stock looks roughly 65.5% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Defensive sector. Bull case: the Dividend Discount group reads highest at a median of $16.16 per share, and 9 of the 9 models we run sit above the $2.12 price. Bear case: the Growth DCF group reads lowest at $4.57, and 0 of the 9 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Natural Alternatives International generated revenue of $142M at a net margin of −10.1%. Revenue grew 23.3% year over year. It earns a return on equity of −20.6%. Net debt stands at $46.7M. Fundamentals as of Sep 3, 2026

Our scenario range runs from $4.29 (bear case) to $8.54 (bull case); at $2.12, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 57% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 190%, NAII screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Dividend Discount ($16.16) versus Growth DCF ($4.57). Highest evidence: FCF DCF (82).

Key figures & financial health

Quality Score breakdown

About the company

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

Full company description

Natural Alternatives International, Inc. engages in formulating, manufacturing, and marketing nutritional supplements in the United States and internationally. It operates through two segments: Private-Label Contract Manufacturing, and Patent and Trademark Licensing. The company 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. It also provides strategic partnering services, such as customized product formulation, clinical study design and support, 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, marketing management, packaging and delivery system design, regulatory review, and international product registration assistance. In addition, the company sells beta-alanine ingredient under the CarnoSyn, TriBsynm, 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Natural Alternatives International reported revenue of $130M in FY2025 versus $179M in FY2021, a compound −7.6%/yr. Reported net income was −$13.6M in FY2025.

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Peer Group

Packaged Foods · 672 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Packaged Foods median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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