Natural Health Trends Corp.
NHTC Consumer Cyclical Internet Retail
Natural Health Trends Corp.’s revenue for fiscal 2025 (year ended December 2025) was $39.8 million, down 7.42% from fiscal 2024. In the quarter to June 2026, revenue fell 22.5%, EPS fell 3,946.2% and free cash flow grew 70.1%, each against the same quarter a year earlier.
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Natural Health Trends Corp. (NHTC) Altman Z-score
Natural Health Trends Corp.'s Altman Z-score for fiscal 2025 is 1.61, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.61 | (0.49) |
| FY2024 | 2.10 | (0.33) |
| FY2023 | 2.43 | 0.46 |
| FY2022 | 1.97 | (0.68) |
| FY2021 | 2.65 | 0.22 |
| FY2020 | 2.43 | 0.14 |
| FY2019 | 2.29 | (2.68) |
| FY2018 | 4.97 | 0.14 |
| FY2017 | 4.83 | (2.17) |
| FY2016 | 7.01 | (0.51) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.64 | |
| Retained earnings / total assets | (0.95) | — | −1.33 | |
| EBIT / total assets | (0.05) | — | −0.16 | |
| Market value of equity / total liabilities | 2.37 | — | 1.42 | |
| Sales / total assets | 1.04 | — | 1.04 | |
| Altman Z-score | Distress zone | 1.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.73 | ||
Z and Z″ put Natural Health Trends Corp. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| JWEL Jowell Global Ltd. compare | 4.8× |
| OCG Oriental Culture Holding LTD compare | 1.9× |
| NHTC Natural Health Trends Corp. | 1.6× |
| UZX Linkage Global Inc. compare | 1.5× |
| SBDS Solo Brands, Inc. compare | −1.1× |
| WBUY WeBuy Global Ltd. compare | −3.3× |
| YJ Yunji Inc. Sponsored ADR compare | −7.3× |
| PIKM Kidpik Corp. compare | −12.5× |
| MOGU MOGU Inc. Sponsored ADR compare | −15.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets