Natural Alternatives International

NAII

Packaged Foods · Consumer Defensive

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Natural Alternatives International (NAII) makes nutritional supplements and ingredients for other companies to sell under their own brand names. Its main product is beta-alanine, a sports nutrition ingredient it sells under the CarnoSyn trademark. Customers are mostly large supplement brands, sports nutrition companies, and retailers who use NAII's ingredients in their own products.

NAII earns money by manufacturing and supplying these ingredients and finished supplements to its customers, rather than selling directly to consumers. It operates primarily in the United States with some international sales, and its CarnoSyn brand gives it a degree of protection through patents and trademarks in the beta-alanine market. However, the company is currently losing money, with thin gross margins around 7% and a negative operating margin, which signals that costs are eating up most of its revenue — the key risk is whether it can cut costs or grow sales enough to return to profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-94.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

18.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Natural Alternatives International is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.6%

Thin — 0.6% gross margin

Profit after running costs

Operating Margin

-11.6%

Losing money on operations — -11.6%

Return on the money invested

ROCE

-9.9%

Weak — -9.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+12.4%

Fast-growing sales (+12.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-6.4%

Burning cash (-6.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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