Estados financieros detallados de Natural Health Trends Corp. (NHTC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Natural Health Trends Corp. registró ingresos de $39.8M en el último ejercicio fiscal, con un CAGR de 5 años del -8.5%.
Márgenes de los últimos 12 meses: margen bruto 74.1%, margen operativo -6.2%, margen neto -4.5%.
Al precio actual de $1.50, NHTC presenta beneficios negativos (P/E no significativo) y un ROE del -8.00%. La capitalización bursátil es de $13M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $287.7M | $197.6M | $191.9M | $77.6M | $62.1M | $60.0M | $49.1M | $43.9M | $43.0M | $39.8M |
| Coste de Ventas | $54.9M | $38.6M | $39.4M | $20.1M | $17.0M | $15.0M | $12.7M | $11.2M | $11.2M | $10.5M |
| Beneficio Bruto | $232.8M | $158.9M | $152.5M | $57.5M | $45.1M | $45.0M | $36.5M | $32.7M | $31.8M | $29.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $168.3M | $115.9M | $118.8M | $62.8M | $44.4M | $43.4M | $36.7M | $34.4M | $33.1M | $31.1M |
| Gastos Operativos | $168.7M | $115.9M | $118.8M | $64.5M | $44.4M | $43.4M | $36.7M | $34.4M | $33.1M | $31.1M |
| Beneficio Operativo | $64.1M | $43.1M | $33.7M | -$7.0M | $669000 | $1.6M | -$270000 | -$1.7M | -$1.3M | -$1.8M |
| EBITDA | $64.5M | $43.6M | $34.2M | -$4.9M | $1.1M | $1.8M | $806000 | $909000 | $751000 | -$458000 |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $64.1M | $43.4M | $34.5M | -$5.6M | $1.5M | $1.5M | $602000 | $745000 | $620000 | -$567000 |
| Impuestos | $9.0M | $19.8M | $3.5M | $14000 | $647000 | $425000 | $289000 | $177000 | $48000 | $315000 |
| Beneficio Neto | $55.1M | $23.6M | $31.0M | -$5.6M | $843000 | $1.1M | $313000 | $568000 | $572000 | -$882000 |
| BPA | $4.84 | $2.10 | $2.75 | $-0.52 | $0.08 | $0.10 | $0.03 | $0.05 | $0.05 | $-0.08 |
| BPA Diluido | $4.83 | $2.09 | $2.74 | $-0.52 | $0.07 | $0.10 | $0.03 | $0.05 | $0.05 | $-0.08 |
| Acciones en Circulación (Diluidas) | $11.4M | $11.3M | $11.3M | $10.9M | $11.4M | $11.4M | $11.4M | $11.5M | $11.5M | $11.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $9.5M | $9.7M | $9.2M | $7.6M |
| Beneficio Bruto | $7.0M | $7.1M | $6.9M | $5.7M |
| Beneficio Operativo | -$495000 | -$635000 | -$474000 | -$643000 |
| EBITDA | -$261000 | -$413000 | -$168000 | -$430000 |
| Beneficio Neto | -$431000 | -$588000 | -$154000 | -$451000 |
| BPA | $-0.04 | $-0.05 | $-0.02 | $-0.04 |
| BPA Diluido | $-0.04 | $-0.05 | $-0.02 | $-0.04 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $125.9M | $135.3M | $132.7M | $96.0M | $92.4M | $83.8M | $69.7M | $56.2M | $13.5M | $6.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $30.4M | $22.1M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | $11.3M | $8.4M | $12.2M | $6.4M | $3.8M | $5.3M | $4.5M | $4.3M | $3.3M | $2.0M |
| Activos Corrientes | $141.2M | $151.2M | $150.2M | $108.4M | $99.7M | $93.5M | $77.6M | $64.2M | $51.0M | $34.2M |
| Inmovilizado Material | $1.4M | $1.1M | $934000 | $3.9M | $4.3M | $3.5M | $4.4M | $3.6M | $2.7M | $2.0M |
| Fondo de Comercio | $1.8M | $1.8M | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $148.1M | $159.6M | $157.9M | $118.5M | $105.9M | $98.4M | $82.8M | $69.1M | $55.4M | $38.4M |
| Cuentas por Pagar | $2.1M | $1.8M | $1.6M | $680000 | $580000 | $761000 | $810000 | $990000 | $895000 | $555000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $869000 |
| Pasivos Corrientes | $57.2M | $41.9M | $43.1M | $26.3M | $21.5M | $24.7M | $20.4M | $20.0M | $20.8M | $13.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.1M |
| Pasivos Totales | $65.6M | $68.9M | $68.1M | $43.4M | $38.2M | $38.9M | $32.7M | $27.5M | $22.5M | $15.0M |
| Reservas | $38.5M | $44.9M | $44.4M | $16.1M | $7.8M | -$231000 | -$9.1M | -$17.7M | -$26.3M | -$36.4M |
| Patrimonio Neto | $82.4M | $90.6M | $89.9M | $75.1M | $67.7M | $59.5M | $50.2M | $41.6M | $32.9M | $23.4M |
| Deuda Total | 0 | 0 | 0 | $3.2M | $3.9M | $3.2M | $4.1M | $3.5M | $2.6M | $3.1M |
| Deuda Neta | -$125.9M | -$135.3M | -$132.7M | -$92.8M | -$88.4M | -$80.7M | -$65.5M | -$52.7M | -$41.3M | -$25.7M |
| Capital Circulante | $84.1M | $109.3M | $107.1M | $82.1M | $78.2M | $68.8M | $57.1M | $44.2M | $30.2M | $20.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $14.3M | $6.8M | $9.2M | $9.5M |
| Activos Totales | $42.3M | $38.4M | $31.9M | $29.2M |
| Pasivos Totales | $16.1M | $15.0M | $15.5M | $14.0M |
| Patrimonio Neto | $26.1M | $23.4M | $16.5M | $15.2M |
| Deuda Total | $3.3M | $3.1M | $3.0M | $2.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $55.1M | $23.6M | $31.0M | -$5.6M | $843000 | $1.1M | $313000 | $568000 | $572000 | -$882000 |
| Amortizaciones | $394000 | $536000 | $424000 | $387000 | $410000 | $299000 | $204000 | $164000 | $131000 | $109000 |
| Compensación en Acciones | $104000 | $35000 | 0 | 0 | 0 | $773000 | $575000 | $161000 | $145000 | $132000 |
| Cambio en Capital Circulante | -$2.8M | $4.4M | -$2.1M | -$16.1M | -$2.2M | -$1.9M | -$6.6M | -$6.1M | -$4.9M | -$5.1M |
| Flujo de Caja Operativo | $53.2M | $26.6M | $29.7M | -$18.6M | $1.9M | $1.0M | -$4.9M | -$4.3M | -$3.4M | -$6.0M |
| Inversiones (CapEx) | -$905000 | -$278000 | -$214000 | -$189000 | -$211000 | -$225000 | -$143000 | -$46000 | -$57000 | -$68000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$23.7M | 0 | 0 | -$10.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$6.9M | -$17.2M | -$31.5M | -$7.3M | -$9.1M | -$9.1M | -$9.1M | -$9.2M | -$9.2M | -$9.2M |
| Flujo de Caja Libre | $52.3M | $26.3M | $29.5M | -$18.8M | $1.7M | $791000 | -$5.0M | -$4.3M | -$3.4M | -$6.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $113000 | $183000 | -$797000 | -$1.4M |
| Inversiones (CapEx) | -$43000 | -$5000 | -$115000 | -$325000 |
| Flujo de Caja Libre | $70000 | $178000 | -$912000 | -$1.7M |
| Dividendos Pagados | -$2.3M | -$2.3M | -$858000 | -$858000 |
| Compensación en Acciones | $35000 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -31.3% | -2.9% | -59.6% | -20.0% | -3.3% | -18.1% | -10.6% | -2.2% | -7.4% |
| Crecimiento Beneficio Neto (anual) | | -57.2% | +31.6% | -118.1% | +115.0% | +28.7% | -71.2% | +81.5% | +0.7% | -254.2% |
| Crecimiento BPA (anual) | | -56.6% | +31.0% | -118.9% | +115.3% | +24.2% | -72.0% | +80.1% | +0.4% | -253.7% |
| Cambio en Acciones (anual) | | -1.2% | +0.5% | -3.9% | +5.1% | +0.0% | -0.0% | +0.3% | +0.3% | +0.1% |
| Crecimiento FCF (anual) | | -49.6% | +12.0% | -163.8% | +108.9% | -52.7% | -731.5% | +13.4% | +20.8% | -77.1% |
| Margen Bruto | 80.9% | 80.4% | 79.5% | 74.1% | 72.6% | 75.0% | 74.2% | 74.6% | 74.0% | 73.5% |
| Margen Operativo | 22.3% | 21.8% | 17.6% | -9.0% | 1.1% | 2.6% | -0.5% | -3.8% | -3.0% | -4.5% |
| Margen EBITDA | 22.4% | 22.1% | 17.8% | -6.3% | 1.7% | 3.0% | 1.6% | 2.1% | 1.7% | -1.2% |
| Margen Neto | 19.1% | 11.9% | 16.2% | -7.2% | 1.4% | 1.8% | 0.6% | 1.3% | 1.3% | -2.2% |
| Margen FCF | 18.2% | 13.3% | 15.4% | -24.3% | 2.7% | 1.3% | -10.2% | -9.8% | -8.0% | -15.2% |
| Tasa Impositiva Efectiva | 14.0% | 45.7% | 10.1% | -0.3% | 43.4% | 28.1% | 48.0% | 23.8% | 7.7% | -55.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $4.58 | $2.34 | $2.61 | $-1.73 | $0.15 | $0.07 | $-0.44 | $-0.38 | $-0.30 | $-0.53 |
| Dividendo por Acción | $0.60 | $1.53 | $2.78 | $0.68 | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 |
| Acciones en Circulación (Básicas) | $11.4M | $11.3M | $11.3M | $10.9M | $10.6M | $11.0M | $11.4M | $11.4M | $11.5M | $11.5M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -8.00% |
| Rentabilidad sobre capital invertido | -12.39% |
| Rentabilidad sobre activos | -5.56% |
| Margen bruto | 74.11% |
| Margen operativo | -6.24% |
| Margen neto | -4.51% |
Salud financiera
| Deuda / Patrimonio | 0.18 |
| Ratio corriente | 1.99 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 1.61 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 5.13 | 7.23 | 6.72 | -10.35 | 62.80 | 68.63 | 124.28 | 117.91 | 92.59 | -40.29 |
| P/VC | 3.43 | 1.89 | 2.33 | 0.78 | 0.78 | 1.25 | 0.78 | 1.61 | 1.61 | 1.52 |
| P/V | 0.98 | 0.87 | 1.09 | 0.75 | 0.85 | 1.24 | 0.79 | 1.53 | 1.23 | 0.89 |
| Margen Bruto | 80.9% | 80.4% | 79.5% | 74.1% | 72.6% | 75.0% | 74.2% | 74.6% | 74.0% | 73.5% |
| Margen Operativo | 22.3% | 21.8% | 17.6% | -9.0% | 1.1% | 2.6% | -0.5% | -3.8% | -3.0% | -4.5% |
| Margen Neto | 19.1% | 11.9% | 16.2% | -7.2% | 1.4% | 1.8% | 0.6% | 1.3% | 1.3% | -2.2% |