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NAII on Nasdaq

Natural Alternatives International

Logo: Natural Alternatives International, Inc., CC0, via Wikimedia Commons5

Company which manufactures the nutritional supplement Juice Plus1

Natural Alternatives International, Inc. (NAI) is an American company based in Carlsbad, California which manufactures nutritional supplements such as Juice Plus. NAI was founded in 1980 by Mark A. LeDoux, and had 241 employees in 2007. NAI's manufacturing facilities are located in Vista, California, Switzerland and Japan.3 Its shares trade on Nasdaq under the symbol NAII.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$142.5MRevenue, fiscal 20266
-$20.7MNet income, fiscal 20266
1980Founded1

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  • TickerNAII on Nasdaq1
  • IndustryMedicinal Chemicals & Botanical Products1
  • HeadquartersSan Marcos1
  • Websitewww.nai-online.com
  • Legal formDelaware corporation1
  • Incorporated inDE7
  • Business address1535 Faraday Avenue, Carlsbad, Ca 92008-73197
  • Filer categoryNon-accelerated filer, Smaller reporting company7
  • LEI549300QOT5V1NZ8WZY484
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 22117164

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Natural Alternatives International, Inc. (NAI) is an American company based in Carlsbad, California which manufactures nutritional supplements such as Juice Plus. NAI was founded in 1980 by Mark A. LeDoux, and had 241 employees in 2007. NAI's manufacturing facilities are located in Vista, California, Switzerland and Japan.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

6.3%Gross margin6
-13.2%Operating margin6
-14.5%Net margin6
9.7%Revenue growth, 20266
-41.4%Return on equity6
-$12.6MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Private Label Contract Manufacturing brought in 94% of the revenue Natural Alternatives International broke down this way in fiscal 2026.

  1. Private Label Contract Manufacturing$134.6M694%up 11% from 2025
  2. Patent and Trademark Licensing$7.9M66%down 2% from 2025
Business segments by year
Business segments20252026
Private Label Contract Manufacturing$121.8M$134.6M
Patent and Trademark Licensing$8.1M$7.9M

Regions

United States brought in 65% of the revenue Natural Alternatives International broke down this way in fiscal 2026.

  1. United States$93.3M665%up 18% from 2025
  2. Outside the United States$49.2M635%down 3% from 2025
Regions by year
Regions20252026
United States$79.1M$93.3M
Outside the United States$50.7M$49.2M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue94¢$133.5M
  • Research and development2¢$2.3M
  • Other costs4¢$6.3M
  • Income tax0¢$430.0K

Out of $142.5M in revenue.6 The company lost money this year.

Financial statements

Revenue1011121314156$142.5M in 2026+3% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $138.3M$138.3M20192020: $118.9M$118.9M2020−14%2021: $178.5M$178.5M2021+50%2022: $171.0M$171.0M2022−4%2023: $154.0M$154.0M2023−10%2024: $113.8M$113.8M2024−26%2025: $129.9M$129.9M2025+14%2026: $142.5M$142.5M2026+10%
Gross profit1011121314156$9.0M in 2026−62% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $23.6M$23.6M20192020: $18.9M$18.9M2020−20%2021: $30.4M$30.4M2021+61%2022: $30.5M$30.5M2022+0%2023: $18.2M$18.2M2023−40%2024: $6.9M$6.9M2024−62%2025: $9.3M$9.3M2025+35%2026: $9.0M$9.0M2026−3%
Operating income1011121314156-$18.8M in 2026
-$20.0M-$10.0M0$10.0M$20.0M2019: $6.0M$6.0M20192020: -$1.5M-$1.5M20202021: $13.7M$13.7M20212022: $13.7M$13.7M2022+0%2023: $4.7M$4.7M2023−66%2024: -$8.5M-$8.5M20242025: -$8.7M-$8.7M2025+1%2026: -$18.8M-$18.8M2026+117%
Net income1011121314156-$20.7M in 2026
-$30.0M-$20.0M-$10.0M0$10.0M$20.0M2019: $6.5M$6.5M20192020: -$1.6M-$1.6M20202021: $10.8M$10.8M20212022: $10.7M$10.7M2022−1%2023: $2.5M$2.5M2023−76%2024: -$7.2M-$7.2M20242025: -$13.6M-$13.6M2025+88%2026: -$20.7M-$20.7M2026+52%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2026-06-302025-06-30
Net sales$142.5M$129.9M
Cost of goods sold$133.5M$120.6M
Gross profit$9.0M$9.3M
Other selling, general and administrative expenses$17.3M$16.5M
Impairment loss$10.4M$0
Settlement of legal proceeding and associated expense$44.0K$1.4M
Loss from operations-$18.8M-$8.7M
Interest income$50.0K$168.0K
Interest expense-$1.2M-$915.0K
Foreign exchange loss-$316.0K-$1.3M
Other, net-$61.0K$7.0K
Total other expense-$1.5M-$2.1M
Loss before income taxes-$20.3M-$10.7M
Provision for income taxes$430.0K$2.8M
Net loss-$20.7M-$13.6M
Change in minimum pension liability, net of tax$149.0K$50.0K
Unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax$1.6M-$1.4M
Comprehensive loss-$19.0M-$15.0M
Basic (in dollars per share)-$3.43-$2.28
Diluted (in dollars per share)-$3.43-$2.28
Basic (in shares)6.0M shares5.9M shares
Diluted (in shares)6.0M shares5.9M shares

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Corporate structure

Natural Alternatives International sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Natural Alternatives International

  • Natural Alternatives International Carlsbad, California, United States
    • NAIE NATURAL ALTERNATIVES INTERNATIONAL EUROPE SA Subsidiary · Manno, Switzerland

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Natural Alternatives International reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$93.8M6 Jun 30, 2026$106.9M6 Jun 30, 2025−12.2%
Accumulated depreciation$58.2M6 Jun 30, 2026$56.0M6 Jun 30, 2025+4.0%
Property and equipment, net$35.6M6 Jun 30, 2026$50.9M6 Jun 30, 2025−30.0%
Operating-lease assets (leased space)$24.1M6 Jun 30, 2026$41.1M6 Jun 30, 2025−41.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.4M6 Jun 30, 2026$12.3M6 Jun 30, 2025−40.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$30.8M6 Jun 30, 2026$24.9M6 Jun 30, 2025+23.7%
Raw materials$21.5M6 Jun 30, 2026$17.6M6 Jun 30, 2025+22.0%
Work in process$6.1M6 Jun 30, 2026$3.9M6 Jun 30, 2025+54.4%
Finished goods$3.5M6 Jun 30, 2026$4.1M6 Jun 30, 2025−13.3%

Properties, in its own words

This table summarizes our facilities as of June 30, 2026. We believe our facilities are adequate to meet our operating requirements for the foreseeable future.

Lease

The rest of Item 2

Square · Expiration

Location · Nature of Use · Feet · How Held · Date

Vista, CA USA(1),(2) · Manufacturing, warehousing, packaging and distribution · 162,000 · Leased · August 2034

Manno, Switzerland(3) · Manufacturing, warehousing, packaging and distribution · 85,070 · Leased · December 2032

Manno, Switzerland(4) · Warehousing · 30,892 · Leased · December 2026

Carlsbad, CA USA(5) · Corporate headquarters · 20,981 · Owned · N/A

Carlsbad, CA USA(6) · Powder filling, packaging, distribution and storage · 67,453 · Owned · N/A

(1) · This facility is used by NAI for its private-label contract manufacturing segment.

(2) · At this facility we use approximately 93,000 square feet for production, 60,000 square feet for warehousing and 9,000 square feet for administrative functions. In July 2023, NAI executed an Amendment to the Lease covering this facility. The Amendment, effective April 1, 2024, extended the Lease through August 31, 2034.

(3) · This facility is used by NAIE in connection with our private-label contract manufacturing segment. In May 2022, NAIE executed an Amendment to the Lease covering this facility that became effective January 1, 2023 and extended the Lease through December 31, 2032.

(4) · This facility is used by NAIE for additional warehouse storage. On June 9, 2026, NAIE provided notification of terminating this lease effective December 31, 2026.

(5) · We purchased our Carlsbad, California corporate headquarters in March 2016. This asset is classified as held for sale as of June 30, 2026.

(6) · We acquired this facility in August 2021 and retrofitted it into a dedicated high-volume powder blending and packaging facility with supplementary raw material storage. This facility became operational in April 2023. The Board of Directors also approved management to sell this facility which is a more specialized property, and we anticipate may not be sold quickly.

Item 2 of the 10-K filed Sep 28, 2026.20

Leadership

Who has led Natural Alternatives International, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark A. Ledoux2006–now

Chair

  1. Mark A. Ledoux2006–now

President

  1. Randell Weaver2007–2008
  2. Kenneth Wolf2015–now

Chief financial officer

  1. John Reaves2006
  2. Kenneth Wolf2008–2015
  3. Michael E. Fortin2015–now

Chief operating officer

  1. Kenneth Wolf2014–now
1990200020102020
Board members and other officers (8)

Products and brands

NAI manufactures products sold by other companies such as National Safety Associates, Mannatech, NuSkin Enterprises, Jenny Craig, and Dr. Reginald Cherry. NAI previously held a multimillion-dollar contract with the U.S. Olympic Committee, which expired in March 1997.

NAI experienced a dramatic shift in its financial situation when NuSkin Enterprises, one of NAI’s largest customers, did not renew its manufacturing contract and began the process of transferring to another manufacturer. Sales subsequently declined 15.5% from $67.9 million USD in 1998, with a net profit of $5.9 million, to $57.4 million in 1999, with a net loss of $2.9 million.

From Wikipedia’s article on Natural Alternatives International, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • S.A. Switzerland9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. May 1, 20268-K Executive or director change36
  2. Mar 20, 20268-K Executive or director change37
  3. Dec 17, 20258-K Entered a material agreement38
  4. Dec 12, 20258-K Shareholder vote39
  5. Jul 21, 20258-K Entered a material agreement; Regulation FD disclosure40
  6. Jul 1, 20258-K Executive or director change41
  7. Jun 23, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure42
  8. Dec 10, 20248-K Shareholder vote43
  9. Dec 12, 20238-K Shareholder vote44
  10. Aug 16, 20238-K Regulation FD disclosure45
  11. Jul 24, 20238-K Entered a material agreement46
  12. Dec 6, 20228-K Shareholder vote; Other events47
  13. Jan 10, 2006New chief executive Mark A. Ledoux becomes CEO21
  14. Oct 28, 1993Went public Listed on NASDAQ1
  15. 1980Founded Founded1

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202648

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

97 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 18 major events, 40 insider forms, 11 large holders, 7 other. The latest 20:

  1. Sep 28, 202610-K EDGAR
  2. May 21, 2026S-8 EDGAR
  3. May 19, 202610-Q EDGAR
  4. May 18, 2026NT 10-Q EDGAR
  5. May 1, 20268-K EDGAR
  6. Mar 20, 20268-K EDGAR
  7. Mar 10, 20264 EDGAR
  8. Mar 10, 20264 EDGAR
  9. Mar 10, 20264 EDGAR
  10. Mar 10, 20264 EDGAR
  11. Mar 10, 20264 EDGAR
  12. Mar 10, 20264 EDGAR
  13. Mar 6, 20264 EDGAR
  14. Mar 3, 20264 EDGAR
  15. Feb 27, 20264 EDGAR
  16. Feb 24, 20264 EDGAR
  17. Feb 20, 20264 EDGAR
  18. Feb 13, 202610-Q EDGAR
  19. Jan 21, 2026SCHEDULE 13G/A EDGAR
  20. Jan 5, 20264 EDGAR

The 97 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 14 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 6, 2026LEDOUX MARK ACEO/ChairmanBuy532$2.80$1.5KForm 4
Mar 5, 2026LEDOUX MARK ACEO/ChairmanBuy218$2.75$600Form 4
Mar 4, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.77$1.4KForm 4
Mar 2, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.79$1.4KForm 4
Feb 27, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.85$1.4KForm 4
Feb 27, 2026LEDOUX MARK ACEO/ChairmanBuy250$2.80$700Form 4
Feb 26, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.85$1.4KForm 4
Feb 25, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.81$1.4KForm 4
Feb 24, 2026LEDOUX MARK ACEO/ChairmanBuy1,000$2.71$2.7KForm 4
Feb 23, 2026LEDOUX MARK ACEO/ChairmanBuy750$2.70$2.0KForm 4
Feb 20, 2026LEDOUX MARK ACEO/ChairmanBuy250$2.66$665Form 4
Feb 19, 2026LEDOUX MARK ACEO/ChairmanBuy1,500$2.56$3.8KForm 4
Feb 18, 2026LEDOUX MARK ACEO/ChairmanBuy500$2.56$1.3KForm 4
Feb 17, 2026LEDOUX MARK ACEO/ChairmanBuy2,500$2.60$6.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mark A. LeDoux71$475.0K$562.5K52
2025Kenneth E. Wolf$450.0K$503.7K52
2025Michael E. Fortin$300.0K$359.4K52
2024Chief Executive Officer$475.0K$794.0K52
2024President and Chief Operating Officer$450.0K$703.1K52
2024Chief Financial Officer$300.0K$507.7K52

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Caldwell Sutter Capital, Inc.498,220$1.2M0.4%−572
Dimensional Fund Advisors LP335,789$802.5K0.0%−18,950
Morgan Stanley307,630$735.2K0.0%+39,380
Mink Brook Asset Management LLC293,447$701.3K0.3%−262
Renaissance Technologies LLC277,457$663.1K0.0%−13,899
Vanguard Capital Management LLC210,880$504.0K0.0%No change
Integrated Wealth Concepts LLC88,186$210.8K0.0%+76,186
Citadel Advisors LLC75,746$181.0K0.0%+32,038
Bridgeway Capital Management, LLC61,495$147.0K0.0%−13,821
Geode Capital Management, LLC43,711$104.5K0.0%−8,694
Vanguard Fiduciary Trust Co27,095$64.8K0.0%No change
Empowered Funds, LLC24,906$59.5K0.0%No change
Susquehanna International Group, Llp19,915$47.6K0.0%New
State Street Corp11,663$27.9K0.0%No change
James Investment Research, Inc.10,022$24.0K0.0%No change
NewEdge Advisors, LLC10,022$24.0K0.0%No change
Vanguard Global Advisers, LLC2,819$6.7K0.0%No change
Tower Research Capital LLC (TRC)2,028$4.8K0.0%+918
Royal Bank Of Canada1,253$3.0K0.0%+1,222
Citigroup Inc649$1.6K0.0%−1,342
Hrt Financial LP17,596$420.0%New
SBI Securities Co., Ltd.5$120.0%No change
Huntington National Bank1$20.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Natural Alternatives International is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNATURAL ALTERNATIVES INTERNATIONAL INC2
  • CIK0000787253
  • Employer ID (EIN)84-100783920
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company20
  • Incorporated inDelaware20
  • Fiscal year endsJune 302
  • Industry code (SIC)2833 Medicinal Chemicals & Botanical Products2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address1535 Faraday Avenue, Carlsbad, CA 92008-73192
  • Phone76073677002
  • Shares outstanding22,113,000 shares as of Sep 28, 202620
  • Public float$6.3M as of Dec 31, 202520
  • AuditorHASKELL & WHITE LLP, Irvine, California PCAOB ID 200; no auditor attestation of internal control over financial reporting20
  • On EDGAR sinceNov 13, 19952
  • Filings776 in all: 4 (346), 8-K (120), 10-Q (94), SC 13G/A (50), 10-K (29), DEF 14A (29), SC 13G (17), 4/A (15)2
    All 31 form types

    3 (13), S-8 (12), 144 (8), S-8 POS (5), CORRESP (4), SC 13D/A (4), 8-K/A (3), NT 10-K (3), SCHEDULE 13G/A (3), UPLOAD (3), 10-K405 (2), 5 (2), DEFR14A (2), PRE 14A (2), SC 13D (2), 10-K/A (1), 10-Q/A (1), 144/A (1), DEFA14A (1), NT 10-Q (1), REGDEX (1), S-3 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Sep 28, 2026
    Quarterly report (10-Q) May 19, 2026
    Proxy statement (DEF 14A) Oct 23, 2025
    Latest 8-K (8-K) May 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareNAIINasdaq

From the cover page of the 10-K filed Sep 28, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks Natural Alternatives International names in Item 1A of its 10-K filed Sep 28, 2026: 22 risks under these headings, as written.20

  • Risks Related to the Company’s Business and Industry
  • We have experienced multiple years of operating losses, negative operating cash flows, increased dependence on our credit facilities, and there is substantial doubt about our ability to continue as a going concern.
  • A significant or prolonged economic downturn could have a material adverse effect on our results of operations.
  • Risks related to global economic instability, including global supply chain issues, inflation and fuel and energy costs may affect the Company's business.
  • Our industry is highly competitive, and we may be unable to continue to compete effectively. Increased competition could adversely affect our financial condition.
  • Risks Related to Operations, Manufacturing, and Technology
  • If we are unable to attract and retain qualified management personnel, and key manufacturing personnel, our business may suffer.
  • Our manufacturing and third party fulfillment activities are subject to certain risks.
  • If we or our private-label contract manufacturing customers expand into additional markets outside the U.S. or our or their sales in markets outside the U.S. increase, our business could become increasingly subject to political, economic, regulatory and other risks in those markets, which could adversely affect our business.
  • The failure of our suppliers to supply quality materials in sufficient quantities, at a favorable price, and in a timely fashion could adversely affect the results of our operations.
  • Risks Related to Customer Concentration
  • Because we derive a significant portion of our revenues from a limited number of customers, our revenues would be adversely affected by the loss of a major customer or a significant change in their business, personnel or the timing or amount of their sales to their customers and their orders from us.
The other 13 risks
  • Our future growth and stability depends, in part, on our ability to diversify our sales. Our efforts to establish new sales from both existing customers and new customers could require significant initial investments, which may or may not result in higher overall sales and improved financial results.
  • We currently derive significant revenues and income from sales of beta-alanine and from licensing our patents. Our ability to maintain or grow our sales of beta-alanine and license revenue from our other patents is contingent on our ability to defend our patents and commercialize the sale of beta-alanine under our instant release CarnoSyn® trademark, our sustained release SR CarnoSyn® patents and trademark, and any additional patents we may seek related to CarnoSyn® 4X and TriBsyn®.
  • Risks Related to Regulations
  • Our products and manufacturing activities are subject to extensive government regulation, which could limit or prevent the sale of our products in some markets and could increase our costs.
  • Tariffs on imported goods from China and elsewhere could adversely affect our business operations.
  • Risks Related to Litigation
  • We could be exposed to employment litigation matters such as but not limited to wage and hour claims, which may be costly and could materially adversely affect our operations.
  • We could be exposed to product liability claims or other litigation, which may be costly and could materially adversely affect our operations.
  • We may continue to incur significant costs in the course of creating and defending our intellectual property. We may be unable to protect our intellectual property rights or may inadvertently infringe on the intellectual property rights of others.
  • Risks Related to Insider Ownership and Corporate Structure
  • If certain provisions of our Certificate of Incorporation, Bylaws and Delaware law are triggered, the market for our shares may decrease.
  • Collectively, our officers and directors own a significant amount of our common stock, giving them influence over corporate transactions and other matters and potentially limiting the influence of other stockholders on important policy and management issues.
  • Risks Related to Future Acquisitions
  • We may pursue acquisitions of other companies that, if not successful, could adversely affect our business, financial condition and results of operations.
  • General Risk Factors
  • We expect our operating results will vary. Fluctuations in our operating results may adversely affect the share price of our common stock.
  • Our stock price could fluctuate significantly.
  • We may not be able to raise additional capital or obtain additional financing if needed.

Legal proceedings

From time to time, we become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to intellectual property, product liability, employment, tax, regulation, contract or other matters. The resolution of these matters as they arise will be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources. While unfavorable outcomes are possible, and sometimes a matter is subsequently determined to be of greater risk. Based on available information, we generally do not believe the resolution of these matters, even if unfavorable, will result in a material adverse effect on our business, consolidated financial condition, or results of operations and the price of our common stock. Our evaluation of the likely impact of these actions could change in the future, routinely do change, and we could have unfavorable outcomes we do not expect. An unexpected settlement expense or an unexpected unfavorable outcome of a matter could adversely impact our results of operations.

The opening of Item 3, Legal Proceedings.20

Sources

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