Herbalife Ltd. (HLF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.54	$0.51	-5.6%	—	$1.3B	—
Q1 26	$0.61	$0.64	+4.9%	—	$1.3B	—
Q4 25	$0.48	$0.45	-6.2%	—	$1.3B	—
Q3 25	$0.46	$0.5	+8.7%	—	$1.3B	—
Q2 25	$0.38	$0.48	+26.3%	—	$1.3B	—
Q1 25	$0.41	$0.59	+43.9%	—	$1.2B	—
Q4 24	$0.22	$0.36	+63.6%	—	$1.2B	—
Q3 24	$0.3	$0.57	+90.0%	—	$1.2B	—
Q2 24	$0.39	$0.54	+38.5%	—	$1.3B	—
Q1 24	$0.37	$0.49	+32.4%	—	$1.3B	—
Q4 23	$0.39	$0.28	-28.2%	—	$1.2B	—
Q3 23	$0.73	$0.65	-11.0%	—	$1.3B	—
Q2 23	$0.69	$0.74	+7.2%	—	$1.3B	—
Q1 23	$0.66	$0.54	-18.2%	—	$1.3B	—
Q4 22	$0.34	$0.53	+55.9%	—	$1.2B	—
Q3 22	$0.8	$0.91	+13.7%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.22	—	—	$5B	—
FY24	—	$2.53	—	—	$5B	—
FY23	—	$1.44	—	—	$5.1B	—
FY22	—	$3.26	—	—	$5.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.5B	$4.4B	$4.9B	$4.9B	$5.5B	$5.8B	$5.2B	$5.1B	$5B	$5B
YoY change	+0.43%	-1.35%	+10.5%	-0.3%	+13.6%	+4.71%	-10.3%	-2.73%	-1.37%	+0.89%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.5B	4.4B	4.9B	4.9B	5.5B	5.8B	5.2B	5.1B	5B	5B
Cost of revenue	854.6M	848.6M	919.3M	958M	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B
Gross profit	3.6B	3.6B	4B	3.9B	4.4B	4.6B	4B	3.9B	3.9B	3.9B
Gross margin	81%	80.8%	81.2%	80.4%	79.2%	78.6%	77.4%	76.5%	77.9%	77.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2B	1.8B	2B	1.9B	2.1B	2B	1.8B	1.9B	1.9B	3.4B
Operating expenses	3.2B	3B	3.3B	3.4B	3.8B	3.8B	3.5B	3.5B	3.5B	3.4B
Operating income	458.1M	617.1M	683.1M	568.1M	640.6M	734.1M	545.2M	356.4M	385.9M	481M
Operating margin	10.2%	13.9%	14%	11.6%	11.6%	12.7%	10.5%	7.04%	7.73%	9.55%
Non-operating income, net	—	400K	-57.3M	15.7M	—	-24.6M	12.8M	1M	-10.5M	—
Pretax income	364.7M	471.2M	464.2M	451.4M	516.4M	560.8M	424.8M	203M	169.4M	275.1M
Income tax	104.7M	257.3M	167.6M	140.4M	143.8M	113.6M	103.5M	60.8M	-84.9M	47.3M
Net income	260M	213.9M	296.6M	311M	372.6M	447.2M	321.3M	142.2M	254.3M	227.8M
Net margin	5.79%	4.83%	6.06%	6.38%	6.72%	7.71%	6.17%	2.81%	5.09%	4.52%
EBITDA	562.3M	731.8M	745.6M	702.1M	749.7M	821.5M	679.5M	482.2M	509.1M	610.7M
EPS	1.56	1.35	2.12	2.26	2.83	4.22	3.26	1.44	2.53	2.22
Diluted EPS	1.51	1.29	1.98	2.2	2.77	4.13	3.23	1.42	2.5	2.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.3B	1.2B	1.3B	1.3B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	303.2M	287.6M	285M	283.1M	268.7M	267.5M	265.2M	276.9M	284.2M	288.3M	291.1M	296.3M
Gross profit	978.1M	927.4M	979.3M	998M	971.6M	939.9M	956.5M	982.2M	989.5M	994.7M	1B	1B
Gross margin	76.3%	76.3%	77.5%	77.9%	78.3%	77.8%	78.3%	78%	77.7%	77.5%	77.9%	77.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	455.3M	474.3M	492.2M	502.3M	444M	436.9M	431.9M	447.9M	447.6M	2.1B	893.2M	902.2M
Operating expenses	871.4M	871.6M	907.4M	917.6M	844.5M	833.4M	833.7M	849.6M	863.7M	894.9M	887.7M	902.2M
Operating income	106.7M	55.8M	71.9M	80.4M	127.1M	106.5M	122.8M	132.6M	125.8M	99.8M	138.4M	128.3M
Operating margin	8.33%	4.59%	5.69%	6.28%	10.2%	8.82%	10.1%	10.5%	9.88%	7.78%	10.5%	9.67%
Non-operating income, net	1M	0	—	-10.5M	—	0	—	—	—	—	—	-94.6M
Pretax income	69.2M	17.7M	34M	12.2M	70.6M	52.6M	70.8M	79M	74.8M	50.5M	91.6M	-3.7M
Income tax	26.4M	7.5M	9.7M	7.5M	23.2M	-125.3M	20.4M	29.8M	31.7M	-34.6M	30.4M	22.8M
Net income	42.8M	10.2M	24.3M	4.7M	47.4M	177.9M	50.4M	49.2M	43.1M	85.1M	61.2M	-26.5M
Net margin	3.34%	0.84%	1.92%	0.37%	3.82%	14.7%	4.13%	3.91%	3.38%	6.63%	4.65%	-2%
EBITDA	139.3M	87.2M	104.8M	105.2M	160.6M	138.5M	156.1M	164.9M	158.5M	131.2M	170.5M	67.7M
EPS	0.43	—	0.24	0.05	0.47	1.76	0.5	0.48	0.42	0.83	0.6	-0.25
Diluted EPS	0.43	—	0.24	0.05	0.46	1.74	0.49	0.48	0.42	0.81	0.57	-0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4B	5.4B	—	6.5B	6.3B	—	1.5B	1.5B	673M	1.3B	1.3B
Enterprise value	4.6B	6.4B	—	7.7B	7.9B	—	3.9B	3.7B	2.7B	3.2B	3.2B
Shares outstanding	166M	158.4M	140.2M	137.4M	131.5M	105.9M	98.5M	99M	100.6M	102.8M	102.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.4	25.1	—	21.1	17	—	4.56	10.6	2.65	5.82	8.13
P/S	0.89	1.21	—	1.34	1.14	—	0.28	0.3	0.13	0.26	0.26
P/B	20.4	-16	—	-16.8	-7.38	—	-1.16	-1.42	-0.84	-2.6	-2.82
EV/EBITDA	8.18	8.68	—	11	10.6	—	5.71	7.68	5.36	5.17	5.05
EV/Sales	1.02	1.43	—	1.58	1.43	—	0.75	0.73	0.55	0.63	0.61
Earnings yield	6.51%	3.99%	—	4.75%	5.9%	—	21.9%	9.41%	37.8%	17.2%	12.3%
FCF yield	5.6%	9.23%	—	5.37%	8.18%	—	13.4%	14.7%	24.3%	19.1%	24.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	81%	80.8%	81.2%	80.4%	79.2%	78.6%	77.4%	76.5%	77.9%	77.9%	77.7%
Operating margin	10.2%	13.9%	14%	11.6%	11.6%	12.7%	10.5%	7.04%	7.73%	9.55%	9.75%
Net margin	5.79%	4.83%	6.06%	6.38%	6.72%	7.71%	6.17%	2.81%	5.09%	4.52%	3.16%
ROE	132.5%	-63.9%	-41%	-79.7%	-43.5%	-32.1%	-25.4%	-13.4%	-31.7%	-44.7%	-44.8%
ROA	10.1%	7.39%	10.6%	11.6%	12.1%	15.9%	11.8%	5.06%	9.32%	8.18%	11.3%
ROIC	40.8%	42.8%	82.1%	50.1%	60.1%	57.8%	35.9%	22%	30.8%	30.1%	27.5%
Return on tangible assets	14.7%	10.3%	15%	16.6%	16.6%	22.4%	16.8%	7.14%	13.2%	11.7%	8.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.85	2.05	1.14	1.54	1.58	1.33	1.39	1.1	0.93	1.13	1.2
Quick ratio	1.38	1.68	0.9	1.09	1.13	0.79	0.79	0.7	0.54	0.62	0.68
Debt / equity	7.38	-6.78	-3.39	-5.15	-3.12	-2.16	-2.31	-2.61	-3.08	-4.29	-0.05
Debt / assets	0.56	0.78	0.88	0.75	0.87	1.07	1.07	0.99	0.91	0.78	0.77
Net debt / EBITDA	1.07	1.35	1.68	1.67	2.17	2.93	3.55	4.55	4.03	3	3.47
Interest coverage	4.67	3.93	3.56	3.95	4.88	4.66	4.05	2.22	1.78	2.28	2.1
Effective tax rate	28.7%	54.6%	36.1%	31.1%	27.8%	20.3%	24.4%	30%	0%	17.2%	23.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	27	28	34.9	35.5	42.1	54.8	52.8	51.1	49.6	49	50.2
EPS (basic)	1.56	1.35	2.12	2.26	2.83	4.22	3.26	1.44	2.53	2.22	2.22
EPS (diluted)	1.51	1.29	1.98	2.2	2.77	4.13	3.23	1.42	2.5	2.2	1.56
Book value per share	1.18	-2.11	-5.16	-2.84	-6.51	-13.1	-12.9	-10.7	-7.96	-4.96	-4.53
FCF per share	1.35	3.13	4.03	2.56	3.93	2.92	1.99	2.25	1.62	2.46	3.08
Cash per share	5.08	8.07	8.55	6.11	7.95	5.68	5.16	5.81	4.13	3.43	3.54
Capex per share	0.86	0.6	0.6	0.77	0.85	1.43	1.59	1.36	0.84	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.19%	2.16%	1.72%	2.18%	2.02%	2.61%	3.01%	2.67%	1.68%	—	—
Capex / operating cash flow	44.7%	18%	14.5%	26%	18.4%	34.3%	47.4%	40%	41%	—	—
Payout ratio	0%	—	—	—	—	—	—	—	—	—	0%
Dividend yield	0%	—	—	—	—	—	—	—	—	—	4.76%

Yield

4.76%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Feb 28, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 28, 2014	$0.15
Nov 7, 2013	$0.15
Aug 9, 2013	$0.15
May 10, 2013	$0.15
Mar 1, 2013	$0.15
Nov 9, 2012	$0.15
Aug 10, 2012	$0.15
May 11, 2012	$0.15

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.3B	$1.2B	$1.3B	$1.3B	$1.2B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	-1.07%	+2.9%	+0.97%	-2.5%	-3.2%	-0.63%	-3.37%	-1.72%	+2.69%	+6.26%	+7.82%	+5.38%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	844M	1.3B	1.2B	839.4M	1B	601.5M	508M	575.2M	415.3M	353.1M
Receivables	70.3M	93.3M	70.5M	79.7M	83.3M	66.9M	70.6M	81.2M	68.9M	91.9M
Inventory	371.3M	341.2M	381.8M	436.2M	501.4M	575.7M	580.7M	505.2M	475.4M	511.7M
Total current assets	1.5B	1.9B	1.8B	1.5B	1.8B	1.4B	1.4B	1.4B	1.1B	1.1B
Property, plant & equipment	192.3M	178.5M	161.5M	352.8M	390.2M	407.6M	432.6M	423.8M	409.2M	374.8M
Goodwill & intangibles	800M	814M	806M	803.2M	827.6M	825.4M	817.8M	818.8M	800M	831.2M
Total assets	2.6B	2.9B	2.8B	2.7B	3.1B	2.8B	2.7B	2.8B	2.7B	2.8B
Accounts payable	66M	67.8M	81.1M	81.6M	88.7M	92M	89.8M	84M	70M	99.8M
Short-term debt	9.5M	102.4M	678.9M	61.5M	58.4M	72.2M	66.9M	349M	323.2M	56.4M
Total current liabilities	791.5M	906.8M	1.6B	964.4M	1.1B	1.1B	976.6M	1.3B	1.2B	1B
Long-term debt	1.4B	2.2B	1.8B	1.9B	2.6B	2.9B	2.9B	2.4B	2.1B	2.1B
Total liabilities	2.4B	3.2B	3.5B	3.1B	3.9B	4.2B	4B	3.9B	3.5B	3.3B
Shareholders' equity	196.3M	-334.7M	-723.4M	-390M	-856.1M	-1.4B	-1.3B	-1.1B	-801.1M	-509.4M
Total debt	1.4B	2.3B	2.5B	2B	2.7B	3B	2.9B	2.8B	2.5B	2.2B
Net debt	603.9M	989.3M	1.3B	1.2B	1.6B	2.4B	2.4B	2.2B	2.1B	1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	495.7M	575.2M	398.3M	374M	402.5M	415.3M	329.4M	320.9M	305.5M	353.1M	451.2M	370.5M
Receivables	79.5M	81.2M	87.9M	82.8M	82M	68.9M	90.1M	96.2M	97.8M	91.9M	106M	115.9M
Inventory	496.8M	505.2M	501.9M	480.7M	515.3M	475.4M	488M	513.1M	512.5M	511.7M	494.6M	507.7M
Total current assets	1.3B	1.4B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.2B
Property, plant & equipment	683M	423.8M	690M	656.5M	651M	409.2M	633.9M	647.6M	628.4M	374.8M	598.3M	579.2M
Goodwill & intangibles	814.4M	818.8M	815M	809.2M	811.6M	800M	802.2M	835M	833.4M	831.2M	827.4M	918.2M
Total assets	2.7B	2.8B	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B	2.7B	2.8B	2.9B	2.9B
Accounts payable	77.9M	84M	89.9M	81.3M	86.6M	70M	85.4M	91.8M	88.1M	99.8M	88.1M	101.3M
Short-term debt	271.1M	349M	39.1M	59M	325.5M	323.2M	258.2M	206.9M	58.3M	56.4M	45.1M	48M
Total current liabilities	1.2B	1.3B	944.7M	976.2M	1.3B	1.2B	1.1B	1.1B	999.9M	1B	1B	973.5M
Long-term debt	2.5B	2.4B	2.6B	2.5B	2.1B	2.1B	2.1B	2.1B	2.2B	2.1B	2.1B	2.2B
Total liabilities	3.8B	3.9B	3.7B	3.6B	3.6B	3.5B	3.4B	3.4B	3.3B	3.3B	3.3B	3.3B
Shareholders' equity	-1.1B	-1.1B	-1B	-1B	-954.2M	-801.1M	-736M	-654.4M	-606M	-509.4M	-434.2M	-466.9M
Total debt	2.8B	2.8B	2.6B	2.6B	2.5B	2.5B	2.4B	2.3B	2.2B	2.2B	2.2B	2.2B
Net debt	2.3B	2.2B	2.2B	2.2B	2.1B	2.1B	2.1B	2B	1.9B	1.8B	1.7B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	260M	213.9M	296.6M	311M	372.6M	447.2M	321.3M	142.2M	254.3M	227.8M
Depreciation & amortization	98.3M	99.8M	100.4M	97.7M	100.3M	107.6M	115.4M	113.3M	121.4M	121.2M
Stock-based compensation	40.2M	42.1M	35.5M	38.6M	51M	54.1M	44.4M	48M	50M	44.1M
Change in working capital	-85.4M	13.7M	84.3M	-90.5M	52.1M	-169M	-110.7M	61.5M	-10.6M	-48.5M
Operating cash flow	320.7M	529.4M	579.6M	408M	610M	441.9M	330.2M	337.8M	205.3M	333.3M
Capital expenditure	-143.4M	-95.5M	-84M	-106.1M	-112M	-151.4M	-156.4M	-135M	-84.1M	—
Investing cash flow	-142.4M	-95.2M	-83.9M	-108M	-123.2M	-156.4M	-156.2M	-134.8M	-84.6M	-28.3M
Dividends paid	0	—	—	—	—	—	—	—	—	—
Share repurchases	-13.2M	-844.2M	-750.3M	-16.7M	-923.5M	-1B	-146.7M	-11M	-8.3M	—
Financing cash flow	-691.1M	-579.7M	-1.8B	-737.5M	-345.4M	-728.6M	299.5M	-222.7M	-335.3M	-287.3M
Net change in cash	-512.8M	-145.5M	-1.3B	-437.5M	141.4M	-443.1M	473.5M	-19.7M	-214.6M	17.7M
Free cash flow	223.9M	495.3M	564.4M	351.4M	516.6M	308.9M	196.1M	222.5M	163.4M	252.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	43.1M	85.1M	61.2M	-26.5M
Depreciation & amortization	—	—	—	—	—	—	—	—	30.7M	29.3M	29.4M	31.4M
Stock-based compensation	—	—	—	—	—	—	—	—	11.2M	10.9M	10.6M	10.1M
Change in working capital	4.8M	-800K	-7.7M	2.6M	1.5M	9.5M	-20M	-2.4M	29.5M	32.6M	10.5M	-100.7M
Operating cash flow	4.8M	-800K	-7.7M	2.6M	1.5M	9.5M	-20M	-2.4M	138.8M	98.3M	113.8M	32.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	200K	-200K	-300K	-300K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-1.3M	-100K	-700K	-9.3M
Financing cash flow	—	—	—	—	—	—	—	—	-130.4M	-32.7M	2M	-82.7M
Net change in cash	4.8M	-800K	-7.7M	2.6M	1.5M	9.5M	-20M	-2.4M	8.6M	65.4M	115.5M	-50.1M
Free cash flow	—	—	—	—	—	—	—	—	118M	79.8M	102.9M	21.6M

May 15, 2018	2:1
May 18, 2011	2:1

Herbalife Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement