NYSE : HLF
Herbalife Ltd. — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 13.05 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.37B
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Financial statements
Herbalife Ltd. (HLF) reported revenue of 5.20B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.20B | 5.04B | 4.99B | 5.06B | 5.20B | 5.80B |
| Cost of Revenue | 1.16B | 1.11B | 1.10B | 1.19B | 2.86B | 3.07B |
| Gross Profit | 4.04B | 3.92B | 3.89B | 3.87B | 2.34B | 2.73B |
| Selling, General & Admin | 3.54B | 3.43B | 3.43B | 3.47B | 1.80B | 2.00B |
| Other Operating Expenses | -5.50M | -4.80M | -5.50M | -10.20M | -14.90M | -16.40M |
| Operating Expenses | 3.54B | 3.43B | 3.42B | 3.46B | 1.78B | 1.98B |
| Operating Income | 504.30M | 497.10M | 468.30M | 410.60M | 557.30M | 747.00M |
| Interest Expense | -193.90M | -214.40M | -218.30M | -165.90M | -139.30M | -153.10M |
| Interest & Investment Income | 9.40M | 8.50M | 12.30M | 11.50M | 6.10M | 4.40M |
| EBT Excluding Unusual Items | 319.80M | 291.20M | 262.30M | 256.20M | 424.10M | 598.30M |
| Merger & Restructuring Charges | -12.00M | -16.10M | -82.40M | -54.20M | -12.10M | -12.90M |
| Other Unusual Items | -94.60M | -10.50M | 1.00M | 12.80M | -24.60M | |
| Pretax Income | 213.20M | 275.10M | 169.40M | 203.00M | 424.80M | 560.80M |
| Income Tax Expense | 50.30M | 47.30M | -84.90M | 60.80M | 103.50M | 113.60M |
| Earnings From Continuing Operations | 162.90M | 227.80M | 254.30M | 142.20M | 321.30M | 447.20M |
| Minority Interest in Earnings | 1.30M | 500.00K | ||||
| Net Income | 164.20M | 228.30M | 254.30M | 142.20M | 321.30M | 447.20M |
| Net Income to Common | 164.20M | 228.30M | 254.30M | 142.20M | 321.30M | 447.20M |
| Shares Outstanding (Basic) | 103.70M | 102.80M | 100.60M | 99.00M | 98.50M | 105.90M |
| Shares Outstanding (Diluted) | 106.10M | 103.60M | 101.60M | 100.20M | 99.50M | 108.30M |
| EPS (Basic) | 1.58 | 2.22 | 2.53 | 1.44 | 3.26 | 4.22 |
| EPS (Diluted) | 1.54 | 2.20 | 2.50 | 1.42 | 3.23 | 4.13 |
| Free Cash Flow | 322.30M | 252.90M | 163.40M | 222.50M | 196.10M | 308.90M |
| Free Cash Flow Per Share | 3.04 | 2.44 | 1.61 | 2.22 | 1.97 | 2.85 |
| Gross Margin | 77.70% | 77.87% | 77.88% | 76.47% | 44.98% | 47.04% |
| Operating Margin | 9.70% | 9.87% | 9.38% | 8.11% | 10.71% | 12.87% |
| Profit Margin | 3.16% | 4.53% | 5.09% | 2.81% | 6.17% | 7.71% |
| Free Cash Flow Margin | 6.20% | 5.02% | 3.27% | 4.40% | 3.77% | 5.32% |
| EBITDA | 625.10M | 618.30M | 589.70M | 523.90M | 672.70M | 854.60M |
| EBITDA Margin | 12.02% | 12.27% | 11.81% | 10.35% | 12.93% | 14.73% |
| D&A For EBITDA | 120.80M | 121.20M | 121.40M | 113.30M | 115.40M | 107.60M |
| EBIT | 504.30M | 497.10M | 468.30M | 410.60M | 557.30M | 747.00M |
| EBIT Margin | 9.70% | 9.87% | 9.38% | 8.11% | 10.71% | 12.87% |
| Effective Tax Rate | 23.59% | 17.19% | 29.95% | 24.36% | 20.26% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 370.50M | 353.10M | 415.30M | 575.20M | 508.00M | 601.50M |
| Trading Asset Securities | 300.00K | |||||
| Cash & Short-Term Investments | 370.50M | 353.10M | 415.30M | 575.20M | 508.30M | 601.50M |
| Accounts Receivable | 115.90M | 91.90M | 68.90M | 81.20M | 70.60M | 66.90M |
| Other Receivables | 3.50M | 11.10M | ||||
| Receivables | 119.40M | 103.00M | 68.90M | 81.20M | 70.60M | 66.90M |
| Inventory | 507.70M | 511.70M | 475.40M | 505.20M | 580.70M | 575.70M |
| Prepaid Expenses | 163.80M | 171.70M | 171.70M | 221.70M | 191.40M | 178.20M |
| Restricted Cash | 3.60M | 3.20M | 4.30M | 15.30M | 2.50M | 2.60M |
| Other Current Assets | 3.80M | 2.00M | 8.10M | 700.00K | 2.60M | 6.90M |
| Total Current Assets | 1.17B | 1.14B | 1.14B | 1.40B | 1.36B | 1.43B |
| Property, Plant & Equipment | 579.20M | 616.00M | 645.90M | 692.30M | 693.40M | 662.10M |
| Goodwill | 125.90M | 100.50M | 87.70M | 95.40M | 93.20M | 95.40M |
| Other Intangible Assets | 333.20M | 315.10M | 312.30M | 314.00M | 315.70M | 317.30M |
| Long-Term Deferred Tax Assets | 478.60M | 464.30M | 398.60M | 179.30M | 131.60M | 118.00M |
| Other Long-Term Assets | 172.00M | 145.30M | 139.90M | 129.10M | 142.00M | 195.20M |
| Total Assets | 2.86B | 2.79B | 2.73B | 2.81B | 2.73B | 2.82B |
| Accounts Payable | 101.30M | 99.80M | 70.00M | 84.00M | 89.80M | 92.00M |
| Accrued Expenses | 337.00M | 358.50M | 389.70M | 768.40M | 753.50M | 839.50M |
| Current Portion of Long-Term Debt | 12.00M | 20.00M | 282.70M | 308.70M | 28.90M | 29.00M |
| Current Portion of Leases | 36.00M | 36.40M | 40.50M | 40.30M | 38.00M | 43.20M |
| Current Income Taxes Payable | 16.90M | 20.60M | 12.60M | 12.20M | 12.50M | 13.70M |
| Current Unearned Revenue | 92.30M | 75.20M | 75.00M | 64.00M | 53.90M | 63.00M |
| Other Current Liabilities | 378.00M | 402.40M | 359.90M | |||
| Total Current Liabilities | 973.50M | 1.01B | 1.23B | 1.28B | 976.60M | 1.08B |
| Long-Term Debt | 2.00B | 1.97B | 1.98B | 2.25B | 2.66B | 2.73B |
| Long-Term Leases | 152.10M | 157.30M | 170.70M | 168.50M | 193.10M | 201.90M |
| Long-Term Deferred Tax Liabilities | 18.80M | 18.90M | 17.70M | 21.10M | 19.00M | 30.60M |
| Other Long-Term Liabilities | 176.50M | 136.10M | 135.00M | 150.50M | 147.40M | 165.90M |
| Total Liabilities | 3.32B | 3.30B | 3.53B | 3.87B | 4.00B | 4.21B |
| Common Stock | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K |
| Additional Paid-In Capital | 334.80M | 316.00M | 278.20M | 233.90M | 188.70M | 318.10M |
| Retained Earnings | -544.10M | -579.70M | -808.00M | -1.06B | -1.20B | -1.17B |
| Treasury Stock | -328.90M | |||||
| Comprehensive Income & Other | -265.30M | -251.50M | -271.40M | -232.00M | -250.20M | -211.80M |
| Total Common Equity | -474.50M | -515.10M | -801.10M | -1.06B | -1.27B | -1.39B |
| Minority Interest | 7.60M | 5.70M | ||||
| Shareholders' Equity | -466.90M | -509.40M | -801.10M | -1.06B | -1.27B | -1.39B |
| Total Liabilities & Equity | 2.86B | 2.79B | 2.73B | 2.81B | 2.73B | 2.82B |
| Total Debt | 2.20B | 2.18B | 2.47B | 2.77B | 2.92B | 3.01B |
| Net Cash (Debt) | -1.83B | -1.83B | -2.05B | -2.19B | -2.41B | -2.41B |
| Net Cash Per Share | -17.28 | -17.67 | -20.22 | -21.90 | -24.26 | -22.21 |
| Filing Date Shares Outstanding | 104.80M | 103.37M | 101.20M | 99.26M | 97.92M | 99.77M |
| Total Common Shares Outstanding | 104.80M | 103.30M | 101.20M | 99.20M | 97.90M | 100.80M |
| Working Capital | 195.30M | 131.80M | -86.70M | 121.70M | 379.50M | 351.40M |
| Book Value Per Share | -4.53 | -4.99 | -7.92 | -10.69 | -12.93 | -13.80 |
| Tangible Book Value | -933.60M | -930.70M | -1.20B | -1.47B | -1.67B | -1.80B |
| Tangible Book Value Per Share | -8.91 | -9.01 | -11.87 | -14.82 | -17.11 | -17.90 |
| Land | 22.40M | 22.40M | 51.20M | 51.20M | 51.20M | |
| Buildings | 241.20M | 236.70M | 268.50M | 260.80M | 254.50M | |
| Machinery | 1.25B | 1.22B | 1.20B | 1.21B | 1.16B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 164.20M | 228.30M | 254.30M | 142.20M | 321.30M | 447.20M |
| Depreciation & Amortization | 120.80M | 121.20M | 121.40M | 113.30M | 115.40M | 107.60M |
| Stock-Based Compensation | 42.80M | 44.10M | 50.00M | 48.00M | 44.40M | 54.10M |
| Other Operating Activities | 76.50M | -24.80M | -172.80M | 6.30M | -5.50M | 69.70M |
| Change in Accounts Receivable | -21.00M | -19.70M | 5.90M | -12.60M | -9.10M | 9.60M |
| Change in Inventory | -17.80M | -27.90M | -30.40M | 57.50M | -68.40M | -129.10M |
| Change in Accounts Payable | 8.10M | 24.10M | -14.60M | -7.40M | -1.10M | 6.90M |
| Change in Other Net Operating Assets | 10.20M | -12.00M | 71.60M | 10.20M | -44.50M | -105.70M |
| Operating Cash Flow | 383.80M | 333.30M | 285.40M | 357.50M | 352.50M | 460.30M |
| Capital Expenditures | -61.50M | -80.40M | -122.00M | -135.00M | -156.40M | -151.40M |
| Cash Acquisitions | -10.00M | -25.50M | ||||
| Other Investing Activities | -600.00K | -2.80M | 37.40M | 200.00K | 200.00K | -5.00M |
| Investing Cash Flow | -72.10M | -108.70M | -84.60M | -134.80M | -156.20M | -156.40M |
| Long-Term Debt Issued | 724.80M | 2.17B | 215.20M | 841.70M | 1.27B | |
| Long-Term Debt Repaid | -1.01B | -2.48B | -353.90M | -956.70M | -984.20M | |
| Net Debt Issued (Repaid) | -217.20M | -284.10M | -305.50M | -138.70M | -115.00M | 286.90M |
| Repurchase of Common Stock | -11.40M | -8.20M | -8.30M | -11.00M | -146.70M | -1.01B |
| Other Financing Activities | -15.20M | -3.20M | -21.50M | 1.40M | -3.00M | -4.20M |
| Financing Cash Flow | -243.80M | -295.50M | -335.30M | -148.30M | -264.70M | -728.60M |
| Foreign Exchange Rate Adjustments | -18.10M | 8.10M | -22.90M | 4.80M | -25.70M | -18.90M |
| Net Cash Flow | 49.80M | -62.80M | -157.40M | 79.20M | -94.10M | -443.60M |
| Free Cash Flow | 322.30M | 252.90M | 163.40M | 222.50M | 196.10M | 308.90M |
| Free Cash Flow Margin | 6.20% | 5.02% | 3.27% | 4.40% | 3.77% | 5.32% |
| Free Cash Flow Per Share | 3.04 | 2.44 | 1.61 | 2.22 | 1.97 | 2.85 |
| Levered Free Cash Flow | 317.90M | 247.69M | 279.95M | 223.34M | 148.75M | 220.89M |
| Unlevered Free Cash Flow | 439.09M | 381.69M | 416.39M | 327.02M | 235.81M | 316.57M |
| Cash Interest Paid | 205.70M | 205.70M | 194.40M | 159.10M | 133.50M | 143.50M |
| Cash Income Tax Paid | 116.80M | 116.80M | 132.30M | 121.20M | 144.90M | 156.30M |
| Change in Working Capital | -20.50M | -35.50M | 32.50M | 47.70M | -123.10M | -218.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.37B | 1.33B | 674.30M | 1.51B | 1.46B | 4.18B |
| Enterprise Value | 3.20B | 3.24B | 2.74B | 3.78B | 3.90B | 6.51B |
| Last Close Price | 13.05 | 12.89 | 6.69 | 15.26 | 14.88 | 40.93 |
| PE Ratio | 8.45 | 5.83 | 2.65 | 10.64 | 4.53 | 9.35 |
| Forward PE | 4.89 | 4.87 | 3.65 | 5.64 | 4.71 | 9.54 |
| PS Ratio | 0.26 | 0.26 | 0.14 | 0.30 | 0.28 | 0.72 |
| PB Ratio | -2.61 | -0.84 | -1.43 | -1.15 | -3.00 | |
| P/FCF Ratio | 4.24 | 5.27 | 4.13 | 6.80 | 7.43 | 13.53 |
| P/OCF Ratio | 3.56 | 4.00 | 2.36 | 4.23 | 4.13 | 9.08 |
| PEG Ratio | 0.43 | 0.23 | 0.21 | 27.40 | 0.95 | 0.95 |
| EV/Sales Ratio | 0.62 | 0.64 | 0.55 | 0.75 | 0.75 | 1.12 |
| EV/EBITDA Ratio | 5.12 | 5.25 | 4.65 | 7.22 | 5.80 | 7.61 |
| EV/EBIT Ratio | 6.35 | 6.53 | 5.86 | 9.21 | 7.00 | 8.71 |
| EV/FCF Ratio | 9.93 | 12.83 | 16.78 | 16.99 | 19.89 | 21.06 |
| Debt / Equity Ratio | -4.72 | -4.29 | -3.08 | -2.61 | -2.31 | -2.16 |
| Debt / EBITDA Ratio | 3.20 | 3.21 | 3.82 | 4.77 | 3.98 | 3.28 |
| Debt / FCF Ratio | 6.84 | 8.63 | 15.11 | 12.45 | 14.90 | 9.73 |
| Net Debt / Equity Ratio | -3.93 | -3.59 | -2.56 | -2.07 | -1.91 | -1.73 |
| Net Debt / EBITDA Ratio | 2.93 | 2.96 | 3.48 | 4.19 | 3.59 | 2.81 |
| Net Debt / FCF Ratio | 5.69 | 7.24 | 12.57 | 9.86 | 12.31 | 7.79 |
| Asset Turnover | 1.86 | 1.83 | 1.80 | 1.83 | 1.88 | 1.97 |
| Inventory Turnover | 2.27 | 2.26 | 2.25 | 2.19 | 4.95 | 5.71 |
| Quick Ratio | 0.50 | 0.45 | 0.39 | 0.51 | 0.59 | 0.62 |
| Current Ratio | 1.20 | 1.13 | 0.93 | 1.09 | 1.39 | 1.32 |
| Return on Assets (ROA) | 11.27% | 11.27% | 10.57% | 9.26% | 12.55% | 15.84% |
| Return on Invested Capital (ROIC) | 20.62% | 25.17% | 30.92% | 17.50% | 24.12% | 32.30% |
| Return on Capital Employed (ROCE) | 26.80% | 28.00% | 31.30% | 26.80% | 31.70% | 42.90% |
| Earnings Yield | 11.83% | 17.14% | 37.71% | 9.40% | 22.06% | 10.70% |
| FCF Yield | 23.57% | 18.99% | 24.23% | 14.71% | 13.46% | 7.39% |
| Buyback Yield / Dilution | -3.61% | -1.97% | -1.40% | -0.70% | 8.13% | 19.48% |