Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026
Usana Health Sciences Inc (USNA)
A forensic read on Usana Health Sciences Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.4
Distress distance
Clean
Earnings quality
4
Forensic signals
2.0%
ROE
8.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Usana Health Sciences Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
157d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 149 to 157 FY2024→FY2025 (against cost of goods sold; inventory +47% vs +25% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
5.5%
FY2025
Return on invested capital.Return on invested capital is 5.5% in the latest fiscal year and slipping across FY2023–FY2025 from 33.0%. After-tax operating profit was $60M in FY2023 and $24M in FY2025, with operating income at 10.1% of revenue in FY2023, 7.8% in FY2024 and 4.0% in FY2025. The capital base behind it grew +141% across FY2023–FY2025, from $183M to $441M, while the return fell 27.5 points, so the dollars added over that window earned less than the 33.0% the older base was already earning. FY2025's operating profit carried a $7M goodwill write-off and a $6M restructuring charge that alone took about 1.9 points off that year's return, so about 1.9 of the 27.5-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
323% of FCF
FY2025
Shareholder returns.Returned $28M to shareholders (buybacks + dividends) in FY2025 — 323% of free cash flow. That is $19M (223%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $23M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $14M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 485%.
$7M
FY2025
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2025 ($7M)) — about 61% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
Key fundamentals
Latest Revenue$925.3M
Revenue Growth YoY+8.3%
Revenue CAGR (2yr)+0.2%
Net Margin1.2%
Free Cash Flow$8.5M
Return on Equity2.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Usana Health Sciences Inc's actual 10-K/10-Q/8-K filings?