Natural Health Trends Corp. (NHTC) Balance Sheet
NHTC balance sheet, 2025
December 31, 2025 · U.S. dollars$38.4M assets = $15.0M liabilities + $23.4M equity
Both columns are drawn to the same scale: what NHTC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NHTC financial health
Descriptive bands, not a rating. Fiscal 2025.
NHTC balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $37.73B2017 | $38.4M2025 | −53.5%/yr | |
| Total liabilities | $24.79B2017 | $15.0M2025 | −56.1%/yr | |
| Shareholders’ equity | $12.95B2017 | $23.4M2025 | −50.4%/yr | |
| Cash & short-term investments | $14.22B2017 | $28.9M2025 | −49.8%/yr | |
| Total debt | $18.87B2017 | $3.1M2025 | −62.0%/yr | |
| Net cash (debt) | −$4.65B2017 | $25.7M2025 | +$4.7B | |
| Working capital | $15.29B2017 | $20.5M2025 | −$15.3B | |
| Book value per share | $8.042017 | $2.042025 | −15.8%/yr | |
| Current ratio | 5.582017 | 2.502025 | −3.08 | |
| Debt / equity | 1.462017 | 0.132025 | −1.32 | |
| Shares outstanding | 11.3M2017 | 11.5M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NHTC assets
NHTC liabilities and equity
NHTC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NHTC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.9M | $43.9M | $56.2M | $69.7M | $83.8M | $92.4M | $96.0M | $132.7M | $135.3M | $14.22B |
| Cash & equivalents | $6.8M | $13.5M | $56.2M | $69.7M | $83.8M | $92.4M | $96.0M | $132.7M | $135.3M | $14.18B |
| Short-term investments | $22.1M | $30.4M | $47.0M | $54.7M | $45.9M | $47.3M | $70.7M | $21.4M | — | $37.0M |
| Receivables | $0 | $0 | $0 | $606,000 | $1 | $1 | $2.9M | $1 | $1 | $1.74B |
| Inventory | $2.0M | $3.3M | $4.3M | $4.5M | $5.3M | $3.8M | $6.4M | $12.2M | $8.4M | $1.82B |
| Other current assets | $3.3M | $3.8M | $3.8M | $2.8M | $4.4M | $3.6M | $3.1M | $5.4M | $7.5M | $855.0M |
| Total current assets | $34.2M | $51.0M | $64.2M | $77.6M | $93.5M | $99.7M | $108.4M | $150.2M | $151.2M | $18.63B |
| Property, plant & equipment (net) | $2.0M | $2.7M | $3.6M | $4.4M | $3.5M | $4.3M | $3.9M | $934,000 | $1.1M | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.5M | $3.5M | $13.46B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $38.0M |
| Other non-current assets | $2.2M | $1.7M | $1.3M | $880,000 | $1.4M | $1.9M | $6.3M | $3.3M | $3.6M | $5.61B |
| Total assets | $38.4M | $55.4M | $69.1M | $82.8M | $98.4M | $105.9M | $118.5M | $157.9M | $159.6M | $37.73B |
| Liabilities | ||||||||||
| Accounts payable | $555,000 | $895,000 | $990,000 | $810,000 | $761,000 | $580,000 | $680,000 | $1.6M | $1.8M | $3.14B |
| Short-term debt | $869,000 | $1.1M | $1.1M | $1.1M | $1.2M | $1.2M | $1.7M | $18.9M | $19.1M | $203.0M |
| Deferred revenue | $5.6M | $6.4M | $6.2M | $5.6M | $8.5M | $3.1M | $4.5M | $6.8M | $4.5M | — |
| Total current liabilities | $13.7M | $20.8M | $20.0M | $20.4M | $24.7M | $21.5M | $26.3M | $43.1M | $41.9M | $3.34B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18.67B |
| Lease obligations | $2.0M | $2.6M | $3.5M | $4.1M | $3.2M | $3.9M | $3.2M | — | — | — |
| Other long-term liabilities | $1.3M | $1.7M | $7.5M | $12.2M | $14.2M | $16.7M | $17.1M | $25.0M | $27.0M | $2.78B |
| Total liabilities | $15.0M | $22.5M | $27.5M | $32.7M | $38.9M | $38.2M | $43.4M | $68.1M | $68.9M | $24.79B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $347.0M |
| Retained earnings (deficit) | −$36.4M | −$26.3M | −$17.7M | −$9.1M | −$231,000 | $7.8M | $16.1M | $44.4M | $44.9M | $13.11B |
| Treasury stock | — | — | — | −$25.9M | — | −$25.9M | −$25.9M | −$39.7M | −$40.6M | — |
| Accumulated other comprehensive income | −$784,000 | −$1.3M | −$1.1M | −$1.0M | −$492,000 | −$336,000 | −$1.3M | −$1.2M | −$413,000 | — |
| Total shareholders' equity | $23.4M | $32.9M | $41.6M | $50.2M | $59.5M | $67.7M | $75.1M | $89.9M | $90.6M | $12.95B |
| Key figures | ||||||||||
| Total debt | $3.1M | $2.6M | $3.5M | $4.1M | $3.2M | $3.9M | $3.2M | $18.9M | $19.1M | $18.87B |
| Net cash (debt) | $25.7M | $41.3M | $52.7M | $65.5M | $80.7M | $88.4M | $92.8M | $113.7M | $116.2M | −$4.65B |
| Working capital | $20.5M | $30.2M | $44.2M | $57.1M | $68.8M | $78.2M | $82.1M | $107.1M | $109.3M | $15.29B |
| Tangible book value | $23.4M | $32.9M | $41.6M | $50.2M | $59.5M | $67.7M | $75.1M | $86.3M | $87.1M | −$508.0M |
| Book value per share | $2.04 | $2.86 | $3.63 | $4.39 | $5.21 | $5.93 | $6.90 | $7.94 | $8.04 | — |
| Shares outstanding | 11.5M | 11.5M | 11.5M | 11.4M | 11.4M | 11.4M | 10.9M | 11.3M | 11.3M | — |
| Current ratio | 2.50 | 2.45 | 3.21 | 3.79 | 3.79 | 4.64 | 4.12 | 3.49 | 3.61 | 5.58 |
| Quick ratio | 2.11 | 2.11 | 2.81 | 3.44 | 3.40 | 4.29 | 3.76 | 3.08 | 3.23 | 4.78 |
| Debt / equity | 0.13 | 0.08 | 0.08 | 0.08 | 0.05 | 0.06 | 0.04 | 0.21 | 0.21 | 1.46 |
| Equity / assets | 61.0% | 59.4% | 60.2% | 60.6% | 60.5% | 63.9% | 63.3% | 56.9% | 56.8% | 34.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $18.6M | $21.2M | $28.9M | $32.0M | $34.2M | $41.9M | $43.9M | $46.3M | $48.7M | $54.4M | $56.2M | $58.4M |
| Cash & equivalents | $9.5M | $9.2M | $6.8M | $14.3M | $10.5M | $21.7M | $13.5M | $22.9M | $15.6M | $25.8M | $56.2M | $58.4M |
| Short-term investments | $9.1M | $12.0M | $22.1M | $17.7M | $23.7M | $20.2M | $30.4M | $23.4M | $33.1M | $28.6M | $47.0M | $29.8M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $2.0M | $2.0M | $2.0M | $2.2M | $2.8M | $2.8M | $3.3M | $3.7M | $4.2M | $4.9M | $4.3M | $4.9M |
| Other current assets | $3.0M | $3.3M | $3.3M | $3.7M | $3.8M | $4.1M | $3.8M | $3.8M | $4.0M | $3.4M | $3.8M | $3.7M |
| Total current assets | $23.7M | $26.5M | $34.2M | $37.9M | $40.9M | $48.8M | $51.0M | $53.8M | $56.9M | $62.7M | $64.2M | $67.0M |
| Property, plant & equipment (net) | $3.2M | $3.1M | $2.0M | $2.2M | $2.3M | $2.5M | $2.7M | $3.0M | $3.3M | $3.5M | $3.6M | $3.8M |
| Goodwill & intangible assets | $1.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $755,000 | $2.3M | $2.2M | $2.2M | $2.0M | $1.8M | $1.7M | $1.5M | $1.3M | $1.4M | $1.3M | $1.0M |
| Total assets | $29.2M | $31.9M | $38.4M | $42.3M | $45.2M | $53.2M | $55.4M | $58.3M | $61.5M | $67.6M | $69.1M | $71.8M |
| Liabilities | ||||||||||||
| Accounts payable | $964,000 | $1.3M | $555,000 | $1.0M | $962,000 | $968,000 | $895,000 | $548,000 | $653,000 | $749,000 | $990,000 | $666,000 |
| Short-term debt | $860,000 | $958,000 | $869,000 | $991,000 | $1.1M | $1.1M | $1.1M | $1.2M | $1.2M | $1.2M | $1.1M | $1.2M |
| Deferred revenue | $4.2M | $5.0M | $5.6M | $6.0M | $6.1M | $6.9M | $6.4M | $6.8M | $7.6M | $7.2M | $6.2M | $6.2M |
| Total current liabilities | $11.9M | $13.2M | $13.7M | $14.8M | $14.9M | $20.7M | $20.8M | $21.1M | $22.1M | $20.9M | $20.0M | $20.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.8M | $3.0M | $2.0M | $2.2M | $2.2M | $2.5M | $2.6M | $2.9M | $3.2M | $3.4M | $3.5M | $3.7M |
| Other long-term liabilities | $2.1M | $2.2M | $1.3M | $1.3M | $1.4M | $1.6M | $1.7M | $1.9M | $2.1M | $7.4M | $7.5M | $7.7M |
| Total liabilities | $14.0M | $15.5M | $15.0M | $16.1M | $16.3M | $22.3M | $22.5M | $23.0M | $24.2M | $28.3M | $27.5M | $28.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 | $13,000 |
| Retained earnings (deficit) | −$38.8M | −$37.4M | −$36.4M | −$33.5M | −$30.8M | −$28.5M | −$26.3M | −$24.2M | −$21.9M | −$19.8M | −$17.7M | −$15.8M |
| Accumulated other comprehensive income | −$728,000 | −$775,000 | −$784,000 | −$925,000 | −$916,000 | −$1.1M | −$1.3M | −$960,000 | −$1.2M | −$1.2M | −$1.1M | −$1.3M |
| Total shareholders' equity | $15.2M | $16.5M | $23.4M | $26.1M | $28.9M | $30.9M | $32.9M | $35.3M | $37.2M | $39.4M | $41.6M | $43.3M |
| Key figures | ||||||||||||
| Total debt | $2.8M | $3.0M | $3.1M | $3.3M | $2.2M | $2.5M | $2.6M | $2.9M | $3.2M | $3.4M | $3.5M | $3.7M |
| Net cash (debt) | $15.9M | $18.2M | $25.7M | $28.7M | $32.0M | $39.4M | $41.3M | $43.4M | $45.5M | $51.0M | $52.7M | $54.7M |
| Working capital | $11.8M | $13.3M | $20.5M | $23.1M | $25.9M | $28.1M | $30.2M | $32.7M | $34.8M | $41.9M | $44.2M | $46.2M |
| Tangible book value | $13.6M | $16.5M | $23.4M | $26.1M | $28.9M | $30.9M | $32.9M | $35.3M | $37.2M | $39.4M | $41.6M | $43.3M |
| Book value per share | $1.62 | $1.62 | $2.04 | $2.27 | $2.51 | $2.69 | $2.86 | $3.07 | $3.24 | $3.43 | $3.63 | $3.78 |
| Shares outstanding | 9.4M | 10.1M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M | 11.5M |
| Current ratio | 1.99 | 2.00 | 2.50 | 2.57 | 2.73 | 2.35 | 2.45 | 2.55 | 2.57 | 3.01 | 3.21 | 3.22 |
| Quick ratio | 1.56 | 1.60 | 2.11 | 2.17 | 2.29 | 2.02 | 2.11 | 2.19 | 2.20 | 2.61 | 2.81 | 2.81 |
| Debt / equity | 0.18 | 0.18 | 0.13 | 0.13 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.08 | 0.09 |
| Equity / assets | 52.0% | 51.5% | 61.0% | 61.9% | 63.9% | 58.1% | 59.4% | 60.6% | 60.6% | 58.2% | 60.2% | 60.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
NHTC financial position
At the end of fiscal 2025 (December 31, 2025), Natural Health Trends had total assets of $38.4 million (down 30.6% from a year earlier), total liabilities of $15.0 million and shareholders' equity of $23.4 million. It held $28.9 million in cash and short-term investments against $3.1 million of debt, a net cash position of $25.7 million. Its current ratio was 2.50. In the latest quarter (ended June 30, 2026) total assets were $29.2 million and equity $15.2 million.
Related: NHTC income statement, NHTC cash flow statement, NHTC key metrics. See the NHTC stock overview for the latest quote and news.
NHTC balance sheet FAQ
What are Natural Health Trends's total assets?
Natural Health Trends reported total assets of $38.4 million at the end of fiscal 2025 (December 31, 2025), compared with $55.4 million a year earlier.
How much debt does Natural Health Trends have?
Natural Health Trends had $3.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does Natural Health Trends have?
Natural Health Trends held $28.9 million in cash and short-term investments at the end of fiscal 2025; with $3.1 million of debt that is net cash of $25.7 million.
What is Natural Health Trends's book value?
Natural Health Trends's shareholders' equity (book value) was $23.4 million at the end of fiscal 2025, or $2.04 per share.
What is Natural Health Trends's current ratio?
Natural Health Trends had current assets of $34.2 million and current liabilities of $13.7 million, a current ratio of 2.50 (it can cover its short-term obligations).