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USNA, USANA Health Sciences

USANA Health Sciences, Inc. develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world.

In 2025, we generated $925 million in net sales and finished the year with approximately 387,000 active Customers in our core nutritional business.

D. and since that time, we have developed and manufactured high quality, science-based nutritional, personal care and skincare products with a primary focus on promoting long-term health and wellness.

Latest annual: FY2025 10-K

USNA · USANA Health Sciences

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$925M

+8.3% YoY · −4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $926M 5-yr avg $977M

Gross margin 78% 5-yr avg 80%

Operating margin 3.8% 5-yr avg 9.4%

ROIC 4% 5-yr avg 31%

Owner-earnings margin 0% 5-yr avg 6%

Free cash flow margin 0% 5-yr avg 6%

Next report By 8/13 · the 10-Q for the quarter ended early July · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 82% and operating margin about 13% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 57%, above 15% in 6 of 7 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 10% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
											Income statement
$1.0B	$1.0B	$1.2B	$1.1B	$1.1B	$1.2B	$999M	$921M	$855M	$925M	$926M	RevenueRevenue
$826M	$868M	$989M	$873M	$926M	$969M	$805M	$744M	$693M	$724M	$718M	Gross profitGross prof.
82%	83%	83%	82%	82%	82%	81%	81%	81%	78%	78%	Gross marginGross mgn
23%	25%	23%	25%	23%	24%	26%	28%	31%	36%	36%	SG&A / revenueSG&A/rev
1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	R&D / revenueR&D/rev
$139M	$133M	$188M	$146M	$176M	$170M	$108M	$93M	$66M	$37M	$36M	Operating incomeOp. inc.
13.8%	12.7%	15.8%	13.8%	15.6%	14.3%	10.8%	10.1%	7.8%	4.0%	3.8%	Operating marginOp. mgn
$139M	$135M	$192M	$150M	$178M	$171M	$109M	$102M	$76M	$42M	—	Pretax incomePretax
$100M	$63M	$126M	$101M	$125M	$117M	$69M	$64M	$42M	$11M	$9M	Net incomeNet inc.
28%	54%	34%	33%	30%	32%	36%	38%	45%	—	—	Effective tax rateTax rate
											Cash flow & returns
$137M	$124M	$152M	$127M	$160M	$121M	$104M	$71M	$61M	$22M	$17M	Operating cash flowOp. cash
$13M	$16M	$17M	$15M	$14M	$13M	$13M	$13M	$15M	$33M	$33M	DepreciationDeprec.
$7M	$30M	($6M)	($4M)	$8M	($23M)	$8M	($20M)	($10M)	($35M)	($39M)	Working capital & otherWC & other
$33M	$13M	$11M	$17M	$15M	$13M	$10M	$14M	$10M	$14M	$14M	CapexCapex
3.3%	1.3%	1.0%	1.6%	1.3%	1.1%	1.0%	1.6%	1.2%	1.5%	1.5%	Capex / revenueCapex/rev
$104M	$111M	$141M	$110M	$145M	$108M	$94M	$56M	$51M	$9M	$3M	Owner earningsOwner earn.
10.4%	10.6%	11.8%	10.4%	12.8%	9.1%	9.4%	6.1%	6.0%	0.9%	0.3%	Owner earnings marginOE mgn
$104M	$111M	$141M	$110M	$145M	$108M	$94M	$56M	$51M	$9M	$3M	Free cash flowFCF
10.4%	10.6%	11.8%	10.4%	12.8%	9.1%	9.4%	6.1%	6.0%	0.9%	0.3%	Free cash flow marginFCF mgn
—	—	—	—	$0	$0	$7M	$0	$203M	$0	$0	AcquisitionsAcquis.
$65M	$50M	$105M	$150M	$57M	$178M	$25M	$12M	$9M	$28M	—	BuybacksBuybacks
($32M)	($13M)	($69M)	$47M	($34M)	($14M)	($12M)	($12M)	($213M)	($10M)	—	Investing cash flowInv. cash
($65M)	($50M)	($105M)	($152M)	($59M)	($181M)	($30M)	($14M)	$10M	($41M)	—	Financing cash flowFin. cash
($8M)	$11M	($11M)	($2M)	$11M	$2M	($14M)	($3M)	($6M)	$5M	—	Exchange-rate effectFX
$32M	$72M	($33M)	$20M	$78M	($72M)	$48M	$42M	($149M)	($23M)	—	Change in cashΔ cash
67%	57%	70%	84%	—	—	47%	35%	10%	—	4%	ROICROIC
31%	17%	32%	29%	—	—	16%	13%	8%	—	2%	Return on equityROE
31%	17%	32%	29%	—	—	16%	13%	8%	—	2%	Retained to equityRetained/eq
											Balance sheet
$176M	$247M	$214M	$235M	$312M	$240M	$288M	$330M	$182M	$158M	$163M	Cash & investmentsCash+inv
$65M	$63M	$82M	$69M	$90M	$98M	$67M	$61M	$70M	$103M	$96M	InventoryInvent.
$9M	$12M	$10M	$13M	$18M	$14M	$11M	$10M	$12M	$17M	$16M	Accounts payablePayables
$56M	$51M	$72M	$56M	$72M	$85M	$56M	$51M	$58M	$85M	$90M	Operating working capitalOper. WC
$278M	$340M	$392M	$329M	$425M	$365M	$384M	$418M	$279M	$288M	$294M	Current assetsCur. assets
$138M	$141M	$149M	$136M	$168M	$161M	$144M	$119M	$140M	$129M	$117M	Current liabilitiesCur. liab.
2.0×	2.4×	2.6×	2.4×	2.5×	2.3×	2.7×	3.5×	2.0×	2.2×	2.5×	Current ratioCurr. ratio
$101M	$103M	$92M	$95M	$100M	$102M	$98M	$100M	$95M	$94M	—	Net PP&ENet PP&E
$17M	$17M	$17M	$17M	$17M	$18M	$17M	$17M	$144M	$138M	$138M	GoodwillGoodwill
$471M	$519M	$554M	$517M	$641M	$578M	$597M	$633M	$748M	$743M	$739M	Total assetsAssets
312.2×	2880.5×	5232.0×	2215.0×	348.1×	2985.8×	560.5×	355.2×	236.0×	44.5×	53.1×	Interest coverageInt. cov.
—	—	—	—	—	—	—	$136M	$162M	$157M	—	Total liabilitiesTotal liab.
—	—	—	—	—	—	—	$0	$54M	$53M	—	Redeemable interestsRedeemable
$325M	$363M	$391M	$352M	—	—	$434M	$497M	$532M	—	$544M	Shareholders’ equityEquity
1.6%	1.5%	1.3%	1.5%	1.3%	1.2%	1.3%	1.6%	1.7%	1.5%	1.6%	Stock comp / revenueSBC/rev
											Per share
25.0M	24.7M	24.6M	22.8M	21.3M	20.3M	19.3M	19.3M	19.2M	18.6M	18.4M	Shares out (diluted)Shares
$40.17	$42.39	$48.26	$46.49	$53.38	$58.32	$51.71	$47.61	$44.59	$49.81	$50.29	Revenue / shareRev/sh
$3.99	$2.53	$5.12	$4.41	$5.86	$5.73	$3.59	$3.30	$2.19	$0.58	$0.48	EPS (diluted)EPS
$4.16	$4.47	$5.71	$4.83	$6.84	$5.33	$4.84	$2.90	$2.66	$0.46	$0.16	Owner earnings / shareOE/sh
$4.16	$4.47	$5.71	$4.83	$6.84	$5.33	$4.84	$2.90	$2.66	$0.46	$0.16	Free cash flow / shareFCF/sh
$1.31	$0.54	$0.46	$0.73	$0.71	$0.63	$0.54	$0.75	$0.53	$0.74	$0.74	Cap. spending / shareCapex/sh
$12.99	$14.70	$15.87	$15.41	—	—	$22.50	$25.70	$27.77	—	$29.52	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.4%/yr	−1.4%/yr
Owner earnings / share	−21.7%/yr	−41.7%/yr
EPS	−19.3%/yr	−37.1%/yr
Capital spending / share	−6.1%/yr	+0.9%/yr
Book value / share	+10.0%/yr (8-yr)	+12.5%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $11M of profit but $9M of owner earnings: $2M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$11M

Owner earnings$9M · 1% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$11M	$42M	$64M	$69M	$117M
Depreciation & amortizationnon-cash charge added back	+$33M	+$15M	+$13M	+$13M	+$13M
Stock-based compensationreal costnon-cash, but a real cost	+$14M	+$15M	+$15M	+$13M	+$14M
Working capital & othertiming of cash in and out, other non-cash items	−$35M	−$10M	−$20M	+$8M	−$23M
Cash from operations	$22M	$61M	$71M	$104M	$121M
Capital expenditurecash put back in to keep running and to grow	−$14M	−$10M	−$14M	−$10M	−$13M
Owner earnings	$9M	$51M	$56M	$94M	$108M
Owner-earnings marginowner earnings ÷ revenue	1%	6%	6%	9%	9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $14M), owner earnings is nearer ($5M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 44.5×

Comfortable

Operating income $37M ÷ interest expense $842K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$158M

Net cash, debt-free

Cash $158M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $158M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median -9%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 10%

Solid through the cycle

10-yr median margin, range 1%–13%; latest $9M = operating cash $22M − maintenance capex $14M

Industry peers: median -14%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 10% median across 10 years. Treating stock comp as the real expense it is (less $14M of SBC) leaves ($5M).
Are earnings backed by cash? 2.08×

Cash-backed

Cash from ops $22M ÷ net income $11M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 323%

Returned more than it generated

Dividends + buybacks $28M ÷ Owner Earnings $9M — this fiscal year

What this means
The company returned more than it generated: against $9M of Owner Earnings, $28M (323%) went back to shareholders, $0 dividends, $28M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $14M stock comp, the real buyback was about $14M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands. This year's proportion is 323%; across the record (2016–2025) it is 73%, the capital-allocation section below.
Investing or harvesting? 0.42×

Harvesting

Capex $14M ÷ depreciation $33M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 1.5%

The count is edging down

Stock compensation $14M (fiscal 2025), 1.5% of revenue · repurchases $28M · diluted shares -3.8% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $925M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.24×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record —

Uninterrupted dividends · no dividend line tagged in the data

What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
Earnings growth Miss

Earnings +33% over the record · −60%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.10/share (latest year $0.58), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 14% → 7% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 14% early to 7% lately, median 13% — competition or costs are biting in.
Owner earnings growth −13%/yr

What this means
Owner earnings shrank about 13% a year over the record.
Worst year 2025 · 4.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −3.3%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 4, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$294M

Cash & short-term investments$163M
Receivables$10M
Inventory$96M
Other current assets$25M

Current liabilities$117M

Accounts payable$16M
Other current liabilities$101M

Current ratio2.51×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.69×stricter: inventory excluded

Cash ratio1.39×strictest: cash alone against what's due

Working capital$177Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+0.3%the freshest read on whether the business is still growing

Current ratio, recent quarters4.0× → 2.5×

Deeper floors

Tangible book value$277Mequity stripped of goodwill & intangibles

Net current asset value$150MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$18M$18M of it operating leases

Deferred revenue$11Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.1B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$151M · 14%
Buybacks$679M · 63%
Retained (debt / cash)$250M · 23%

Returned to owners$679M
73% of the owner earnings the business produced over the span, $0 as dividends and $679M as buybacks.
Average price paid for buybacks$74.61
Across the years where the filing reports a share count, 9M shares were bought for $679M, about $74.61 each. Year to year the price paid ranged from $29.67 (2025) to $117.08 (2018); its heaviest year, 2021, paid $96.44 ($178M).
Net change in share count−26.5%
The diluted count fell from 25M to 18M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−58%
Of the earnings it kept rather than paid out ($138M over the span), annual owner earnings (first three years vs last three) fell $80M, so each retained $1 gave back about 0.58 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$271M36% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$210Mover 10 years buying other businesses, against $151M of capital spent building

$7M written down across 1 year (2025): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$3.9M	$6.0M	$108M
2022	$3.7M	−$592k	$94M
2023	$2.5M	$2.4M	$56M
2023	$3.9M	$3.8M	$56M
2024	$3.4M	$2.1M	$51M
2026	$4.3M	$2.4M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio85:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$14M
The slice of the business handed to employees in shares in fiscal 2025, 1.5% of revenue, equal to 36.9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
TRLVTrulieve Cannabis Corp.	$1.2B	60%	12.1%	6%	13%
LEGNLegend Biotech Corporation	$1.0B	55%	-198.6%	-125%	-143%
MDGLMadrigal Pharmaceuticals Inc.	$958M	—	-153.9%2y	-61%	-137%2y
IONSIonis Pharmaceuticals	$944M	98%	-16.9%	-11%	-14%
USNAUSANA Health Sciences	$925M	82%	13.2%	57%	10%
TLRYTilray Brands Inc. Common Stock	$915M	26%	-57.0%	-9%	-33%
ANIPANI Pharmaceuticals Inc.	$883M	62%	8.8%	4%	17%
HRMYHarmony Biosciences Holdings Inc.	$868M	79%	27.1%	38%	33%
Group median	—	62%	-4.1%	-2%	-2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what USANA Health Sciences has delivered.

Today’s price $

Through the cycle, USANA Health Sciences earns about $91M on its 9.9% median owner-earnings margin. This year’s 0.9% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($91M) Net of stock comp (−$14M TTM)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.68% 10-year Treasury (Jul 30, 2026) + 4.32 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−26%/yr

Owner-earnings growth · ’16→’25−13%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.68%, as of Jul 30, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $3M on 18M shares outstanding, per the 10-Q cover, as of 2026-05-08; net cash $97M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh USNA against another business →

The owners of USNA: the meeting and the votes →

Cite: Owner Scorecard, "USANA Health Sciences (USNA), the owner's record," https://ownerscorecard.com/c/USNA, data as of 2026-07-18.

Manual order: ← USLM its page in the Manual USPH →

Industry order: ← URGN the Pharmaceuticals chapter UTHR →