Eton Pharmaceuticals vs Natural Alternatives International
Natural Alternatives International is the larger business, with $143m of revenue in fiscal 2026 against $80.0m for Eton Pharmaceuticals (1.8 times as much). Eton Pharmaceuticals grew faster (104.9% against 9.7%). Eton Pharmaceuticals kept more of each dollar of sales as profit: a net margin of -5.8% against -14.5%.
| Latest fiscal year | Eton PharmaceuticalsETON, 2025 | Natural Alternatives InternationalNAII, 2026 |
|---|---|---|
| Revenue | $80.0m | $143m |
| Revenue growth | 104.9% | 9.7% |
| Net income | −$4.6m | −$20.7m |
| Operating margin | -1.1% | — |
| Net margin | -5.8% | -14.5% |
| Return on equity | -18.2% | -35.0% |
| Free cash flow | $10.2m | −$12.6m |
| Cash | $25.9m | $7.4m |
| Total debt | $30.6m | $18.0m |
| Debt to equity | 116.8% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $89,000 |
| Employees | 44 | 219 |
| Market value | $1.44bn | $6.7m |
| Price vs our value range | Above our value range | — |
| Moat score | 35 (Weak) | 27 (Weak) |
| Insider trades, 12 months | 0 buys, 29 sales | 14 buys, 0 sales |