Herbalife LTD. key statistics and ratios

In fiscal 2025, Herbalife LTD. had an operating margin of 9.5% and a current ratio of 1.13. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Herbalife LTD.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	78.8%	79.6%	80.3%	80.0%	80.0%	80.2%	80.8%	81.0%	80.8%	81.2%	80.4%	79.2%	78.6%	77.4%	76.5%	77.9%	77.9%	77.6%
Operating margin	12.7%	14.2%	16.3%	16.2%	15.2%	10.4%	13.1%	10.2%	13.9%	14.0%	11.6%	11.6%	12.7%	10.5%	7.0%	7.7%	9.5%	9.6%
Net margin	8.7%	10.7%	12.0%	11.4%	10.9%	6.2%	7.6%	5.8%	4.8%	6.1%	6.4%	6.7%	7.7%	6.2%	2.8%	5.1%	4.5%	3.4%
Free-cash-flow margin	9.7%	11.7%	12.2%	11.0%	13.0%	6.8%	12.3%	5.0%	11.2%	11.5%	7.2%	9.3%	5.3%	3.8%	4.4%	3.3%	5.0%	6.4%
Return on equity	57.9%	71.0%	81.2%	98.3%	111.4%	—	—	—	—	—	—	—	—	—	—	—	—	—
Return on assets	17.7%	24.6%	30.8%	29.1%	25.1%	12.8%	14.0%	10.3%	7.8%	10.4%	11.4%	12.9%	15.2%	11.6%	5.1%	9.2%	8.3%	6.3%
Asset turnover	2.03	2.30	2.56	2.56	2.30	2.05	1.85	1.78	1.62	1.72	1.78	1.93	1.97	1.87	1.83	1.80	1.83	1.86
Current ratio	1.19	1.26	1.36	1.29	1.78	1.59	1.53	1.85	2.05	1.14	1.54	1.58	1.33	1.39	1.10	0.93	1.13	1.19
Debt to equity	71.3%	37.6%	37.1%	123.3%	168.9%	—	—	737.6%	—	—	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	30.8x	40.1x	57.0x	39.5x	27.6x	5.6x	5.8x	4.6x	3.8x	3.8x	3.7x	4.8x	4.8x	3.9x	2.1x	1.8x	2.2x	2.9x
Effective tax rate	30.1%	22.9%	25.9%	28.7%	26.4%	26.7%	30.3%	28.7%	54.6%	36.1%	31.1%	27.8%	20.3%	24.4%	30.0%	—	17.2%	27.8%
SG&A as % of revenue	33.3%	32.5%	31.1%	30.9%	33.8%	40.2%	39.9%	43.8%	39.7%	40.0%	39.8%	37.4%	34.7%	34.8%	36.9%	37.6%	—	—
Capital spending as % of revenue	2.6%	2.5%	2.6%	3.0%	3.0%	3.5%	1.8%	3.2%	2.2%	1.7%	2.2%	2.0%	2.6%	3.0%	2.7%	2.4%	1.6%	1.1%
Free cash flow ÷ net income	110.8%	109.2%	101.2%	96.2%	118.7%	109.4%	162.1%	86.1%	231.6%	190.3%	113.0%	138.6%	69.1%	61.0%	156.5%	64.3%	110.8%	187.5%
Dividends ÷ net income	24.0%	18.3%	20.6%	29.1%	23.3%	9.8%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	54.8%	66.8%	96.9%	155.0%	68.6%	391.6%	3.0%	5.9%	170.4%	132.9%	4.8%	178.8%	327.4%	74.8%	4.9%	5.1%	3.2%	3.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Herbalife LTD.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	77.8%	78.3%	78.0%	77.7%	77.5%	77.9%	77.7%	77.3%
Operating margin	8.8%	10.1%	10.5%	9.9%	7.8%	10.5%	9.7%	10.3%
Net margin	14.7%	4.1%	3.9%	3.4%	6.7%	4.7%	−2.0%	4.4%
Free-cash-flow margin	3.6%	−1.5%	5.8%	9.3%	6.2%	7.8%	1.6%	9.8%
Current ratio	0.93	0.97	1.01	1.11	1.13	1.23	1.20	1.19
SG&A as % of revenue	36.2%	35.4%	35.6%	35.1%	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · September 30, 2026

What it owns · $2.9bn

Short-term assets $1.2bnLonger-term assets $1.7bn

What it owes, and who funded it · $3.3bn

Short-term liabilities $1.0bnLonger-term liabilities $2.3bnShareholders' equity $-410m

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.0bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.2bn short-term assets against $2.3bn of longer-dated liabilities.
More cash than debt $409m of cash against $1.9bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $396m of operating cash flow against $1.9bn of debt.
Operating profit covers interest at least five times over Operating income of $505m against $174m of interest.

From Herbalife LTD.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

78 /100

Strong moat

How hard Herbalife's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 74.9% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 78.4%, moving by 1.5 percentage points (standard deviation) across 10 years.
Durability 11 / 20

Operating margin has been a median 10.7%; its worst year was 6.7%.
Cash conversion 13 / 20

Free cash flow was positive in 10 of 10 years, at a median 6.1% of revenue.
Discipline 19 / 20

The diluted share count fell 6.4% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (83 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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More: Personal Care Products stocks compared, Consumer Staples sector, rankings of US companies

Figures from Herbalife LTD.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Herbalife LTD.