Nutriband Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in January.
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Third-party market data · may be delayed
Not valued: the figures our models need are missing or failed our data-quality checks.
No model value: free cash flow after stock pay is not positive. How we value companies.
Nutriband Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Nutriband has little or no product revenue yet; it used $4m of cash in the twelve months to July 2026. That puts it 49 of 51 for growth among the pharmaceuticals companies we cover. The diluted share count is up 8.9% on a year earlier, which dilutes existing holders.
Our models give no value for Nutriband at present, so past values are not shown.
Source: 10-Q filed September 4, 2026 on SEC EDGAR · Financials · Valuation
Nutriband has little or no product revenue yet; it used $4m of cash in the twelve months. That puts it 45 of 47 for growth among the pharmaceuticals companies we cover. The diluted share count is up 8.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 5 of our 7 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Nutriband Inc.'s trailing-twelve-month revenue fell 37.3% year on year, with a free-cash-flow margin of -224.5%. Where it stands out: days sales outstanding of 5 days ranks 1 of 59 pharmaceuticals companies we cover. Where it lags: revenue growth of -37.3% ranks 69 of 74 pharmaceuticals companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -37.3% (-12.4pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Nutriband Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — 0 | Does not apply: no positive value |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nutriband Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | 2026 | Now |
|---|---|---|---|---|---|---|
| Share price | $3.75 | $3.65 | $2.61 | $8.29 | $4.79 | $6.41 |
| Market value | $30m | $31m | $21m | $88m | $56m | $78m |
| + Net debt (− = net cash) | −$5m | −$2m | −$492942 | −$4m | −$5m | −$3m |
| Enterprise value | $25m | $29m | $20m | $84m | $51m | $75m |
| Multiples | ||||||
| Price / sales | 20.9x | 14.8x | 10.0x | 41.1x | 27.4x | 48.1x |
| Price / earnings | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
Weak moat
How hard Nutriband'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.
Net income has been a median -74.1% of total assets over 10 years.
Operating margin has been a median -399.0%; its worst year was -2414.2%.
Free cash flow was positive in 0 of 5 years, at a median -224.5% of revenue.
The diluted share count rose 67.9% over five years; stock-based pay has been a median 65.9% 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 (12 before it).
No analyst estimates are published for Nutriband Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jan 2026 | −$1.89 | −$0.04 | +97.9% |
| Oct 2025 | −$2.13 | −$0.32 | +85.0% |
| Jul 2025 | −$0.17 | −$2.12 | −1147.1% |
| Apr 2025 | −$0.16 | −$0.12 | +25.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −4.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $3m | $2m | −37.3% |
| P/S multiple | 29.1x | 48.1x | +65.3% |
| Share count | 11m | 12m | −8.2% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| NTRB | −58% | −36% | +103% | −4% | +41% |
| Industry peers (median) | −49% | −13% | −2% | +9% | −14% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| NTRB | 33% | 50% | 50% | 33% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| NTRB | −72% | −61% | −59% | −59% | −44% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 1, 2021: 78% from December 31, 2021 to October 26, 2023. Getting back needed a 348% gain, reached on July 24, 2024, 272 days after the low.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q3 | $2.1M |
| FY24 Q4 | $2.1M |
| FY25 Q1 | $2M |
| FY25 Q2 | $1.8M |
| FY25 Q3 | $2M |
| FY25 Q4 | $2.1M |
| FY26 Q1 | $2.4M |
| FY26 Q2 | $2.6M |
| FY26 Q3 | $2.3M |
| FY26 Q4 | $2M |
| FY27 Q1 | $1.8M |
| FY27 Q2 | $1.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q3 | 2.2% |
| FY24 Q4 | 0.3% |
| FY25 Q1 | -3.0% |
| FY25 Q2 | -20.8% |
| FY25 Q3 | -3.2% |
| FY25 Q4 | 2.6% |
| FY26 Q1 | 18.9% |
| FY26 Q2 | 42.9% |
| FY26 Q3 | 12.7% |
| FY26 Q4 | -4.8% |
| FY27 Q1 | -24.8% |
| FY27 Q2 | -37.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q3 | -251.4% |
| FY24 Q4 | -233.6% |
| FY25 Q1 | -284.8% |
| FY25 Q2 | -350.9% |
| FY25 Q3 | -298.4% |
| FY25 Q4 | -480.7% |
| FY26 Q1 | -409.0% |
| FY26 Q2 | -403.5% |
| FY26 Q3 | -564.3% |
| FY26 Q4 | -408.4% |
| FY27 Q1 | -452.6% |
| FY27 Q2 | -435.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q3 | -174.1% |
| FY24 Q4 | -171.6% |
| FY25 Q1 | -181.8% |
| FY25 Q2 | -235.9% |
| FY25 Q3 | -210.1% |
| FY25 Q4 | -220.5% |
| FY26 Q1 | -217.7% |
| FY26 Q2 | -192.1% |
| FY26 Q3 | -247.9% |
| FY26 Q4 | -252.4% |
| FY27 Q1 | -241.9% |
| FY27 Q2 | -224.5% |
| Fiscal year | 2019 Jan 2019 | 2020 Jan 2020 | 2021 Jan 2021 | 2022 Jan 2022 | 2023 Jan 2023 | 2024 Jan 2024 | 2025 Jan 2025 | 2026 Jan 2026 | LTM Jul 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Gross profit | −0 | −0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| EBITDA | −3 | −2 | −2 | −6 | −4 | −5 | −10 | −8 | −7 |
| Operating income | −3 | −2 | −3 | −6 | −4 | −5 | −10 | −8 | −7 |
| Net income | −3 | −3 | −3 | −6 | −4 | −5 | −10 | −8 | −7 |
| Diluted EPS | −$0.62 | −$0.50 | −$0.51 | −$0.80 | −$0.53 | −$0.69 | −$0.99 | −$2.58 | −$0.57 |
| Growth (year on year) | |||||||||
| Revenue | — | −51.3% | +690.6% | +50.7% | +46.2% | +0.3% | +2.6% | −4.8% | −37.3% |
| Margins | |||||||||
| Gross margin | −17.5% | −360.0% | 33.5% | 39.0% | 36.1% | 41.3% | 34.7% | 27.8% | 33.1% |
| EBITDA margin | <−999% | <−999% | −258.1% | −408.0% | −199.3% | −219.8% | −467.4% | −398.9% | −426.5% |
| Operating margin | <−999% | <−999% | −275.1% | −429.7% | −215.2% | −233.6% | −480.7% | −408.4% | −435.6% |
| Net margin | <−999% | <−999% | −310.8% | −434.3% | −215.6% | −263.0% | −489.9% | −404.1% | −430.4% |
| Free-cash-flow margin | −452.4% | — | — | −203.3% | −147.5% | −171.6% | −220.5% | −252.4% | −224.5% |
| Cash flow | |||||||||
| Cash from operations | −1 | −1 | −0 | −3 | −3 | −4 | −5 | −5 | −4 |
| Capital spending | 0 | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | — | — | −3 | −3 | −4 | −5 | −5 | −4 |
| Stock-based pay | 2 | 0 | 2 | 0 | 1 | 0 | 1 | 3 | — |
| Free cash flow after stock pay | −3 | — | — | −3 | −4 | −4 | −6 | −8 | — |
| Balance sheet | |||||||||
| Cash | 0 | 0 | 0 | 5 | 2 | 0 | 4 | 5 | 3 |
| Total debt | — | — | — | — | — | — | — | — | 0 |
| Net debt (negative = net cash) | −0 | −0 | −0 | −5 | −2 | −0 | −4 | −5 | −3 |
| Diluted shares | 5m | 5m | 6m | 8m | 8m | 8m | 11m | 12m | 12m |
| Quarter | 2025 Q3 Oct 2024 | 2025 Q4 Jan 2025 | 2026 Q1 Apr 2025 | 2026 Q2 Jul 2025 | 2026 Q3 Oct 2025 | 2026 Q4 Jan 2026 | 2027 Q1 Apr 2026 | 2027 Q2 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 646 | 642 | 667 | 622 | 346 | 401 | 433 | 438 |
| Gross profit | 191 | 286 | 252 | 157 | 69 | 89 | 197 | 182 |
| EBITDA | −1,354 | −5,486 | −1,356 | −1,946 | −3,837 | −985 | −1,220 | −857 |
| Operating income | −1,427 | −5,559 | −1,413 | −2,003 | −3,880 | −1,021 | −1,254 | −891 |
| Net income | −1,363 | −5,516 | −1,389 | −2,000 | −3,872 | −968 | −1,242 | −881 |
| Diluted EPS | −$0.12 | −$0.51 | −$0.12 | −$2.12 | −$0.32 | −$0.04 | −$0.10 | −$0.07 |
| Growth (year on year) | ||||||||
| Revenue | +50.9% | +22.4% | +63.4% | +40.6% | −46.4% | −37.6% | −35.1% | −29.7% |
| Margins | ||||||||
| Gross margin | 29.6% | 44.5% | 37.8% | 25.2% | 19.8% | 22.2% | 45.4% | 41.6% |
| EBITDA margin | −209.6% | −854.0% | −203.2% | −312.6% | <−999% | −245.8% | −281.5% | −196.0% |
| Operating margin | −220.9% | −865.3% | −211.8% | −321.8% | <−999% | −254.8% | −289.4% | −203.6% |
| Net margin | −211.0% | −858.8% | −208.1% | −321.4% | <−999% | −241.6% | −286.6% | −201.3% |
| Free-cash-flow margin | −163.6% | −192.9% | −201.1% | −211.0% | −506.4% | −182.6% | — | −133.7% |
| Cash flow | ||||||||
| Cash from operations | −1,010 | −1,239 | −1,337 | −1,313 | −1,752 | −732 | −563 | −585 |
| Capital spending | 47 | 0 | 5 | 0 | 0 | 0 | — | 0 |
| Free cash flow | −1,057 | −1,239 | −1,342 | −1,313 | −1,752 | −732 | — | −585 |
| Stock-based pay | 0 | 856 | — | — | — | 99 | 552 | — |
| Free cash flow after stock pay | −1,057 | −2,095 | — | — | — | −830 | — | — |
| Last 12 months unless stated | NTRB | LPCN | SXTC | SXTP | EYPT | SCNX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2m | $2m | $1m | $1m | $3m | $821315 | $276m |
| Revenue growth, last 12 months | −37.3% | −62.7% | −34.6% | 73.2% | −94.6% | 540.6% | 9.9% |
| Revenue growth, 3-year average | −10.8% | 205.6% | — | 74.9% | −57.9% | −58.5% | 5.5% |
| Revenue growth, latest quarter | −29.7% | −69.5% | — | 106.0% | −90.5% | 449.1% | 6.5% |
| Gross margin | 33.1% | — | 21.9% | 19.4% | — | 87.7% | 62.0% |
| Operating margin | −435.6% | −800.8% | −625.9% | −774.9% | <−999% | <−999% | −5.9% |
| Operating margin, 3-year average | −396.6% | −378.5% | −267.4% | <−999% | <−999% | <−999% | −7.4% |
| Net margin | −430.4% | −755.1% | −545.2% | −729.9% | <−999% | <−999% | −7.3% |
| Cash from operations / revenue | −224.5% | −713.0% | −353.0% | −789.8% | <−999% | <−999% | 10.2% |
| Free-cash-flow margin | −224.5% | −713.0% | −353.0% | −800.6% | <−999% | <−999% | 8.6% |
| Free-cash-flow margin, 3-year average | −217.5% | −309.9% | −126.6% | — | <−999% | <−999% | 7.4% |
| Stock pay / revenue | 65.9% | 14.6% | 466.2% | 37.2% | >999% | 257.1% | 3.6% |
| Change in share count | 8.9% | 25.2% | >999% | — | 4.2% | 2.1% | 1.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -37.3% | 10.0% | 69 of 74 |
| Change in growth rate Growth | -12.4pp | -0.3pp | 62 of 74 |
| Gross margin Profitability | 33.1% | 59.8% | 48 of 59 |
| Operating margin Profitability | -435.6% | -5.9% | 58 of 67 |
| Net margin Profitability | -430.4% | -7.3% | 66 of 75 |
| Free-cash-flow margin Cash generation | -224.5% | 10.1% | 66 of 74 |
| Long-term debt as % of assets Balance sheet | 0.4% | 23.8% | 6 of 53 |
| Change in share count Balance sheet | 8.9% | 1.5% | 48 of 62 |
| Days sales outstanding Balance sheet | 5 days | 72 days | 1 of 59 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2M | 99.6% | ▼ 5.2% |
| Outside the US | $7,630 | 0.4% | — |
From Nutriband Inc.'s 10-K filed April 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $558,017 | 175K | 49.6% | 0.0% |
| Geode Capital Management, LLC | $199,396 | 62K | 17.7% | ▼ 10.8% |
| Vanguard Fiduciary Trust Co | $80,104 | 25K | 7.1% | 0.0% |
| State Street Corp | $79,642 | 25K | 7.1% | 0.0% |
| Citadel Advisors LLC | $60,597 | 19K | 5.4% | New |
| Northern Trust Corp | $36,908 | 12K | 3.3% | ▼ 17.0% |
| Haven Private, LLC | $36,258 | 11K | 3.2% | 0.0% |
| Blackrock, Inc. | $34,012 | 11K | 3.0% | ▲ 11.7% |
| Osaic Holdings, Inc. | $11,752 | 4K | 1.0% | ▼ 24.1% |
| Vanguard Global Advisers, LLC | $8,613 | 3K | 0.8% | 0.0% |
| Wells Fargo & Company | $8,294 | 3K | 0.7% | 0.0% |
| Tower Research Capital LLC (TRC) | $6,721 | 2K | 0.6% | ▲ 104.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nutriband Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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