# Herbalife Ltd. (HLF)

> Source: Nexqual · https://nexqual.com/HLF · data as of 2026-10-23 17:46 UTC · cite as "Nexqual, Herbalife Ltd. (HLF), nexqual.com/HLF" · informational, not investment advice.

**Price:** USD 13.24 (-3.92% today) · US market open, as of October 23, 2026 at 17:46 UTC; quotes may be delayed. Prev close 13.78 · day 13.21–13.76 · 52w 7.56–20.4 · market cap $1.37B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.20B, net income $164M (3.2% margin), free cash flow $322M (SEC filings).
- Valuation: P/E 8.4x (avg 6.4x at the last 3 fiscal year-ends), EV/EBITDA 4.9x, net debt $1.65B.
- 1 of 80 tracked superinvestors hold HLF (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.6M; 2 not under a Rule 10b5-1 plan ($2.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $14K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (4 analysts), mean target USD 17 (range 9–25).
- Total return with dividends: 1Y +55.6% vs S&P 500 +14.4%; 5Y -71.5% vs S&P 500 +77.1%.
- Next earnings: 2026-11-02, EPS estimate USD 0.62, revenue estimate $1.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.80B | $5.20B | $5.06B | $4.99B | $5.04B | $5.20B |
| Gross profit | $4.56B | $4.03B | $3.87B | $3.89B | $3.92B | — |
| Operating income | $734M | $545M | $356M | $386M | $481M | $492M |
| Net income | $447M | $321M | $142M | $254M | $228M | $164M |
| EPS (diluted) | $4.13 | $3.23 | $1.42 | $2.50 | $2.20 | — |
| Free cash flow | $309M | $196M | $223M | $163M | $253M | $322M |
| Gross margin | 78.6% | 77.4% | 76.5% | 77.9% | 77.9% | — |
| Operating margin | 12.7% | 10.5% | 7.0% | 7.7% | 9.5% | 9.5% |
| Net margin | 7.7% | 6.2% | 2.8% | 5.1% | 4.5% | 3.2% |
| Revenue growth | +4.7% | -10.3% | -2.7% | -1.4% | +0.9% | — |
| Cash + short-term investments | $602M | $508M | $575M | $415M | $353M | — |
| Total debt | $2.76B | $2.69B | $2.56B | $2.26B | $1.99B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.4x · P/S 0.3x · EV/EBITDA 4.9x · EV/Sales 0.6x · P/FCF 4.3x · FCF yield 23.48% · Earnings yield 11.96% · Buyback yield (TTM) 0.83% · Net debt $1.65B · EV $3.02B
P/E at fiscal year-ends: Dec 2025 5.8x, Dec 2024 2.7x, Dec 2023 10.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HLF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Seth Klarman | Baupost Group | 2.25% | $122M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-18…2026-05-19 | Hicks Troy | Chief Operating Officer | 48,377 | $620K | 83.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-12 | Lamberti Frank | Chief Commercial Officer | 142,919 | $1.9M | 79.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $14K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-04 | L'Helias Sophie | Director | 1,200 | $14K | 11.31 | Too little history (no open-market trades in 2024) |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 4 analysts; mean target USD 17 (low 9, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Citigroup | Target lowered | Buy | $21 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +55.6% | -71.5% |
| S&P 500 (SPY) | +14.4% | +77.1% |
| Per year | +55.6% | -22.2% |
| Volatility (annualized) | 58.3% | 60.7% |
| Max drawdown | -44.9% (Feb 2026→Aug 2026) | -88.5% (Oct 2021→Feb 2025) |

## Peers (Packaged Foods)
INGR (Ingredion Incorporated) USD 95.77 -1.45% · CPB (The Campbell's Company) USD 20.56 -3.32% · PPC (Pilgrim's Pride Corporation) USD 27.54 -1.96% · CAG (ConAgra Brands, Inc.) USD 14.82 -1.69% · SFD (Smithfield Foods, Inc.) USD 18.42 -2.10% · LW (Lamb Weston Holdings, Inc.) USD 54.35 -1.50%

## More
Full page: https://nexqual.com/HLF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HLF's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1180262/000119312526057113/hlf-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Pro2col | "In July 2025, at the North America Extravaganza, we unveiled the beta version of the new Pro2col health and wellness digital platform, that will allow customers in the future to have access to more product offerings in a…" |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Weight Management | $2.75B | 54.5% | -0.8% |
| Targeted Nutrition | $1.51B | 30.0% | +1.7% |
| Energy Sports & Fitness | $617.1M | 12.3% | +7.8% |
| Outer Nutrition | $85.0M | 1.7% | +1.7% |
| Literature Promotional & Other | $79.1M | 1.6% | -6.8% |
| Total revenue | $5.04B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Primary Reporting | $1.27B | 95.4% | +7.4% |
| — Others (part of Primary Reporting) | $503.9M | 38.0% | -1.7% |
| — India (part of Primary Reporting) | $270.6M | 20.4% | +32.9% |
| — United States (part of Primary Reporting) | $266.3M | 20.1% | +0.4% |
| — Mexico (part of Primary Reporting) | $161.0M | 12.1% | +17.3% |
| — Vietnam (part of Primary Reporting) | $64.6M | 4.9% | +7.3% |
| China | $60.4M | 4.6% | -24.5% |
| Total revenue | $1.33B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.62 | $0.70 | -11.2% | $1.31B | 2 |
| Next quarter (ends 2026-12-31) | $0.61 | $0.69 | -11.8% | $1.31B | 2 |
| Current fiscal year (ends 2026-12-31) | $2.37 | $2.64 | -10.4% | $5.26B | 2 |
| Next fiscal year (ends 2027-12-31) | $3.08 | $3.15 | -2.4% | $5.39B | 2 |