HERBALIFE LTD.
$15.96
+0.75 (+4.93%) · delayed · Nov 13, 2026
Five-year price
52w $8.65 to $20.40
- Market cap
- $1.7B
- Enterprise value
- $3.3B
- P/E
- 7.3×
- 7.8× on 3y avg EPS
- EV / EBIT
- 6.9×
- FCF yield
- 15.1%
- ROIC
- 35.4%
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
80
- ●ROIC > 12% (5y avg)5y avg ROIC 44.1%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 2.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 92% (5y avg)
- ○Growing revenueRevenue CAGR 5y -1.9%
- ●Shrinking share countDiluted shares -23.0% over 5y
Value
100
- ●P/E below 15P/E 7.3
- ●EV/EBIT below 12EV/EBIT 6.9
- ●FCF yield above 6%FCF yield 15.1%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
0
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $1.6B
- ○Interest coverage > 8xCoverage 2.2x
- ○Current ratio > 1.5Current ratio 1.13
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $5.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.13
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 28%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 7.8
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $15.96, the market is pricing in about 0.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.6B · 105M shares · 5y revenue CAGR −1.9%
Intrinsic value
$11.56
Price
$15.96
Premium paid
38%
What the price implies
The market is paying for 0.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
48% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,488 | 4,428 | 4,892 | 4,877 | 5,542 | 5,803 | 5,204 | 5,062 | 4,993 | 5,038 |
| Gross profit | 3,634 | 3,579 | 3,973 | 3,919 | 4,391 | 4,564 | 4,031 | 3,871 | 3,889 | 3,923 |
| Operating income | 458 | 617 | 683 | 568 | 641 | 734 | 545 | 356 | 386 | 481 |
| Operating margin | 10.2% | 13.9% | 14.0% | 11.6% | 11.6% | 12.7% | 10.5% | 7.0% | 7.7% | 9.5% |
| Pre-tax income | 365 | 471 | 464 | 451 | 516 | 561 | 425 | 203 | 169 | 275 |
| Income tax | 105 | 257 | 168 | 140 | 144 | 114 | 104 | 61 | (85) | 47 |
| Net income | 260 | 214 | 297 | 311 | 373 | 447 | 321 | 142 | 254 | 228 |
| EPS (diluted) | 1.51 | 1.29 | 1.98 | 2.20 | 2.77 | 4.13 | 3.23 | 1.42 | 2.50 | 2.20 |
| Diluted shares | 172 | 166 | 150 | 142 | 135 | 108 | 100 | 100 | 102 | 104 |
Who owns it