Does NATURAL ALTERNATIVES INTERNATIONAL INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NATURAL ALTERNATIVES INTERNATIONAL INC (NAII) 39.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 3, returns on capital 50, balance-sheet safety 55, capital discipline 64.

Is NAII stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.54 per share versus a recent price of $2.22 — 51% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NAII's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 39.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NATURAL ALTERNATIVES INTERNATIONAL INC

NAII · Healthcare · $13.7M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power3

Median gross margin 17.0% over 10y, variable.

Returns on capital50

Median ROIC 11.7%, above the 9% hurdle in 60% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

51% below value

Owner earnings (normalized): $2.5M
Est. intrinsic value / share: $4.54
Recent price: $2.22
Discount to value: 51% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for NAII yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NAII has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#250 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#248GH GUARDANT HEALTH, INC.40.0 out of 100, Shallow moatShallow moat
#249USAQ QHSLab, Inc.39.9 out of 100, No moatNo moat
#251CFOR CAPFORCE INC.39.8 out of 100, No moatNo moat
#252IRTC iRhythm Holdings, Inc.39.8 out of 100, No moatNo moat

Compare NAII with its nearest peers →All Healthcare companies on the Index →

Common questions about NAII

Does NATURAL ALTERNATIVES INTERNATIONAL INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NATURAL ALTERNATIVES INTERNATIONAL INC (NAII) 39.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 3, returns on capital 50, balance-sheet safety 55, capital discipline 64.
Is NAII stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.54 per share versus a recent price of $2.22 — 51% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NAII's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 39.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NAII. See the disclaimer.