USANA HEALTH SCIENCES, INC.

USNA · Healthcare · $397.6M mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power100

Median gross margin 81.6% over 10y, very stable.

Returns on capital97

Median ROIC 68.6%, above the 9% hurdle in 90% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 44x.

Capital discipline40

Owner earnings -12.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

44% below value

Owner earnings (normalized): $63.8M
Est. intrinsic value / share: $38.77
Recent price: $21.75
Discount to value: 44% below value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

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

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