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Side-by-side financial comparison of NATURAL ALTERNATIVES INTERNATIONAL INC (NAII) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $34.8M, roughly 1.1× NATURAL ALTERNATIVES INTERNATIONAL INC). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs 2.1%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $-7.3M). Over the past eight quarters, NATURAL ALTERNATIVES INTERNATIONAL INC's revenue compounded faster (17.7% CAGR vs 7.1%).
Natural Alternatives International, Inc. (NAI) is an American company based in Carlsbad, California which manufactures nutritional supplements such as Juice Plus. NAI was founded in 1980 by Mark A. LeDoux, and had 241 employees in 2007. NAI's manufacturing facilities are located in Vista, California, Switzerland and Japan.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
NAII vs WSBF — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $34.8M | $37.2M |
| Net Profit | $-2.6M | — |
| Gross Margin | 7.2% | — |
| Operating Margin | -5.3% | 27.0% |
| Net Margin | -7.3% | — |
| Revenue YoY | 2.1% | 16.7% |
| Net Profit YoY | -16.5% | — |
| EPS (diluted) | $-0.42 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $34.8M | $37.2M | ||
| Q3 25 | $37.7M | $37.0M | ||
| Q2 25 | $33.9M | $38.0M | ||
| Q1 25 | $28.8M | $29.7M | ||
| Q4 24 | $34.1M | $31.8M | ||
| Q3 24 | $33.1M | $34.1M | ||
| Q2 24 | $29.5M | $37.2M | ||
| Q1 24 | $25.1M | $32.4M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-291.0K | $7.9M | ||
| Q2 25 | $-7.2M | $7.7M | ||
| Q1 25 | $-2.2M | $3.0M | ||
| Q4 24 | $-2.2M | — | ||
| Q3 24 | $-2.0M | $4.7M | ||
| Q2 24 | $-1.9M | $5.7M | ||
| Q1 24 | $-1.6M | $3.0M |
| Q4 25 | 7.2% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 4.8% | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | -5.3% | 27.0% | ||
| Q3 25 | 0.8% | 26.6% | ||
| Q2 25 | -5.7% | 25.4% | ||
| Q1 25 | -7.3% | 13.1% | ||
| Q4 24 | -8.2% | 19.5% | ||
| Q3 24 | -5.5% | 17.3% | ||
| Q2 24 | -8.6% | 19.2% | ||
| Q1 24 | -7.8% | 14.7% |
| Q4 25 | -7.3% | — | ||
| Q3 25 | -0.8% | 21.4% | ||
| Q2 25 | -21.3% | 20.3% | ||
| Q1 25 | -7.6% | 10.2% | ||
| Q4 24 | -6.4% | — | ||
| Q3 24 | -6.0% | 13.9% | ||
| Q2 24 | -6.4% | 15.4% | ||
| Q1 24 | -6.3% | 9.4% |
| Q4 25 | $-0.42 | $0.43 | ||
| Q3 25 | $-0.05 | $0.45 | ||
| Q2 25 | $-1.21 | $0.43 | ||
| Q1 25 | $-0.37 | $0.17 | ||
| Q4 24 | $-0.37 | $0.28 | ||
| Q3 24 | $-0.33 | $0.26 | ||
| Q2 24 | $-0.32 | $0.31 | ||
| Q1 24 | $-0.27 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8M | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $67.0M | $349.4M |
| Total Assets | $153.3M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | — | ||
| Q3 25 | $7.7M | — | ||
| Q2 25 | $12.3M | — | ||
| Q1 25 | $10.6M | — | ||
| Q4 24 | $8.7M | — | ||
| Q3 24 | $10.2M | — | ||
| Q2 24 | $12.0M | — | ||
| Q1 24 | $12.4M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $67.0M | $349.4M | ||
| Q3 25 | $69.0M | $345.5M | ||
| Q2 25 | $68.4M | $341.5M | ||
| Q1 25 | $76.6M | $341.4M | ||
| Q4 24 | $79.1M | $339.1M | ||
| Q3 24 | $80.2M | $342.0M | ||
| Q2 24 | $82.6M | $334.9M | ||
| Q1 24 | $84.1M | $338.0M |
| Q4 25 | $153.3M | $2.3B | ||
| Q3 25 | $156.9M | $2.3B | ||
| Q2 25 | $151.9M | $2.3B | ||
| Q1 25 | $154.9M | $2.2B | ||
| Q4 24 | $156.1M | $2.2B | ||
| Q3 24 | $161.3M | $2.2B | ||
| Q2 24 | $162.3M | $2.3B | ||
| Q1 24 | $153.2M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.3M | $24.2M |
| Free Cash FlowOCF − Capex | $-7.3M | $23.0M |
| FCF MarginFCF / Revenue | -20.9% | 61.9% |
| Capex IntensityCapex / Revenue | 2.7% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-5.2M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.3M | $24.2M | ||
| Q3 25 | $-4.0M | $32.7M | ||
| Q2 25 | $3.3M | $-38.4M | ||
| Q1 25 | $6.0M | $26.7M | ||
| Q4 24 | $37.0K | $48.1M | ||
| Q3 24 | $-3.4M | $74.1M | ||
| Q2 24 | $-2.7M | $-39.5M | ||
| Q1 24 | $-3.6M | $-9.9M |
| Q4 25 | $-7.3M | $23.0M | ||
| Q3 25 | $-5.1M | $32.4M | ||
| Q2 25 | $1.9M | $-38.5M | ||
| Q1 25 | $5.2M | $26.5M | ||
| Q4 24 | $-1.0M | $47.0M | ||
| Q3 24 | $-3.7M | $73.9M | ||
| Q2 24 | $-3.8M | $-39.7M | ||
| Q1 24 | $-3.9M | $-10.3M |
| Q4 25 | -20.9% | 61.9% | ||
| Q3 25 | -13.4% | 87.5% | ||
| Q2 25 | 5.6% | -101.2% | ||
| Q1 25 | 18.0% | 89.2% | ||
| Q4 24 | -3.0% | 147.5% | ||
| Q3 24 | -11.3% | 216.9% | ||
| Q2 24 | -12.7% | -106.7% | ||
| Q1 24 | -15.5% | -31.9% |
| Q4 25 | 2.7% | 3.1% | ||
| Q3 25 | 2.7% | 0.8% | ||
| Q2 25 | 4.3% | 0.2% | ||
| Q1 25 | 2.8% | 0.9% | ||
| Q4 24 | 3.1% | 3.5% | ||
| Q3 24 | 0.9% | 0.6% | ||
| Q2 24 | 3.5% | 0.4% | ||
| Q1 24 | 1.1% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NAII
| Private Label Contract Manufacturing | $32.8M | 94% |
| Patent And Trademark Licensing | $2.0M | 6% |
WSBF
Segment breakdown not available.
