HLFHERBALIFE LTD.

Wholesale-Drugs, Proprietaries & Druggists' Sundries

Revenue: $5.0B; 0.9% YoY
Operating margin: 9.5%; 24% YoY
EBITDA: $602M; 19% YoY
Market cap: $1.4B
Employees: 8,500; $593K revenue each
Net debt / EBITDA: 2.2×; $1.3B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$593K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.8B	$5.2B	$5.1B	$5.0B	$5.0B	0.9%
Operating income	$734M	$545M	$356M	$386M	$481M	25%
Net income	$447M	$321M	$142M	$254M	$228M	10%
Operating cash flow	$460M	$353M	$358M	$285M	$333M	17%
Capex	$151M	$156M	$135M	$122M	$80M	34%
Stock-based comp	$54M	$44M	$48M	$50M	$44M	12%
Buybacks	$1.0B	$147M	$11M	$8M	$8M	1.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 6, 2021	ICAHN CARL C	SC 13D/A	0.0%	Passive
Jan 4, 2021	ICAHN CARL C	SC 13D/A	3.9%	Passive
Nov 5, 2020	ICAHN CARL C	SC 13D/A	—	Passive
Aug 17, 2020	ICAHN CARL C	SC 13D/A	15.5%	Active
Aug 12, 2020	ICAHN CARL C	SC 13D/A	—	Active
Oct 30, 2019	ICAHN CARL C	SC 13D/A	19.1%	Passive

Insider trading

Open-market buys, 12 mo: $182K · 4
Open-market sells, 12 mo: $3M · 4
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.