Author argues NUS is a deep-value turnaround with low trailing/forward P/E, below tangible book, Asia expansion, and buybacks.
NUS — LONG Nu Skin trades at 4.5x trailing and 6.9x forward earnings, 2.7x EV/EBITDA, and 0.60x tangible book despite 73-75% gross margins. The author argues cost rationalization is expanding operating margins while revenue grows in Latin America, China, and South Korea, with further Asia expansion into 2026 after the $250M sale of an affiliate platform. A new subscription platform and remaining share-repurchase authorization are additional catalysts. The valuation gap to personal care peers trading at 15-25x forward earnings supports a long.
Personal care peers trade 15-25x forward earnings; $NUS at sub-7x forward with superior cash generation and lower leverage post-divestiture.