A look at how publicly traded, product-focused direct selling companies performed in 2025—and what their results reveal about field productivity, product relevance and the evolving competitive landscape.
Each year I review the performance of the publicly traded product-centric direct selling companies. Because these companies report publicly, their results offer one of the clearest windows into the health of the channel.
And 2025 revealed something important: these companies are no longer moving in the same direction. Some found renewed momentum through product innovation, geographic expansion or improved field productivity. Others continued to struggle with shrinking distributor bases, uneven consumer demand or the lingering effects of post-pandemic market shifts.
Another insight from this year’s results is the wide dispersion in profitability. Net income among the companies reviewed ranges from only a few million dollars to more than $400 million at the largest global players.
That gap underscores a broader reality: revenue growth alone is no longer the defining metric. Execution, distributor engagement and product relevance increasingly determine which companies succeed.
Taken together, these companies provide a useful snapshot of how the public markets currently view the product-centric direct selling model.
Herbalife Ltd. (NYSE: HLF)
2025 Revenue: $5.04 Billion
2025 Profit: $227.8 Million
2024 Revenue: $4.99 Billion
Change vs. 2024: ▲ +1.0%
Herbalife’s 2025 story was one of stabilization and regained momentum. The company exceeded guidance on both net sales and adjusted EBITDA while continuing to reduce leverage and strengthen its balance sheet.
Perhaps most importantly, North America returned to growth after several challenging years. That signals that the company’s operational reset and distributor engagement efforts may finally be gaining traction.
One strategic development worth noting is the rollout of Herbalife’s Protocol platform, which management expects to expand further during 2026 as part of its effort to modernize the product architecture and strengthen distributor engagement.
While not a breakout year, Herbalife’s results reflect improved operational consistency. Management has indicated that continued distributor engagement initiatives and the expansion of Protocol could support gradual growth heading into 2026.
Nu Skin Enterprises (NYSE: NUS)
2025 Revenue: $1.49 Billion
2025 Profit: ~$68 Million
2024 Revenue: $1.73 Billion
Change vs. 2024: ▼ -13.9%
Nu Skin experienced one of the most challenging years among public direct selling companies. Revenue declined significantly as the company continued to see contraction in customers, paid affiliates and sales leaders across several key markets. A shrinking selling base remained the primary driver of the decline.
In response, the company announced an operational leadership change in March 2026, appointing Chayce Clark as Chief Operating Officer while he continues to serve as Chief Legal Officer. Clark is now responsible for overseeing revenue performance and global operational execution across the business.
Management has focused heavily on restructuring and expense discipline to protect profitability while repositioning the business. Leadership has indicated that these changes are intended to stabilize operations and improve execution as the company works toward restoring growth momentum.
USANA Health Sciences (NYSE: USNA)
2025 Revenue: $925 Million
2025 Profit: ~$60 Million
2024 Revenue: $855 Million
Change vs. 2024: ▲ +8.2%
USANA delivered modest top-line growth in 2025, but the underlying dynamics are more complicated. Much of the increase came from Hiya, the direct-to-consumer children’s wellness brand the company acquired in 2024.
Meanwhile, the company’s traditional MLM business continues to experience declining sales. In effect, the newer DTC segment is helping offset softness in the legacy distributor channel.
Looking ahead, management expects continued expansion of the Hiya brand to play a central role in future growth—making USANA one of the few companies in the group increasingly operating with a hybrid direct selling and direct-to-consumer model.
Nature’s Sunshine Products (NASDAQ: NATR)
2025 Revenue: $480.1 Million
2025 Profit: ~$18 Million
2024 Revenue: $450 Million
Change vs. 2024: ▲ +6.7%
Nature’s Sunshine quietly delivered one of the most consistent years in the public company group. Sales increased across several regions including North America, Asia and Europe, reflecting steady global demand for the company’s nutritional products.
Operational discipline and improved profitability were also key factors. The company benefited from favorable foreign exchange conditions and improved efficiency across its operations.
Management continues to emphasize steady international expansion and operational discipline as the company’s primary growth strategy.
LifeVantage Corp. (NASDAQ: LFVN)
2025 Revenue: $228.5 Million
2025 Profit: ~$9-10 Million
2024 Revenue: $200 Million
Change vs. 2024: ▲ +14.3%
At first glance LifeVantage appears to have had a strong year. However, the underlying momentum tells a more nuanced story. The company’s strong fourth quarter in 2024 carried into early 2025, boosting full-year comparisons. But revenue began declining quarter-to-quarter soon after.
That dynamic helps explain why the company’s stock has traded near long-term lows despite year-over-year revenue growth. Management’s outlook for 2026 reflects this moderation, suggesting the company may currently be in a deceleration phase following the surge generated by earlier product launches.
Mannatech Inc. (NASDAQ: MTEX)
2025 Revenue: Pending earnings release
2025 Profit: ~$2-3 Million
2024 Revenue: $118 Million
Mannatech’s full-year earnings release is expected shortly.
In 2025 the company continued to face pressure from declining distributor activity. Sales declined in several markets as active associates and preferred customers decreased. Reduced distributor engagement also translated into lower average revenue per participant.
Some Asia Pacific markets showed pockets of resilience, supported by stronger productivity among remaining distributors. However, this was not enough to offset broader declines.
Management focused on expense control, reducing selling and administrative costs to help stabilize profitability. For Mannatech, the core challenge remains rebuilding distributor momentum. Until the active field base stabilizes, revenue growth will likely remain constrained.
Natural Health Trends (NASDAQ: NHTC)
2025 Revenue: $39.8 Million
2025 Profit: ~$2 Million
2024 Revenue: $42.96 Million
Change vs. 2024: ▼ -7.4%
Natural Health Trends remained under pressure during 2025 as active member counts continued to decline. Revenue softness was primarily tied to shrinking distributor participation rather than changes in pricing or product mix.
Unlike some competitors, the company did not introduce major strategic initiatives or product innovations that could significantly alter the trajectory. Sequential improvements late in the year suggested stabilization, but at a lower revenue level.
For Natural Health Trends, rebuilding distributor momentum remains the key challenge.
Betterware de México (NYSE: BWMX)
2025 Revenue: $814 Million
2025 Profit: ~$115 Million
2024 Revenue: $689 Million
Change vs. 2024: ▲ +18.1%
Betterware delivered one of the strongest growth performances in the group. Early in the year the company faced macroeconomic pressure in Mexico, but results improved significantly during the second half. Growth from Jafra Mexico and improving productivity among associates helped drive the rebound.
Betterware demonstrated that stronger distributor productivity can offset a slightly smaller selling base. Incentive programs and operational adjustments helped support improved performance. By the end of the year, the company appeared significantly more resilient than early-year results suggested.
Looking ahead, the company’s planned integration of the Tupperware brand is expected to influence results beginning in 2026 and could represent a meaningful expansion opportunity.
Coway Co. (KOSPI: 021240)
2025 Revenue: $3.3 Billion
2025 Profit: ~$440 Million
2024 Revenue: $3.0 Billion
Change vs. 2024: ▲ +10.0%
Coway delivered one of the most convincing growth stories among product-centric companies. International expansion—particularly in Malaysia and the United States—was a major driver.
At the same time, Coway expanded its BEREX sleep and wellness brand, creating a second growth engine alongside its core purifier business.
This combination of geographic expansion and product diversification proved highly effective. Among public companies in the sector, Coway stands out as an example of how operational scale and category adjacency can reinforce long-term growth.
Zinzino AB (Nasdaq First North Growth Market: ZINZINO B)
2025 Revenue: ~$362 Million
2025 Profit: ~$65 Million
2024 Revenue: $200 Million
Change vs. 2024: ▲ ~81%
Zinzino was the breakout performer of the year.
Headline revenue figures approach $387 million, but exchange-rate movements account for a portion of that increase, putting revenue closer to roughly $362 million.
The company delivered exceptional growth driven by international expansion, distributor momentum and acquisitions—including the integration of assets associated with the It Works! distributor base, Truvy and other wellness brands.
Management has continued to signal further international expansion and acquisition activity as drivers of future growth.
A Year of Contrasts
If 2025 proved anything, it’s that the product-centric direct selling channel is entering a period of increasing differentiation.
Companies that paired product relevance with strong field engagement generally performed well. Those still rebuilding distributor momentum or searching for a compelling product narrative struggled.
This wasn’t a year where the entire sector rose or fell together. Instead, 2025 rewarded companies that executed clearly and consistently—and reminded everyone else that in today’s environment, momentum must be earned.
A Cautionary Tale: BODi’s Decline After Leaving the Channel (NYSE: BODI)
2025 Revenue: $251.7 Million
2025 Profit: ~$5-6 Million
2024 Revenue: $419 Million
Change: ▼ -39.9%
BODi provides perhaps the clearest real-world case study of what can happen when a company pivots away from the traditional direct selling/network marketing compensation model.
Quarterly revenue fell nearly 50 percent year-over-year following the transition. The company did achieve two positive milestones: cash-flow positivity for the full year and profitability during the second half of 2025.
Still, the top-line contraction highlights a difficult reality: structural compensation changes alone cannot replace the demand engine created by an engaged field.
Public Market Scorecard 2025
Companies Reviewed: 9
Revenue Growth: Six companies increased revenue year-over-year.
Revenue Declines: Two companies declined (Nu Skin and Natural Health Trends).
Fastest Growth: Zinzino
Strong Growth: Betterware de México (+18%), LifeVantage (+14%)
Stabilization Story: Herbalife
Under Pressure: Nu Skin
Model Evolution: USANA
STUART JOHNSON, Founder & CEO, Direct Selling News, has served the direct selling industry for 40 years. His passion for the channel encompasses a broader commitment to build and connect the direct selling community through exclusive industry events such as Direct Selling University and the DSN Global Celebration. Stuart is arguably the most connected person in direct selling. He has built an impressive and growing network of executives, thought leaders, strategists and innovators. His advice and counsel are sought after by leaders throughout the channel.
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