Watch for the appointment of a new CFO and any forward guidance in the next 10-Q. The widening loss and CEO pay increase without a say-on-pay vote may attract activist attention or a withhold campaign at the 2027 annual meeting.
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Executive Summary
Natural Alternatives International filed its definitive proxy statement for the December 11, 2026 annual meeting. The filing reveals a company in financial distress: net loss widened 52.4% to $20.7 million in FY2026, cumulative TSR fell 27.1%, and the CFO resigned in May 2026. Despite this, CEO Mark LeDoux received total compensation of $757,652 (up 34.7% YoY), and the proxy discloses no shareholder proposals, no contested director election, and no say-on-pay vote — leaving shareholders with no mechanism to express discontent over the pay-for-performance disconnect.
Key Facts
- Net loss widened 52.4% to $20.7 million in FY2026 (from $13.6 million in FY2025)
- Cumulative total shareholder return fell 27.1% over the fiscal year
- CEO Mark LeDoux total compensation: $757,652 in FY2026 vs $562,520 in FY2025 (+34.7%)
- CFO Michael Fortin resigned effective May 15, 2026; company is evaluating replacements
- No say-on-pay vote, no shareholder proposals, and no contested director election on the ballot
- Three independent directors each received $121,160 in total compensation (cash fees + stock + deferred cash awards)
- Outstanding shares: 6,259,181; CEO LeDoux beneficially owns 15.4% (961,058 shares)
- Audit fees for FY2026: $306,000 (up from $249,000 in FY2025)
Financial Impact
Net loss of $20.7 million in FY2026, worsening from $13.6 million loss in FY2025 — a 52.4% deterioration
Risk Factors
- No say-on-pay vote gives shareholders no direct tool to protest rising CEO pay amid widening losses
- CFO vacancy creates operational and reporting risk until a permanent replacement is named
- Net loss trajectory worsening for three consecutive years (FY2024: -$7.2M, FY2025: -$13.6M, FY2026: -$20.7M)
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEF 14A Filing (Primary) | 0001437749-26-033415 |
| Document: 0001437749-26-033415-index-headers.html | 0001437749-26-033415 |
| Document: 0001437749-26-033415-index.html | 0001437749-26-033415 |
| Document: 0001437749-26-033415.txt | 0001437749-26-033415 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | DEF 14A | $1.21 | awaiting T+5 | — | $1.13 (+6.61%) |
Sep 28, 2026 28d ago | Press Release | $1.47 $1.33 | ▲ +9.52% | ▲ +11.47% | $1.13 (+23.13%) |
May 19, 2026 23w ago | Press Release | $2.56 $2.63 | ▼ −2.73% | ▼ −0.44% | $1.13 (+55.86%) |
May 1, 2026 25w ago | 8-K | $2.67 $2.67 | · 0.00% | ▼ −2.94% | $1.13 (−57.68%) |
US Market Status
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