FTLF: 60.6% TTM Growth, 0.21 PEG — Irwin Is Growing While the Legacy Base Shrinks
FitLife Brands clears the hard small-cap screen, but its acquisition-led growth must overcome a shrinking legacy portfolio, lower margins, and acquisition debt.
Screen check
FitLife Brands, Inc. sells nutritional supplements and wellness products under more than 500 products and brands. The stock trades on Nasdaq under FTLF. The market data below uses the Aug. 28, 2026 close. 1
| Hard filter | FTLF reading | Screen boundary | Reproduction path |
|---|---|---|---|
| Market capitalization | $91.90M | < $10B | Finviz market cap is far below the channel limit. 1 |
| TTM revenue growth | 60.61% | > 30% | Finviz compares the latest TTM with the prior TTM. StockAnalysis reports the same rounded growth rate and TTM revenue of $101.27M. 12 |
| PEG ratio | 0.21 | < 1 | Finviz lists forward P/E of 8.05 and five-year EPS growth of 37.84%; 8.05 ÷ 37.84 = 0.213, rounded to 0.21. StockAnalysis lists PEG as unavailable, so the ratio depends on Finviz's forward-growth estimate. 13 |
| TTM operating cash flow | $10.04M | > $0 | StockAnalysis reports TTM operating cash flow of $10.04M. The latest 10-Q reports $6.119M for the first six months of 2026, versus $3.523M in the prior-year period. 34 |
FTLF clears the four hard filters under those definitions. The screen describes a small, profitable supplement company with positive cash generation. The growth rate also needs a quality check: the August 2025 acquisition of Irwin Naturals supplies much of the latest increase, while the older FitLife brands are shrinking.
What the company sells
FitLife develops and markets supplements for weight loss, sports nutrition, general health, wellness, skincare, and targeted nutrition. The company sells through wholesale partners, retail locations, its own online channels, Amazon, and other e-commerce platforms. 4
FitLife acquired Irwin Naturals on Aug. 8, 2025. In the second quarter of 2026, Irwin generated $14.14M of revenue, above Legacy FitLife's $12.41M. Irwin's online revenue reached 24% of its segment revenue, and management said that online sales had reached an annualized run rate of about $11M by quarter-end. 5
The acquisition changes the mix as well as the size of the business. Irwin's Q2 gross margin was 32.8%, compared with 41.7% for Legacy FitLife. The acquired brand therefore adds revenue while lowering the consolidated margin profile. 5
Recent financial trend
The table uses StockAnalysis's quarterly series in millions of dollars. The TTM growth figure in the screen covers Q3 2025 through Q2 2026 and compares that four-quarter period with Q3 2024 through Q2 2025. 2
| Fiscal quarter | Revenue | Revenue YoY | Net income | Diluted EPS | Operating cash flow |
|---|---|---|---|---|---|
| Q1 2025 | $15.94M | -3.70% | $2.02M | $0.20 | $2.33M |
| Q2 2025 | $16.13M | -4.74% | $1.75M | $0.18 | $1.20M |
| Q3 2025 | $23.49M | 46.99% | $0.92M | $0.09 | $3.67M |
| Q4 2025 | $25.91M | 72.58% | $1.64M | $0.16 | $0.24M |
| Q1 2026 | $25.33M | 58.92% | $1.72M | $0.17 | $2.48M |
| Q2 2026 | $26.55M | 64.63% | $1.95M | $0.20 | $3.64M |
The acquisition lifted the revenue base from the mid-teens to roughly $25M per quarter. Q2 revenue rose 65% year over year, while net income rose 12% to $1.95M. Wholesale revenue climbed 156% to $14.61M, and online revenue rose 14% to $11.94M. 5
The legacy portfolio supplies the counterweight. Legacy FitLife revenue fell 23% year over year in Q2, with wholesale revenue down 31% and online revenue down 19%. Q2 consolidated gross margin fell to 37.0% from 42.8% a year earlier. 5
Valuation against LifeVantage
LifeVantage, or LFVN, is a smaller personal-products company with TTM revenue of $182.59M and TTM operating cash flow of $10.24M. The comparison uses the same StockAnalysis snapshot and gives FTLF an industry reference without making LFVN another channel pick. 6
| Valuation metric | FTLF | LFVN |
|---|---|---|
| Market cap | $91.90M | $79.61M |
| Trailing P/E | 15.78 | 15.89 |
| Forward P/E | 8.98 | 21.91 |
| P/S | 0.91 | 0.44 |
| EV/EBITDA | 9.24 | 7.87 |
FTLF trades at almost the same trailing P/E as LFVN and a lower forward P/E. FTLF carries the higher price-to-sales and EV/EBITDA multiples. The difference leaves two questions for further work: whether FTLF's acquisition-led earnings estimate holds, and whether its lower-margin Irwin mix can improve. 36
The 0.21 PEG deserves separate handling. Finviz calculates it from forward P/E and projected five-year EPS growth, while StockAnalysis has no PEG value for FTLF. PEG is therefore a screen input rather than a multi-source valuation consensus.
Cash conversion and debt
StockAnalysis reports $10.04M of TTM operating cash flow, only $13,000 of TTM capital expenditure, and $10.02M of TTM free cash flow. The latest 10-Q reports $1.09M of cash and total debt of $37.913M at June 30, 2026. 34
FitLife has paid down about $8.6M of debt since the Irwin acquisition. Interest expense still rose to $1.414M in the first half of 2026 from $0.393M a year earlier. The filing says the company had $8.0M of revolver availability and remained in covenant compliance at June 30. 4
The credit agreement requires a senior funded debt-to-EBITDA ratio of no more than 2.75x through June 30, 2026 and no more than 2.50x from the quarter ending Sept. 30, 2026. The fixed-charge coverage ratio must remain at least 1.25x. Those tests make debt reduction and EBITDA progression more important than the positive-OCF screen alone. 4
Catalysts and next checks
- Irwin online growth: Irwin online revenue rose 35% sequentially in Q2, and the annualized run rate reached about $11M. The next report should show whether online growth stays above 20% sequentially and whether online revenue exceeds 25% of Irwin revenue. 5
- Legacy stabilization: Legacy FitLife revenue fell 23% in Q2. A return to year-over-year growth, or a decline narrower than 10%, would reduce the acquisition's burden of proof. Another decline of 20% or more would keep the consolidated growth story acquisition-dependent. 5
- Debt paydown: Management intends to use excess free cash flow to reduce debt. A further reduction from the $37.913M June 30 balance, together with H1 operating cash flow above the $6.119M base in the next comparable period, would improve the balance-sheet case. 4
- Next earnings: Yahoo Finance estimates the next FTLF earnings date as Nov. 12, 2026. The date is an estimate rather than a company-confirmed announcement. 7
Risks with monitorable triggers
- Acquisition dependence: Irwin contributed $14.135M of Q2 revenue, while Legacy FitLife produced $12.414M. If Irwin revenue falls below $14M in the next quarter or consolidated revenue growth drops below 30%, the screen's growth signal would weaken. 5
- Legacy-brand decline: Q2 Legacy FitLife revenue was down 23%, and one customer represented 11% of Q2 net sales. A second quarter with legacy revenue down 20% or more, or customer concentration above 15%, would raise the dependence on Irwin and a small group of buyers. 4
- Margin compression: Consolidated gross margin fell 5.8 percentage points year over year to 37.0%. A quarterly gross margin below 35% would put more pressure on interest coverage and acquisition returns. 5
- Leverage and liquidity: June 30 debt was $37.913M against $1.089M of cash. TTM operating cash flow covers about 0.26x of StockAnalysis's $38.41M debt figure. A cash balance below $1M, TTM operating-cash-flow-to-debt below 0.25x, or a covenant ratio above the stated limit would change the balance-sheet reading. 34
- Channel and consumer risk: Management cited consumer weakness, Amazon algorithm changes, supply-chain difficulties, and new-product development as ongoing challenges. A Q3 online-revenue decline, a gross-margin reading below 35%, or another quarter of legacy online revenue down 19% or more would show that channel pressure remains active. 5
FTLF earns a place on a research watchlist because the four hard filters clear with a $91.90M market cap, 60.61% TTM revenue growth, a 0.21 Finviz PEG, and positive TTM operating cash flow. The next decision point is operational: Irwin must keep growing, Legacy FitLife must stop shrinking, and cash flow must continue paying down acquisition debt while margins stay above the mid-30s. 13
References
- 1Finviz FTLF quote
finviz.com
- 2FitLife Brands financials
stockanalysis.com
- 3FitLife Brands statistics
stockanalysis.com
- 4FitLife Brands Q2 2026 Form 10-Q
stocktitan.net
- 5FitLife Brands Q2 2026 results
stocktitan.net
- 6LifeVantage statistics
stockanalysis.com
- 7Yahoo Finance FTLF quote
finance.yahoo.com
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