As we noted in yesterday's research note, in Tuesday night's press release, USNA initiated 2026 EPS guidance of $1.95-$2.29, versus our previous estimate of $1.84. Under the leadership of Kevin Guest (who returned to the CEO position in early January), USNA is looking to accelerate technology modernization, including greater use of third-party platforms and AI. That said, these technology investments are not yet embedded in the earnings guidance but will be provided by USNA at a later date. Hence, at this point, we raise our 2026 EPS estimate to $2.00 (from $1.84) and maintain our 2027 EPS forecast of $2.77. Otherwise, we still expect the company to maintain a strong balance sheet and generate free cash flow of about $1-$2 per share annually through 2027. We maintain our $39 price target, which is based on 14x our 2027 EPS estimate of $2.77. Our moderate risk rating on USNA factors in the company's solid, cash rich balance sheet and good free cash flow prospects.