3Q:25 was a particularly challenging period for USNA as both its core direct selling segment and its recently acquired Hiya Health business had soft performances. After likely sequential improvements in 4Q:25, we expect these trends to continue into 2026, albeit now at a slower pace than we previously expected. USNA is working to reduce its cost structure, which should lead to lower SG&A expenses next year. In addition, we expect benefits from in-house manufacturing of Hiya Health products and its recent shift to a new logistics provider. Factoring in a higher tax rate assumption, we now estimate EPS of $2.10 in 2026 (was $2.60). Our initial 2027 EPS estimate of $2.76 assumes sales growth of 2.1% and an operating margin of 7.9%. Our $39 price target is now based on 14x our new 2027 EPS estimate of $2.76. Previously, we valued the stock at 15x our former 2026 EPS forecast of $2.60. Our moderate risk rating on USNA factors in the company's solid balance sheet and good free cash flow generation.