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Medifast (MED) Financials

Medifast logo
$9.97 +0.29 (+2.96%)
Closing price 03:59 PM Eastern
Extended Trading
$9.92 -0.05 (-0.47%)
As of 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Medifast

Annual Income Statements for Medifast

This table shows Medifast's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 20 18 28 56 78 103 164 144 99 2.09 -19
Consolidated Net Income / (Loss)		 20 18 28 56 78 103 164 144 99 2.09 -19
Net Income / (Loss) Continuing Operations		 20 18 28 56 78 103 164 144 99 2.09 -19
Total Pre-Tax Income 		30 27 40 71 92 134 216 184 129 3.79 -5.64
Total Operating Income		 29 27 40 69 91 134 216 185 126 2.88 -14
Total Gross Profit		 201 206 228 380 537 698 1,128 1,140 776 445 275
Total Revenue		 273 275 302 501 714 935 1,526 1,599 1,072 602 386
Operating Revenue		 273 275 302 501 714 935 1,526 1,599 1,072 602 386
Total Cost of Revenue		 71 69 74 121 177 237 398 458 296 158 111
Operating Cost of Revenue		 71 69 74 121 177 237 398 458 296 158 111
Total Operating Expenses		 173 179 188 311 446 564 911 956 649 442 289
Selling, General & Admin Expense		 173 179 188 311 446 564 911 956 649 442 289
Total Other Income / (Expense), net		 0.99 0.26 0.69 1.49 1.32 0.11 -0.11 -0.75 2.40 0.91 8.57
Interest & Investment Income		 0.66 0.28 0.56 1.31 1.30 0.25 -0.23 -0.70 2.49 4.80 5.52
Other Income / (Expense), net		 0.33 -0.02 0.14 0.18 0.03 -0.14 0.12 -0.05 -0.10 -3.90 3.06
Income Tax Expense		 10 9.29 13 15 14 31 52 40 29 1.70 13
Basic Earnings per Share		 $1.68 $1.51 $2.32 $4.67 $6.62 $8.74 $14.01 $12.82 $9.13 $0.19 ($1.70)
Weighted Average Basic Shares Outstanding		 11.96M 11.84M 11.92M 11.95M 11.77M 11.77M 11.71M 11.20M 10.88M 10.93M 10.98M
Diluted Earnings per Share		 $1.66 $1.49 $2.29 $4.62 $6.43 $8.68 $13.89 $12.73 $9.10 $0.19 ($1.70)
Weighted Average Diluted Shares Outstanding		 12.07M 11.95M 12.09M 12.08M 12.12M 11.85M 11.81M 11.28M 10.92M 10.96M 10.98M
Weighted Average Basic & Diluted Shares Outstanding		 11.90M 11.80M 11.90M 2.79B 11.77M 11.77M 11.54M 10.84M 10.90M 10.94M 10.99M
Cash Dividends to Common per Share		 $0.25 $1.07 $1.44 $2.19 $3.38 $4.52 $5.68 $6.56 $4.95 $0.00 $0.00

Quarterly Income Statements for Medifast

This table shows Medifast's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 23 6.04 8.32 -8.15 1.13 0.80 -0.77 2.48 -2.26 -18 -2.12
Consolidated Net Income / (Loss)		 23 6.04 8.32 -8.15 1.13 0.80 -0.77 2.48 -2.26 -18 -2.12
Net Income / (Loss) Continuing Operations		 23 6.04 8.32 -8.15 1.13 0.80 -0.77 2.48 -2.26 -18 -2.12
Total Pre-Tax Income 		27 9.80 12 -11 1.58 1.27 0.53 2.88 -2.66 -6.38 -1.94
Total Operating Income		 26 8.68 7.94 -7.88 2.11 0.71 -1.26 -1.07 -4.08 -7.80 -3.30
Total Gross Profit		 177 141 127 123 106 88 84 77 62 52 52
Total Revenue		 236 191 175 169 140 119 116 106 89 75 76
Operating Revenue		 236 191 175 169 140 119 116 106 89 75 76
Total Cost of Revenue		 58 50 47 45 34 31 31 29 27 23 24
Operating Cost of Revenue		 58 50 47 45 34 31 31 29 27 23 24
Total Operating Expenses		 152 133 119 131 104 88 86 78 66 60 55
Selling, General & Admin Expense		 152 133 119 131 104 88 86 78 66 60 55
Total Other Income / (Expense), net		 1.04 1.13 3.65 -2.77 -0.53 0.57 1.79 3.94 1.42 1.42 1.35
Interest & Investment Income		 1.03 1.18 1.22 1.30 1.33 0.95 1.30 1.37 1.43 1.42 1.38
Other Income / (Expense), net		 0.01 -0.05 2.42 -4.07 -1.86 -0.39 0.49 2.57 -0.00 0.00 -0.03
Income Tax Expense		 3.42 3.77 3.27 -2.50 0.45 0.47 1.30 0.40 -0.40 12 0.18
Basic Earnings per Share		 $2.12 $0.55 $0.76 ($0.75) $0.10 $0.08 ($0.07) $0.23 ($0.21) ($1.65) ($0.19)
Weighted Average Basic Shares Outstanding		 10.89M 10.88M 10.91M 10.94M 10.94M 10.93M 10.95M 10.99M 10.99M 10.98M 11.01M
Diluted Earnings per Share		 $2.12 $0.54 $0.76 ($0.75) $0.10 $0.08 ($0.07) $0.22 ($0.21) ($1.64) ($0.19)
Weighted Average Diluted Shares Outstanding		 10.93M 10.92M 10.96M 10.94M 10.97M 10.96M 10.95M 11.06M 10.99M 10.98M 11.01M
Weighted Average Basic & Diluted Shares Outstanding		 10.89M 10.90M 10.94M 10.94M 10.94M 10.94M 10.99M 10.99M 10.99M 10.99M 11.12M

Annual Cash Flow Statements for Medifast

This table details how cash moves in and out of Medifast's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 18 10 23 6.29 -4.39 87 -60 -16 6.75 -3.51 -1.63
Net Cash From Operating Activities		 29 25 43 61 84 145 95 195 148 24 6.86
Net Cash From Continuing Operating Activities		 33 26 43 61 84 145 95 195 148 25 6.86
Net Income / (Loss) Continuing Operations		 20 18 28 56 78 103 164 144 99 2.09 -19
Consolidated Net Income / (Loss)		 20 18 28 56 78 103 164 144 99 2.09 -19
Depreciation Expense		 7.12 5.41 4.21 4.44 4.62 4.32 6.81 11 13 13 14
Amortization Expense		 0.07 0.43 0.70 0.57 0.45 0.32 0.09 0.01 -0.17 -0.80 -0.67
Non-Cash Adjustments To Reconcile Net Income		 2.64 9.38 4.51 4.23 7.16 10 15 19 14 28 10
Changes in Operating Assets and Liabilities, net		 3.73 -7.06 6.09 -4.21 -5.89 28 -91 21 21 -17 1.66
Net Cash From Investing Activities		 -0.19 -2.04 -3.16 -1.20 -6.33 -1.28 -29 -11 -61 -27 -7.93
Net Cash From Continuing Investing Activities		 -0.19 -2.04 -3.16 -1.20 -6.33 -1.28 -29 -11 -61 -27 -7.93
Purchase of Property, Plant & Equipment		 -2.82 -2.88 -3.24 -4.94 -10 -5.89 -34 -17 -6.48 -7.45 -5.61
Purchase of Investments		 -9.25 -27 -6.96 - - - 0.00 0.00 -60 -47 -84
Sale and/or Maturity of Investments		 12 27 6.95 3.55 3.73 4.61 5.15 5.27 5.19 28 82
Net Cash From Financing Activities		 -12 -13 -17 -53 -82 -57 -125 -200 -80 -1.52 -0.56
Net Cash From Continuing Financing Activities		 -12 -13 -17 -53 -82 -57 -125 -200 -80 -1.52 -0.56
Repurchase of Common Equity		 -12 -1.34 -2.54 -31 -47 -5.55 -62 -128 -6.96 -0.84 -0.37
Payment of Dividends		 - -12 -15 -23 -35 -53 -64 -72 -73 -0.72 -0.20
Other Financing Activities, net		 0.29 0.53 0.57 0.55 0.28 1.60 0.81 0.00 0.19 0.04 0.00
Other Net Changes in Cash		 - - - - - - - -0.07 -0.07 - 0.00
Cash Income Taxes Paid		 4.18 12 14 15 17 25 57 37 34 -1.62 10

Quarterly Cash Flow Statements for Medifast

This table details how cash moves in and out of Medifast's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -35 -18 3.03 11 7.29 -24 0.79 9.98 -2.17 -10 -18
Net Cash From Operating Activities		 30 11 7.28 13 9.07 -4.95 3.41 -3.38 12 -5.28 0.26
Net Cash From Continuing Operating Activities		 30 11 7.28 13 9.08 -4.95 3.41 -3.38 12 -5.28 0.26
Net Income / (Loss) Continuing Operations		 23 6.04 8.32 -8.15 1.13 0.80 -0.77 2.48 -2.26 -18 -2.12
Consolidated Net Income / (Loss)		 23 6.04 8.32 -8.15 1.13 0.80 -0.77 2.48 -2.26 -18 -2.12
Depreciation Expense		 3.41 3.35 3.26 3.07 3.19 3.19 3.28 4.05 3.45 3.47 3.48
Amortization Expense		 - -0.17 -0.19 -0.18 -0.24 -0.19 -0.19 0.19 -0.52 -0.16 -0.16
Non-Cash Adjustments To Reconcile Net Income		 3.60 3.87 0.85 19 3.71 3.65 2.84 0.76 3.02 3.70 0.98
Changes in Operating Assets and Liabilities, net		 -0.31 -2.57 -4.95 -1.09 1.28 -12 -1.75 -11 8.42 5.83 -1.91
Net Cash From Investing Activities		 -46 -11 -2.78 -2.53 -1.78 -19 -2.05 13 -14 -4.95 -17
Net Cash From Continuing Investing Activities		 -46 -11 -2.78 -2.53 -1.78 -19 -2.05 13 -14 -4.95 -17
Purchase of Property, Plant & Equipment		 -1.68 -0.95 -1.84 -1.94 -1.39 -2.29 -1.52 -1.38 -1.36 -1.35 -1.10
Purchase of Investments		 -45 -15 -9.17 -8.48 -6.71 -22 -15 -16 -20 -33 -49
Sale of Property, Plant & Equipment		 - - - - - - 0.00 - - - 3.64
Sale and/or Maturity of Investments		 - 5.19 8.24 7.88 6.31 5.10 14 31 7.52 29 30
Net Cash From Financing Activities		 -18 -18 -1.49 -0.02 -0.00 -0.00 -0.56 -0.00 - 0.00 -0.90
Net Cash From Continuing Financing Activities		 -18 -18 -1.49 -0.02 -0.00 -0.00 -0.56 -0.00 - 0.00 -0.90
Repurchase of Common Equity		 -0.11 -0.01 -0.82 -0.02 -0.00 -0.00 -0.37 -0.00 - 0.00 -0.81
Payment of Dividends		 -18 -18 -0.71 -0.00 -0.00 - -0.19 -0.00 - - -0.09
Cash Income Taxes Paid		 13 4.09 -0.10 0.60 -0.06 -2.07 2.91 4.19 2.91 0.45 0.24

Annual Balance Sheets for Medifast

This table presents Medifast's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 116 121 146 169 195 276 398 316 310 284 248
Total Current Assets		 87 101 125 146 154 234 307 223 224 214 202
Cash & Equivalents		 42 52 75 81 77 164 104 88 94 91 89
Short-Term Investments		 25 24 24 20 16 11 5.36 0.00 56 71 78
Inventories, net		 13 18 19 39 49 53 180 119 55 42 20
Prepaid Expenses		 2.89 3.50 4.19 4.59 6.10 6.45 16 16 11 9.64 9.07
Current Deferred & Refundable Income Taxes		 1.55 1.25 2.27 - 5.17 0.00 - 0.00 8.73 0.00 5.12
Plant, Property, & Equipment, net		 29 20 19 20 26 28 56 57 51 38 31
Total Noncurrent Assets		 0.22 0.17 2.12 4.16 14 14 35 36 34 32 15
Other Noncurrent Operating Assets		 0.21 0.16 2.12 1.18 13 13 31 31 30 21 15
Total Liabilities & Shareholders' Equity		 116 121 146 169 195 276 398 316 310 284 248
Total Liabilities		 28 25 37 60 90 119 196 161 108 74 49
Total Current Liabilities		 24 24 37 60 79 111 170 141 92 64 43
Accounts Payable		 23 24 37 60 76 108 163 135 86 56 38
Other Current Liabilities		 - - - - 3.17 3.67 6.52 5.78 5.89 6.18 4.60
Total Noncurrent Liabilities		 3.97 0.78 0.21 0.00 10 7.49 26 20 16 9.94 6.09
Capital Lease Obligations		 - - - - 10 7.49 - 20 16 9.94 6.09
Total Equity & Noncontrolling Interests		 89 96 109 109 105 157 202 155 201 210 199
Total Preferred & Common Equity		 89 96 109 109 105 157 202 155 201 210 199
Total Common Equity		 89 96 109 109 105 157 202 155 201 210 199
Common Stock		 0.01 2.68 4.98 8.81 0.01 7.85 12 22 27 33 40
Retained Earnings		 89 93 104 131 169 154 190 140 175 177 158
Accumulated Other Comprehensive Income / (Loss)		 -0.06 -0.17 -0.16 -0.17 0.03 0.04 0.11 0.02 0.25 0.18 0.23

Quarterly Balance Sheets for Medifast

This table presents Medifast's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 320 303 294 291 280 269 268 252
Total Current Assets		 224 220 224 225 214 206 208 203
Cash & Equivalents		 113 97 108 115 92 102 100 72
Short-Term Investments		 45 59 55 55 73 61 74 97
Inventories, net		 58 46 40 40 39 30 23 21
Prepaid Expenses		 8.29 11 12 6.70 9.57 9.05 6.82 6.97
Current Deferred & Refundable Income Taxes		 - 5.47 8.73 8.23 - 4.51 4.30 5.32
Plant, Property, & Equipment, net		 53 51 40 39 36 35 33 30
Total Noncurrent Assets		 42 32 29 27 30 28 28 20
Other Noncurrent Operating Assets		 31 28 25 23 19 17 15 20
Total Liabilities & Shareholders' Equity		 320 303 294 291 280 269 268 252
Total Liabilities		 127 92 88 84 69 53 54 54
Total Current Liabilities		 110 77 75 72 61 46 47 42
Accounts Payable		 103 71 69 66 52 40 41 38
Other Current Liabilities		 5.47 5.96 6.03 6.11 6.16 5.92 5.47 3.92
Total Noncurrent Liabilities		 17 15 13 12 8.45 7.14 6.79 12
Capital Lease Obligations		 17 15 13 12 8.45 7.14 - 12
Total Equity & Noncontrolling Interests		 193 211 205 207 211 216 215 198
Total Preferred & Common Equity		 193 211 205 207 211 216 215 198
Total Common Equity		 193 211 205 207 211 216 215 198
Common Stock		 24 28 30 31 35 37 38 41
Retained Earnings		 169 183 175 176 176 178 176 156
Accumulated Other Comprehensive Income / (Loss)		 0.14 0.02 0.03 0.35 0.24 0.18 0.22 0.03

Annual Metrics And Ratios for Medifast

This table displays calculated financial ratios and metrics derived from Medifast's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 11,758,924.00 11,848,360.00 11,933,645.00 11,964,966.00 11,615,371.00 11,769,830.00 11,616,233.00 10,926,989.00 10,892,602.00 - 10,991,273.00
DEI Adjusted Shares Outstanding		 11,758,924.00 11,848,360.00 11,933,645.00 11,964,966.00 11,615,371.00 11,769,830.00 11,616,233.00 10,926,989.00 10,892,602.00 - 10,991,273.00
DEI Earnings Per Adjusted Shares Outstanding		 1.71 1.51 2.32 4.66 6.71 8.74 14.12 13.14 9.13 - -1.70
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -4.39% 0.65% 9.85% 66.14% 42.45% 30.99% 63.25% 4.75% -32.94% -43.80% -35.96%
EBITDA Growth		 -7.27% -9.72% 36.74% 66.18% 29.49% 44.21% 61.02% -12.32% -28.87% -92.18% -77.82%
EBIT Growth		 -6.35% -7.48% 48.17% 74.11% 31.52% 47.16% 61.44% -14.61% -31.64% -100.81% -996.85%
NOPAT Growth		 -5.74% -6.63% 54.25% 100.47% 40.62% 33.83% 59.68% -12.17% -32.32% -98.37% -726.09%
Net Income Growth		 52.17% -11.08% 55.43% 101.25% 39.66% 32.01% 59.47% -12.48% -30.75% -97.90% -992.97%
EPS Growth		 61.17% -10.24% 53.69% 101.75% 39.18% 34.99% 60.02% -8.35% -28.52% -97.91% -994.74%
Operating Cash Flow Growth		 15.17% -13.81% 70.56% 40.66% 38.55% 72.32% -34.88% 105.80% -24.11% -83.42% -71.96%
Free Cash Flow Firm Growth		 146.85% -35.27% 76.60% 53.04% 10.65% 116.92% -53.82% 138.03% -20.79% -90.27% -12.47%
Invested Capital Growth		 -37.14% -14.10% -49.46% -17.18% 179.82% -143.13% 1,044.31% -4.74% -22.89% -14.59% -34.61%
Revenue Q/Q Growth		 -0.36% 0.42% 5.43% 15.66% 3.60% 11.22% 7.99% -2.48% -12.00% -10.68% -10.22%
EBITDA Q/Q Growth		 4.37% 2.58% 6.56% 16.27% -2.53% 15.45% 6.17% -6.84% -14.56% -43.81% -76.38%
EBIT Q/Q Growth		 6.74% 3.41% 8.08% 17.87% -1.16% 16.59% 4.35% -7.16% -15.95% -113.96% -268.15%
NOPAT Q/Q Growth		 5.76% 2.65% 12.37% 17.92% 5.82% 8.95% 3.80% -4.89% -18.04% -75.37% -1,325.79%
Net Income Q/Q Growth		 56.25% 1.44% 13.02% 17.59% 5.74% 8.56% 3.82% -4.97% -17.08% -71.46% -7,659.51%
EPS Q/Q Growth		 53.70% 0.00% 13.37% 18.16% 5.76% 8.64% 4.20% -3.49% -17.35% -70.77% -8,600.00%
Operating Cash Flow Q/Q Growth		 4.03% -8.74% 31.26% 9.66% 4.74% 0.47% -22.40% 43.73% -21.82% -38.73% -4.60%
Free Cash Flow Firm Q/Q Growth		 38.90% -20.39% 47.23% 11.75% 9.57% -3.22% -27.82% 48.89% -30.51% 18.09% 42.87%
Invested Capital Q/Q Growth		 1.26% 45.93% -21.87% -4.16% -6.48% 53.86% 81.91% -14.41% 29.57% 18.00% -8.39%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 73.80% 74.91% 75.54% 75.83% 75.22% 74.65% 73.89% 71.34% 72.37% 73.80% 71.33%
EBITDA Margin		 13.27% 11.90% 14.82% 14.82% 13.47% 14.83% 14.63% 12.25% 12.99% 1.81% 0.63%
Operating Margin		 10.52% 9.78% 13.14% 13.78% 12.76% 14.35% 14.17% 11.56% 11.79% 0.48% -3.68%
EBIT Margin		 10.64% 9.78% 13.19% 13.82% 12.76% 14.34% 14.18% 11.56% 11.78% -0.17% -2.89%
Profit (Net Income) Margin		 7.35% 6.50% 9.19% 11.14% 10.92% 11.00% 10.75% 8.98% 9.27% 0.35% -4.84%
Tax Burden Percent		 67.60% 65.76% 68.74% 79.08% 84.36% 76.61% 75.90% 78.00% 77.19% 55.22% 331.12%
Interest Burden Percent		 102.28% 101.05% 101.40% 101.89% 101.42% 100.18% 99.89% 99.62% 101.97% -372.37% 50.55%
Effective Tax Rate		 34.05% 34.24% 31.26% 20.92% 15.64% 23.39% 24.11% 22.00% 22.81% 44.78% 0.00%
Return on Invested Capital (ROIC)		 65.04% 84.64% 187.68% 612.99% 500.99% 1,600.15% 399.10% 160.51% 125.73% 2.54% -20.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 62.98% 84.39% 187.14% 611.82% 499.77% 1,600.09% 399.16% 161.17% 123.90% 2.19% -15.28%
Return on Net Nonoperating Assets (RNNOA)		 -41.31% -65.31% -160.58% -561.74% -428.15% -1,521.66% -307.90% -80.20% -69.97% -1.52% 11.72%
Return on Equity (ROE)		 23.73% 19.32% 27.10% 51.26% 72.84% 78.50% 91.20% 80.31% 55.77% 1.02% -9.13%
Cash Return on Invested Capital (CROIC)		 110.65% 99.81% 253.39% 631.79% 406.30% 0.00% 67.83% 165.36% 151.59% 18.28% 21.00%
Operating Return on Assets (OROA)		 25.01% 22.62% 29.77% 43.91% 50.03% 56.94% 64.16% 51.71% 40.35% -0.34% -4.19%
Return on Assets (ROA)		 17.29% 15.03% 20.75% 35.38% 42.80% 43.70% 48.64% 40.18% 31.76% 0.70% -7.02%
Return on Common Equity (ROCE)		 23.73% 19.32% 27.10% 51.26% 72.84% 78.50% 91.20% 80.31% 55.77% 1.02% -9.13%
Return on Equity Simple (ROE_SIMPLE)		 22.64% 18.58% 25.53% 51.13% 74.32% 65.41% 81.01% 92.60% 0.00% 1.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 19 18 27 55 77 103 164 144 98 1.59 -9.95
NOPAT Margin		 6.93% 6.43% 9.03% 10.90% 10.76% 10.99% 10.75% 9.02% 9.10% 0.26% -2.58%
Net Nonoperating Expense Percent (NNEP)		 2.06% 0.24% 0.54% 1.18% 1.22% 0.07% -0.06% -0.66% 1.84% 0.35% -5.56%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 82.22% 44.84% 0.72% -4.85%
Cost of Revenue to Revenue		 26.20% 25.09% 24.46% 24.17% 24.78% 25.35% 26.11% 28.66% 27.63% 26.20% 28.67%
SG&A Expenses to Revenue		 63.29% 65.13% 62.40% 62.04% 62.47% 60.29% 59.72% 59.78% 60.58% 73.32% 75.02%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 63.29% 65.13% 62.40% 62.04% 62.47% 60.29% 59.72% 59.78% 60.58% 73.32% 75.02%
Earnings before Interest and Taxes (EBIT)		 29 27 40 69 91 134 216 185 126 -1.02 -11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 33 45 74 96 139 223 196 139 11 2.42
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.08 4.04 6.21 11.28 10.28 12.93 10.84 7.68 3.63 0.92 0.59
Price to Tangible Book Value (P/TBV)		 3.08 4.04 6.21 11.28 10.28 12.93 10.84 7.68 3.63 0.92 0.59
Price to Revenue (P/Rev)		 1.00 1.41 2.23 2.46 1.51 2.18 1.44 0.75 0.68 0.32 0.30
Price to Earnings (P/E)		 13.59 21.77 24.31 22.05 13.84 19.77 13.38 8.30 7.37 92.17 0.00
Dividend Yield		 1.08% 3.27% 2.55% 2.13% 3.64% 2.62% 3.01% 6.02% 9.80% 0.00% 0.00%
Earnings Yield		 7.36% 4.59% 4.11% 4.53% 7.23% 5.06% 7.47% 12.05% 13.58% 1.09% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 9.16 16.14 58.99 139.89 44.09 0.00 22.67 12.82 8.85 0.70 0.00
Enterprise Value to Revenue (EV/Rev)		 0.75 1.13 1.91 2.25 1.40 2.00 1.37 0.70 0.56 0.07 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 5.68 9.53 12.87 15.21 10.36 13.46 9.34 5.74 4.30 3.70 0.00
Enterprise Value to EBIT (EV/EBIT)		 7.09 11.60 14.46 16.31 10.93 13.93 9.64 6.08 4.74 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 10.88 17.63 21.10 20.68 12.97 18.16 12.71 7.80 6.13 25.38 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.00 12.28 13.30 18.57 11.82 12.86 22.06 5.78 4.05 1.65 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.39 14.95 15.63 20.06 15.99 13.82 33.43 7.57 5.09 3.52 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.10 0.05 0.00 0.13 0.08 0.05 0.03
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.10 0.05 0.00 0.13 0.08 0.05 0.03
Financial Leverage		 -0.66 -0.77 -0.86 -0.92 -0.86 -0.95 -0.77 -0.50 -0.56 -0.70 -0.77
Leverage Ratio		 1.37 1.29 1.31 1.45 1.70 1.80 1.87 2.00 1.76 1.44 1.30
Compound Leverage Factor		 1.40 1.30 1.32 1.48 1.73 1.80 1.87 1.99 1.79 -5.38 0.66
Debt to Total Capital		 0.25% 0.00% 0.00% 0.00% 9.05% 4.55% 0.00% 11.56% 7.41% 4.52% 2.97%
Short-Term Debt to Total Capital		 0.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 9.05% 4.55% 0.00% 11.56% 7.41% 4.52% 2.97%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.75% 100.00% 100.00% 100.00% 90.95% 95.45% 100.00% 88.44% 92.59% 95.48% 97.03%
Debt to EBITDA		 0.01 0.00 0.00 0.00 0.11 0.05 0.00 0.10 0.12 0.91 2.52
Net Debt to EBITDA		 -1.85 0.00 0.00 0.00 -0.86 -1.20 0.00 -0.34 -0.96 -13.99 -66.71
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.11 0.05 0.00 0.10 0.12 0.91 2.52
Debt to NOPAT		 0.01 0.00 0.00 0.00 0.14 0.07 0.00 0.14 0.17 6.26 -0.61
Net Debt to NOPAT		 -3.54 0.00 0.00 0.00 -1.07 -1.62 0.00 -0.47 -1.37 -95.90 16.20
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.14 0.07 0.00 0.14 0.17 6.26 -0.61
Altman Z-Score		 10.84 14.08 15.51 18.23 14.09 16.57 13.43 12.35 10.16 5.17 4.50
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.69 4.15 3.37 2.41 1.94 2.10 1.81 1.58 2.43 3.34 4.69
Quick Ratio		 2.92 3.20 2.68 1.69 1.19 1.57 0.65 0.62 1.63 2.53 3.89
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 32 21 37 56 62 135 62 149 118 11 10
Operating Cash Flow to CapEx		 1,043.31% 1,152.27% 1,367.83% 1,281.96% 837.75% 2,466.38% 276.37% 1,166.42% 2,277.60% 328.36% 122.25%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.35 2.31 2.26 3.18 3.92 3.97 4.53 4.47 3.42 2.03 1.45
Accounts Receivable Turnover		 166.17 181.81 307.25 631.38 583.07 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 4.92 4.35 3.92 4.16 4.03 4.64 3.41 3.07 3.42 3.25 3.53
Fixed Asset Turnover		 8.73 11.26 15.72 26.12 31.17 34.84 36.44 28.21 19.73 13.54 11.22
Accounts Payable Turnover		 3.22 2.94 2.40 2.49 2.59 2.58 2.94 3.07 2.68 2.21 2.33
Days Sales Outstanding (DSO)		 2.20 2.01 1.19 0.58 0.63 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 74.24 83.86 93.14 87.73 90.48 78.66 106.91 119.06 106.87 112.17 103.38
Days Payable Outstanding (DPO)		 113.29 124.03 152.04 146.87 140.93 141.59 124.11 118.70 136.23 165.24 156.51
Cash Conversion Cycle (CCC)		 -36.85 -38.16 -57.71 -58.57 -49.83 -62.93 -17.20 0.36 -29.36 -53.07 -53.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22 19 9.75 8.07 23 -9.74 92 88 68 58 38
Invested Capital Turnover		 9.38 13.16 20.77 56.23 46.56 145.55 37.11 17.80 13.82 9.62 8.08
Increase / (Decrease) in Invested Capital		 -13 -3.17 -9.54 -1.68 15 -32 102 -4.36 -20 -9.86 -20
Enterprise Value (EV)		 206 311 575 1,129 996 1,867 2,086 1,124 598 40 -44
Market Capitalization		 273 388 674 1,230 1,078 2,034 2,195 1,191 732 193 117
Book Value per Share		 $7.53 $8.10 $9.10 $9.12 $9.03 $13.36 $17.43 $14.19 $18.50 $19.21 $18.10
Tangible Book Value per Share		 $7.53 $8.10 $9.10 $9.12 $9.03 $13.36 $17.43 $14.19 $18.50 $19.21 $18.10
Total Capital		 89 96 109 109 115 165 202 175 218 220 205
Total Debt		 0.22 0.00 0.00 0.00 10 7.49 0.00 20 16 9.94 6.09
Total Long-Term Debt		 0.00 0.00 0.00 0.00 10 7.49 0.00 20 16 9.94 6.09
Net Debt		 -67 -77 -99 -101 -82 -167 -110 -67 -134 -152 -161
Capital Expenditures (CapEx)		 2.82 2.20 3.16 4.74 10 5.89 34 17 6.48 7.45 5.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.59 0.03 -11 -16 -18 -52 27 -5.80 -18 -12 -8.55
Debt-free Net Working Capital (DFNWC)		 64 77 88 85 75 123 137 82 132 150 159
Net Working Capital (NWC)		 63 77 88 85 75 123 137 82 132 150 159
Net Nonoperating Expense (NNE)		 -1.14 -0.17 -0.48 -1.17 -1.12 -0.08 0.09 0.58 -1.85 -0.50 8.72
Net Nonoperating Obligations (NNO)		 -66 -77 -99 -101 -82 -167 -110 -67 -134 -152 -161
Total Depreciation and Amortization (D&A)		 7.18 5.84 4.91 5.01 5.08 4.64 6.90 11 13 12 14
Debt-free, Cash-free Net Working Capital to Revenue		 -1.32% 0.01% -3.57% -3.16% -2.51% -5.51% 1.80% -0.36% -1.71% -2.01% -2.22%
Debt-free Net Working Capital to Revenue		 23.29% 28.00% 29.20% 17.01% 10.48% 13.15% 8.98% 5.12% 12.29% 24.94% 41.14%
Net Working Capital to Revenue		 23.21% 28.00% 29.20% 17.01% 10.48% 13.15% 8.98% 5.12% 12.29% 24.94% 41.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.68 $1.51 $2.32 $4.67 $6.62 $8.74 $14.01 $12.82 $9.13 $0.19 ($1.70)
Adjusted Weighted Average Basic Shares Outstanding		 11.96M 11.84M 11.92M 11.95M 11.77M 11.77M 11.71M 11.20M 10.88M 10.93M 10.98M
Adjusted Diluted Earnings per Share		 $1.66 $1.49 $2.29 $4.62 $6.43 $8.68 $13.89 $12.73 $9.10 $0.19 ($1.70)
Adjusted Weighted Average Diluted Shares Outstanding		 12.07M 11.95M 12.09M 12.08M 12.12M 11.85M 11.81M 11.28M 10.92M 10.96M 10.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 11.83M 11.91M 12.04M 11.87M 11.77M 11.77M 11.54M 10.84M 10.90M 10.94M 10.99M
Normalized Net Operating Profit after Tax (NOPAT)		 19 18 27 55 77 103 164 144 98 1.59 -9.95
Normalized NOPAT Margin		 6.93% 6.43% 9.03% 10.90% 10.76% 10.99% 10.75% 9.02% 9.10% 0.26% -2.58%
Pre Tax Income Margin		 10.88% 9.88% 13.37% 14.08% 12.94% 14.36% 14.16% 11.51% 12.01% 0.63% -1.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 66.66% 55.52% 41.51% 45.43% 51.71% 38.93% 49.89% 73.45% 34.19% -1.04%
Augmented Payout Ratio		 58.89% 74.19% 64.68% 96.57% 106.01% 57.11% 76.78% 139.02% 80.45% 74.18% -3.02%

Quarterly Metrics And Ratios for Medifast

This table displays calculated financial ratios and metrics derived from Medifast's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 10,889,368.00 10,892,602.00 10,892,602.00 10,937,245.00 10,937,418.00 - - 10,991,021.00 10,991,064.00 10,991,273.00 10,991,273.00
DEI Adjusted Shares Outstanding		 10,889,368.00 10,892,602.00 10,892,602.00 10,937,245.00 10,937,418.00 - - 10,991,021.00 10,991,064.00 10,991,273.00 10,991,273.00
DEI Earnings Per Adjusted Shares Outstanding		 2.12 0.55 0.76 -0.75 0.10 - - 0.23 -0.21 -1.65 -0.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -39.58% -43.36% -49.93% -43.09% -40.58% -37.70% -33.77% -37.38% -36.21% -36.90% -34.29%
EBITDA Growth		 -43.27% -66.77% -76.22% -121.56% -88.93% -71.91% -82.77% 163.37% -135.80% -235.44% -100.04%
EBIT Growth		 -47.00% -73.53% -80.64% -130.90% -99.04% -96.27% -107.48% 112.61% -1,766.53% -2,523.29% -328.39%
NOPAT Growth		 -38.88% -79.97% -85.79% -118.40% -93.22% -91.68% -67.50% 83.32% -289.59% -1,328.74% -224.53%
Net Income Growth		 -36.02% -77.24% -79.19% -126.93% -95.12% -86.75% -109.28% 130.41% -300.27% -2,364.88% -174.87%
EPS Growth		 -35.17% -77.96% -79.29% -127.08% -95.28% -85.19% -109.21% 129.33% -310.00% -2,150.00% -171.43%
Operating Cash Flow Growth		 -45.97% -79.66% -88.63% -69.71% -69.69% -147.02% -53.23% -125.85% 33.52% -6.69% -92.37%
Free Cash Flow Firm Growth		 568.84% -18.14% -97.11% -104.28% -93.45% -59.44% 505.50% -66.41% 2.27% 40.80% -28.31%
Invested Capital Growth		 -49.07% -22.89% 4.58% -2.80% -6.22% -14.59% -20.72% 10.26% -15.77% -34.61% -25.36%
Revenue Q/Q Growth		 -20.37% -19.02% -8.52% -3.54% -16.85% -15.10% -2.75% -8.79% -15.30% -16.01% 1.26%
EBITDA Q/Q Growth		 -31.16% -59.17% 13.73% -167.45% 135.33% 3.66% -30.23% 147.99% -119.96% -292.15% 99.98%
EBIT Q/Q Growth		 -33.99% -66.19% 20.13% -215.29% 102.05% 31.43% -340.68% 294.32% -371.12% -91.11% 57.45%
NOPAT Q/Q Growth		 -25.82% -75.96% 6.68% -196.73% 127.33% -70.49% 316.62% -149.65% -210.67% -91.23% 57.78%
Net Income Q/Q Growth		 -23.61% -73.91% 37.77% -198.05% 113.85% -29.14% -196.50% 421.24% -191.17% -701.37% 88.29%
EPS Q/Q Growth		 -23.47% -74.53% 40.74% -198.68% 113.33% -20.00% -187.50% 414.29% -195.45% -680.95% 88.41%
Operating Cash Flow Q/Q Growth		 -30.63% -64.84% -30.79% 79.47% -30.58% -154.53% 168.85% -199.18% 458.59% -143.57% 104.93%
Free Cash Flow Firm Q/Q Growth		 -21.11% -64.94% -89.48% -247.30% 220.65% 117.02% 57.00% -140.48% 174.14% 198.79% -20.06%
Invested Capital Q/Q Growth		 -7.58% 29.57% 2.33% -20.68% -10.83% 18.00% -5.00% 10.32% -31.88% -8.39% 8.42%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 75.20% 74.01% 72.85% 73.23% 75.39% 74.13% 72.80% 72.61% 69.52% 69.43% 68.06%
EBITDA Margin		 12.26% 6.18% 7.69% -5.38% 2.28% 2.79% 2.00% 5.44% -1.28% -5.98% 0.00%
Operating Margin		 10.81% 4.54% 4.54% -4.67% 1.50% 0.59% -1.09% -1.01% -4.56% -10.39% -4.33%
EBIT Margin		 10.82% 4.52% 5.93% -7.09% 0.17% 0.27% -0.67% 1.43% -4.57% -10.39% -4.37%
Profit (Net Income) Margin		 9.81% 3.16% 4.76% -4.84% 0.81% 0.67% -0.67% 2.35% -2.53% -24.13% -2.79%
Tax Burden Percent		 87.13% 61.58% 71.78% 76.56% 71.55% 62.79% -146.77% 86.26% 85.10% 283.86% 109.33%
Interest Burden Percent		 104.05% 113.63% 111.80% 89.15% 644.08% 395.65% -67.87% 190.90% 65.07% 81.80% 58.46%
Effective Tax Rate		 12.87% 38.42% 28.22% 0.00% 28.45% 37.21% 246.77% 13.74% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 148.57% 38.64% 43.30% -45.28% 14.35% 3.59% 14.03% -7.26% -30.48% -58.81% -21.93%
ROIC Less NNEP Spread (ROIC-NNEP)		 147.61% 37.95% 41.18% -43.39% 14.60% 3.35% 15.79% -9.48% -30.83% -50.73% -22.05%
Return on Net Nonoperating Assets (RNNOA)		 -81.21% -21.43% -26.59% 31.04% -10.92% -2.33% -11.15% 6.89% 24.25% 38.90% 16.88%
Return on Equity (ROE)		 67.35% 17.21% 16.71% -14.24% 3.43% 1.27% 2.88% -0.37% -6.22% -19.91% -5.05%
Cash Return on Invested Capital (CROIC)		 219.09% 151.59% 88.56% 51.26% 19.19% 18.28% 15.97% -9.27% 15.57% 21.00% 5.29%
Operating Return on Assets (OROA)		 40.78% 15.46% 17.05% -17.83% 0.39% 0.55% -1.25% 2.44% -7.02% -15.06% -5.68%
Return on Assets (ROA)		 36.97% 10.82% 13.69% -12.17% 1.78% 1.36% -1.24% 4.01% -3.88% -34.98% -3.63%
Return on Common Equity (ROCE)		 67.35% 17.21% 16.71% -14.24% 3.43% 1.27% 2.88% -0.37% -6.22% -19.91% -5.05%
Return on Equity Simple (ROE_SIMPLE)		 62.11% 0.00% 32.12% 0.00% 0.00% 0.00% -3.32% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 22 5.34 5.70 -5.51 1.51 0.44 1.85 -0.92 -2.86 -5.46 -2.31
NOPAT Margin		 9.42% 2.80% 3.26% -3.27% 1.08% 0.37% 1.60% -0.87% -3.20% -7.27% -3.03%
Net Nonoperating Expense Percent (NNEP)		 0.96% 0.69% 2.12% -1.89% -0.25% 0.25% -1.76% 2.22% 0.36% -8.07% 0.12%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.46% 2.53% -2.52% 0.69% 0.20% 0.84% -0.41% -1.33% -2.66% -1.10%
Cost of Revenue to Revenue		 24.80% 25.99% 27.15% 26.77% 24.61% 25.87% 27.20% 27.39% 30.48% 30.57% 31.94%
SG&A Expenses to Revenue		 64.39% 69.47% 68.30% 77.90% 73.89% 73.54% 73.89% 73.62% 74.09% 79.82% 72.39%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 64.39% 69.47% 68.30% 77.90% 73.89% 73.54% 73.89% 73.62% 74.09% 79.82% 72.39%
Earnings before Interest and Taxes (EBIT)		 26 8.63 10 -12 0.25 0.32 -0.78 1.51 -4.08 -7.80 -3.32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 29 12 13 -9.06 3.20 3.32 2.32 5.74 -1.15 -4.49 -0.00
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.22 3.63 1.98 1.16 1.01 0.92 0.70 0.71 0.70 0.59 0.57
Price to Tangible Book Value (P/TBV)		 4.22 3.63 1.98 1.16 1.01 0.92 0.70 0.71 0.70 0.59 0.57
Price to Revenue (P/Rev)		 0.67 0.68 0.46 0.31 0.31 0.32 0.27 0.32 0.35 0.30 0.32
Price to Earnings (P/E)		 6.80 7.37 6.16 8.14 28.57 92.17 0.00 42.46 608.29 0.00 0.00
Dividend Yield		 8.80% 9.80% 17.20% 30.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 14.71% 13.58% 16.23% 12.29% 3.50% 1.09% 0.00% 2.36% 0.16% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 12.93 8.85 3.99 1.61 1.04 0.70 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.55 0.56 0.31 0.11 0.08 0.07 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 4.14 4.30 2.86 1.96 2.63 3.70 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 4.49 4.74 3.31 2.71 6.99 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.66 6.13 4.38 3.27 7.89 25.38 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.57 4.05 3.03 1.45 1.27 1.65 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.98 5.09 4.60 3.09 5.25 3.52 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.09 0.08 0.07 0.06 0.06 0.05 0.04 0.03 0.00 0.03 0.06
Long-Term Debt to Equity		 0.09 0.08 0.07 0.06 0.06 0.05 0.04 0.03 0.00 0.03 0.06
Financial Leverage		 -0.55 -0.56 -0.65 -0.72 -0.75 -0.70 -0.71 -0.73 -0.79 -0.77 -0.77
Leverage Ratio		 1.88 1.76 1.64 1.57 1.53 1.44 1.38 1.34 1.33 1.30 1.30
Compound Leverage Factor		 1.96 2.00 1.83 1.40 9.83 5.71 -0.94 2.55 0.86 1.06 0.76
Debt to Total Capital		 8.04% 7.41% 6.48% 5.99% 5.26% 4.52% 3.85% 3.20% 0.00% 2.97% 5.80%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 8.04% 7.41% 6.48% 5.99% 5.26% 4.52% 3.85% 3.20% 0.00% 2.97% 5.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 91.96% 92.59% 93.52% 94.01% 94.74% 95.48% 96.15% 96.80% 100.00% 97.03% 94.20%
Debt to EBITDA		 0.10 0.12 0.15 0.29 0.59 0.91 -37.41 0.49 0.00 2.52 121.81
Net Debt to EBITDA		 -0.86 -0.96 -1.47 -3.33 -8.17 -13.99 690.88 -10.67 0.00 -66.71 -1,567.65
Long-Term Debt to EBITDA		 0.10 0.12 0.15 0.29 0.59 0.91 -37.41 0.49 0.00 2.52 121.81
Debt to NOPAT		 0.14 0.17 0.23 0.49 1.79 6.26 -1.91 25.27 0.00 -0.61 -1.07
Net Debt to NOPAT		 -1.18 -1.37 -2.25 -5.58 -24.55 -95.90 35.27 -550.20 0.00 16.20 13.78
Long-Term Debt to NOPAT		 0.14 0.17 0.23 0.49 1.79 6.26 -1.91 25.27 0.00 -0.61 -1.07
Altman Z-Score		 9.09 8.90 7.22 5.56 5.29 5.19 4.75 5.18 4.88 4.55 4.20
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.04 2.43 2.84 2.98 3.11 3.34 3.52 4.47 4.45 4.69 4.80
Quick Ratio		 1.43 1.63 2.03 2.17 2.35 2.53 2.72 3.52 3.71 3.89 4.01
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 72 25 2.67 -3.94 4.75 10 16 -6.55 4.86 15 12
Operating Cash Flow to CapEx		 1,783.67% 1,112.26% 395.55% 674.36% 652.66% -216.50% 223.78% -245.14% 888.70% -390.67% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 3.77 3.42 2.88 2.52 2.21 2.03 1.87 1.71 1.54 1.45 1.30
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 3.44 3.42 3.37 3.70 3.59 3.25 3.31 3.60 3.74 3.53 3.40
Fixed Asset Turnover		 21.83 19.73 16.79 16.33 14.59 13.54 12.45 12.89 11.96 11.22 10.50
Accounts Payable Turnover		 2.79 2.68 2.61 2.30 2.09 2.21 2.31 2.30 2.20 2.33 2.30
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 106.05 106.87 108.39 98.66 101.55 112.17 110.16 101.37 97.55 103.38 107.25
Days Payable Outstanding (DPO)		 130.98 136.23 139.70 158.52 175.05 165.24 158.28 158.89 165.68 156.51 158.98
Cash Conversion Cycle (CCC)		 -24.93 -29.36 -31.31 -59.87 -73.51 -53.07 -48.12 -57.51 -68.13 -53.14 -51.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 52 68 69 55 49 58 55 60 41 38 41
Invested Capital Turnover		 15.77 13.82 13.28 13.84 13.35 9.62 8.77 8.33 9.54 8.08 7.23
Increase / (Decrease) in Invested Capital		 -50 -20 3.03 -1.58 -3.24 -9.86 -14 5.63 -7.71 -20 -14
Enterprise Value (EV)		 674 598 276 88 51 40 -8.70 -1.11 -23 -44 -45
Market Capitalization		 815 732 417 239 209 193 147 154 150 117 112
Book Value per Share		 $17.73 $18.50 $19.34 $18.77 $18.96 $19.21 $19.29 $19.65 $19.53 $18.10 $17.99
Tangible Book Value per Share		 $17.73 $18.50 $19.34 $18.77 $18.96 $19.21 $19.29 $19.65 $19.53 $18.10 $17.99
Total Capital		 210 218 226 218 219 220 219 223 215 205 210
Total Debt		 17 16 15 13 12 9.94 8.45 7.14 0.00 6.09 12
Total Long-Term Debt		 17 16 15 13 12 9.94 8.45 7.14 0.00 6.09 12
Net Debt		 -141 -134 -142 -150 -158 -152 -156 -156 -174 -161 -157
Capital Expenditures (CapEx)		 1.68 0.95 1.84 1.94 1.39 2.29 1.52 1.38 1.36 1.35 -2.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -44 -18 -14 -14 -17 -12 -12 -2.42 -12 -8.55 -8.50
Debt-free Net Working Capital (DFNWC)		 114 132 142 149 153 150 153 160 161 159 160
Net Working Capital (NWC)		 114 132 142 149 153 150 153 160 161 159 160
Net Nonoperating Expense (NNE)		 -0.91 -0.69 -2.62 2.64 0.38 -0.36 2.62 -3.40 -0.60 13 -0.18
Net Nonoperating Obligations (NNO)		 -141 -134 -142 -150 -158 -152 -156 -156 -174 -161 -157
Total Depreciation and Amortization (D&A)		 3.41 3.18 3.07 2.89 2.96 3.00 3.09 4.24 2.94 3.31 3.32
Debt-free, Cash-free Net Working Capital to Revenue		 -3.58% -1.71% -1.56% -1.87% -2.57% -2.01% -2.15% -0.50% -2.88% -2.22% -2.46%
Debt-free Net Working Capital to Revenue		 9.37% 12.29% 15.86% 19.36% 22.62% 24.94% 28.14% 33.36% 37.50% 41.14% 46.36%
Net Working Capital to Revenue		 9.37% 12.29% 15.86% 19.36% 22.62% 24.94% 28.14% 33.36% 37.50% 41.14% 46.36%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.12 $0.55 $0.76 ($0.75) $0.10 $0.08 ($0.07) $0.23 ($0.21) ($1.65) ($0.19)
Adjusted Weighted Average Basic Shares Outstanding		 10.89M 10.88M 10.91M 10.94M 10.94M 10.93M 10.95M 10.99M 10.99M 10.98M 11.01M
Adjusted Diluted Earnings per Share		 $2.12 $0.54 $0.76 ($0.75) $0.10 $0.08 ($0.07) $0.22 ($0.21) ($1.64) ($0.19)
Adjusted Weighted Average Diluted Shares Outstanding		 10.93M 10.92M 10.96M 10.94M 10.97M 10.96M 10.95M 11.06M 10.99M 10.98M 11.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 10.89M 10.90M 10.94M 10.94M 10.94M 10.94M 10.99M 10.99M 10.99M 10.99M 11.12M
Normalized Net Operating Profit after Tax (NOPAT)		 22 5.34 5.70 -5.51 1.51 0.44 -0.88 -0.92 -2.86 -5.46 -2.31
Normalized NOPAT Margin		 9.42% 2.80% 3.26% -3.27% 1.08% 0.37% -0.76% -0.87% -3.20% -7.27% -3.03%
Pre Tax Income Margin		 11.26% 5.13% 6.63% -6.32% 1.13% 1.07% 0.45% 2.72% -2.97% -8.50% -2.55%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 60.85% 73.45% 80.52% 125.25% 255.12% 34.19% -2.84% 5.39% 78.95% -1.04% -0.44%
Augmented Payout Ratio		 71.99% 80.45% 81.91% 128.50% 266.66% 74.18% -8.39% 15.64% 229.15% -3.02% -4.51%

Financials Breakdown Chart

Key Financial Trends

Medifast’s latest quarter shows a company with a very strong balance sheet but still struggling to return to consistent profitability. In Q1 2026, revenue was $76.0 million, down sharply from the much stronger levels seen in 2024 and early 2025, while the company posted a net loss of $2.1 million. The good news is that Medifast still holds substantial cash and investments, and it generated slightly positive operating cash flow in the quarter.

  • Strong liquidity remains a clear support: Medifast ended Q1 2026 with $71.5 million in cash and equivalents and $97.4 million in short-term investments, giving it a sizeable cash cushion.
  • Balance sheet leverage is low: Total liabilities were $54.4 million versus $197.7 million of common equity, which suggests the company is not under meaningful debt stress.
  • Operating cash flow turned slightly positive: Medifast generated $260,000 of operating cash flow in Q1 2026 after negative operating cash flow in Q4 2025, showing some near-term stabilization.
  • Inventory was lower than a year ago: Inventory fell to $21.4 million from $39.4 million in Q1 2025, which may indicate better working-capital discipline.
  • Gross margin appears relatively resilient: Q1 2026 gross profit was $51.8 million on $76.0 million of revenue, implying a gross margin of about 68%, still healthy even though sales are weaker.
  • Net income remains volatile quarter to quarter: Medifast moved from a profit in Q2 2025 to a loss in later quarters, underscoring that earnings have not yet stabilized.
  • Interest and investment income continues to help results: The company earned $1.4 million in interest and investment income in Q1 2026, which offset some of the operating loss.
  • Revenue continues to trend far below prior-year levels: Q1 2026 revenue of $76.0 million was down from $115.7 million in Q1 2025 and far below $174.7 million in Q1 2024.
  • Operating losses remain the core issue: Medifast posted an operating loss of $3.3 million in Q1 2026, meaning the business still is not covering its core operating costs.
  • SG&A remains elevated relative to revenue: Selling, general and administrative expense was $55.1 million in Q1 2026, very close to gross profit and leaving little room for profitability.

What stands out most over the last four years is the decline from a highly profitable business to one that is now fighting to restore scale. In 2023, Medifast produced strong quarterly revenue and meaningful profits. By 2024, revenue had fallen materially, but the company was still occasionally profitable. In 2025 and Q1 2026, revenue weakened further and profitability became inconsistent, with several quarters of losses.

The bright spot is financial flexibility. Medifast’s cash, investments, and relatively low liability load give it time to work through the transition. However, unless revenue stabilizes and operating expenses come down, the company may continue to burn through earnings even if its balance sheet remains healthy.

07/27/26 10:19 PM ETAI Generated. May Contain Errors.

Medifast Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Medifast's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Medifast's net income appears to be on an upward trend, with a most recent value of -$18.67 million in 2025, falling from $20.06 million in 2015. The previous period was $2.09 million in 2024. Check out Medifast's forecast to explore projected trends and price targets.

Medifast's total operating income in 2025 was -$14.21 million, based on the following breakdown:
  • Total Gross Profit: $275.19 million
  • Total Operating Expenses: $289.40 million

Over the last 10 years, Medifast's total revenue changed from $272.77 million in 2015 to $385.79 million in 2025, a change of 41.4%.

Medifast's total liabilities were at $49.05 million at the end of 2025, a 33.8% decrease from 2024, and a 78.2% increase since 2015.

In the past 10 years, Medifast's cash and equivalents has ranged from $42.04 million in 2015 to $163.72 million in 2020, and is currently $89.30 million as of their latest financial filing in 2025.

Over the last 10 years, Medifast's book value per share changed from 7.53 in 2015 to 18.10 in 2025, a change of 140.2%.


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Financial statements for NYSE:MED last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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