NYSE : MED
Medifast, Inc. — Financial statements
Consumer Discretionary · Personal Services · United States
Last price 12.15 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 126.42M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Medifast, Inc. (MED) reported revenue of 299.57M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 299.57M | 385.79M | 602.46M | 1.07B | 1.60B | 1.53B |
| Cost of Revenue | 92.24M | 110.60M | 157.84M | 296.20M | 458.16M | 398.49M |
| Gross Profit | 207.33M | 275.19M | 444.62M | 775.85M | 1.14B | 1.13B |
| Selling, General & Admin | 236.22M | 285.10M | 424.64M | 644.85M | 951.11M | 906.96M |
| Research & Development | 5.90M | 4.30M | 4.60M | 4.60M | 4.50M | 4.40M |
| Operating Expenses | 242.12M | 289.40M | 429.24M | 649.45M | 955.61M | 911.36M |
| Operating Income | -34.78M | -14.21M | 15.38M | 126.40M | 184.81M | 216.24M |
| Interest Expense | -701.00K | -231.00K | ||||
| Interest & Investment Income | 5.65M | 5.52M | 4.80M | 2.49M | ||
| Other Non Operating Income (Expenses) | -20.00K | 3.06M | -3.90M | -95.00K | -46.00K | 119.00K |
| EBT Excluding Unusual Items | -29.15M | -5.64M | 16.29M | 128.80M | 184.06M | 216.13M |
| Merger & Restructuring Charges | -12.50M | |||||
| Pretax Income | -29.15M | -5.64M | 3.79M | 128.80M | 184.06M | 216.13M |
| Income Tax Expense | 11.70M | 13.03M | 1.70M | 29.38M | 40.49M | 52.10M |
| Earnings From Continuing Operations | -40.85M | -18.67M | 2.09M | 99.42M | 143.57M | 164.03M |
| Net Income | -40.85M | -18.67M | 2.09M | 99.42M | 143.57M | 164.03M |
| Net Income to Common | -40.85M | -18.67M | 2.09M | 99.42M | 143.57M | 164.03M |
| Shares Outstanding (Basic) | 11.08M | 10.98M | 10.93M | 10.88M | 11.20M | 11.71M |
| Shares Outstanding (Diluted) | 11.08M | 10.98M | 10.96M | 10.92M | 11.28M | 11.81M |
| EPS (Basic) | -3.69 | -1.70 | 0.19 | 9.13 | 12.82 | 14.01 |
| EPS (Diluted) | -3.69 | -1.70 | 0.19 | 9.10 | 12.73 | 13.89 |
| Free Cash Flow | -3.87M | 1.25M | 17.02M | 141.17M | 177.89M | 60.34M |
| Free Cash Flow Per Share | -0.35 | 0.11 | 1.55 | 12.93 | 15.78 | 5.11 |
| Dividend Per Share | 4.95 | 6.56 | 5.68 | |||
| Gross Margin | 69.21% | 71.33% | 73.80% | 72.37% | 71.34% | 73.89% |
| Operating Margin | -11.61% | -3.68% | 2.55% | 11.79% | 11.56% | 14.17% |
| Profit Margin | -13.64% | -4.84% | 0.35% | 9.27% | 8.98% | 10.75% |
| Free Cash Flow Margin | -1.29% | 0.32% | 2.83% | 13.17% | 11.13% | 3.95% |
| EBITDA | -22.03M | 29.00K | 28.09M | 139.51M | 195.79M | 223.05M |
| EBITDA Margin | -7.35% | 0.01% | 4.66% | 13.01% | 12.25% | 14.62% |
| D&A For EBITDA | 12.76M | 14.24M | 12.71M | 13.11M | 10.98M | 6.81M |
| EBIT | -34.78M | -14.21M | 15.38M | 126.40M | 184.81M | 216.24M |
| EBIT Margin | -11.61% | -3.68% | 2.55% | 11.79% | 11.56% | 14.17% |
| Effective Tax Rate | 44.79% | 22.81% | 22.00% | 24.10% | ||
| Advertising Expenses | 7.50M | 14.10M | 3.40M | 1.70M | 1.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 58.37M | 89.30M | 90.93M | 94.44M | 87.69M | 104.18M |
| Short-Term Investments | 114.16M | 77.97M | 71.42M | 55.60M | 5.36M | |
| Cash & Short-Term Investments | 172.53M | 167.27M | 162.34M | 150.04M | 87.69M | 109.54M |
| Inventory | 21.20M | 20.23M | 42.42M | 54.59M | 118.86M | 180.04M |
| Prepaid Expenses | 4.03M | 9.07M | 9.64M | 10.67M | 16.24M | 16.33M |
| Other Current Assets | 4.17M | 5.12M | 8.73M | 945.00K | ||
| Total Current Assets | 201.94M | 201.68M | 214.40M | 224.03M | 222.78M | 306.87M |
| Property, Plant & Equipment | 32.74M | 38.46M | 48.68M | 67.11M | 75.64M | 80.59M |
| Long-Term Deferred Tax Assets | 11.46M | 4.12M | 5.33M | 4.40M | ||
| Other Long-Term Assets | 5.08M | 7.83M | 9.67M | 14.65M | 12.46M | 6.47M |
| Total Assets | 239.76M | 247.97M | 284.21M | 309.91M | 316.21M | 398.33M |
| Accounts Payable | 38.80M | 38.36M | 56.49M | 39.19M | 53.12M | 70.89M |
| Accrued Expenses | 36.48M | 49.02M | 67.18M | |||
| Current Portion of Leases | 3.08M | 4.60M | 6.18M | 5.88M | 5.78M | 6.52M |
| Current Income Taxes Payable | 1.49M | 428.00K | ||||
| Current Unearned Revenue | 574.00K | 7.36M | 8.05M | |||
| Other Current Liabilities | 10.17M | 25.19M | 17.19M | |||
| Total Current Liabilities | 41.88M | 42.96M | 64.16M | 92.30M | 140.89M | 169.83M |
| Long-Term Leases | 17.61M | 6.09M | 9.94M | 16.13M | 20.27M | 26.02M |
| Total Liabilities | 59.49M | 49.05M | 74.10M | 108.43M | 161.17M | 195.85M |
| Common Stock | 11.00K | 11.00K | 11.00K | 11.00K | 11.00K | 12.00K |
| Additional Paid-In Capital | 45.15M | 40.41M | 33.14M | 26.57M | 21.55M | 12.02M |
| Retained Earnings | 135.54M | 158.27M | 176.78M | 174.65M | 139.85M | 190.33M |
| Treasury Stock | -6.40M | |||||
| Comprehensive Income & Other | -417.00K | 234.00K | 180.00K | 248.00K | 24.00K | 111.00K |
| Shareholders' Equity | 180.28M | 198.92M | 210.11M | 201.48M | 155.04M | 202.47M |
| Total Liabilities & Equity | 239.76M | 247.97M | 284.21M | 309.91M | 316.21M | 398.33M |
| Total Debt | 20.68M | 10.69M | 16.12M | 22.01M | 26.05M | 32.54M |
| Net Cash (Debt) | 151.85M | 156.58M | 146.22M | 128.03M | 61.64M | 77.00M |
| Net Cash Per Share | 13.71 | 14.26 | 13.34 | 11.72 | 5.47 | 6.52 |
| Filing Date Shares Outstanding | 10.40M | 10.31M | 10.66M | 10.78M | 10.78M | 11.50M |
| Total Common Shares Outstanding | 10.40M | 10.31M | 10.66M | 10.78M | 10.81M | 11.55M |
| Working Capital | 160.06M | 158.72M | 150.24M | 131.73M | 81.89M | 137.03M |
| Book Value Per Share | 17.33 | 19.29 | 19.71 | 18.69 | 14.34 | 17.53 |
| Tangible Book Value | 180.28M | 198.92M | 210.11M | 201.48M | 155.04M | 202.47M |
| Tangible Book Value Per Share | 17.33 | 19.29 | 19.71 | 18.69 | 14.34 | 17.53 |
| Land | 345.00K | 345.00K | 565.00K | 565.00K | 565.00K | |
| Buildings | 21.73M | 21.35M | 24.50M | 25.91M | 23.52M | |
| Machinery | 46.15M | 44.97M | 50.44M | 49.38M | 42.85M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -40.85M | -18.67M | 2.09M | 99.42M | 143.57M | 164.03M |
| Depreciation & Amortization | 12.76M | 14.24M | 12.71M | 13.11M | 10.98M | 6.81M |
| Loss (Gain) From Sale of Assets | -1.39M | 1.37M | 89.00K | 1.17M | 2.13M | 2.00K |
| Asset Writedown & Restructuring Costs | 10.83M | |||||
| Loss (Gain) From Sale of Investments | -657.00K | -4.00M | 3.19M | -319.00K | 14.00K | 89.00K |
| Stock-Based Compensation | 7.74M | 7.64M | 7.36M | 8.19M | 11.05M | 9.90M |
| Other Operating Activities | 16.77M | 16.08M | 8.78M | 5.82M | 5.17M | 1.35M |
| Change in Inventory | 2.00M | 22.19M | 12.17M | 64.27M | 61.19M | -126.65M |
| Change in Accounts Payable | -7.24M | -23.91M | -34.99M | -35.71M | -37.59M | 54.38M |
| Change in Income Taxes | 209.00K | -6.60M | 10.21M | -9.15M | 1.37M | -945.00K |
| Change in Other Net Operating Assets | -192.00K | -1.48M | 2.87M | 873.00K | -3.31M | -14.43M |
| Operating Cash Flow | -26.00K | 6.86M | 24.48M | 147.66M | 194.57M | 94.55M |
| Capital Expenditures | -3.84M | -5.61M | -7.45M | -6.48M | -16.68M | -34.21M |
| Sale of Property, Plant & Equipment | 3.64M | |||||
| Investment in Securities | -39.93M | -2.31M | -19.07M | -54.56M | 5.27M | 5.14M |
| Investing Cash Flow | -40.14M | -7.93M | -26.52M | -61.05M | -11.41M | -29.06M |
| Issuance of Common Stock | 36.00K | 188.00K | 811.00K | |||
| Repurchase of Common Stock | -824.00K | -369.00K | -836.00K | -6.96M | -127.96M | -62.09M |
| Common Dividends Paid | -170.00K | -195.00K | -715.00K | -73.02M | -71.62M | -63.86M |
| Financing Cash Flow | -994.00K | -564.00K | -1.51M | -79.79M | -199.58M | -125.13M |
| Foreign Exchange Rate Adjustments | 4.00K | 4.00K | 47.00K | -72.00K | -67.00K | 112.00K |
| Net Cash Flow | -41.15M | -1.62M | -3.51M | 6.75M | -16.49M | -59.54M |
| Free Cash Flow | -3.87M | 1.25M | 17.02M | 141.17M | 177.89M | 60.34M |
| Free Cash Flow Margin | -1.29% | 0.32% | 2.83% | 13.17% | 11.13% | 3.95% |
| Free Cash Flow Per Share | -0.35 | 0.11 | 1.55 | 12.93 | 15.78 | 5.11 |
| Levered Free Cash Flow | -2.61M | 5.41M | 15.72M | 106.22M | 154.46M | 35.66M |
| Unlevered Free Cash Flow | -2.61M | 5.41M | 15.72M | 106.22M | 154.89M | 35.81M |
| Cash Income Tax Paid | 672.00K | 10.46M | -1.62M | 34.26M | 37.21M | 56.76M |
| Change in Working Capital | -5.22M | -9.80M | -9.74M | 20.28M | 21.65M | -87.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 126.42M | 109.76M | 187.69M | 724.40M | 1.25B | 2.42B |
| Enterprise Value | -25.43M | -51.49M | 35.36M | 588.99M | 1.21B | 2.28B |
| Last Close Price | 12.15 | 10.68 | 17.62 | 67.22 | 109.01 | 188.97 |
| PE Ratio | 89.76 | 7.29 | 8.73 | 14.78 | ||
| Forward PE | 53.77 | 38.00 | 13.05 | 9.03 | 13.75 | |
| PS Ratio | 0.42 | 0.28 | 0.31 | 0.68 | 0.78 | 1.59 |
| PB Ratio | 0.70 | 0.55 | 0.89 | 3.60 | 8.08 | 11.97 |
| P/TBV Ratio | 0.70 | 0.55 | 0.89 | 3.60 | 8.08 | 11.97 |
| P/FCF Ratio | 87.88 | 11.03 | 5.13 | 7.04 | 40.17 | |
| P/OCF Ratio | 15.99 | 7.67 | 4.91 | 6.44 | 25.64 | |
| PEG Ratio | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | |
| EV/Sales Ratio | 0.06 | 0.55 | 0.76 | 1.50 | ||
| EV/EBITDA Ratio | 1.26 | 4.22 | 6.19 | 10.24 | ||
| EV/EBIT Ratio | 2.30 | 4.66 | 6.55 | 10.56 | ||
| EV/FCF Ratio | 2.08 | 4.17 | 6.81 | 37.85 | ||
| Debt / Equity Ratio | 0.12 | 0.05 | 0.08 | 0.11 | 0.17 | 0.16 |
| Debt / EBITDA Ratio | 2.17 | 0.49 | 0.15 | 0.13 | 0.14 | |
| Debt / FCF Ratio | 8.56 | 0.95 | 0.16 | 0.15 | 0.54 | |
| Net Debt / Equity Ratio | -0.84 | -0.79 | -0.70 | -0.64 | -0.40 | -0.38 |
| Net Debt / EBITDA Ratio | 6.89 | -5,399.28 | -5.21 | -0.92 | -0.32 | -0.34 |
| Net Debt / FCF Ratio | 39.25 | -125.36 | -8.59 | -0.91 | -0.35 | -1.28 |
| Asset Turnover | 1.18 | 1.45 | 2.03 | 3.42 | 4.47 | 4.53 |
| Inventory Turnover | 4.15 | 3.53 | 3.25 | 3.42 | 3.07 | 3.41 |
| Quick Ratio | 4.12 | 3.89 | 2.53 | 1.63 | 0.62 | 0.65 |
| Current Ratio | 4.82 | 4.69 | 3.34 | 2.43 | 1.58 | 1.81 |
| Return on Equity (ROE) | -20.69% | -9.13% | 1.02% | 55.77% | 80.31% | 91.20% |
| Return on Assets (ROA) | -8.56% | -3.34% | 3.24% | 25.24% | 32.33% | 40.08% |
| Return on Invested Capital (ROIC) | -84.22% | -26.76% | 12.37% | 116.95% | 131.72% | 130.80% |
| Return on Capital Employed (ROCE) | -17.60% | -6.90% | 7.00% | 58.10% | 105.40% | 94.60% |
| Earnings Yield | -30.38% | -17.01% | 1.11% | 13.72% | 11.46% | 6.77% |
| FCF Yield | -3.06% | 1.14% | 9.07% | 19.49% | 14.19% | 2.49% |
| Dividend Yield | 7.37% | 5.66% | 2.71% | |||
| Payout Ratio | 34.19% | 73.45% | 49.89% | 38.93% | ||
| Buyback Yield / Dilution | -0.94% | -0.16% | -0.39% | 3.15% | 4.55% | 0.31% |
| Total Shareholder Return | -0.94% | -0.16% | -0.39% | 10.52% | 10.21% | 3.02% |