MEDIFAST INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MEDIFAST INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	275	302	501	714	935	1,526	1,599	1,072	602	386
Cost of revenue	68.9	73.8	121	177	237	398	458	296	158	111
Gross profit	206	228	380	537	698	1,128	1,140	776	445	275
Research and development	2	1.5	2.2	2.7	2.8	4.4	4.5	4.6	4.6	4.3
Selling, general and administrative	179	188	311	446	564	911	956	649	442	289
Operating income	26.9	39.6	69.1	91	134	216	185	126	2.88	-14.2
Other non-operating income	0.26	0.69	1.49	1.32	0.11	-0.11	-0.75	2.4	0.91	8.57
Pre-tax income	27.1	40.3	70.5	92.4	134	216	184	129	3.79	-5.64
Income tax	9.29	12.6	14.8	14.4	31.4	52.1	40.5	29.4	1.7	13
Income from continuing operations	17.8	27.7	55.8
Net income	17.8	27.7	55.8	77.9	103	164	144	99.4	2.09	-18.7
EBITDA	32.3	43.8	73.5	95.7	138	223	196	140	15.6	0.03
EPS, basic	1.51	2.32	4.67	6.62	8.74	14.01	12.82	9.13	0.19	-1.70
EPS, diluted	1.49	2.29	4.62	6.43	8.68	13.89	12.73	9.10	0.19	-1.70
Shares, basic (weighted)	11.8	11.9	11.9	11.8	11.8	11.7	11.2	10.9	10.9	11
Shares, diluted (weighted)	11.9	12.1	12.1	12.1	11.9	11.8	11.3	10.9	11	11
Dividend per share	1.07	1.44	2.19	3.38	4.52	5.68	6.56	4.95	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.4	75.1	81.4	77	164	104	87.7	94.4	90.9	89.3
Short-term investments	24.4	23.8	19.7	15.7	10.8	5.36	0	55.6	71.4	78
Receivables	1.39	0.58	1.01	1.44	0.58
Inventory	18.3	19.3	38.9	48.8	53.4	180	119	54.6	42.4	20.2
Other current assets	3.5	4.19	4.59	6.1	6.45	16.3	16.2	10.7	9.64	9.07
Total current assets	101	125	146	154	234	307	223	224	214	202
Property, plant and equipment	19.8	18.6	19.7	26	27.6	56.1	57.2	51.5	37.5	31.2
Lease right-of-use assets				12.8	10.5	24.5	18.5	15.6	11.2	7.23
Other non-current assets	0.16	2.12	1.18	0.35	2.94	6.47	12.5	14.7	9.67	7.83
Total assets	121	146	169	195	276	398	316	310	284	248
Accounts payable	9.58	13.8	19	22.6	36.1	70.9	53.1	39.2	23.1	15.1
Deferred revenue			2.8	4.33	7.61	8.05	7.36	0.57	0.32	0.38
Total current liabilities	24.4	37.1	60.3	79.4	111	170	141	92.3	64.2	43
Lease liabilities				10.4	7.49	26	20.3	16.1	9.94	6.09
Total liabilities	25.2	37.3	60.3	89.8	119	196	161	108	74.1	49.1
Paid-in capital	2.67	4.97	8.8		7.84	12	21.6	26.6	33.1	40.4
Retained earnings	93.5	104	131	169	154	190	140	175	177	158
Treasury stock			-30.9	-64	-5	0	-6.4	0
Other comprehensive income	-0.17	-0.16	-0.17	0.03	0.04	0.11	0.02	0.25	0.18	0.23
Shareholders' equity	96	107	109	105	157	202	155	201	210	199
Total equity	96	107	109	105	157	202	155	201	210	199
Total liabilities and equity	121	146	169	195	276	398	316	310	284	248
Shares outstanding	11.9	12	11.9	11.8	11.8	11.6	10.9	10.9	10.9	11

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	17.8	27.7	55.8	77.9	103	164	144	99.4	2.09	-18.7
Depreciation and amortization	5.41	4.21	4.44	4.62	4.32	6.81	11	13.1	12.7	14.2
Stock-based compensation	3.43	4.27	3.12	4.52	6.8	9.9	11.1	8.19	7.36	7.64
Deferred income tax	-2.83	-0.62	-2.69	1.6	0.6	-3.72	-0.92	1.21	-7.4	11.5
Change in receivables	0.25	0.66	-0.94	-4.06	0.3
Change in inventory	-4.98	-1.02	-18.7	-9.88	-4.62	-127	61.2	64.3	12.2	22.2
Change in payables	0.77	10.7	16	12.1	28	54.4	-37.6	-35.7	-35	-23.9
Cash from operations	25.4	43.2	60.8	84.3	145	94.5	195	148	24.5	6.86
Capital expenditures	-2.88	-3.24	-4.94	-10.1	-5.89	-34.2	-16.7	-6.48	-7.45	-5.61
Purchases of investments	-26.6	-6.96				0	0	-59.8	-46.6	-84.4
Cash from investing	-2.04	-3.16	-1.2	-6.33	-1.28	-29.1	-11.4	-61	-26.5	-7.93
Debt repaid	-0.22
Stock issued	0.3	0.57	0.55	0.3	1.6	0.81	0	0.19	0.04	0
Share buybacks			-30	-33.1	-5	-56	-126	-3.6	0	0
Dividends paid	-11.9	-15.4	-23.2	-35.4	-53.2	-63.9	-71.6	-73	-0.72	-0.2
Cash from financing	-12.9	-17.4	-53.3	-82.3	-57.1	-125	-200	-79.8	-1.52	-0.56
Exchange rate effect	0.01	-0.07	-0	0	-0.02	0.11	-0.07	-0.07	0.05	0
Net change in cash	10.4	22.6	6.29	-4.39	86.7	-59.5	-16.5	6.75	-3.51	-1.63
Free cash flow	22.5	40	55.9	74.2	139	60.3	178	141	17	1.25
Interest paid	0.02
Income taxes paid	11.6	13.6	14.6	17.3	24.6	56.8	37.2	34.3	-1.62	10.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.2%	Gross profit / revenue.
Operating margin	-6.2%	Operating income / revenue.
EBITDA margin	-1.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.4%	Pre-tax income / revenue.
Net margin	-8.1%	Net income / revenue.
FCF margin	1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Return on equity (ROE)	-13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.8%	Net income / average total assets.
Return on invested capital (ROIC)	-12.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	75.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-36.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-37.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-16.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-38.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-37.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-17.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-593.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-99.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-94.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-81.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-993.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-994.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-72.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-67.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-45.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-92.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-80.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-61.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.86x	Current assets / current liabilities.
Quick ratio	4.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	24.6%	Total liabilities / total assets.
Working capital	$160.5M	Current assets - current liabilities.
Tangible book value	$196.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.22x	Revenue / average total assets.
Fixed asset turnover	11.3x	Revenue / average property, plant and equipment.
Inventory turnover	4.60x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Days payables	136 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	54.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.46	Revenue / diluted weighted shares.
FCF per share	$0.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.79	Cash from operations / diluted weighted shares.
Book value per share	$17.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.56	Tangible book value / shares outstanding.
Cash per share	$15.19	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	4.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$136.1M	Share price x shares outstanding.
Enterprise value	-$33.8M	Market cap + total debt - cash - short-term investments.
P/S	0.43x	Market cap / revenue.
P/B	0.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.69x	Market cap / tangible book value, when positive.
P/FCF	33.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.5x	Market cap / cash from operations, when positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	-18.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was MEDIFAST INC's revenue in fiscal 2025?

MEDIFAST INC reported revenue of $385.8M for fiscal 2025, 36% lower than the year before.

Was MEDIFAST INC profitable in fiscal 2025?

No. It reported a net loss of $18.7M.

How much free cash flow did MEDIFAST INC generate in fiscal 2025?

Cash from operations of $6.9M minus capital expenditures of $5.6M left free cash flow of $1.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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