MEDIFAST INC MED
Medifast, Inc. ("Medifast," the "Company," "we" or "us") is the 40+ year old health and wellness company known for its science-backed, coach-guided lifestyle system. As we enter 2026, the Company is moving from transformation to execution, leveraging its extensive experience in structured weight loss coupled with recent scientific research and enhanced product offerings to address the needs of a broader metabolic health market. Medifast's approach focuses on addressing the root cause of metabolic dysfunction. This strategic shift targets a larger and more sustainable market, focusing on a long-term growth strategy designed to guide the Company over the next decade by aligning science, products, and coaching with increasing demand for new solutions as awareness of metabolic dysfunction grows.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $385.8M | $602.5M | $1.07B | $1.60B | $1.53B | $934.8M | $713.7M | $501.0M | $301.6M | $274.5M |
| Cost of revenue | $110.6M | $157.8M | $296.2M | $458.2M | $398.5M | $237.0M | $176.8M | $121.1M | $73.8M | $68.9M |
| Gross profit | $275.2M | $444.6M | $775.9M | $1.14B | $1.13B | $697.8M | $536.9M | $379.9M | $227.8M | $205.7M |
| R&D | $4.3M | $4.6M | $4.6M | $4.5M | $4.4M | $2.8M | $2.7M | $2.2M | $1.5M | $2.0M |
| SG&A | $289.4M | $441.7M | $649.4M | $955.6M | $911.4M | $563.7M | $445.8M | $310.8M | $188.2M | $178.8M |
| Operating income | -$14.2M | $2.9M | $126.4M | $184.8M | $216.2M | $134.2M | $91.0M | $69.1M | $39.6M | $26.9M |
| Pre-tax income | -$5.6M | $3.8M | $128.8M | $184.1M | $216.1M | $134.3M | $92.4M | $70.5M | $40.3M | $27.1M |
| Income tax | $13.0M | $1.7M | $29.4M | $40.5M | $52.1M | $31.4M | $14.4M | $14.8M | $12.6M | $9.3M |
| Net income | -$19.0M | $2.0M | $99.0M | $144.0M | $164.0M | $102.9M | $77.9M | $55.8M | $27.7M | $17.8M |
| EPS, basic | -1.70 | 0.19 | 9.13 | 12.82 | 14.01 | 8.74 | 6.62 | 4.67 | 2.32 | 1.51 |
| EPS, diluted | -1.70 | 0.19 | 9.10 | 12.73 | 13.89 | 8.68 | 6.43 | 4.62 | 2.29 | 1.49 |
| Shares, diluted (wtd. avg.) | $11.0M | $11.0M | $10.9M | $11.3M | $11.8M | $11.8M | $12.1M | $12.1M | $12.1M | $11.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $89.3M | $90.9M | $94.4M | $87.7M | $104.2M | $163.7M | $77.0M | $81.4M | $75.1M | $52.4M |
| Short-term investments | $78.0M | $71.4M | $55.6M | $0 | $5.4M | $10.8M | $15.7M | $19.7M | $23.8M | $24.4M |
| Receivables | — | — | — | — | — | $584.0K | $1.4M | $1.0M | $576.0K | $1.4M |
| Inventory | $20.2M | $42.4M | $54.6M | $118.9M | $180.0M | $53.4M | $48.8M | $38.9M | $19.3M | $18.3M |
| Total current assets | $201.7M | $214.4M | $224.0M | $222.8M | $306.9M | $234.3M | $154.2M | $145.5M | $125.2M | $101.3M |
| Property, plant and equipment | $31.2M | $37.5M | $51.5M | $57.2M | $56.1M | $27.6M | $26.0M | $19.7M | $18.6M | $19.8M |
| Total assets | $248.0M | $284.2M | $309.9M | $316.2M | $398.3M | $276.1M | $194.7M | $169.4M | $145.9M | $121.2M |
| Accounts payable | $38.4M | $56.5M | $86.4M | $134.7M | $163.3M | $107.7M | $76.2M | $60.3M | $37.1M | $24.3M |
| Total current liabilities | $43.0M | $64.2M | $92.3M | $140.9M | $169.8M | $111.3M | $79.4M | $60.3M | $37.1M | $24.4M |
| Total liabilities | $49.1M | $74.1M | $108.4M | $161.2M | $195.9M | $118.8M | $89.8M | $60.3M | $37.3M | $25.2M |
| Retained earnings | $158.3M | $176.8M | $174.6M | $139.9M | $190.3M | $154.4M | $168.8M | $131.3M | $103.8M | $93.5M |
| Total equity | $198.9M | $210.1M | $201.5M | $155.0M | $202.5M | $157.2M | $104.8M | $109.1M | $106.6M | $96.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.9M | $24.5M | $147.7M | $194.6M | $94.5M | $145.2M | $84.3M | $60.8M | $43.2M | $25.4M |
| Depreciation and amortisation | $14.2M | $12.7M | $13.1M | $11.0M | $6.8M | $4.3M | $4.6M | $4.4M | $4.2M | $5.4M |
| Stock-based compensation | $7.6M | $7.4M | $8.2M | $11.1M | $9.9M | $6.8M | $4.5M | $3.1M | $4.3M | $3.4M |
| Capital expenditure | $5.6M | $7.5M | $6.5M | $16.7M | $34.2M | $5.9M | $10.1M | $4.9M | $3.2M | $2.9M |
| Investing cash flow | -$7.9M | -$26.5M | -$61.0M | -$11.4M | -$29.1M | -$1.3M | -$6.3M | -$1.2M | -$3.2M | -$2.0M |
| Financing cash flow | -$564.0K | -$1.5M | -$79.8M | -$199.6M | -$125.1M | -$57.1M | -$82.3M | -$53.3M | -$17.4M | -$12.9M |
| Dividends paid | $195.0K | $715.0K | $73.0M | $71.6M | $63.9M | $53.2M | $35.4M | $23.2M | $15.4M | $11.9M |
| Buybacks | $0 | $0 | $3.6M | $126.4M | $56.0M | $5.0M | $33.1M | $30.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-023890.
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