Medifast, Inc. (MED) 10-Year Financial Performance & Capital Metrics

MED • • Industrial / General

Consumer CyclicalPersonal ServicesHealth & Fitness ServicesWeight Management Programs

AboutMedifast, Inc., through its subsidiaries, manufactures and distributes weight loss, weight management, healthy living products, and other consumable health and nutritional products in the United States and the Asia-Pacific. The company offers bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serves, shakes, smoothies, soft bakes, and soups under the OPTAVIA, Optimal Health by Take Shape for Life, and Flavors of Home brands. It markets its products through point-of-sale transactions over ecommerce platform. The company was founded in 1980 and is headquartered in Baltimore, Maryland.Show more

Revenue $602M -43.8%
EBITDA $16M -88.8%
Net Income $2M -97.9%
EPS (Diluted) 0.19 -97.9%
Gross Margin 73.8% +2.0%
EBITDA Margin 2.59% -80.1%
Operating Margin 0.48% -95.9%
Net Margin 0.35% -96.3%
ROE 1.02% -98.2%
ROIC 1.63% -98.1%
Debt/Equity 0.08 -29.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 45.7%
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.6x book value
✓Efficient asset utilization: 2.1x turnover

✗Weaknesses

✗Profits declining 51.5% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.76%

5Y-3.33%

3Y-26.64%

TTM-36.29%

Profit (Net Income) CAGR

10Y-16.82%

5Y-51.5%

3Y-76.64%

TTM-96.61%

EPS CAGR

10Y-15.55%

5Y-50.56%

3Y-76.08%

TTM-98.36%

ROCE

10Y Avg60.57%

5Y Avg72.6%

3Y Avg52.39%

Latest1.32%

Peer Comparison

Weight Management Programs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEDMedifast, Inc.	130.03M	11.83	62.26	-43.8%	0.06%	0.12%	13.09%	0.08
WWWW International, Inc.	236.79M	23.71	-5.46	-11.65%	151.02%	336.14%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	272.77M	274.53M	301.56M	501M	713.67M	934.84M	1.53B	1.6B	1.07B	602.46M
Revenue Growth %	-0.04%	0.01%	0.1%	0.66%	0.42%	0.31%	0.63%	0.05%	-0.33%	-0.44%
Cost of Goods Sold+	71.46M	68.87M	73.75M	121.1M	176.81M	237.03M	398.49M	458.16M	296.2M	157.84M
COGS % of Revenue	0.26%	0.25%	0.24%	0.24%	0.25%	0.25%	0.26%	0.29%	0.28%	0.26%
Gross Profit+	201.31M	205.66M	227.81M	379.9M	536.86M	697.82M	1.13B	1.14B	775.85M	444.62M
Gross Margin %	0.74%	0.75%	0.76%	0.76%	0.75%	0.75%	0.74%	0.71%	0.72%	0.74%
Gross Profit Growth %	-0.04%	0.02%	0.11%	0.67%	0.41%	0.3%	0.62%	0.01%	-0.32%	-0.43%
Operating Expenses+	172.63M	178.81M	188.18M	310.84M	445.82M	563.66M	911.36M	955.61M	649.45M	441.75M
OpEx % of Revenue	0.63%	0.65%	0.62%	0.62%	0.62%	0.6%	0.6%	0.6%	0.61%	0.73%
Selling, General & Admin	172.63M	178.81M	188.18M	310.84M	445.82M	563.66M	911.36M	955.61M	649.45M	441.75M
SG&A % of Revenue	0.63%	0.65%	0.62%	0.62%	0.62%	0.6%	0.6%	0.6%	0.61%	0.73%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	28.68M	26.86M	39.63M	69.06M	91.04M	134.16M	216.24M	184.81M	126.4M	2.88M
Operating Margin %	0.11%	0.1%	0.13%	0.14%	0.13%	0.14%	0.14%	0.12%	0.12%	0%
Operating Income Growth %	-0.05%	-0.06%	0.48%	0.74%	0.32%	0.47%	0.61%	-0.15%	-0.32%	-0.98%
EBITDA+	35.8M	32.26M	43.84M	73.5M	95.66M	138.47M	223.05M	195.79M	139.51M	15.59M
EBITDA Margin %	0.13%	0.12%	0.15%	0.15%	0.13%	0.15%	0.15%	0.12%	0.13%	0.03%
EBITDA Growth %	-0.07%	-0.1%	0.36%	0.68%	0.3%	0.45%	0.61%	-0.12%	-0.29%	-0.89%
D&A (Non-Cash Add-back)	7.12M	5.41M	4.21M	4.43M	4.62M	4.32M	6.81M	10.98M	13.11M	12.71M
EBIT	28.68M	26.86M	39.63M	69.06M	91.04M	134.16M	216.24M	184.76M	126.4M	2.88M
Net Interest Income+	661K	283K	558K	1.31M	1.29M	246K	0	-701K	2.49M	4.8M
Interest Income	661K	283K	558K	1.31M	1.29M	246K	0	0	2.49M	4.8M
Interest Expense	0	0	0	0	0	0	0	701K	0	0
Other Income/Expense	987K	263K	694K	1.49M	1.32M	106K	-112K	-747K	2.4M	909K
Pretax Income+	29.67M	27.12M	40.33M	70.55M	92.36M	134.26M	216.13M	184.06M	128.8M	3.79M
Pretax Margin %	0.11%	0.1%	0.13%	0.14%	0.13%	0.14%	0.14%	0.12%	0.12%	0.01%
Income Tax+	10.1M	9.29M	12.61M	14.76M	14.45M	31.41M	52.1M	40.49M	29.38M	1.7M
Effective Tax Rate %	0.68%	0.66%	0.69%	0.79%	0.84%	0.77%	0.76%	0.78%	0.77%	0.55%
Net Income+	20.06M	17.84M	27.72M	55.79M	77.92M	102.86M	164.03M	143.57M	99.42M	2.09M
Net Margin %	0.07%	0.06%	0.09%	0.11%	0.11%	0.11%	0.11%	0.09%	0.09%	0%
Net Income Growth %	0.52%	-0.11%	0.55%	1.01%	0.4%	0.32%	0.59%	-0.12%	-0.31%	-0.98%
Net Income (Continuing)	19.57M	17.84M	27.72M	55.79M	77.92M	102.86M	164.03M	143.57M	99.42M	2.09M
Discontinued Operations	491K	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.66	1.49	2.29	4.62	6.43	8.68	13.89	12.73	9.10	0.19
EPS Growth %	0.61%	-0.1%	0.54%	1.02%	0.39%	0.35%	0.6%	-0.08%	-0.29%	-0.98%
EPS (Basic)	1.68	1.51	2.32	4.67	6.62	8.74	14.01	12.82	9.10	0.19
Diluted Shares Outstanding	12.07M	11.95M	12.09M	12.08M	12.12M	11.85M	11.81M	11.28M	10.92M	10.96M
Basic Shares Outstanding	11.96M	11.84M	11.92M	11.95M	11.77M	11.77M	11.71M	11.2M	10.88M	10.93M
Dividend Payout Ratio	-	0.67%	0.56%	0.42%	0.45%	0.52%	0.39%	0.5%	0.73%	0.34%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	88.07M	101.3M	125.2M	145.52M	154.15M	234.31M	306.87M	222.78M	224.03M	214.4M
Cash & Short-Term Investments	67.11M	76.85M	98.83M	101.03M	92.68M	174.47M	109.54M	87.69M	150.04M	162.34M
Cash Only	42.04M	52.44M	75.08M	81.36M	76.97M	163.72M	104.18M	87.69M	94.44M	90.93M
Short-Term Investments	25.07M	24.41M	23.76M	19.67M	15.7M	10.75M	5.36M	0	55.6M	71.42M
Accounts Receivable	1.63M	1.39M	576K	1.01M	1.44M	584K	0	0	0	0
Days Sales Outstanding	2.19	1.84	0.7	0.74	0.73	0.23	-	-	-	-
Inventory	13.34M	18.31M	19.33M	38.89M	48.77M	53.39M	180.04M	118.86M	54.59M	42.42M
Days Inventory Outstanding	68.11	97.05	95.66	117.21	100.68	82.22	164.91	94.69	67.27	98.1
Other Current Assets	3.24M	0	0	0	0	-584K	16.33M	16.24M	0	0
Total Non-Current Assets+	29.25M	19.92M	20.73M	23.91M	40.5M	41.77M	91.46M	93.43M	85.88M	69.81M
Property, Plant & Equipment	29.03M	19.75M	18.61M	19.75M	38.84M	38.14M	80.59M	75.64M	67.11M	48.68M
Fixed Asset Turnover	9.40x	13.90x	16.20x	25.37x	18.37x	24.51x	18.94x	21.13x	15.97x	12.38x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	224K	166K	2.12M	1.18M	353K	2.94M	6.47M	12.46M	14.65M	9.67M
Total Assets+	117.33M	121.22M	145.93M	169.43M	194.65M	276.08M	398.33M	316.21M	309.91M	284.21M
Asset Turnover	2.32x	2.26x	2.07x	2.96x	3.67x	3.39x	3.83x	5.06x	3.46x	2.12x
Asset Growth %	0.01%	0.03%	0.2%	0.16%	0.15%	0.42%	0.44%	-0.21%	-0.02%	-0.08%
Total Current Liabilities+	23.56M	24.42M	37.14M	60.32M	79.39M	111.35M	169.83M	140.89M	92.3M	64.16M
Accounts Payable	11.26M	9.58M	13.8M	19.02M	22.61M	36.09M	70.89M	53.12M	39.19M	23.05M
Days Payables Outstanding	57.54	50.77	68.28	57.32	46.67	55.58	64.94	42.32	48.3	53.3
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	574K	316K
Other Current Liabilities	8.1M	8.92M	0	19.76M	0	0	0	0	0	32.77M
Current Ratio	3.74x	4.15x	3.37x	2.41x	1.94x	2.10x	1.81x	1.58x	2.43x	3.34x
Quick Ratio	3.17x	3.40x	2.85x	1.77x	1.33x	1.62x	0.75x	0.74x	1.84x	2.68x
Cash Conversion Cycle	12.76	48.12	28.07	60.63	54.74	26.87	-	-	-	-
Total Non-Current Liabilities+	5.18M	779K	208K	1.97M	10.43M	7.49M	26.02M	20.27M	16.13M	9.94M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	10.43M	7.49M	26.02M	20.27M	16.13M	9.94M
Deferred Tax Liabilities	4.89M	779K	208K	1.97M	0	0	0	0	0	0
Other Non-Current Liabilities	288K	0	0	-1.97M	0	0	0	0	0	0
Total Liabilities	28.74M	25.2M	37.35M	60.32M	89.82M	118.84M	195.85M	161.17M	108.43M	74.1M
Total Debt+	219K	779K	0	0	13.6M	11.16M	32.54M	26.05M	22.01M	16.13M
Net Debt	-41.82M	-51.66M	-75.08M	-81.36M	-63.37M	-152.56M	-71.64M	-61.64M	-72.43M	-74.8M
Debt / Equity	0.00x	0.01x	-	-	0.13x	0.07x	0.16x	0.17x	0.11x	0.08x
Debt / EBITDA	0.01x	0.02x	-	-	0.14x	0.08x	0.15x	0.13x	0.16x	1.03x
Net Debt / EBITDA	-1.17x	-1.60x	-1.71x	-1.11x	-0.66x	-1.10x	-0.32x	-0.31x	-0.52x	-4.80x
Interest Coverage	-	-	-	-	-	-	-	263.63x	-	-
Total Equity+	88.58M	96.02M	108.58M	109.11M	104.83M	157.25M	202.47M	155.04M	201.48M	210.11M
Equity Growth %	0.1%	0.08%	0.13%	0%	-0.04%	0.5%	0.29%	-0.23%	0.3%	0.04%
Book Value per Share	7.34	8.04	8.98	9.03	8.65	13.27	17.14	13.75	18.45	19.17
Total Shareholders' Equity	88.58M	96.02M	108.58M	109.11M	104.83M	157.25M	202.47M	155.04M	201.48M	210.11M
Common Stock	12K	12K	12K	12K	12K	12K	12K	11K	11K	11K
Retained Earnings	88.63M	93.5M	103.76M	131.34M	168.79M	154.35M	190.33M	139.85M	174.65M	176.78M
Treasury Stock	0	0	0	-30.88M	-63.99M	-5M	0	-6.4M	0	0
Accumulated OCI	-62K	-165K	-160K	-173K	25K	41K	111K	24K	248K	180K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.41M	25.35M	43.24M	60.82M	84.26M	145.2M	94.55M	194.57M	147.66M	24.48M
Operating CF Margin %	0.11%	0.09%	0.14%	0.12%	0.12%	0.16%	0.06%	0.12%	0.14%	0.04%
Operating CF Growth %	0.15%	-0.14%	0.71%	0.41%	0.39%	0.72%	-0.35%	1.06%	-0.24%	-0.83%
Net Income	19.57M	17.84M	27.72M	55.79M	77.92M	102.86M	164.03M	143.57M	99.42M	2.09M
Depreciation & Amortization	7.12M	5.41M	4.21M	4.43M	4.62M	4.32M	6.81M	10.98M	13.11M	17.4M
Stock-Based Compensation	3.08M	3.43M	4.27M	3.12M	4.52M	6.8M	9.9M	11.05M	8.19M	7.36M
Deferred Taxes	-106K	-2.83M	-623K	-2.69M	1.6M	601K	-3.71M	-924K	1.21M	-7.4M
Other Non-Cash Items	-4.09M	5.74M	879K	622K	3.1M	3.72M	5.16M	8.24M	5.46M	14.77M
Working Capital Changes	3.84M	-4.23M	6.78M	-467K	-7.49M	26.9M	-87.65M	21.65M	20.28M	-9.74M
Change in Receivables	17K	246K	815K	122K	-4.06M	297K	0	0	0	0
Change in Inventory	2.4M	-4.98M	-1.02M	-18.66M	-9.88M	-4.62M	-126.65M	61.19M	64.27M	12.17M
Change in Payables	-2.13M	197K	8.01M	15.8M	0	0	0	-37.59M	-35.71M	-34.99M
Cash from Investing+	-189K	-2.04M	-3.16M	-1.2M	-6.33M	-1.28M	-29.06M	-11.41M	-61.05M	-26.52M
Capital Expenditures	-2.82M	-2.88M	-3.24M	-4.94M	-10.06M	-5.89M	-34.21M	-16.68M	-6.48M	-7.45M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.63M	676K	81K	196K	0	0	0	0	0	95K
Cash from Financing+	-11.73M	-12.92M	-17.36M	-53.33M	-82.32M	-57.14M	-125.13M	-199.58M	-79.79M	-1.51M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-11.89M	-15.39M	-23.16M	-35.4M	-53.19M	-63.86M	-71.62M	-73.02M	-715K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	336K	529K	568K	547K	278K	1.6M	811K	0	188K	36K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	26.59M	22.47M	39.99M	55.88M	74.2M	139.31M	60.34M	177.89M	141.17M	17.02M
FCF Margin %	0.1%	0.08%	0.13%	0.11%	0.1%	0.15%	0.04%	0.11%	0.13%	0.03%
FCF Growth %	0.44%	-0.15%	0.78%	0.4%	0.33%	0.88%	-0.57%	1.95%	-0.21%	-0.88%
FCF per Share	2.20	1.88	3.31	4.63	6.12	11.76	5.11	15.78	12.93	1.55
FCF Conversion (FCF/Net Income)	1.47x	1.42x	1.56x	1.09x	1.08x	1.41x	0.58x	1.36x	1.49x	11.71x
Interest Paid	22K	24K	0	0	0	0	0	0	0	0
Taxes Paid	4.18M	11.62M	13.62M	14.61M	17.31M	24.64M	56.76M	37.21M	34.26M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.73%	19.32%	27.1%	51.26%	72.84%	78.5%	91.2%	80.31%	55.77%	1.02%
Return on Invested Capital (ROIC)	41.67%	44.21%	76.35%	169.14%	197.34%	436.12%	239.35%	123.62%	85.23%	1.63%
Gross Margin	73.8%	74.91%	75.54%	75.83%	75.22%	74.65%	73.89%	71.34%	72.37%	73.8%
Net Margin	7.35%	6.5%	9.19%	11.14%	10.92%	11%	10.75%	8.98%	9.27%	0.35%
Debt / Equity	0.00x	0.01x	-	-	0.13x	0.07x	0.16x	0.17x	0.11x	0.08x
Interest Coverage	-	-	-	-	-	-	-	263.63x	-	-
FCF Conversion	1.47x	1.42x	1.56x	1.09x	1.08x	1.41x	0.58x	1.36x	1.49x	11.71x
Revenue Growth	-4.39%	0.65%	9.85%	66.14%	42.45%	30.99%	63.25%	4.75%	-32.94%	-43.8%

Revenue by Segment

	2012	2013	2014	2015	2016	2017
Optavia	-	-	-	-	-	256.54M
Optavia Growth	-	-	-	-	-	-
Medifast Direct	-	-	57.16M	48.66M	35.14M	31.9M
Medifast Direct Growth	-	-	-	-14.87%	-27.77%	-9.24%
Franchise Weight Control Centers	-	-	15.42M	17.07M	15.67M	12.19M
Franchise Weight Control Centers Growth	-	-	-	10.68%	-8.22%	-22.18%
Medifast Wholesale Physicans	-	-	6.04M	4.83M	1.32M	931K
Medifast Wholesale Physicans Growth	-	-	-	-20.18%	-72.66%	-29.42%
Take Shape For Life	-	-	206.66M	202.22M	222.4M	-
Take Shape For Life Growth	-	-	-	-2.15%	9.98%	-
Medifast Inc	300.51M	304.25M	-	-	-	-
Medifast Inc Growth	-	1.24%	-	-	-	-
Mwcc and Wholesales	56.2M	52.64M	-	-	-	-
Mwcc and Wholesales Growth	-	-6.33%	-	-	-	-
Other Entity	-	-	-	-	-	-
Other Entity Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Medifast, Inc. (MED) has a price-to-earnings (P/E) ratio of 62.3x. This suggests investors expect higher future growth.

Growth & Financials

Medifast, Inc. (MED) reported $429.7M in revenue for fiscal year 2024. This represents a 44% increase from $298.2M in 2011.

Medifast, Inc. (MED) saw revenue decline by 43.8% over the past year.

Yes, Medifast, Inc. (MED) is profitable, generating $0.2M in net income for fiscal year 2024 (0.3% net margin).

Dividend & Returns

Yes, Medifast, Inc. (MED) pays a dividend with a yield of 0.55%. This makes it attractive for income-focused investors.

Medifast, Inc. (MED) has a return on equity (ROE) of 1.0%. This is below average, suggesting room for improvement.

Medifast, Inc. (MED) generated $0.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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