Latest Ratios: P/E Ratio -3.5x · EV/EBITDA N/A · ROE -9.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $142M | $117M | $193M | $734M | $1.3B | $2.5B | $2.3B | $1.3B | $1.5B | $844M | $497M |
| Enterprise Value | $70M | $45M | $118M | $662M | $1.2B | $2.4B | $2.2B | $1.3B | $1.4B | $769M | $446M |
| P/E Ratio → | -3.51 | — | 92.74 | 7.39 | 9.06 | 15.08 | 22.62 | 17.04 | 27.06 | 30.48 | 27.94 |
| P/S Ratio | 0.48 | 0.30 | 0.32 | 0.68 | 0.81 | 1.62 | 2.49 | 1.86 | 3.01 | 2.80 | 1.81 |
| P/B Ratio | 0.71 | 0.59 | 0.92 | 3.64 | 8.39 | 12.22 | 14.80 | 12.67 | 13.84 | 7.77 | 5.18 |
| P/FCF | — | 93.90 | 11.35 | 5.20 | 7.31 | 41.00 | 16.70 | 17.89 | 27.03 | 21.10 | 22.13 |
| P/OCF | 20.75 | 17.09 | 7.89 | 4.97 | 6.68 | 26.17 | 16.02 | 15.76 | 24.83 | 19.52 | 19.62 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.12 | 0.20 | 0.62 | 0.78 | 1.57 | 2.33 | 1.77 | 2.85 | 2.55 | 1.62 |
| EV / EBITDA | — | 1543.42 | 7.59 | 4.74 | 6.33 | 10.77 | 15.70 | 13.22 | 19.44 | 17.54 | 13.81 |
| EV / EBIT | — | — | 31.26 | 5.14 | 6.71 | 11.12 | 16.21 | 13.89 | 20.69 | 19.40 | 16.59 |
| EV / FCF | — | 35.84 | 6.95 | 4.69 | 6.97 | 39.82 | 15.61 | 17.04 | 25.57 | 19.22 | 19.83 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.3% | 71.3% | 73.8% | 72.4% | 71.3% | 73.9% | 74.6% | 75.2% | 75.8% | 75.5% | 74.9% |
| Operating Margin | -3.7% | -3.7% | 0.5% | 11.8% | 11.6% | 14.2% | 14.4% | 12.8% | 13.8% | 13.1% | 9.8% |
| Net Profit Margin | -4.8% | -4.8% | 0.3% | 9.3% | 9.0% | 10.7% | 11.0% | 10.9% | 11.1% | 9.2% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.1% | -9.1% | 1.0% | 55.8% | 80.3% | 91.2% | 78.5% | 72.8% | 51.3% | 27.1% | 19.3% |
| ROA | -6.9% | -6.9% | 0.7% | 31.8% | 40.2% | 48.6% | 43.7% | 42.8% | 35.4% | 20.8% | 15.0% |
| ROIC | -8.1% | -8.1% | 1.6% | 85.2% | 123.6% | 239.3% | 436.1% | 197.3% | 169.1% | 76.3% | 44.2% |
| ROCE | -6.5% | -6.5% | 1.3% | 64.3% | 91.5% | 110.0% | 95.8% | 81.2% | 63.4% | 38.6% | 28.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.08 | 0.11 | 0.17 | 0.16 | 0.07 | 0.13 | — | — | 0.01 |
| Debt / EBITDA | 578.79 | 578.79 | 1.03 | 0.16 | 0.13 | 0.15 | 0.08 | 0.14 | — | — | 0.02 |
| Net Debt / Equity | — | -0.36 | -0.36 | -0.36 | -0.40 | -0.35 | -0.97 | -0.60 | -0.75 | -0.69 | -0.54 |
| Net Debt / EBITDA | -2500.62 | -2500.62 | -4.80 | -0.52 | -0.31 | -0.32 | -1.10 | -0.66 | -1.11 | -1.71 | -1.60 |
| Debt / FCF | — | -58.06 | -4.39 | -0.51 | -0.35 | -1.19 | -1.10 | -0.85 | -1.46 | -1.88 | -2.30 |
| Interest Coverage | — | — | — | — | 263.57 | 935.62 | — | — | — | — | — |
Net cash position: cash ($89M) exceeds total debt ($17M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.69 | 4.69 | 3.34 | 2.43 | 1.58 | 1.81 | 2.10 | 1.94 | 2.41 | 3.37 | 4.15 |
| Quick Ratio | 4.22 | 4.22 | 2.68 | 1.84 | 0.74 | 0.75 | 1.62 | 1.33 | 1.77 | 2.85 | 3.40 |
| Cash Ratio | 3.89 | 3.89 | 2.53 | 1.63 | 0.62 | 0.65 | 1.57 | 1.17 | 1.67 | 2.66 | 3.15 |
| Asset Turnover | — | 1.50 | 2.12 | 3.46 | 5.06 | 3.83 | 3.39 | 3.67 | 2.96 | 2.07 | 2.26 |
| Inventory Turnover | 5.47 | 5.47 | 3.72 | 5.43 | 3.85 | 2.21 | 4.44 | 3.63 | 3.11 | 3.82 | 3.76 |
| Days Sales Outstanding | — | — | — | — | — | — | 0.23 | 0.73 | 0.74 | 0.70 | 1.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | 0.4% | 9.9% | 5.5% | 2.6% | 2.3% | 2.7% | 1.5% | 1.8% | 2.4% |
| Payout Ratio | — | — | 34.2% | 73.4% | 49.9% | 38.9% | 51.7% | 45.4% | 41.5% | 55.5% | 66.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.1% | 13.5% | 11.0% | 6.6% | 4.4% | 5.9% | 3.7% | 3.3% | 3.6% |
| FCF Yield | — | 1.1% | 8.8% | 19.2% | 13.7% | 2.4% | 6.0% | 5.6% | 3.7% | 4.7% | 4.5% |
| Buyback Yield | 0.3% | 0.3% | 0.4% | 0.9% | 9.8% | 2.5% | 0.2% | 3.6% | 2.0% | 0.3% | 0.3% |
| Total Shareholder Yield | 0.4% | 0.5% | 0.8% | 10.9% | 15.3% | 5.1% | 2.5% | 6.2% | 3.6% | 2.1% | 2.7% |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $12M | $12M | $12M | $12M | $12M | $12M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MED stock.
Medifast, Inc.'s current P/E ratio is -3.5x. The historical average is 25.0x.
Medifast, Inc.'s return on equity (ROE) is -9.1%. The historical average is 19.5%.
Based on historical data, Medifast, Inc. is trading at a P/E of -3.5x. Compare with industry peers and growth rates for a complete picture.
Medifast, Inc.'s current dividend yield is 0.14%.
Medifast, Inc. has 71.3% gross margin and -3.7% operating margin.
Medifast, Inc.'s Debt/EBITDA ratio is 578.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Shrinking revenue amid operating losses
Metrics are mathematically derived from official filings.
Negative Earnings Leave Sales Multiples Doing the Work
Based on reported figures, MED trades at 0.37 times sales and 0.71 times book with a trailing P/E of -7.54, so earnings-based multiples offer no usable anchor while losses persist.
The price-to-sales and price-to-book multiples look compressed against a typical consumer-facing peer base, but the revenue line has fallen roughly 57 percent since 2024Q2, so low sales multiples may reflect a shrinking franchise rather than mispricing. The forward EV/EBITDA of 25.80 cannot be compared meaningfully with peers such as NUS at 2.27 or USANA at 1.18 because the peer EBITDA bases are themselves distorted by losses, and investors should monitor whether the discount persists only until operating losses are resolved.
Stable Gross Margin Masks Collapsing Operating Leverage
As reported in the income statement, gross margin held between 68 and 75 percent while operating margin swung from positive 1.5 percent in 2024Q3 to -26.9 percent in 2026Q3, indicating a fixed cost base that has not scaled with revenue.
The stability of gross margin suggests product pricing and mix have not collapsed, which points the problem toward selling and overhead costs rather than unit economics. A net margin of -24.3 percent in the latest quarter suggests the earnings base may not return to breakeven without structural cost restructuring, though this remains an inference from reported figures rather than a confirmed outcome.
Returns Decaying Toward Negative Territory
Based on reported figures, ROIC moved from 1.4 percent in 2024Q3 to -9.9 percent in 2026Q3 and ROE fell to -9.3 percent, reflecting value erosion on a shrinking capital base.
The decline in ROIC appears driven primarily by negative margins rather than asset efficiency, since asset turnover has remained low and broadly stable near 0.29 to 0.30 in recent quarters. Compared with USANA at 8.6 percent ROIC and Revolve at 23.5 percent, MED's returns now lag materially, and whether this gap is structural or cyclical warrants further investigation as losses continue.
Low Debt Masks Eroding Earnings Coverage
According to reported financials, debt-to-equity of 0.11 and debt-to-EBITDA of 6.74 in 2026Q1 indicate limited borrowing, but interest coverage is not meaningful given negative operating income in recent quarters.
The low absolute leverage reduces near-term refinancing risk, yet debt-to-EBITDA has risen as EBITDA contracted, which may indicate a narrowing margin of safety. Investors should monitor whether continued operating losses erode the equity cushion, since the low debt-to-equity figure could overstate balance sheet strength if earnings do not recover.
Liquidity Ample but Sustained by Shrinking Liabilities
As reported in the balance sheet, the current ratio rose to 4.82 and the quick ratio to 4.32 in 2026Q3, though part of this improvement appears to reflect a smaller liability base rather than growing current assets.
Liquidity appears strong on a headline basis, and the high quick ratio suggests limited dependence on inventory to meet short-term obligations. Under severe stress, the critical question is how quickly cash is consumed by operating losses, since retained earnings have declined by roughly $41M and the current cash generation trend may not be sustainable at present loss levels.
Low Debt-to-Equity Overstates Balance Sheet Strength
The debt-to-equity ratio of 0.11 is most commonly read as a sign of conservatism, but for MED it may obscure a shrinking equity base and negative operating income that the headline figure does not capture.
A low debt-to-equity ratio is typically interpreted as financial prudence, yet for a business with negative operating margins, the equity denominator itself is eroding through accumulated losses, which can flatter the ratio. A more informative alternative is to track debt against trailing operating cash flow or EBITDA over time, which moved from 4.39 to 6.74 across recent quarters and suggests the apparent safety margin is narrowing.