Cash flow generation remains highly erratic, with the OCF/NI ratio fluctuating wildly from -9.98 in 2024Q3 to 0.03 in 2025Q4, indicating poor visibility into the firm's actual cash-generating capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -469K | -2.96M | 2.26M | -2.37M | -2.6M | 10.77M | 6.03M | 4.92M | -222K | 10M | -23K | 4.39M | 9.42M | 8.56M | -1.19M | -2.87M | 4M | -10.31M | -19.89M | 17.78M | 39.91M | 42.96M | 29.86M | 20.2M | 9.7M | 7.41M | -4.56M | 4.8M | 18.2M |
| Operating CF Margin % | - | -2.74% | 1.92% | -1.8% | -1.89% | 6.74% | 3.98% | 3.12% | -0.13% | 5.66% | -0.01% | 2.43% | 4.96% | 4.83% | -0.69% | -1.43% | 1.75% | -3.56% | -5.98% | 4.31% | 9.73% | 11.03% | 10.14% | 10.58% | 6.88% | 5.76% | -3.04% | 2.67% | 11.04% |
| Operating CF Growth % | 84.6% | -231.05% | 195.4% | 8.81% | -124.12% | 78.67% | 22.64% | 2314.86% | -102.22% | 43569.57% | -100.52% | -53.44% | 10.02% | 818.29% | 58.52% | -171.94% | 138.75% | 48.16% | -211.88% | -55.46% | -7.1% | 43.88% | 47.79% | 108.21% | 30.91% | 262.53% | -195.02% | -73.63% | - |
| Net Income | -12.73M | -15.21M | 2.49M | -2.24M | -4.49M | 9.84M | 6.26M | 3.29M | -3.89M | -1.79M | -586K | 5.84M | 6.5M | 3.17M | -1.39M | -20.66M | -10.62M | -17.37M | -12.63M | 6.59M | 32.39M | 28.65M | 19.55M | 8.79M | 1.89M | -3.66M | -7.14M | 10.8M | 10.1M |
| Depreciation & Amortization | 1.06M | 1.09M | 1.53M | 1.63M | 1.63M | 1.72M | 1.99M | 2.09M | 2.06M | 1.86M | 1.9M | 1.79M | 1.61M | 2.12M | 4.75M | 10.7M | 11.52M | 12.33M | 12.31M | 10.24M | 4.96M | 3.9M | 3.1M | 3.18M | 3.99M | 3.92M | 3.74M | 3M | 2.2M |
| Stock-Based Compensation | 390K | 379K | 291K | 278K | 337K | 260K | 334K | 734K | 1.15M | 490K | 690K | 592K | 678K | 173K | 209K | 356K | 630K | 636K | 0 | 695K | 683K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11.58M | 11.52M | -159K | 121K | 1.23M | -1.73M | -280K | 1.06M | 1.17M | 2.14M | -1.27M | 154K | -1.66M | -2.08M | 583K | -380K | -2.04M | 761K | -3.06M | -2.44M | 5.36M | 3.09M | 156K | -2.06M | 219K | -1.71M | 298K | -800K | 900K |
| Other Non-Cash Items | -2.34M | -914K | -1.48M | 2.89M | 2.37M | 3.12M | 2.65M | 2.92M | 1.26M | 1.07M | 1.33M | 877K | 2.69M | 1.46M | 1.88M | 3.86M | 2.39M | 1.68M | 2.07M | 1.74M | 602K | 1.16M | 7.61M | 1K | 171K | 1.45M | 1.27M | 3.9M | 200K |
| Working Capital Changes | 1.57M | 173K | -418K | -5.05M | -3.66M | -2.44M | -4.93M | -5.17M | -1.97M | 6.22M | -2.09M | -4.87M | -397K | 3.71M | -7.23M | 3.25M | 2.12M | -8.35M | -19.05M | 954K | -4.08M | 6.17M | -562K | 7.17M | 3.44M | 7.41M | -2.73M | -12.1M | 3.6M |
| Change in Receivables | 544K | 173K | 67K | -433K | -183K | 516K | -227K | -931K | -376K | -308K | -495K | -266K | -713K | -291K | -40K | 59K | 197K | -405K | 0 | -441K | -441K | -257K | -257K | 515K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.88M | 313K | 2.47M | -272K | -3.25M | 169K | -2.66M | 2.05M | -4.14M | 2.38M | -3.15M | 605K | 970K | 10K | 1.06M | 2.54M | 4.95M | -1.2M | -9.51M | -337K | -4.46M | -7.16M | -5.68M | -2.43M | 2.78M | 3.54M | 82K | -6.4M | -1.6M |
| Change in Payables | -1.5M | 315K | -1.86M | -351K | 392K | -828K | 1.27M | -3.2M | 716K | 710K | 2.55M | -1.56M | -709K | 883K | -646K | -730K | -5.79M | 6.25M | 0 | -2.14M | -2.14M | -467K | -467K | 823K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -993K | -1.35M | -285K | -747K | -1.06M | -650K | -947K | -1.22M | -2.28M | -1.34M | -2.29M | -1.98M | -1.52M | -601K | -604K | -623K | 1.93M | -1.29M | 7.2M | -7.84M | -35.69M | -15.65M | -12.49M | -12.5M | -1.29M | -1.19M | -1.69M | -4.6M | -4.5M |
| Capital Expenditures | -993K | -1.35M | -297K | -748K | -1.06M | -650K | -949K | -1.22M | -2.34M | -1.34M | -2.29M | -1.98M | -1.53M | -602K | -379K | -777K | -1.77M | -2.8M | -5.61M | -13.41M | -26.72M | -13.11M | -7.24M | -892K | -983K | -1.32M | -4.11M | -3.2M | -4.6M |
| CapEx % of Revenue | 0.93% | 1.25% | 0.25% | 0.57% | 0.77% | 0.41% | 0.63% | 0.77% | 1.35% | 0.76% | 1.27% | 1.1% | 0.81% | 0.34% | 0.22% | 0.39% | 0.77% | 0.97% | 1.69% | 3.25% | 6.52% | 3.37% | 2.46% | 0.47% | 0.7% | 1.02% | 2.74% | 1.78% | 2.79% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62K | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 12K | 1K | 0 | 0 | 2K | 0 | 62K | 1K | 1K | -1.98M | 9K | 1K | -225K | 154K | 3.69M | 1.51M | -139K | -6.86M | -955K | -2.26M | 1.83M | -1.61M | -306K | 124K | 124K | -1.4M | 100K |
| Cash from Financing | -521K | -561K | 1.96M | -1.9M | -4.33M | -9.29M | -9.92M | -2.71M | -12.05M | -3.06M | -2.46M | 142K | -1.42M | -1.55M | -1.08M | -1.17M | -1.36M | -1.47M | -5.94M | -9.37M | -14.03M | -13.77M | -1.97M | 2.78M | -699K | -2.02M | 584K | 10.6M | -12.9M |
| Debt Issued (Net) | -150K | -234K | 1.96M | -991K | -817K | -435K | -628K | -1.22M | -1.54M | -1.57M | -1.55M | 114K | -1.54M | -1.58M | -1.07M | -1.16M | -1.39M | -473K | -115K | -107K | -78K | -11K | -14K | -135K | -699K | -2.27M | 721K | 11.9M | -400K |
| Equity Issued (Net) | 0 | 0 | 0 | -176K | -1.98M | -5.05M | -5.93M | -294K | -7.54M | -226K | -274K | 0 | 0 | 0 | -3K | -5K | 0 | 0 | 0 | 157K | -5.95M | -6.2M | 3.31M | 2.92M | 0 | 241K | 363K | 600K | 0 |
| Dividends Paid | 0 | 0 | 0 | -748K | -1.53M | -4.35M | -3.36M | -1.2M | -3.09M | -1.35M | -672K | 0 | 0 | 0 | 0 | 0 | -1.06M | -1.06M | -5.82M | -9.52M | -8.5M | -7.56M | -5.26M | 0 | 0 | 0 | 0 | -1.3M | -9.9M |
| Share Repurchases | 0 | 0 | 0 | -176K | -1.98M | -5.05M | -5.93M | -294K | -7.54M | -226K | -274K | 0 | 0 | 0 | -3K | -5K | 0 | 0 | 0 | 0 | -7M | -7M | 0 | 0 | 0 | -656K | 0 | 0 | 0 |
| Other Financing | -371K | -327K | 0 | 12K | 0 | 545K | 0 | 0 | 114K | 83K | 39K | 28K | 116K | 22K | 0 | 0 | 28K | 66K | 0 | 100K | 497K | 0 | 0 | 0 | 0 | 0 | -500K | -600K | -2.6M |
| Net Change in Cash | -2.46M | -5.55M | 3.13M | -5.81M | -10.44M | -1.86M | -3.5M | 416K | -16.18M | 8.99M | -3.31M | 4M | 7.6M | 6.02M | -3.68M | -3.53M | 4.22M | -13.58M | -16.16M | 1.4M | -10.51M | 12.01M | 15.91M | 10.6M | 7.77M | 4.19M | -5.84M | 10.8M | -12.9M |
| Free Cash Flow | -1.46M | -4.32M | 1.96M | -3.12M | -3.66M | 10.12M | 5.08M | 3.7M | -2.56M | 8.66M | -2.31M | 2.41M | 7.89M | 7.96M | -1.57M | -3.65M | 2.23M | -13.11M | -25.5M | 4.37M | 13.19M | 29.85M | 22.62M | 19.31M | 8.72M | 6.1M | -8.67M | 1.6M | 13.6M |
| FCF Margin % | -1.37% | -3.99% | 1.67% | -2.36% | -2.67% | 6.34% | 3.36% | 2.34% | -1.47% | 4.9% | -1.28% | 1.34% | 4.15% | 4.49% | -0.91% | -1.82% | 0.98% | -4.52% | -7.67% | 1.06% | 3.22% | 7.67% | 7.68% | 10.11% | 6.19% | 4.74% | -5.78% | 0.89% | 8.25% |
| FCF Growth % | 14.3% | -319.76% | 162.99% | 14.86% | -136.17% | 99.25% | 37.44% | 244.41% | -129.57% | 474.97% | -195.93% | -69.48% | -0.93% | 606.68% | 56.97% | -263.8% | 117.01% | 48.6% | -683.97% | -66.9% | -55.81% | 31.97% | 17.12% | 121.45% | 43.04% | 170.32% | -641.88% | -88.24% | - |
| FCF per Share | -0.76 | -2.27 | 1.04 | -1.67 | -1.91 | 4.85 | 2.24 | 1.51 | -1.01 | 3.20 | -0.86 | 0.88 | 2.91 | 2.97 | -0.59 | -1.38 | 0.84 | -4.95 | -9.64 | 1.62 | 4.85 | 10.75 | 8.23 | 7.38 | 3.45 | 2.47 | -3.48 | 0.63 | 5.66 |
| FCF Conversion (FCF/Net Income) | 0.11x | 0.19x | 0.91x | 1.06x | 0.58x | 1.09x | 0.96x | 1.49x | 0.06x | -5.59x | 0.04x | 0.75x | 1.45x | 2.70x | 0.86x | 0.14x | -0.38x | 0.59x | 1.57x | 2.70x | 1.23x | 1.50x | 1.53x | 2.30x | 5.14x | -2.03x | 0.62x | 0.44x | 1.80x |
| Interest Paid | -130K | 0 | 475K | 100K | 32K | 31K | 71K | 126K | 64K | 68K | 113K | 89K | 119K | 137K | 171K | 167K | 117K | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 829K | 2.55M | 715K | 137K | 989K | 996K | 800K | 1.69M | 1.78M | 4.66M | 4.25M | 2.23M | 876K | 480K | 7.13M | 2.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Network distribution model collapse
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -9.98 in 2024Q3 to 0.03 in 2025Q4, indicating that accounting earnings provide little visibility into the company's actual cash-generating capacity.
The extreme volatility in the OCF/NI ratio suggests that non-cash charges and significant working capital swings are obscuring the underlying cash performance of the business. Investors should monitor this divergence closely, as it implies that reported net income is frequently decoupled from the actual liquidity available to fund operations.
Based on the provided quarterly data, MTEX's free cash flow trajectory is characterized by sharp, unpredictable fluctuations, with margins ranging from a positive 9.5% in 2024Q3 to a deeply negative 15.0% in 2025Q2, reflecting a business model struggling to maintain consistent cash generation.
The inability to sustain positive free cash flow suggests that the company's core business model is currently unable to cover its operational and capital requirements. This inconsistency warrants further investigation into whether the recurring revenue base is sufficient to support the company's fixed cost structure over the long term.
According to the cash flow statements, working capital changes have been a primary driver of liquidity volatility, with a notable $3.7 million inflow in 2025Q4 followed by significant outflows in prior periods, suggesting that the company's cash position is highly sensitive to timing differences in collections.
These erratic working capital movements may indicate challenges in managing inventory levels or collecting receivables from the independent associate network. Such instability in cash conversion cycles often precedes liquidity stress, particularly when the company is already operating with thin cash reserves.
As indicated by the historical data, MTEX maintains a low capital intensity, with CapEx/Revenue ratios consistently remaining below 2% across the last ten quarters, suggesting that the business does not require heavy reinvestment in physical assets to sustain its current, albeit declining, operational footprint.
While the low capital intensity is a positive feature, it also implies that the company's primary challenges are not related to asset maintenance but rather to the fundamental economics of its sales force and incentive structures. The limited investment in growth capex may further suggest that management is prioritizing cash preservation over expansion.
Quick answers to the most common questions about buying MTEX stock.
Mannatech, Incorporated (MTEX) generated $-3.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mannatech, Incorporated (MTEX) reported negative free cash flow of $4.3M in 2025, indicating capital requirements exceeded cash from operations.
Mannatech, Incorporated (MTEX) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.