Revenue growth remains in a persistent downward trend, contracting by 6.2% year-over-year in 2026Q1 while operating margins frequently dip into negative territory, such as the -0.7% reported in the same period.
| 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 |
|---|
| Sales/Revenue | 106.39M | 108.04M | 117.87M | 131.96M | 137.21M | 159.76M | 151.41M | 157.73M | 173.56M | 176.7M | 180.3M | 180.27M | 190.08M | 177.42M | 173.45M | 200.69M | 228.09M | 289.7M | 332.7M | 412.68M | 410.07M | 389.38M | 294.51M | 191.02M | 140.95M | 128.74M | 150.01M | 179.7M | 164.9M |
| Revenue Growth % | -7.51% | -8.34% | -10.68% | -3.83% | -14.12% | 5.52% | -4.01% | -9.12% | -1.78% | -2% | 0.02% | -5.16% | 7.13% | 2.29% | -13.57% | -12.01% | -21.27% | -12.92% | -19.38% | 0.64% | 5.31% | 32.21% | 54.18% | 35.52% | 9.49% | -14.18% | -16.52% | 8.98% | - |
| Cost of Goods Sold | 26.31M | 27.08M | 26.41M | 29.09M | 33.06M | 34.15M | 35.51M | 31.55M | 34.48M | 35.67M | 36.56M | 34.1M | 38.35M | 36.1M | 34.64M | 38.52M | 130.07M | 193.23M | 198.16M | 248.83M | 240.68M | 230.18M | 177.08M | 30.88M | 24.42M | 23.52M | 27.09M | 26.1M | 24.9M |
| COGS % of Revenue | - | 25.06% | 22.4% | 22.05% | 24.09% | 21.37% | 23.45% | 20% | 19.86% | 20.19% | 20.28% | 18.92% | 20.18% | 20.35% | 19.97% | 19.19% | 57.03% | 66.7% | 59.56% | 60.3% | 58.69% | 59.11% | 60.13% | 16.17% | 17.32% | 18.27% | 18.06% | 14.52% | 15.1% |
| Gross Profit | 80.08M | 80.96M | 91.46M | 102.86M | 104.15M | 125.61M | 115.9M | 126.18M | 139.08M | 141.03M | 143.74M | 146.16M | 151.73M | 141.33M | 138.81M | 162.17M | 98.02M | 96.48M | 134.54M | 163.85M | 169.39M | 159.2M | 117.43M | 160.13M | 116.53M | 105.21M | 122.92M | 153.6M | 140M |
| Gross Margin % | 75.27% | 74.94% | 77.6% | 77.95% | 75.91% | 78.63% | 76.55% | 80% | 80.14% | 79.81% | 79.72% | 81.08% | 79.82% | 79.65% | 80.03% | 80.81% | 42.97% | 33.3% | 40.44% | 39.7% | 41.31% | 40.89% | 39.87% | 83.83% | 82.68% | 81.73% | 81.94% | 85.48% | 84.9% |
| Gross Profit Growth % | - | -11.48% | -11.09% | -1.23% | -17.09% | 8.38% | -8.14% | -9.28% | -1.38% | -1.89% | -1.66% | -3.67% | 7.36% | 1.82% | -14.41% | 65.46% | 1.59% | -28.29% | -17.88% | -3.27% | 6.4% | 35.57% | -26.67% | 37.42% | 10.76% | -14.4% | -19.98% | 9.71% | - |
| Operating Expenses | 79.86M | 81.39M | 90.03M | 103.83M | 104.55M | 116.56M | 111.41M | 119.75M | 139.17M | 138.51M | 143.08M | 134.02M | 138.99M | 136.57M | 139.79M | 179.06M | 109.5M | 122.07M | 149.04M | 156.24M | 125.32M | 113.59M | 90.89M | 148.54M | 113.55M | 109.14M | 131.36M | 137.6M | 123.1M |
| OpEx % of Revenue | - | 75.33% | 76.38% | 78.69% | 76.2% | 72.96% | 73.58% | 75.92% | 80.19% | 78.39% | 79.35% | 74.35% | 73.12% | 76.97% | 80.59% | 89.22% | 48.01% | 42.14% | 44.8% | 37.86% | 30.56% | 29.17% | 30.86% | 77.76% | 80.56% | 84.78% | 87.57% | 76.57% | 74.65% |
| Selling, General & Admin | 38.92M | 39.66M | 41.72M | 50.24M | 47.44M | 29.43M | 27.84M | 30.82M | 34.16M | 35.47M | 37.22M | 34.46M | 36.19M | 33.76M | 37.18M | 47.82M | 62.66M | 70M | 81.08M | 146M | 120.36M | 109.69M | 90.89M | 148.54M | 113.55M | 105.72M | 129.32M | 134.6M | 120.9M |
| SG&A % of Revenue | - | 36.71% | 35.4% | 38.07% | 34.58% | 18.42% | 18.39% | 19.54% | 19.68% | 20.07% | 20.64% | 19.11% | 19.04% | 19.03% | 21.43% | 23.83% | 27.47% | 24.16% | 24.37% | 35.38% | 29.35% | 28.17% | 30.86% | 77.76% | 80.56% | 82.12% | 86.21% | 74.9% | 73.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 1.2M | 1.4M | 1.7M | 0 | 0 | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.58% | 0.68% | 0.78% | 0.94% | - | - | 1.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 41.73M | 48.31M | 53.59M | 57.11M | 87.14M | 83.57M | 88.92M | 105.02M | 103.04M | 105.86M | 99.56M | 102.8M | 102.81M | 102.61M | 131.24M | 46.84M | 52.07M | 67.97M | 10.24M | 4.96M | 3.9M | 0 | 0 | 0 | 3.42M | 2.03M | 3M | 2.2M |
| Operating Income | 227K | -426K | 1.43M | -964K | -405K | 9.05M | 4.49M | 6.43M | -90K | 2.52M | 698K | 12.14M | 12.74M | 4.76M | -980K | -16.89M | -11.48M | -25.59M | -14.5M | 7.61M | 44.07M | 45.61M | 26.54M | 11.59M | 2.98M | -3.92M | -7.57M | 16M | 16.9M |
| Operating Margin % | 0.21% | -0.39% | 1.21% | -0.73% | -0.3% | 5.66% | 2.97% | 4.08% | -0.05% | 1.43% | 0.39% | 6.74% | 6.7% | 2.68% | -0.56% | -8.42% | -5.03% | -8.83% | -4.36% | 1.84% | 10.75% | 11.71% | 9.01% | 6.07% | 2.11% | -3.05% | -5.05% | 8.9% | 10.25% |
| Operating Income Growth % | - | -129.81% | 248.24% | -138.02% | -104.48% | 101.49% | -30.19% | 7247.78% | -103.57% | 260.89% | -94.25% | -4.69% | 167.91% | 585.31% | 94.2% | -47.1% | 55.14% | -76.52% | -290.55% | -82.74% | -3.37% | 71.87% | 128.93% | 289.25% | 175.89% | 48.16% | -147.31% | -5.33% | - |
| EBITDA | 1.72M | 1.63M | 2.96M | 664K | 3.09M | 10.77M | 8.42M | 8.52M | 1.97M | 4.38M | 2.6M | 13.94M | 14.35M | 6.88M | 3.77M | -6.19M | 36K | -13.26M | -2.19M | 17.84M | 49.03M | 49.52M | 29.64M | 14.77M | 6.97M | -8K | -3.83M | 19M | 19.1M |
| EBITDA Margin % | 1.61% | 1.51% | 2.51% | 0.5% | 2.25% | 6.74% | 5.56% | 5.4% | 1.14% | 2.48% | 1.44% | 7.73% | 7.55% | 3.88% | 2.18% | -3.09% | 0.02% | -4.58% | -0.66% | 4.32% | 11.96% | 12.72% | 10.06% | 7.73% | 4.94% | -0.01% | -2.55% | 10.57% | 11.58% |
| EBITDA Growth % | -16.71% | -44.95% | 346.23% | -78.51% | -71.3% | 27.84% | -1.15% | 331.66% | -54.96% | 68.84% | -81.37% | -2.88% | 108.7% | 82.15% | 160.97% | -17300% | 100.27% | -505.8% | -112.27% | -63.61% | -0.97% | 67.07% | 100.68% | 111.92% | 87212.5% | 99.79% | -120.16% | -0.52% | - |
| D&A (Non-Cash Add-back) | 1.49M | 2.06M | 1.53M | 1.63M | 3.5M | 1.72M | 3.93M | 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 |
| EBIT | 227K | -2.48M | 4.02M | -1.13M | -479K | 8.89M | 5.72M | 6.43M | -90K | 2.52M | 661K | 12.14M | 12.74M | 3.76M | -980K | -16.89M | -11.48M | -25.59M | -14.5M | 7.61M | 44.07M | 45.61M | 26.54M | 91.17M | 62.34M | 48.07M | 53.3M | 16M | 16.9M |
| Net Interest Income | -229K | -406K | -279K | 4K | 88K | 66K | 83K | -16K | 288K | 274K | 174K | 210K | 121K | 22K | 50K | 117K | 173K | 473K | 1.6M | 2.7M | 2.51M | 1.78M | 718K | 304K | 266K | 243K | 615K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 4K | 88K | 66K | 83K | 0 | 288K | 274K | 174K | 210K | 121K | 22K | 50K | 117K | 173K | 473K | 1.6M | 2.7M | 2.51M | 1.78M | 735K | 348K | 285K | 275K | 684K | 0 | 0 |
| Interest Expense | 229K | 406K | 279K | 0 | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 44K | 19K | 32K | 69K | 0 | 0 |
| Other Income/Expense | -681K | -2.46M | 2.31M | -166K | -74K | -157K | 1.23M | -697K | 579K | -59K | -1.65M | -3.94M | -2.92M | -1.95M | 680K | -989K | 441K | 1.52M | -3.7M | 2.88M | 3.61M | -162K | 461K | 1.15M | 364K | 160K | -813K | 500K | -1.1M |
| Pretax Income | -454K | -2.89M | 3.74M | -1.13M | -479K | 8.89M | 5.72M | 5.74M | 489K | 2.46M | -955K | 8.2M | 9.82M | 2.81M | -300K | -17.88M | -11.04M | -24.07M | -18.2M | 10.49M | 47.69M | 45.45M | 27M | 12.74M | 3.34M | -3.76M | -8.38M | 16.5M | 15.8M |
| Pretax Margin % | -0.43% | -2.67% | 3.17% | -0.86% | -0.35% | 5.57% | 3.78% | 3.64% | 0.28% | 1.39% | -0.53% | 4.55% | 5.17% | 1.58% | -0.17% | -8.91% | -4.84% | -8.31% | -5.47% | 2.54% | 11.63% | 11.67% | 9.17% | 6.67% | 2.37% | -2.92% | -5.59% | 9.18% | 9.58% |
| Income Tax | 12.28M | -12.32M | 1.25M | 1.11M | 4.01M | -950K | -536K | 2.45M | 4.38M | 4.25M | -369K | 2.36M | 3.33M | -365K | 1.09M | 2.78M | -424K | -6.71M | -5.57M | 3.9M | 15.3M | 16.8M | 7.45M | 3.95M | 1.45M | -104K | -1.24M | 5.7M | 5.7M |
| Effective Tax Rate % | -2704.63% | 426.58% | 33.42% | -98.14% | -837.37% | -10.68% | -9.36% | 42.66% | 894.68% | 172.64% | 38.64% | 28.78% | 33.86% | -12.99% | -362.67% | -15.56% | 3.84% | 27.86% | 30.61% | 37.13% | 32.08% | 36.97% | 27.58% | 30.99% | 43.51% | 2.76% | 14.83% | 34.55% | 36.08% |
| 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 | -7.35M | 10.8M | 10.1M |
| Net Margin % | -11.97% | -14.08% | 2.11% | -1.7% | -3.27% | 6.16% | 4.14% | 2.09% | -2.24% | -1.01% | -0.33% | 3.24% | 3.42% | 1.79% | -0.8% | -10.29% | -4.65% | -6% | -3.8% | 1.6% | 7.9% | 7.36% | 6.64% | 4.6% | 1.34% | -2.84% | -4.9% | 6.01% | 6.12% |
| Net Income Growth % | -5687.73% | -710.96% | 211.21% | 50.13% | -145.62% | 57.2% | 90.36% | 184.64% | -117.46% | -204.95% | -110.04% | -10.11% | 104.66% | 328.67% | 93.28% | -94.6% | 38.88% | -37.54% | -291.51% | -79.64% | 13.07% | 46.52% | 122.43% | 365.57% | 151.58% | 50.2% | -168.05% | 6.93% | - |
| Net Income (Continuing) | -12.73M | 9.44M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.59 | -8.00 | 1.32 | -1.20 | -2.35 | 4.71 | 2.77 | 1.35 | -1.53 | -0.66 | -0.22 | 2.14 | 2.40 | 1.18 | -0.52 | -7.80 | -4.01 | -6.56 | -4.77 | 2.50 | 11.90 | 10.30 | 7.10 | 3.40 | 0.70 | -1.48 | -2.95 | 4.30 | 4.20 |
| EPS Growth % | -6610% | -706.06% | 210% | 48.94% | -149.89% | 70.04% | 105.19% | 188.24% | -131.82% | -200% | -110.28% | -10.83% | 103.39% | 326.92% | 93.33% | -94.51% | 38.87% | -37.53% | -290.8% | -78.99% | 15.53% | 45.07% | 108.82% | 385.71% | 147.3% | 49.83% | -168.6% | 2.38% | - |
| EPS (Basic) | - | -8.00 | 1.32 | -1.20 | -2.35 | 4.95 | 2.80 | 1.38 | -1.53 | -0.66 | -0.22 | 2.18 | 2.44 | 1.20 | -0.52 | -7.80 | -4.01 | -6.56 | -4.77 | 2.50 | 12.20 | 10.60 | 7.40 | 3.40 | 0.80 | -1.48 | -2.95 | 4.50 | 4.50 |
| Diluted Shares Outstanding | 1.93M | 1.9M | 1.89M | 1.87M | 1.91M | 2.09M | 2.26M | 2.44M | 2.54M | 2.71M | 2.69M | 2.73M | 2.71M | 2.68M | 2.65M | 2.65M | 2.65M | 2.65M | 2.65M | 2.69M | 2.72M | 2.78M | 2.75M | 2.62M | 2.53M | 2.47M | 2.49M | 2.52M | 2.4M |
| Basic Shares Outstanding | 1.93M | 1.9M | 1.89M | 1.87M | 1.91M | 1.99M | 2.23M | 2.39M | 2.54M | 2.71M | 2.66M | 2.68M | 2.66M | 2.65M | 2.65M | 2.65M | 2.65M | 2.65M | 2.65M | 2.64M | 2.66M | 2.7M | 2.64M | 2.55M | 2.51M | 2.47M | 2.49M | 2.41M | 2.24M |
| Dividend Payout Ratio | - | - | - | - | - | 44.17% | 53.63% | 36.49% | - | - | - | - | - | - | - | - | - | - | - | 144.4% | 26.25% | 26.4% | 26.92% | - | - | - | - | 12.04% | 98.02% |
Network distribution model collapse
As indicated by the most recent quarterly filings, MTEX has experienced a sustained revenue decline, with the latest period showing a 6.2% year-over-year contraction, extending a multi-quarter trend of negative growth that suggests significant erosion in the company's active associate base and overall market demand.
The consistent negative growth trajectory suggests that the company's core multi-level marketing engine is struggling to recruit and retain the independent associates necessary to drive volume. This decline appears to be structural rather than cyclical, as the company has failed to achieve positive year-over-year growth in any of the last ten quarters.
Based on the reported financial data, Mannatech's operating margin has frequently dipped into negative territory, including a -0.7% margin in 2026Q1, which demonstrates that the company lacks the necessary scale to cover its fixed corporate overhead and incentive structures during periods of declining top-line revenue.
The inability to maintain positive operating income during revenue contractions implies that the company's cost structure is insufficiently flexible. Investors should monitor whether management can successfully pivot to a leaner operating model, as the current reliance on high fixed costs relative to shrinking gross profit is unsustainable.
According to the income statement history, net income has exhibited extreme volatility, swinging from a $11.3 million loss in 2025Q4 to a $950,000 profit in 2026Q1, which suggests that non-operating items and tax adjustments are significantly distorting the underlying profitability of the core business operations.
The wide variance in net income relative to operating income suggests that investors should focus on operating margins rather than bottom-line EPS to gauge true performance. The presence of stock-based compensation and potential one-time charges further complicates the assessment of the company's actual cash-generating capability.
While the company maintains a high gross margin of 75.7% as of 2026Q1, the fundamental risk remains the potential for a rapid collapse in the distribution network, as the incentive-to-revenue ratio may be failing to attract new participants in an increasingly competitive wellness market.
Short-sellers would likely focus on the company's inability to arrest revenue declines despite high product margins, which suggests that the 'gamification' of the compensation plan is losing its efficacy. If the path to wealth for associates is perceived as broken, the company may face a rapid, non-linear decline in sales.
Quick answers to the most common questions about buying MTEX stock.
For fiscal year 2025, Mannatech, Incorporated (MTEX) reported total revenue of $108.0M. This represents a 34.5% decline compared to $164.9M in 1998.
Mannatech, Incorporated (MTEX) reported a net loss of $15.2M for the fiscal year ending 2025.
Mannatech, Incorporated (MTEX) reported an operating income of $-0.4M, resulting in an operating profit margin of -0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Mannatech, Incorporated (MTEX) generated $81.0M in gross profit for the year, representing a gross profit margin of 74.9%. This demonstrates the company's core pricing power and production efficiency.