Medifast Inc. (MED) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.65	-$0.28	+56.9%	—	$76.4M	—
Q1 26	-$0.52	-$0.19	+63.5%	—	$76M	—
Q4 25	-$0.82	-$1.65	-101.2%	—	$75.1M	—
Q3 25	-$0.36	-$0.21	+41.7%	—	$89.4M	—
Q2 25	-$0.19	$0.22	+215.8%	—	$105.6M	—
Q1 25	-$0.25	-$0.07	+72.0%	—	$115.7M	—
Q4 24	-$0.16	$0.1	+162.5%	—	$119M	—
Q3 24	-$0.19	$0.35	+284.2%	—	$140.2M	—
Q2 24	$0.39	$0.92	+135.9%	—	$168.6M	—
Q1 24	$0.8	$0.66	-17.5%	—	$174.7M	—
Q4 23	$0.96	$1.09	+13.5%	—	$191M	—
Q3 23	$1.06	$2.12	+100.0%	—	$235.9M	—
Q2 23	$1.44	$2.77	+92.4%	—	$296.2M	—
Q1 23	$2.4	$3.67	+52.9%	—	$349M	—
Q4 22	$2.22	$3.27	+47.3%	—	$337.2M	—
Q3 22	$1.91	$3.27	+71.2%	—	$390.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.7	—	—	$385.8M	—
FY24	—	$0.19	—	—	$602.5M	—
FY23	—	$9.1	—	—	$1.1B	—
FY22	—	$12.8	—	—	$1.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$274.5M	$301.6M	$501M	$713.7M	$934.8M	$1.5B	$1.6B	$1.1B	$602.5M	$385.8M
YoY change	+0.65%	+9.85%	+66.1%	+42.4%	+31%	+63.2%	+4.75%	-32.9%	-43.8%	-36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	274.5M	301.6M	501M	713.7M	934.8M	1.5B	1.6B	1.1B	602.5M	385.8M
Cost of revenue	68.9M	73.8M	121.1M	176.8M	237M	398.5M	458.2M	296.2M	157.8M	110.6M
Gross profit	205.7M	227.8M	379.9M	536.9M	697.8M	1.1B	1.1B	775.9M	444.6M	275.2M
Gross margin	74.9%	75.5%	75.8%	75.2%	74.6%	73.9%	71.3%	72.4%	73.8%	71.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	178.8M	188.2M	310.8M	445.8M	563.7M	911.4M	955.6M	649.4M	441.7M	289.4M
Operating expenses	178.8M	188.2M	310.8M	445.8M	563.7M	911.4M	955.6M	649.4M	441.7M	289.4M
Operating income	26.9M	39.6M	69.1M	91M	134.2M	216.2M	184.8M	126.4M	2.9M	-14.2M
Operating margin	9.78%	13.1%	13.8%	12.8%	14.4%	14.2%	11.6%	11.8%	0.48%	-3.68%
Non-operating income, net	-20K	136K	179K	29K	-140K	119K	-46K	-95K	-3.9M	3.1M
Pretax income	27.1M	40.3M	70.5M	92.4M	134.3M	216.1M	184.1M	128.8M	3.8M	-5.6M
Income tax	9.3M	12.6M	14.8M	14.4M	31.4M	52.1M	40.5M	29.4M	1.7M	13M
Net income	17.8M	27.7M	55.8M	77.9M	102.9M	164M	143.6M	99.4M	2.1M	-18.7M
Net margin	6.5%	9.19%	11.1%	10.9%	11%	10.7%	8.98%	9.27%	0.35%	-4.84%
EBITDA	32.3M	43.8M	73.5M	95.7M	138.5M	223.1M	195.7M	139.5M	15.6M	29K
EPS	1.51	2.32	4.67	6.62	8.74	14	12.8	9.1	0.19	-1.7
Diluted EPS	1.49	2.29	4.62	6.43	8.68	13.9	12.7	9.1	0.19	-1.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	235.9M	191M	174.7M	168.6M	140.2M	119M	115.7M	105.6M	89.4M	75.1M	76M	76.4M
Cost of revenue	58.5M	49.6M	47.4M	45.1M	34.5M	30.8M	31.5M	28.9M	27.3M	23M	24.3M	23M
Gross profit	177.4M	141.4M	127.3M	123.4M	105.7M	88.2M	84.2M	76.6M	62.2M	52.1M	51.8M	53.4M
Gross margin	75.2%	74%	72.8%	73.2%	75.4%	74.1%	72.8%	72.6%	69.5%	69.4%	68.1%	69.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	151.9M	132.7M	119.4M	131.3M	103.6M	87.5M	85.5M	77.7M	66.2M	59.9M	55.1M	57.7M
Operating expenses	151.9M	132.7M	119.4M	131.3M	103.6M	87.5M	85.5M	77.7M	66.2M	59.9M	55.1M	57.7M
Operating income	25.5M	8.7M	7.9M	-7.9M	2.1M	709K	-1.3M	-1.1M	-4.1M	-7.8M	-3.3M	-4.3M
Operating margin	10.8%	4.54%	4.54%	-4.67%	1.5%	0.6%	-1.09%	-1.01%	-4.56%	-10.4%	-4.33%	-5.66%
Non-operating income, net	7K	-50K	2.4M	-4.1M	-1.9M	-387K	487K	2.6M	-2K	1K	-25K	-11K
Pretax income	26.5M	9.8M	11.6M	-10.7M	1.6M	1.3M	526K	2.9M	-2.7M	-6.4M	-1.9M	-3M
Income tax	3.4M	3.8M	3.3M	-2.5M	449K	474K	1.3M	395K	-396K	11.7M	181K	109K
Net income	23.1M	6M	8.3M	-8.2M	1.1M	801K	-772K	2.5M	-2.3M	-18.1M	-2.1M	-3.1M
Net margin	9.81%	3.16%	4.76%	-4.84%	0.81%	0.67%	-0.67%	2.35%	-2.53%	-24.1%	-2.79%	-4.06%
EBITDA	28.9M	12M	11.2M	-4.8M	5.3M	3.9M	2M	3M	-629K	-4.3M	188K	-881K
EPS	2.12	0.5	0.76	-0.75	0.1	0.07	-0.07	0.23	-0.21	-1.65	-0.19	-0.28
Diluted EPS	2.12	0.5	0.76	-0.75	0.1	0.07	-0.07	0.22	-0.21	-1.65	-0.19	-0.28

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	493M	832.4M	1.5B	1.3B	2.3B	2.5B	1.3B	731.6M	192.6M	117.3M	130.9M
Enterprise value	416.1M	733.6M	1.4B	1.2B	2.1B	2.4B	1.2B	603.6M	46.4M	-39.3M	-16.4M
Shares outstanding	11.8M	11.9M	11.9M	11.8M	11.8M	11.7M	11.2M	10.9M	10.9M	11M	11M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.6	30	26.8	16.6	22.5	14.9	8.99	7.36	92.1	—	531.5
P/S	1.8	2.76	2.98	1.81	2.47	1.61	0.81	0.68	0.32	0.3	0.42
P/B	5.13	7.67	13.7	12.3	14.7	12.1	8.33	3.63	0.92	0.59	0.63
EV/EBITDA	12.9	16.7	18.9	12.7	15.5	10.6	6.28	4.33	2.98	-1.4K	2.89
EV/Sales	1.52	2.43	2.78	1.7	2.3	1.56	0.77	0.56	0.08	-0.1	-0.05
Earnings yield	3.62%	3.33%	3.74%	6.04%	4.45%	6.69%	11.1%	13.6%	1.09%	—	0.19%
FCF yield	4.56%	4.8%	3.74%	5.75%	6.03%	2.46%	13.8%	19.3%	8.84%	1.06%	8.69%
PEG	—	—	—	—	—	—	—	—	—	—	-2.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	74.9%	75.5%	75.8%	75.2%	74.6%	73.9%	71.3%	72.4%	73.8%	71.3%	69.9%
Operating margin	9.78%	13.1%	13.8%	12.8%	14.4%	14.2%	11.6%	11.8%	0.48%	-3.68%	-5.66%
Net margin	6.5%	9.19%	11.1%	10.9%	11%	10.7%	8.98%	9.27%	0.35%	-4.84%	-8.08%
ROE	18.6%	25.5%	51.1%	74.3%	65.4%	81%	92.6%	49.3%	1%	-9.39%	-12.4%
ROA	14.7%	19%	32.9%	40%	37.3%	41.2%	45.4%	32.1%	0.74%	-7.53%	-4.6%
ROIC	92.1%	279.5%	676.6%	298.2%	-1.7K%	130.8%	154.3%	132.8%	2.49%	-33.6%	-36%
Return on tangible assets	14.7%	19%	32.9%	40%	37.3%	41.2%	45.4%	32.1%	0.74%	-7.53%	-9.83%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.15	3.37	2.41	1.94	2.1	1.81	1.58	2.43	3.34	4.69	4.86
Quick ratio	3.4	2.85	1.77	1.33	1.62	0.75	0.74	1.84	2.68	4.22	4.35
Debt / equity	—	—	0	0.13	0.07	0.16	0.17	0.11	0.08	0.05	0.14
Debt / assets	—	—	0	0.07	0.04	0.08	0.08	0.07	0.06	0.04	0.11
Net debt / EBITDA	—	—	-1.37	-0.83	-1.18	-0.35	-0.31	-0.92	-9.38	-5.4K	25.1
Interest coverage	—	—	—	—	—	—	263.6	—	—	—	—
Effective tax rate	34.2%	31.3%	20.9%	15.6%	23.4%	24.1%	22%	22.8%	44.8%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23.2	25.3	41.9	60.6	79.4	130.4	142.8	98.5	55.1	35.1	28.7
EPS (basic)	1.51	2.32	4.67	6.62	8.74	14	12.8	9.1	0.19	-1.7	-1.7
EPS (diluted)	1.49	2.29	4.62	6.43	8.68	13.9	12.7	9.1	0.19	-1.7	-2.33
Book value per share	8.11	9.11	9.13	8.91	13.4	17.3	13.8	18.5	19.2	18.1	19
FCF per share	1.9	3.35	4.68	6.3	11.8	5.15	15.9	13	1.56	0.11	0.36
Cash per share	6.49	8.29	8.46	7.87	14.8	9.36	7.83	13.8	14.9	15.2	16.4
Capex per share	0.19	0.27	0.4	0.85	0.5	2.92	1.49	0.6	0.68	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.8%	1.05%	0.95%	1.41%	0.63%	2.24%	1.04%	0.6%	1.24%	—	—
Capex / operating cash flow	11.3%	9.78%	10.9%	14.5%	5.08%	68.5%	8.67%	4.59%	39.8%	—	—
Payout ratio	66.7%	55.5%	41.5%	45.4%	51.7%	38.9%	49.9%	73.4%	34.2%	-1.04%	0%
Dividend yield	2.41%	1.85%	1.55%	2.74%	2.3%	2.6%	5.55%	9.98%	0.37%	0.17%	56.3%

Yield

56.3%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.65

ex-dividend Sep 18, 2023

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 18, 2023	$1.65
Jun 26, 2023	$1.65
Mar 27, 2023	$1.65
Dec 19, 2022	$1.64
Sep 19, 2022	$1.64
Jun 27, 2022	$1.64
Mar 28, 2022	$1.64
Dec 20, 2021	$1.42

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$235.9M	$191M	$174.7M	$168.6M	$140.2M	$119M	$115.7M	$105.6M	$89.4M	$75.1M	$76M	$76.4M
YoY change	-39.6%	-43.4%	-49.9%	-43.1%	-40.6%	-37.7%	-33.8%	-37.4%	-36.2%	-36.9%	-34.3%	-27.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	76.8M	98.8M	101M	92.7M	174.5M	109.5M	87.7M	150M	162.3M	167.3M
Receivables	1.4M	576K	1M	1.4M	584K	—	—	—	—	—
Inventory	18.3M	19.3M	38.9M	48.8M	53.4M	180M	118.9M	54.6M	42.4M	20.2M
Total current assets	101.3M	125.2M	145.5M	154.2M	234.3M	306.9M	222.8M	224M	214.4M	201.7M
Property, plant & equipment	7.1M	5.6M	6.9M	26M	25.1M	57.1M	49.7M	42.6M	27.3M	16.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	121.2M	145.9M	169.4M	194.7M	276.1M	398.3M	316.2M	309.9M	284.2M	248M
Accounts payable	9.6M	13.8M	19M	22.6M	36.1M	70.9M	53.1M	39.2M	23.1M	15.1M
Short-term debt	—	—	—	3.2M	3.7M	6.5M	5.8M	5.9M	6.2M	4.6M
Total current liabilities	24.4M	37.1M	60.3M	79.4M	111.3M	169.8M	140.9M	92.3M	64.2M	43M
Long-term debt	—	—	0	10.4M	7.5M	26M	20.3M	16.1M	9.9M	6.1M
Total liabilities	25.2M	37.3M	60.3M	89.8M	118.8M	195.9M	161.2M	108.4M	74.1M	49.1M
Shareholders' equity	96M	108.6M	109.1M	104.8M	157.2M	202.5M	155M	201.5M	210.1M	198.9M
Total debt	—	—	0	13.6M	11.2M	32.5M	26.1M	22M	16.1M	10.7M
Net debt	—	—	-81.4M	-63.4M	-152.6M	-71.6M	-61.6M	-72.4M	-74.8M	-78.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	157.8M	150M	156.4M	163.5M	170M	162.3M	164.6M	162.7M	173.5M	167.3M	168.9M	169.8M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	58.2M	54.6M	46.3M	39.6M	40.1M	42.4M	39.4M	30.2M	23.2M	20.2M	21.4M	21.2M
Total current assets	224.3M	224M	219.6M	224.3M	225M	214.4M	213.5M	206.4M	207.8M	201.7M	202.6M	202M
Property, plant & equipment	69.2M	42.6M	65.5M	53.3M	51.3M	27.3M	46.3M	43.5M	41.2M	16.7M	42.6M	52.3M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	320M	309.9M	302.8M	293.5M	291.2M	284.2M	280M	269.3M	268.2M	248M	252M	260.4M
Accounts payable	103.2M	39.2M	—	—	—	23.1M	51.8M	40.3M	41.2M	15.1M	38.3M	36.4M
Short-term debt	5.5M	5.9M	6M	6M	6.1M	6.2M	6.2M	5.9M	5.5M	4.6M	3.9M	5.2M
Total current liabilities	110.1M	92.3M	77.2M	75.2M	72.4M	64.2M	60.6M	46.2M	46.7M	43M	42.2M	41.6M
Long-term debt	16.9M	16.1M	14.6M	13.1M	11.5M	9.9M	8.5M	7.1M	6.8M	6.1M	12.2M	22.5M
Total liabilities	127M	108.4M	91.8M	88.2M	83.9M	74.1M	69.1M	53.3M	53.5M	49.1M	54.4M	64M
Shareholders' equity	193M	201.5M	211M	205.3M	207.3M	210.1M	211M	216M	214.7M	198.9M	197.7M	196.4M
Total debt	22.3M	22M	20.6M	19.1M	17.6M	16.1M	14.6M	13.1M	12.3M	10.7M	16.1M	27.6M
Net debt	-90.4M	-72.4M	-76.9M	-88.9M	-97.7M	-74.8M	-77.1M	-88.6M	-87.3M	-78.6M	-55.4M	-44.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	17.8M	27.7M	55.8M	77.9M	102.9M	164M	143.6M	99.4M	2.1M	-18.7M
Depreciation & amortization	5.4M	4.2M	4.4M	4.6M	4.3M	6.8M	11M	13.1M	12.7M	14.2M
Stock-based compensation	3.4M	4.3M	3.1M	4.5M	6.8M	9.9M	11.1M	8.2M	7.4M	7.6M
Change in working capital	-4.4M	-3.3M	-17.3M	-21.7M	-1.9M	-132.1M	21.6M	14.7M	-12.2M	-10.4M
Operating cash flow	19.5M	32.3M	43.4M	69.6M	115.9M	50M	192.3M	141.2M	18.7M	6.9M
Capital expenditure	-2.2M	-3.2M	-4.7M	-10.1M	-5.9M	-34.2M	-16.7M	-6.5M	-7.5M	—
Investing cash flow	-2M	-3.2M	-1.2M	-6.3M	-1.3M	-29.1M	-11.4M	-61M	-26.5M	-2.3M
Dividends paid	-11.9M	-15.4M	-23.2M	-35.4M	-53.2M	-63.9M	-71.6M	-73M	-715K	-195K
Share repurchases	-1.3M	-2.5M	-30.7M	-47.2M	-5.6M	-62.1M	-128M	-7M	-836K	-369K
Financing cash flow	-13.2M	-17.9M	-53.9M	-82.6M	-58.7M	-125.9M	-199.6M	-80M	-1.6M	-564K
Net change in cash	4.2M	11.2M	-11.7M	-19.4M	55.8M	-105M	-18.7M	213K	-9.3M	4M
Free cash flow	22.5M	40M	55.9M	74.2M	139.3M	60.3M	177.9M	141.2M	17M	1.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	23.1M	6M	8.3M	-8.2M	1.1M	801K	-772K	2.5M	-2.3M	-18.1M	-2.1M	-3.1M
Depreciation & amortization	3.4M	3.4M	3.3M	3.1M	3.2M	3.2M	3.3M	4M	3.5M	3.5M	3.5M	3.4M
Stock-based compensation	2.7M	2.4M	2.2M	2.5M	606K	2.1M	1.9M	2.6M	910K	2.2M	1.9M	1.8M
Change in working capital	4.6M	3.3M	-7.6M	3.3M	-5.1M	-13.1M	-3M	-4.2M	6.6M	-4M	-2.4M	-2.7M
Operating cash flow	28.6M	22.8M	7.4M	13.4M	1.1M	-13.3M	2.6M	-3.4M	12.1M	-5.3M	260K	1.7M
Capital expenditure	-1.7M	-946K	-1.8M	-1.9M	-1.4M	-2.3M	-1.5M	—	—	—	—	—
Investing cash flow	-46.5M	-10.7M	-2.8M	-2.5M	-1.8M	-19.4M	-2.1M	14.7M	-12.9M	-3.6M	-16M	-264K
Dividends paid	-18M	-18M	-710K	-4K	-1K	0	-194K	-1K	0	0	-87K	-83K
Share repurchases	-110K	-10K	-817K	-16K	-2K	-1K	-369K	-1K	0	1K	-814K	0
Financing cash flow	-18.2M	-18M	-1.5M	-20K	-3K	-1K	-563K	-2K	0	1K	-901K	-83K
Net change in cash	-36M	-5.9M	3.1M	10.9M	-730K	-32.8M	5K	11.4M	-805K	-8.9M	-16.7M	1.4M
Free cash flow	28.3M	9.6M	5.4M	11.1M	7.7M	-7.2M	1.9M	-4.8M	10.8M	-6.6M	-836K	728K

Medifast Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement