Medifast Financials
This page shows Medifast (MED) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Medifast has an operating margin of 0.5%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 2/100, suggesting thin profitability after operating expenses. This is down from 11.8% the prior year.
Medifast's revenue declined 43.8% year-over-year, from $1.1B to $602.5M. This contraction results in a growth score of 0/100.
Medifast carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.34, Medifast holds $3.34 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Medifast's free cash flow margin of 2.8% results in a low score of 14/100. Capital expenditures of $7.5M absorb a large share of operating cash flow.
Medifast generates a 1.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 4/100. This is down from 49.3% the prior year.
Medifast scores 4.62, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Medifast passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Medifast generates $11.71 in operating cash flow ($24.5M OCF vs $2.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Medifast generated $602.5M in revenue in fiscal year 2024. This represents a decrease of 43.8% from the prior year.
Medifast's EBITDA was $15.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.8% from the prior year.
Medifast generated $17.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 87.9% from the prior year.
Medifast reported $2.1M in net income in fiscal year 2024. This represents a decrease of 97.9% from the prior year.
Medifast earned $0.19 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 97.9% from the prior year.
Medifast held $90.9M in cash against $0 in long-term debt as of fiscal year 2024.
Medifast paid $0.00 per share in dividends in fiscal year 2024. This represents a decrease of 100.0% from the prior year.
Medifast had 11M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.
Medifast's gross margin was 73.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.
Medifast's operating margin was 0.5% in fiscal year 2024, reflecting core business profitability. This is down 11.3 percentage points from the prior year.
Medifast's net profit margin was 0.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 8.9 percentage points from the prior year.
Medifast's ROE was 1.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 48.3 percentage points from the prior year.
Medifast invested $4.6M in research and development in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Medifast spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Medifast invested $7.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 15.0% from the prior year.
MED Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $89.4M-15.3% | $105.6M-8.8% | $115.7M-2.8% | $119.0M-29.4% | $168.6M-3.5% | $174.7M-8.5% | $191.0M-19.0% | $235.9M |
| Cost of Revenue | $27.3M-5.7% | $28.9M-8.2% | $31.5M+2.3% | $30.8M-31.8% | $45.1M-4.9% | $47.4M-4.4% | $49.6M-15.1% | $58.5M |
| Gross Profit | $62.2M-18.9% | $76.6M-9.0% | $84.2M-4.5% | $88.2M-28.5% | $123.4M-3.0% | $127.3M-10.0% | $141.4M-20.3% | $177.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $66.2M-14.8% | $77.7M-9.1% | $85.5M-2.3% | $87.5M-33.4% | $131.3M+10.0% | $119.4M-10.1% | $132.7M-12.6% | $151.9M |
| Operating Income | -$4.1M-282.8% | -$1.1M+15.5% | -$1.3M-278.2% | $708K+109.0% | -$7.9M-199.2% | $7.9M-8.5% | $8.7M-66.0% | $25.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$396K-200.3% | $395K-69.6% | $1.3M+173.8% | $474K+119.0% | -$2.5M-176.4% | $3.3M-13.2% | $3.8M+10.2% | $3.4M |
| Net Income | -$2.3M-191.2% | $2.5M+421.2% | -$772K-196.5% | $800K+109.8% | -$8.2M-198.1% | $8.3M+37.8% | $6.0M-73.9% | $23.1M |
| EPS (Diluted) | $-0.21-195.5% | $0.22+414.3% | $-0.07-187.5% | $0.08+110.7% | $-0.75-198.7% | $0.76+40.7% | $0.54-74.5% | $2.12 |
MED Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $268.2M-0.4% | $269.3M-3.8% | $280.0M-1.5% | $284.2M-3.2% | $293.5M-3.0% | $302.8M-2.3% | $309.9M-3.2% | $320.0M |
| Current Assets | $207.8M+0.7% | $206.4M-3.3% | $213.5M-0.4% | $214.4M-4.4% | $224.3M+2.2% | $219.6M-2.0% | $224.0M-0.1% | $224.3M |
| Cash & Equivalents | $99.5M-2.1% | $101.7M+10.9% | $91.7M+0.9% | $90.9M-15.8% | $108.0M+10.8% | $97.5M+3.2% | $94.4M-16.2% | $112.8M |
| Inventory | $23.2M-23.2% | $30.2M-23.3% | $39.4M-7.2% | $42.4M+7.1% | $39.6M-14.4% | $46.3M-15.2% | $54.6M-6.2% | $58.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $53.5M+0.3% | $53.3M-22.8% | $69.1M-6.8% | $74.1M-16.0% | $88.2M-3.9% | $91.8M-15.3% | $108.4M-14.6% | $127.0M |
| Current Liabilities | $46.7M+1.1% | $46.2M-23.8% | $60.6M-5.6% | $64.2M-14.7% | $75.2M-2.6% | $77.2M-16.4% | $92.3M-16.2% | $110.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $214.7M-0.6% | $216.0M+2.4% | $211.0M+0.4% | $210.1M+2.4% | $205.3M-2.7% | $211.0M+4.7% | $201.5M+4.4% | $193.0M |
| Retained Earnings | $176.2M-1.3% | $178.5M+1.4% | $176.0M-0.4% | $176.8M+1.1% | $174.8M-4.4% | $183.0M+4.8% | $174.6M+3.5% | $168.8M |
MED Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.1M+458.6% | -$3.4M-199.2% | $3.4M+168.8% | -$4.9M-137.9% | $13.1M+79.5% | $7.3M-30.8% | $10.5M-64.8% | $29.9M |
| Capital Expenditures | $1.4M-1.1% | $1.4M-9.5% | $1.5M-33.4% | $2.3M+17.9% | $1.9M+5.3% | $1.8M+94.6% | $946K-43.6% | $1.7M |
| Free Cash Flow | $10.8M+326.0% | -$4.8M-352.4% | $1.9M+126.1% | -$7.2M-165.0% | $11.1M+104.6% | $5.4M-43.2% | $9.6M-66.1% | $28.3M |
| Investing Cash Flow | -$14.3M-206.9% | $13.4M+750.3% | -$2.1M+89.4% | -$19.4M-667.4% | -$2.5M+8.8% | -$2.8M+74.1% | -$10.7M+76.9% | -$46.5M |
| Financing Cash Flow | $0+100.0% | -$2K+99.6% | -$563K-56200.0% | -$1K+95.0% | -$20K+98.7% | -$1.5M+91.7% | -$17.9M+1.4% | -$18.2M |
| Dividends Paid | $0-100.0% | $1K-99.5% | $194K | $0-100.0% | $4K-99.4% | $710K-96.1% | $18.0M-0.4% | $18.0M |
| Share Buybacks | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 |
MED Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5%-3.1pp | 72.6%-0.2pp | 72.8%-1.3pp | 74.1%+0.9pp | 73.2%+0.4pp | 72.9%-1.2pp | 74.0%-1.2pp | 75.2% |
| Operating Margin | -4.6%-3.6pp | -1.0%+0.1pp | -1.1%-1.7pp | 0.6%+5.3pp | -4.7%-9.2pp | 4.5%0.0pp | 4.5%-6.3pp | 10.8% |
| Net Margin | -2.5%-4.9pp | 2.4%+3.0pp | -0.7%-1.3pp | 0.7%+5.5pp | -4.8%-9.6pp | 4.8%+1.6pp | 3.2%-6.7pp | 9.8% |
| Return on Equity | N/A | 1.1% | N/A | 0.4% | N/A | 3.9%+0.9pp | 3.0%-9.0pp | 12.0% |
| Return on Assets | -0.8%-1.8pp | 0.9%+1.2pp | -0.3%-0.6pp | 0.3%+3.1pp | -2.8%-5.5pp | 2.8%+0.8pp | 1.9%-5.3pp | 7.2% |
| Current Ratio | 4.45-0.0 | 4.47+0.9 | 3.52+0.2 | 3.34+0.4 | 2.98+0.1 | 2.84+0.4 | 2.43+0.4 | 2.04 |
| Debt-to-Equity | 0.250.0 | 0.25-0.1 | 0.33-0.0 | 0.35-0.1 | 0.430.0 | 0.44-0.1 | 0.54-0.1 | 0.66 |
| FCF Margin | 12.0%+16.5pp | -4.5%-6.1pp | 1.6%+7.7pp | -6.1%-12.7pp | 6.6%+3.5pp | 3.1%-1.9pp | 5.0%-7.0pp | 12.0% |
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Frequently Asked Questions
What is Medifast's annual revenue?
Medifast (MED) reported $602.5M in total revenue for fiscal year 2024. This represents a -43.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Medifast's revenue growing?
Medifast (MED) revenue declined by 43.8% year-over-year, from $1.1B to $602.5M in fiscal year 2024.
Is Medifast profitable?
Yes, Medifast (MED) reported a net income of $2.1M in fiscal year 2024, with a net profit margin of 0.4%.
What is Medifast's earnings per share (EPS)?
Medifast (MED) reported diluted earnings per share of $0.19 for fiscal year 2024. This represents a -97.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Medifast's EBITDA?
Medifast (MED) had EBITDA of $15.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Medifast's gross margin?
Medifast (MED) had a gross margin of 73.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Medifast's operating margin?
Medifast (MED) had an operating margin of 0.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Medifast's net profit margin?
Medifast (MED) had a net profit margin of 0.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Medifast's return on equity (ROE)?
Medifast (MED) has a return on equity of 1.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Medifast's free cash flow?
Medifast (MED) generated $17.0M in free cash flow during fiscal year 2024. This represents a -87.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Medifast's operating cash flow?
Medifast (MED) generated $24.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Medifast's total assets?
Medifast (MED) had $284.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Medifast's capital expenditures?
Medifast (MED) invested $7.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Medifast spend on research and development?
Medifast (MED) invested $4.6M in research and development during fiscal year 2024.
How many shares does Medifast have outstanding?
Medifast (MED) had 11M shares outstanding as of fiscal year 2024.
What is Medifast's current ratio?
Medifast (MED) had a current ratio of 3.34 as of fiscal year 2024, which is generally considered healthy.
What is Medifast's debt-to-equity ratio?
Medifast (MED) had a debt-to-equity ratio of 0.35 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Medifast's return on assets (ROA)?
Medifast (MED) had a return on assets of 0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Medifast's Altman Z-Score?
Medifast (MED) has an Altman Z-Score of 4.62, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Medifast's Piotroski F-Score?
Medifast (MED) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Medifast's earnings high quality?
Medifast (MED) has an earnings quality ratio of 11.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Medifast?
Medifast (MED) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.