NYQ · Financial Statements

MEDIFAST INC (MED) Financial Statements

$11.87 NYQ: MED Market Cap $132.71M

MEDIFAST INC most recently reported annual revenue of $386.0M, a net loss of $19.0M. Revenue declined at an average annual rate of 16.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

MEDIFAST INC: Revenue rose from $275.0M in 2016 to $386.0M in 2025, a change of +40.4% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 9.8% to -3.7%, a shift of -13.5 percentage points; the most recent year shows a net loss of $19.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$275.0M	$302.0M	$501.0M	$714.0M	$935.0M	$1.5B	$1.6B	$1.1B	$602.0M	$386.0M
Operating Expenses	$248.0M	$262.0M	$432.0M	$623.0M	$801.0M	$1.3B	$1.4B	$946.0M	$600.0M	$400.0M
Operating Profit	$27.0M	$40.0M	$69.0M	$91.0M	$134.0M	$216.0M	$185.0M	$126.0M	$3.0M	$-14.0M
Operating Margin	9.8%	13.1%	13.8%	12.8%	14.3%	14.2%	11.6%	11.8%	0.5%	-3.7%
Other Income	$0	$1.0M	$1.0M	$1.0M	$0	$0	$-1.0M	$2.0M	$1.0M	$9.0M
Interest	$0	$0	$0	$0	$0	$0	$1.0M	$0	$0	$0
Depreciation	$5.0M	$4.0M	$4.0M	$5.0M	$4.0M	$7.0M	$11.0M	$13.0M	$13.0M	$11.0M
Profit Before Tax	$27.0M	$40.0M	$71.0M	$92.0M	$134.0M	$216.0M	$184.0M	$129.0M	$4.0M	$-6.0M
Tax	$34.2M	$31.3M	$20.9M	$15.6M	$23.4M	$24.1M	$22.0M	$22.8M	$44.8M	$-231.1M
Net Profit	$18.0M	$28.0M	$56.0M	$78.0M	$103.0M	$164.0M	$144.0M	$99.0M	$2.0M	$-19.0M
EPS	$1.49	$2.29	$4.62	$6.43	$8.68	$13.89	$12.73	$9.10	$0.19	$-1.70
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$236.0M	$191.0M	$175.0M	$169.0M	$140.0M	$119.0M	$116.0M	$106.0M	$89.0M	$75.0M	$76.0M	$76.0M
Operating Expenses	$210.0M	$182.0M	$167.0M	$176.0M	$138.0M	$118.0M	$117.0M	$107.0M	$93.0M	$83.0M	$77.0M	$81.0M
Operating Profit	$26.0M	$9.0M	$8.0M	$-8.0M	$2.0M	$1.0M	$-1.0M	$-1.0M	$-4.0M	$-8.0M	$-1.0M	$-4.0M
Operating Margin	10.8%	4.5%	4.5%	-4.7%	1.5%	0.6%	-1.1%	-1.0%	-4.6%	-10.4%	-1.4%	-5.7%
Interest	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Profit Before Tax	$27.0M	$10.0M	$12.0M	$-11.0M	$2.0M	$1.0M	$1.0M	$3.0M	$-3.0M	$-6.0M	$-2.0M	$-3.0M
Tax	$12.9M	$38.4M	$28.2M	$23.4M	$28.4M	$37.2M	$246.8M	$13.7M	$14.9M	$-183.9M	$-9.3M	$-3.6M
Net Profit	$23.0M	$6.0M	$8.0M	$-8.0M	$1.0M	$1.0M	$-1.0M	$2.0M	$-2.0M	$-18.0M	$-2.0M	$-3.0M
EPS	$2.12	$0.50	$0.76	$-0.75	$0.10	$0.07	$-0.07	$0.22	$-0.21	$-1.65	$-0.19	$-0.28

Over the 10 years reported for MEDIFAST INC, borrowings increased from $1.0M in 2016 to $17.0M in 2025, cash stood at $89.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 4.70 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$121.0M	$146.0M	$169.0M	$195.0M	$276.0M	$398.0M	$316.0M	$310.0M	$284.0M	$257.0M
Current Assets	$101.0M	$125.0M	$146.0M	$154.0M	$234.0M	$307.0M	$223.0M	$224.0M	$214.0M	$202.0M
Cash	$52.0M	$75.0M	$81.0M	$77.0M	$164.0M	$104.0M	$88.0M	$94.0M	$91.0M	$89.0M
Inventory	$18.0M	$19.0M	$39.0M	$49.0M	$53.0M	$180.0M	$119.0M	$55.0M	$42.0M	$20.0M
Receivables	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$0	$0	$0	$0	$0
Fixed Assets	$20.0M	$19.0M	$20.0M	$39.0M	$38.0M	$81.0M	$76.0M	$67.0M	$49.0M	$38.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$24.0M	$24.0M	$20.0M	$16.0M	$11.0M	$5.0M	$0	$56.0M	$71.0M	$78.0M
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$25.0M	$37.0M	$60.0M	$90.0M	$119.0M	$196.0M	$161.0M	$108.0M	$74.0M	$58.0M
Current Liabilities	$24.0M	$37.0M	$60.0M	$79.0M	$111.0M	$170.0M	$141.0M	$92.0M	$64.0M	$43.0M
Borrowings	$1.0M	$0	$0	$14.0M	$11.0M	$33.0M	$26.0M	$22.0M	$16.0M	$17.0M
Other Liabilities	$24.0M	$37.0M	$60.0M	$76.0M	$108.0M	$163.0M	$135.0M	$86.0M	$58.0M	$41.0M
Equity	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$96.0M	$109.0M	$109.0M	$105.0M	$157.0M	$202.0M	$155.0M	$201.0M	$210.0M	$199.0M

For MEDIFAST INC, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $1.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$25.0M	$43.0M	$61.0M	$84.0M	$145.0M	$95.0M	$195.0M	$148.0M	$24.0M	$7.0M
Investing Cash Flow	$-4.0M	$-6.0M	$-6.0M	$-16.0M	$-7.0M	$-63.0M	$-28.0M	$-68.0M	$-34.0M	$-14.0M
Financing Cash Flow	$-1.0M	$-2.0M	$-30.0M	$-47.0M	$-4.0M	$-62.0M	$-128.0M	$-7.0M	$-1.0M	$0
Net Cash Flow	$10.0M	$23.0M	$6.0M	$-4.0M	$87.0M	$-60.0M	$-16.0M	$7.0M	$-4.0M	$-2.0M
Free Cash Flow	$22.0M	$40.0M	$56.0M	$74.0M	$139.0M	$60.0M	$178.0M	$141.0M	$17.0M	$1.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.01
EV / EBITDA	-24.12
FCF Yield	3.08%
Quick Ratio	4.35
Interest Coverage	—
Return 1Y	-26.01%
Return 3Y	-88.15%
Return 5Y	-95.65%

MEDIFAST INC (MED) financials — frequently asked questions

What is MEDIFAST INC's annual revenue?

MEDIFAST INC (MED) reported annual revenue of $386.0M in its most recent fiscal year.

What is MEDIFAST INC's net profit?

MEDIFAST INC (MED) reported a net loss of $19.0M in its most recent fiscal year.

What is MED EV/EBITDA?

MEDIFAST INC's enterprise value to EBITDA (EV/EBITDA) ratio is -24.12. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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