MDF Balance Sheet - Medifast Inc

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Price: 11.42 EUR Market Closed

Market Cap: €951.1m

Financial profile · Q3 FY2026

A coach-led model whose prolonged contraction has erased cash-generating scale

Medifast historically paired substantial operating leverage with modest capital spending and cash generation. Sustained revenue contraction has since weakened that leverage, turning a profitable, cash-generative model into one with recurring losses and little trailing operating cash flow.

What changed

The latest results extend the break from the historical pattern: trailing revenue and earnings remain under pressure, and operating cash flow is around breakeven. Positive free cash flow in the quarter is an improvement, but does not yet show that the former cash-generating economics have returned.

What matters next

Whether coach productivity can keep improving as the earning-coach base contracts, alongside a return to positive trailing operating cash flow.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	52.4m	75.1m	81.4m	77m	163.7m	104.2m	87.7m	94.4m	90.9m	89.3m
Cash Equivalents	52.4m	75.1m	81.4m	77m	163.7m	104.2m	87.7m	94.4m	90.9m	89.3m
Short-Term Investments	24.4m	23.8m	19.7m	15.7m	10.8m	5.4m	0	55.6m	71.4m	78m
Total Receivables	2.6m	2.8m	1m	6.6m	600k	900k	0	8.7m	0	—
Accounts Receivables	1.4m	600k	1m	1.4m	600k	—	—	—	—	—
Other Receivables	1.2m	2.2m	0	5.2m	0	—	—	—	—	—
Inventory	18.3m	19.3m	38.9m	48.8m	53.4m	180m	118.9m	54.6m	42.4m	20.2m
Other Current Assets	3.5m	4.2m	4.6m	6.1m	5.9m	16.3m	16.2m	10.7m	9.6m	14.2m
Total Current Assets	101.3m	125.2m	145.5m	154.2m	234.3m	306.9m	222.8m	224m	214.4m	201.7m
PP&E Net	19.8m	18.6m	19.7m	38.8m	38.1m	80.6m	75.6m	67.1m	48.7m	38.5m
PP&E Gross	19.8m	18.6m	19.7m	38.8m	38.1m	80.6m	75.6m	67.1m	48.7m	38.5m
Accumulated Depreciation	(36m)	(33.5m)	(34.7m)	(23m)	(27.1m)	(32.7m)	(39.9m)	(47.3m)	(58.3m)	(68.2m)
Other Long-Term Assets	200k	2.1m	4.2m	1.7m	3.6m	10.9m	17.8m	18.8m	21.1m	7.8m
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	16.1m	21.8m	22.6m	35.8m	70.9m	58.7m	48m	23.1m	15.1m
Accrued Liabilities	10.7m	14.9m	29.4m	38.7m	54.1m	73.7m	54.8m	42.4m	38.7m	27.2m
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	0	—	—	—	—	—	—	—	—	—
Other Current Liabilities	4.2m	6.1m	9.1m	18.1m	21.4m	25.2m	27.4m	2m	2.4m	679k
Deferred Revenue	—	—	—	4.3m	7.6m	8.1m	7.4m	574k	316k	384k
Total Current Liabilities	24.4m	37.1m	60.3m	79.4m	111.4m	169.8m	140.9m	92.3m	64.2m	43m
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax	800k	200k	0	—	—	—	—	—	—	—
Other Liabilities	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
Common Stock	0	0	0	0	0	0	0	11k	11k	11k
Retained Earnings	93.5m	103.8m	131.3m	168.8m	154.4m	190.3m	139.9m	174.6m	176.8m	158.3m
Additional Paid In Capital	2.7m	5m	8.8m	0	7.8m	12m	21.6m	26.6m	33.1m	40.4m
Unrealized Security Profit/Loss	—	—	(200k)	0	100k	0	0	296k	181k	231k
Treasury Stock	—	—	(30.9m)	(64m)	(5m)	0	(6.4m)	0	—	—
Other Equity	(200k)	(200k)	0	0	0	100k	0	(48k)	(1k)	3k
Total Equity	96m	108.6m	109.1m	104.8m	157.2m	202.5m	155m	201.5m	210.1m	198.9m
Total Liabilities & Equity	121.2m	145.9m	169.4m	194.7m	276.1m	398.3m	316.2m	309.9m	284.2m	248m
Common Shares Outstanding	11.9m	12m	11.9m	11.8m	11.8m	11.6m	10.9m	10.9m	10.9m	11m