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SUMMARY Medifast, Inc. ( Medifast, the Company, we or us ) is the 40+ year old health and wellness company known for its science-backed, coach-guided lifestyle system. As we enter 2026, the Company is moving from transformation to execution, leveraging its extensive experience in structured weight loss coupled with recent scientific research and enhanced product offerings to address the needs o…
The business is unprofitable at the operating level (-3.68% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 36.0% YoY. Margins deteriorated 4.2pp alongside, both lines moving the wrong way.
Free cash flow declined 93% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.01% to -5.15%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$346M
▼ -36.0% YoY
Net Income (TTM)
-$20M
▼ -993.0% YoY
Op. Margin
-4.69%
▼ -4.2pp YoY
ROIC
-5.84%
▼ -6.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -92.7% YoY
Op. Cash Flow (TTM)
$4M
▼ -72.0% YoY
Net Debt
-$153M
Net Cash Position
Cash & Equiv.
$169M
5Y CAGR: -16.2%
5Y CAGR: -61.0%
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