Medifast, Inc. (NYSE: MED) is an American nutrition and weight loss company based in Baltimore, Maryland. Medifast produces, distributes, and sells weight loss and health-related products through websites, multi-level marketing, telemarketing, and franchised weight loss clinics.3Wikipedia text CC BY-SA 4.0
Medifast, Inc. (NYSE: MED) is an American nutrition and weight loss company based in Baltimore, Maryland. Medifast produces, distributes, and sells weight loss and health-related products through websites, multi-level marketing, telemarketing, and franchised weight loss clinics.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1011129$385.8M in 2025−46% since 2019Gross profit131411129$275.2M in 2025−49% since 2019Operating income131411129-$14.2M in 2025Net income131411129-$18.7M in 2025
Revenue1516$76.4M in Q2 FY2026+0% since Q1 FY2026Gross profit1516$53.4M in Q2 FY2026+3% since Q1 FY2026Operating income1516-$4.3M in Q2 FY2026+31% since Q1 FY2026Net income1516-$3.1M in Q2 FY2026+46% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$385.8M
$602.5M
$1.1B
Cost of sales
$110.6M
$157.8M
$296.2M
Gross profit
$275.2M
$444.6M
$775.9M
Selling, general, and administrative
$289.4M
$441.7M
$649.4M
Income (loss) from operations
-$14.2M
$2.9M
$126.4M
Interest income
$5.5M
$4.8M
$2.5M
Other income (expense)
$3.1M
-$3.9M
-$95.0K
Total other income (expense)
$8.6M
$909.0K
$2.4M
Income (loss) before provision for income taxes
-$5.6M
$3.8M
$128.8M
Income Tax Expense (Benefit)
$13.0M
$1.7M
$29.4M
Net income (loss)
-$18.7M
$2.1M
$99.4M
Basic (in usd per share)
-$1.70
$0.19
$9.13
Diluted (in usd per share)
-$1.70
$0.19
$9.10
Basic (in shares)
11.0M shares
10.9M shares
10.9M shares
Diluted (in shares)
11.0M shares
11.0M shares
10.9M shares
Cash dividends declared per share (in usd per share)
$0.00
$0.00
$4.95
No quarter-by-quarter statement was filed.
Total assets10131411129$248.0M in 2025+27% since 2019Total liabilities10131411129$49.1M in 2025−45% since 2019Shareholders’ equity1411129$198.9M in 2025+90% since 2019Cash10131411129$89.3M in 2025+16% since 2019
Total assets1516$260.4M in Q2 FY2026+5% since Q1 FY2025Total liabilities1516$64.0M in Q2 FY2026+31% since Q1 FY2025Shareholders’ equity1516$196.4M in Q2 FY2026−1% since Q1 FY2025Cash1516$71.9M in Q2 FY2026−19% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$89.3M
$90.9M
Inventories, net
$20.2M
$42.4M
Investments
$78.0M
$71.4M
Income taxes, prepaid
$5.1M
$0
Prepaid expenses and other current assets
$9.1M
$9.6M
Total current assets
$201.7M
$214.4M
Property, plant and equipment - net of accumulated depreciation
$31.2M
$37.5M
Right-of-use assets
$7.2M
$11.2M
Other assets
$7.8M
$9.7M
Deferred tax assets, net
$0
$11.5M
TOTAL ASSETS
$248.0M
$284.2M
Accounts payable and accrued expenses
$38.4M
$56.5M
Income taxes payable
$0
$1.5M
Current lease obligations
$4.6M
$6.2M
Total current liabilities
$43.0M
$64.2M
Lease obligations, net of current lease obligations
$6.1M
$9.9M
Total liabilities
$49.1M
$74.1M
Common stock, par value 0.001 per share: 20,000 shares authorized; 10,991 and 10,938 issued and outstanding at December 31, 2025 and December 31, 2024
$11.0K
$11.0K
Additional paid-in capital
$40.4M
$33.1M
Accumulated other comprehensive income
$234.0K
$180.0K
Retained earnings
$158.3M
$176.8M
Total stockholders' equity
$198.9M
$210.1M
$201.5M
$155.0M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$248.0M
$284.2M
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, authorized (in shares)
20.0M shares
20.0M shares
Common stock, issued (in shares)
11.0M shares
10.9M shares
Common stock, outstanding (in shares)
11.0M shares
10.9M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$89.3M
$90.9M
Inventories, net
$20.2M
$42.4M
Investments
$78.0M
$71.4M
Income taxes, prepaid
$5.1M
$0
Prepaid expenses and other current assets
$9.1M
$9.6M
Total current assets
$201.7M
$214.4M
Property, plant and equipment - net of accumulated depreciation
$31.2M
$37.5M
Right-of-use assets
$7.2M
$11.2M
Other assets
$7.8M
$9.7M
Deferred tax assets, net
$0
$11.5M
TOTAL ASSETS
$248.0M
$284.2M
Accounts payable and accrued expenses
$38.4M
$56.5M
Income taxes payable
$0
$1.5M
Current lease obligations
$4.6M
$6.2M
Total current liabilities
$43.0M
$64.2M
Lease obligations, net of current lease obligations
$6.1M
$9.9M
Total liabilities
$49.1M
$74.1M
Common stock, par value 0.001 per share: 20,000 shares authorized; 10,991 and 10,938 issued and outstanding at December 31, 2025 and December 31, 2024
$11.0K
$11.0K
Additional paid-in capital
$40.4M
$33.1M
Accumulated other comprehensive income
$234.0K
$180.0K
Retained earnings
$158.3M
$176.8M
Total stockholders' equity
$198.9M
$210.1M
$201.5M
$155.0M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$248.0M
$284.2M
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, authorized (in shares)
20.0M shares
20.0M shares
Common stock, issued (in shares)
11.0M shares
10.9M shares
Common stock, outstanding (in shares)
11.0M shares
10.9M shares
Cash from operations131411129$6.9M in 2025−92% since 2019Capital spending131411129$5.6M in 2025−44% since 2019Free cash flow131411129$1.2M in 2025−98% since 2019Dividends paid131411129$195.0K in 2025−99% since 2019Share buybacks131411129$0 in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$18.7M
$2.1M
$99.4M
Depreciation and amortization
$14.2M
$12.7M
$13.1M
Non-cash lease expense
$4.6M
$4.5M
$4.6M
Share-based compensation
$7.6M
$7.4M
$8.2M
Loss on sale of disposal of property, plant and equipment
$1.4M
$89.0K
$1.2M
Realized gain on sale of investment securities
-$3.3M
-$95.0K
$0
Amortization of discount on investment securities
-$671.0K
-$799.0K
-$169.0K
Deferred income taxes
$11.5M
-$7.4M
$1.2M
Unrealized (gain) loss on equity investment securities
-$17.0K
$4.1M
-$150.0K
Non-cash charges for supply chain optimization
$0
$11.7M
$0
Inventories
$22.2M
$12.2M
$64.3M
Income taxes
-$6.6M
$10.2M
-$9.2M
Prepaid expenses and other current assets
$573.0K
$2.5M
$5.6M
Other assets
-$2.1M
$396.0K
-$4.7M
Accounts payable and accrued expenses
-$23.9M
-$35.0M
-$35.7M
Net cash flow provided by operating activities
$6.9M
$24.5M
$147.7M
Purchase of investment securities
-$84.4M
-$46.6M
-$59.8M
Proceeds from sale and maturities of investment securities
Medifast sits at the top of its group. 8 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Jason Enterprises, Inc. Subsidiary · Delaware, United States
Jason Pharmaceuticals, Inc. Subsidiary · Maryland, United States
Jason Properties, LLC Subsidiary · Delaware, United States
OPTA VIA (Hong Kong) Limited Subsidiary · Hong Kong
OPTA VIA Health Consultation (Shanghai) Co., Ltd. Subsidiary · China
OPTA VIA LLC Subsidiary · Delaware, United States
OPTAVIA, LLC Subsidiary
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Medifast reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The Company leases office space in Baltimore, Maryland which serves as our corporate headquarters. The corporate headquarters’ lease expires in February 2026. During the three months ended September 30, 2025, the Company entered into a lease agreement for new headquarters office space in 1501 South Clinton Street, Baltimore, Maryland 21224, with a lease term of 8 years and 7 months. The lease is expected to commence in March 2026. In January 2020, the Company entered into a lease for a satellite office in Lehi, Utah, which was extended during the three months ended September 30, 2025, and expires in February 2030. In May 2021, the Company entered into a lease for our product innovation research center in Owings Mills, Maryland which expires in February 2029.
The Company owns a 49,000 square-foot manufacturing facility in Owings Mills, Maryland, and a 100,000 square-foot distribution facility in Ridgley, Maryland. The Company continued to list the Ridgely, Maryland building and land for sale as of December 31, 2025, and closed on the sale in February 2026. The Company outsources a domestic distribution center in Haltom City, Texas and the facility lease expires in January 2029. In April 2021, the Company entered into a lease for a distribution center in Havre De Grace, Maryland. The distribution center lease expires in August 2026.
William Vitale, a medical doctor, founded Medifast in 1980. He sold his products directly to other doctors, who in turn prescribed them to their patients alongside behavioural counselling techniques.
The company is publicly traded on the New York Stock Exchange (symbol: MED).
On July 17, 1995, HealthRite (predecessor of Medifast) changed its name from Vitamin Specialties Corp.
In 2000 the company pivoted to a direct-to-consumer marketing program with the help of Jason Pharmaceuticals and in 2001, the company changed its name to Medifast, Inc. In 2002, Retired Marine Colonel Bradley T. MacDonald, Chairman of the Board at the time, along with clinical specialist Dr. Wayne Scott Andersen, created Take Shape For Life as a personal Coach to the Client system and the company's “Habits of Health System.”
In October 2010, Medifast was ranked number 1 on Forbes magazine's list of "America's 100 Best Small Companies". The company was ranked 18th on the 2014 list.
Medifast was named one of Forbes's 100 Most Trustworthy Companies in America in 2016 and 2017.
In July 2017, Medifast changed the name of its subsidiary Take Shape For Life to Optavia and introduced a new line of products, Optavia Essentials, directly sold from Coaches to clients.
In October 2017, Medifast relocated its headquarters to Baltimore from Owings Mills, Maryland. The company is public with a market capitalization of $2.106 billion, as of June 2022.
Read the full text
In December 2023, Medifast announced a partnership with LifeMD, a provider of virtual healthcare services. Under the agreement, Medifast will use LifeMD's virtual platform to offer Medifast clients a clinically supported weight management program, including the option for prescription GLP-1 medications where clinically appropriate. In return, LifeMD will provide its patients with an independent Medifast Coach and additional lifestyle support services for weight management.
In September 2012, Medifast's subsidiary, Jason Pharmaceuticals, paid a $3.7 million USD civil penalty for false advertising. The Federal Trade Commission and United States Department of Justice said that advertisements for the "Medifast 5 & 1 Plan" low-calorie diet told consumers they could "lose up to 2-5 pounds per week", and that these weight-loss claims lacked a reasonable scientific basis, and were unsubstantiated. Under the settlement, any future claims made by the company must be backed by at least one human clinical study.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
240 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 119 insider forms, 31 large holders, 29 other. The latest 20:
51 open-market trades by officers, directors and large owners since October 2021: 43 buys and 8 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Medifast names in Item 1A of its 10-K filed Feb 17, 2026: 24 risks under these headings, as written.17
Risks Related to Our Business
The metabolic health and weight management industry is highly competitive and the development and acceptance of weight-loss medicines and other products could result in decreased demand for our services and products.
Deterioration of economic conditions, an economic recession or slow growth, periods of inflation or economic uncertainty, could continue to adversely affect consumer spending as well as demand for our products.
We may not be able to successfully implement new strategic transformation, which could adversely impact our business.
The success of our business is dependent on our ability to maintain and grow our network of coaches.
If we do not continue to develop innovative new products or if our products do not continue to appeal to the market, or if we are unable to successfully expand or respond to consumer trends, our business may suffer.
Our business depends on the effectiveness of our advertising and marketing programs, including the strength of the Company's and our coaches’ social media presence, to attract and retain clients. Use of social media may materially and adversely affect our reputation or subject us to fines or other penalties, and restrictions on the use of or access to social media may adversely impact sales of our products and services.
Our direct selling model may be challenged, which could harm our business.
Risks related to Artificial Intelligences
We rely on third parties to provide us with a majority of the products we sell and we manufacture the remaining portion. We also rely on third parties to distribute and deliver our products. The inability to obtain the necessary products from our third-party manufacturers, produce the products we manufacture in-house or distribute and deliver our products could cause our revenue, earnings or reputation to suffer.
Our ability to source quality ingredients and other products is critical to our business, and any disruption to our supply or supply chain could materially adversely affect our business.
We may be subject to claims that our coaches are unqualified to provide proper metabolic health and weight loss advice.
The other 14 risks
We may be subject to health or advertising related claims from our clients.
We are dependent on our key executives for future success. If we lose the services of any of our key executives and we are unable to timely retain a qualified replacement, our business could be harmed.
Information Technology and Cyber Security Risks
Any failure of our technology or systems to perform satisfactorily could result in an adverse impact on our business.
Risks Related to Intellectual Property
Third parties may infringe on our brand, trademarks and other intellectual property rights, which may have an adverse impact on our business.
We may in the future be subject to intellectual property rights claims.
Risks Related to Our Industry
Changes in consumer preferences could negatively impact our operating results.
The metabolic health and weight loss industry is subject to adverse publicity, which could harm our business.
Our industry is subject to governmental regulation that could increase in severity and hurt results of operations.
The manufacture and sale of ingested products are subject to product liability claims and other risks.
General Risk Factors
Actions of activist stockholders could cause us to incur substantial costs, divert management's attention and resources, and have an adverse effect on our business.
There can be no assurance that we will declare cash dividends in the future or in any particular amounts.
Our stock price fluctuates from time to time and may fall below expectations of securities analysts and investors, and could subject us to litigation, which may result in you suffering a loss on your investment.
Provisions in our certificate of incorporation may deter or delay an acquisition of us or prevent a change in control, even if an acquisition or a change of control would be beneficial to our stockholders.
If we do not maintain effective internal control over financial reporting, we could fail to report our financial results accurately.
Legal proceedings
The Company is, from time to time, subject to a variety of litigation and similar proceedings that arise out of the ordinary course of its business. Based upon the Company’s experience, current information, and applicable law, it does not believe that these proceedings and claims will have a material adverse effect on its results of operations, financial position, or liquidity. However, the results of legal actions cannot be predicted with certainty. Therefore, it is possible that the Company’s results of operations, financial condition or cash flows could be materially adversely affected in any particular period by the unfavorable resolution of one or more legal actions.
