Medifast (MED)
Market Price (11/4/2026): $12.61 | Market Cap: $141.0 MilSector: Consumer Discretionary | Industry: Specialized Consumer Services
Medifast (MED)
Market Price (11/4/2026): $12.61Market Cap: $141.0 MilSector: Consumer DiscretionaryIndustry: Specialized Consumer Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -108% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & Digital Retail. Themes include Nutritional Supplements, Functional Foods & Beverages, Show more. | Trading close to highsDist 52W High is -4.7% Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -165% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.36, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -30%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -37%, Rev Chg QQuarterly Revenue Change % is -19% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% Key risksMED key risks include [1] significant competition from new GLP-1 weight loss medications that disrupt its business model and [2] its core dependence on the ability to maintain and grow its network of independent OPTAVIA coaches. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -108% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & Digital Retail. Themes include Nutritional Supplements, Functional Foods & Beverages, Show more. |
| Trading close to highsDist 52W High is -4.7% |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -165% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.36, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -30%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -37%, Rev Chg QQuarterly Revenue Change % is -19% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% |
| Key risksMED key risks include [1] significant competition from new GLP-1 weight loss medications that disrupt its business model and [2] its core dependence on the ability to maintain and grow its network of independent OPTAVIA coaches. |
Qualitative Assessment
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Medifast (MED) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Stronger-than-expected fiscal Q3 2026 financial results. Medifast reported its fiscal third-quarter 2026 results on October 26, 2026, exceeding analyst expectations. The company posted an earnings per share (EPS) of -$0.19, significantly beating the consensus estimate of -$0.35 by $0.16. Additionally, revenue reached $72.05 million, surpassing analysts' projections of $71.30 million.
2. Positive outlook and guidance for fiscal Q4 2026. Management provided an optimistic forecast for the fiscal fourth quarter of 2026, expecting revenue between $55 million and $75 million, and earnings per share ranging from breakeven to $0.25. The company also projected adjusted EBITDA, excluding interest income, to be between $2 million and $6 million for fiscal Q4 2026. Medifast highlighted that fiscal Q4 2026 is anticipated to be an inflection point towards growth and profitability.
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Medifast (MED) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Stronger-than-expected fiscal Q3 2026 financial results. Medifast reported its fiscal third-quarter 2026 results on October 26, 2026, exceeding analyst expectations. The company posted an earnings per share (EPS) of -$0.19, significantly beating the consensus estimate of -$0.35 by $0.16. Additionally, revenue reached $72.05 million, surpassing analysts' projections of $71.30 million.
2. Positive outlook and guidance for fiscal Q4 2026. Management provided an optimistic forecast for the fiscal fourth quarter of 2026, expecting revenue between $55 million and $75 million, and earnings per share ranging from breakeven to $0.25. The company also projected adjusted EBITDA, excluding interest income, to be between $2 million and $6 million for fiscal Q4 2026. Medifast highlighted that fiscal Q4 2026 is anticipated to be an inflection point towards growth and profitability.
3. Successful strategic transformation and Trilivy launch. Central to Medifast's turnaround strategy was the comprehensive rebranding from OPTAVIA to Trilivy, shifting its focus to a broader metabolic health system. The Trilivy brand, launched in July 2026, generated substantial digital engagement, with post engagements increasing by 468%, post likes by 126%, and website traffic by 27% in July compared to June. By September 2026, 95% of active earning coaches were selling Trilivy products, indicating rapid adoption.
4. Significant improvement in coach productivity. Despite a considerable year-over-year decline of 47.7% in active earning coaches, reaching 10,200 in fiscal Q3 2026, the revenue per coach surged by 54% to $7,064. This figure represents the highest level in over a decade, demonstrating enhanced efficiency and a greater focus on productive coaches within the network.
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Stock Movement Drivers
Fundamental Drivers
The 27.5% change in MED stock from 7/31/2026 to 11/2/2026 was primarily driven by a 49.6% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.83 | 12.53 | 27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 346 | 300 | -13.4% |
| P/S Multiple | 0.3 | 0.5 | 49.6% |
| Shares Outstanding (Mil) | 11 | 11 | -1.6% |
| Cumulative Contribution | 27.5% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MED | 27.5% | |
| Market (SPY) | 0.7% | 44.0% |
| Sector (XLY) | 1.8% | 18.7% |
Fundamental Drivers
The 15.3% change in MED stock from 4/30/2026 to 11/2/2026 was primarily driven by a 51.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.87 | 12.53 | 15.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 386 | 300 | -22.3% |
| P/S Multiple | 0.3 | 0.5 | 51.0% |
| Shares Outstanding (Mil) | 11 | 11 | -1.7% |
| Cumulative Contribution | 15.3% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MED | 15.3% | |
| Market (SPY) | 4.9% | 31.4% |
| Sector (XLY) | 0.0% | 16.2% |
Fundamental Drivers
The 4.2% change in MED stock from 10/31/2025 to 11/2/2026 was primarily driven by a 70.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.02 | 12.53 | 4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 480 | 300 | -37.6% |
| P/S Multiple | 0.3 | 0.5 | 70.1% |
| Shares Outstanding (Mil) | 11 | 11 | -1.7% |
| Cumulative Contribution | 4.2% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MED | 4.2% | |
| Market (SPY) | 11.2% | 27.5% |
| Sector (XLY) | -0.9% | 21.1% |
Fundamental Drivers
The -81.9% change in MED stock from 10/31/2023 to 11/2/2026 was primarily driven by a -78.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.16 | 12.53 | -81.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,373 | 300 | -78.2% |
| P/S Multiple | 0.5 | 0.5 | -14.7% |
| Shares Outstanding (Mil) | 11 | 11 | -2.6% |
| Cumulative Contribution | -81.9% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| MED | -81.9% | |
| Market (SPY) | 86.0% | 20.3% |
| Sector (XLY) | 58.9% | 22.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MED Return | 9% | -42% | -38% | -74% | -39% | 17% | -93% |
| Peers Return | 6% | -32% | 17% | -29% | -0% | -38% | -63% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| MED Win Rate | 67% | 33% | 33% | 25% | 17% | 55% | |
| Peers Win Rate | 54% | 33% | 54% | 44% | 45% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| MED Max Drawdown | -43% | -51% | -50% | -76% | -41% | -28% | |
| Peers Max Drawdown | -29% | -48% | -38% | -47% | -45% | -59% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HLF, USNA, NUS, WW, BRBR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | MED | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.6% | -18.8% |
| % Gain to Breakeven | 19.9% | 23.1% |
| Time to Breakeven | 75 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.2% | 7.1% |
| Time to Breakeven | 58 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.2% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.0% | -19.2% |
| % Gain to Breakeven | 104.0% | 23.8% |
| Time to Breakeven | 689 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.6% | -6.8% |
| % Gain to Breakeven | 26.0% | 7.3% |
| Time to Breakeven | 256 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.0% | -17.9% |
| % Gain to Breakeven | 47.0% | 21.8% |
| Time to Breakeven | 325 days | 123 days |
In The Past
Medifast's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MED | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.6% | -6.7% |
| % Gain to Breakeven | 38.2% | 7.1% |
| Time to Breakeven | 58 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.2% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.0% | -19.2% |
| % Gain to Breakeven | 104.0% | 23.8% |
| Time to Breakeven | 689 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.6% | -6.8% |
| % Gain to Breakeven | 26.0% | 7.3% |
| Time to Breakeven | 256 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.0% | -17.9% |
| % Gain to Breakeven | 47.0% | 21.8% |
| Time to Breakeven | 325 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.7% | -15.4% |
| % Gain to Breakeven | 31.0% | 18.2% |
| Time to Breakeven | 20 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -22.1% | -53.4% |
| % Gain to Breakeven | 28.4% | 114.4% |
| Time to Breakeven | 17 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -30.3% | -8.6% |
| % Gain to Breakeven | 43.6% | 9.5% |
| Time to Breakeven | 343 days | 47 days |
In The Past
Medifast's stock fell -16.6% during the 2025 US Tariff Shock. Such a loss loss requires a 19.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Medifast (MED)
Medifast, Inc. (MED) is a health and wellness company specializing in the manufacture and distribution of weight loss, weight management, and healthy living products. The company provides a comprehensive range of consumable health and nutritional items designed to support individuals in achieving their wellness goals.
Its product portfolio includes a diverse array of convenient and portion-controlled options such as bars, bites, pretzels, shakes, smoothies, soups, and various other meal replacements and snacks. These products are marketed primarily under well-known brands like OPTAVIA, Optimal Health by Take Shape for Life, and Flavors of Home. Medifast distributes its offerings directly to consumers through an e-commerce platform, facilitating point-of-sale transactions.
Medifast primarily serves customers in the United States and extends its market reach into the Asia-Pacific region, making its health and nutritional products accessible to a broad international base.
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Here are a few analogies for Medifast (MED):
A Nutrisystem specializing in a wide range of consumable weight loss and healthy living food products sold directly to consumers.
Like Nutrisystem or Jenny Craig, but with a strong emphasis on health coaching and community support for its weight management programs.
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- Consumable Health and Nutritional Products: Medifast offers a diverse range of food items, such as bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serves, shakes, smoothies, soft bakes, and soups, all formulated for weight loss, weight management, and healthy living.
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Medifast (MED) primarily sells its products directly to individuals through its e-commerce platform and its OPTAVIA brand, which utilizes a direct-to-consumer, coach-led sales model. It does not primarily sell to other companies or major retailers.
The company serves the following categories of individual customers:
- Individuals focused on weight loss: This category includes customers specifically seeking to achieve significant weight reduction through Medifast's structured meal plans and programs.
- Individuals focused on weight management and maintenance: This category serves customers who have achieved their weight loss goals and are looking for ongoing solutions to maintain a healthy weight and prevent regain.
- Individuals seeking general healthy living and nutritional support: This category encompasses customers interested in incorporating Medifast's broader range of healthy living products and nutritional supplements into their daily routine for overall wellness and improved health, beyond just weight-specific goals.
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Dan Chard, Chairman and Chief Executive Officer
Dan Chard was appointed CEO of Medifast in October 2016 and Chairman in 2020. He brings over 25 years of experience in direct selling, marketing, and consumer products. Before joining Medifast, Mr. Chard served as President and Chief Operating Officer at PartyLite, a company affiliated with The Carlyle Group, a private equity firm. He also held significant leadership roles at Nu Skin Enterprises Inc., including President of Global Sales & Operations and President of Nu Skin Europe. Earlier in his career, he worked in marketing at PUR Recovery Engineering and The Pillsbury Company.
Jim Maloney, Chief Financial Officer
Jim Maloney was appointed Chief Financial Officer of Medifast in July 2020. In this role, he leads the finance function, including financial planning and analysis, capital allocation strategies, and investor relations. Prior to Medifast, Mr. Maloney served as Senior Vice President Chief Financial Officer of L.B. Foster Company, a publicly held global manufacturer. He also held the position of Chief Financial Officer at First Insight, Inc., a privately held company for which he continues to serve as a Board Advisor. His career also includes various roles at H.J. Heinz Company, such as Vice President of Global Financial Planning and Supply Chain Finance, and at Ernst & Young LLP.
Nicholas Johnson, President
Nicholas Johnson was appointed President of Medifast in 2026, having joined the company in 2018. He has held several executive management positions within Medifast, including Market President of OPTAVIA USA and President of Coach and Client Experience. Most recently, he served as Medifast's Chief Field Operations Officer since 2022. Before joining Medifast, Mr. Johnson was the Vice President of Sales and Marketing at Nu Skin Enterprises.
Jason L. Groves, Esq., Chief Legal Officer & Corporate Secretary
Jason Groves became Medifast's Chief Legal Officer & Corporate Secretary, overseeing the Office of the Chairman and the company's legal functions including compliance, litigation, regulatory, and government relations. He has been with Medifast since 2009, holding various executive management roles, and previously served as a director of the company from 2009 to 2015.
Claudia Greninger, Chief Human Resources Officer
Claudia Greninger serves as the Chief Human Resources Officer for Medifast.
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- Competition from GLP-1 Weight Loss Medications: The emergence and growing acceptance of GLP-1 (Glucagon-like peptide-1) medications, such as Ozempic and Wegovy, pose a significant threat to Medifast's traditional weight management offerings. These medications have disrupted the weight loss market by offering consumers new and effective alternatives, leading to a decline in demand for Medifast's products and services. This competition has directly impacted client acquisition for Medifast's OPTAVIA program.
- Declining OPTAVIA Coach Network and Productivity: Medifast's business heavily relies on its network of independent OPTAVIA coaches for sales and client support. The company has experienced a consistent decline in the number of active earning coaches and a reduction in the average revenue generated per coach. This erosion of its direct-selling model directly affects the company's ability to acquire new clients and sustain its revenue base.
- Overall Revenue Decline and Unprofitability: As a direct consequence of the aforementioned competitive pressures and the shrinking coach network, Medifast has faced substantial declines in revenue and has become unprofitable in recent periods. The company's financial reports indicate significant year-over-year revenue decreases, widening losses, and reduced gross profit margins, with forecasts for continued declines in revenue and earnings in the near future.
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Emerging Threats
The rapid rise and increasing adoption of GLP-1 receptor agonist drugs (e.g., Ozempic, Wegovy, Mounjaro) for weight loss pose a significant emerging threat. These pharmaceutical interventions offer substantial weight reduction, potentially diminishing the demand for traditional dietary weight management programs and proprietary meal replacement products like those offered by Medifast. This shift in the weight loss landscape could lead consumers to prioritize medical solutions over structured food-based programs.
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Medifast (NYSE: MED) operates in several significant addressable markets related to weight loss, weight management, and health and nutritional products.
U.S. Market
- Weight Management Market: The U.S. weight management market was estimated at USD 37.86 billion in 2023 and is projected to grow to USD 132.87 billion by 2034, with a compound annual growth rate (CAGR) of 4.99% from 2026 to 2034.
- Weight Loss Market: The total U.S. weight loss market was estimated to be USD 90 billion in 2023. More specifically, the U.S. weight loss market is projected to reach US$ 21.09 billion in 2024 and US$ 40.93 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.
- Nutritional Supplements Market: The U.S. nutritional supplements market size was valued at USD 112.6 billion in 2024 and is anticipated to grow at a CAGR of 4.9% from 2025 to 2030, reaching USD 190.08 billion by 2035.
- Health and Wellness Products Market: This market in the U.S. is projected to grow from USD 128.55 billion in 2024 to USD 324.15 billion by 2035, exhibiting a CAGR of 8.77% during the forecast period (2025 - 2035).
- Healthy Foods Market: The United States healthy food industry is projected to grow from US$ 213.03 billion in 2025 to US$ 403.74 billion by 2033, at a CAGR of 8.32% between 2025 and 2033.
Asia-Pacific Market
- Weight Management Market: The Asia Pacific weight management market size reached USD 143.0 billion in 2024 and is expected to reach USD 238.0 billion by 2033, exhibiting a CAGR of 5.9% during 2025-2033.
- Weight Loss Market: The Asia-Pacific Weight Loss Market was valued at USD 101.9 billion in 2024 and is expected to expand to USD 210.94 billion by 2033, at a CAGR of 8.42% during 2025-2033.
- Nutritional Supplements Market: The Asia Pacific nutritional supplements market size was valued at USD 192.44 billion in 2024 and is expected to grow at a CAGR of 6.71% from 2025 to 2030, reaching USD 283.81 billion by 2030.
- Healthy Food Market: The Asia-Pacific healthy food market recorded revenues of $270.6 billion in 2024.
- Health and Wellness Food Market: The Asia-Pacific Health and Wellness Food Market is projected to expand from USD 185.4 billion in 2025 to approximately USD 422.7 billion by 2033, driven by a CAGR of 10.9% during the 2026–2033 forecast period.
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Medifast (MED) is focusing on several key initiatives to drive future revenue growth over the next two to three years, despite facing a challenging market environment and recent revenue declines. These expected drivers stem from the company's strategic transformation to address evolving consumer needs in the health and wellness sector:
- Transformation to a Metabolic Health-Focused Business Model and New Product Launches: Medifast is repositioning its business from primarily weight loss to a broader metabolic health-focused model. This includes developing and launching new product lines, such as those focused on metabolic synchronization, designed to reduce visceral fat and improve body composition. These new offerings are intended to cater to a wider client base, including those who have used GLP-1 medications and are looking to maintain weight or improve body composition. New product launches are anticipated in the latter half of 2026, with expected improvements in profitability continuing into 2027 and beyond.
- Collaboration with Telehealth Provider LifeMD: Medifast is enhancing its health and wellness solutions through a collaboration with telehealth provider LifeMD. This partnership aims to offer a more comprehensive approach, including access to medically supported weight loss solutions, thereby expanding Medifast's service offerings and reach to new customer segments.
- Improved Coach Productivity and Accelerated Customer Acquisition: A key priority for Medifast is to reestablish growth by driving coach productivity and accelerating customer acquisition. Management has reported early signs of success in improving coach productivity, which historically has been a leading indicator of broader improvements in client acquisition and coach growth. Efforts are underway to expand the number of active earning coaches to broaden reach and restore revenue.
- Company-Led National Marketing Campaign: To support customer acquisition and enhance brand visibility, Medifast plans to launch a new company-led national marketing campaign. This reimagined framework for customer acquisition is expected to raise awareness of the benefits of Medifast's holistic, coach-guided approach and reinforce its brand presence in the market.
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Share Repurchases
- Medifast did not repurchase any shares during 2025 or 2024.
- Approximately 1.3 million shares remained available for repurchase under the company's Stock Repurchase Plan as of February 2026.
- In June 2022, Medifast entered into a $100 million accelerated share repurchase agreement.
Share Issuance
- Medifast increased its share-based compensation activities in 2025, granting restricted stock and performance-based share awards.
- In June 2025, stockholders approved an amendment to the 2012 Share Incentive Plan, increasing the number of shares authorized for issuance by 550,000 shares.
Outbound Investments
- Medifast sold its investment in LifeMD common stock during the second quarter of 2025, resulting in a gain of $2.6 million in Q2 2025.
- The company is evaluating potential acquisitions to complement its business, which may involve using working capital or issuing equity or debt.
Capital Expenditures
- Capital expenditures were $1.4 million in the fourth quarter of 2025, representing a 40.9% decrease year-over-year.
- The company plans to continue investing in growth initiatives focused on metabolic health and product innovation.
- Medifast is also investing in digital platforms to enhance coach and client experiences.
Peer Outperformance in Specialized Consumer Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -3.2% | 35.5% | 76.9% | CVSA 255% · GHC 117% · LRN 109% |
| Homebuilding | 17 | 3.8% | 32.7% | 38.5% | PHM 188% · CVCO 174% · TOL 169% |
| Hotels, Resorts & Cruise Lines | 21 | 24.4% | 60.9% | 20.3% | RCL 278% · MAR 171% · HLT 162% |
| Automotive Retail | 17 | -0.6% | 15.0% | 11.8% | MUSA 220% · PAG 125% · ORLY 119% |
| Home Furnishings | 3 | 2.7% | 74.8% | 3.9% | SGI 58% · MHK -15% |
| Home Improvement Retail | 5 | -7.6% | 18.9% | 3.4% | HD 5% · LOW 3% · FND -65% |
| Footwear | 9 | 86.5% | 82.4% | -8.5% | DECK 29% · SHOO 9% · CROX -9% |
| Specialized Consumer Services ← | 10 | -5.3% | 38.1% | -13.8% | HRB 171% · FTDR 126% · ADT 29% |
| Restaurants | 36 | 3.1% | -5.5% | -14.6% | EAT 407% · CAKE 209% · TXRH 133% |
| Distributors | 4 | -8.1% | -15.2% | -23.8% | ARMK 113% · GPC 8% · POOL -55% |
| Leisure Products | 14 | -11.3% | -11.9% | -33.0% | GOLF 82% · HAS 54% · BC -9% |
| Household Appliances | 18 | 20.9% | 18.8% | -33.8% | WHR -81% |
| Apparel, Accessories & Luxury Goods | 29 | 11.4% | 30.3% | -38.6% | RL 274% · TPR 246% · KTB 68% |
| Leisure Facilities | 12 | -4.0% | 3.1% | -40.5% | OSW 186% · LTH 149% · PLNT -33% |
| Apparel Retail | 27 | 1.0% | 5.7% | -41.2% | ANF 287% · TJX 125% · ROST 113% |
| Computer & Electronics Retail | 3 | 23.3% | 65.6% | -41.7% | BBY -2% · GME -53% |
| Broadline Retail | 12 | -3.1% | 20.8% | -44.1% | EBAY 76% · AMZN 48% · OLLI 25% |
| Automotive Parts & Equipment | 39 | -10.5% | -10.6% | -45.9% | MOD 1011% · GTX 190% · PATK 73% |
| Casinos & Gaming | 21 | -24.9% | -19.9% | -50.2% | MCRI 82% · BYD 24% · RRR 21% |
| Other Specialty Retail | 24 | -9.6% | -14.2% | -60.7% | ULTA 71% · ASO 47% · DKS 29% |
| Automobile Manufacturers | 8 | -11.6% | -44.2% | -69.3% | GM 69% · TSLA 3% · F -5% |
| Consumer Electronics | 11 | -35.8% | -39.8% | -80.5% | GRMN 111% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Medifast Earnings Notes | 12/16/2025 | |
| With Medifast Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.15 |
| Mkt Cap | 0.3 |
| Rev LTM | 1,144 |
| Op Inc LTM | 56 |
| FCF LTM | 13 |
| FCF 3Y Avg | 59 |
| CFO LTM | 39 |
| CFO 3Y Avg | 101 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.5% |
| Rev Chg 3Y Avg | -1.1% |
| Rev Chg Q | -6.8% |
| QoQ Delta Rev Chg LTM | -1.7% |
| Op Inc Chg LTM | -20.6% |
| Op Inc Chg 3Y Avg | -0.1% |
| Op Mgn LTM | 4.8% |
| Op Mgn 3Y Avg | 6.8% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 3.4% |
| CFO/Rev 3Y Avg | 6.2% |
| FCF/Rev LTM | 1.3% |
| FCF/Rev 3Y Avg | 4.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| OPTA VIA | 386 | 602 | 1,072 | 1,599 | 1,526 |
| Total | 386 | 602 | 1,072 | 1,599 | 1,526 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| OPTA VIA | -19 | 2 | 99 |
| Total | -19 | 2 | 99 |
| $ Mil | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Medifast | 76 | 87 | 64 | 56 | 33 |
| All Other | 46 | 29 | 30 | ||
| MWCC and Wholesale | 11 | 15 | 13 | 9 | |
| Other | 29 | 29 | |||
| Total | 133 | 130 | 106 | 94 | 63 |
Price Behavior
| Market Price | $12.53 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 12/31/1993 | |
| Distance from 52W High | -4.7% | |
| 50 Days | 200 Days | |
| DMA Price | $12.00 | $11.32 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 4.4% | 10.7% |
| 3M | 1YR | |
| Volatility | 31.6% | 53.3% |
| Downside Capture | 170.61 | 124.04 |
| Upside Capture | 171.71 | 113.01 |
| Correlation (S&P 500) | 36.8% | 27.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.76 | 1.17 | 3.13 | 1.74 | 1.16 | 0.67 |
| Up Beta | 3.65 | 1.17 | 8.14 | 3.50 | 1.98 | 0.67 |
| Down Beta | 0.11 | 0.05 | -0.60 | -0.01 | 0.06 | 0.38 |
| Up Capture | 145% | 164% | 385% | 213% | 121% | 11% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 16 | 25 | 50 | 109 | 335 |
| Down Capture | 47% | 136% | 191% | 154% | 119% | 106% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 26 | 37 | 73 | 135 | 407 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MED | |
|---|---|---|---|---|
| MED | 3.2% | 53.3% | 0.22 | - |
| Sector ETF (XLY) | 1.7% | 19.3% | -0.05 | 20.6% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 27.5% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 4.8% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -14.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 13.9% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MED | |
|---|---|---|---|---|
| MED | -41.6% | 47.7% | -0.97 | - |
| Sector ETF (XLY) | 4.5% | 24.1% | 0.14 | 31.6% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 30.3% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 5.3% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 2.4% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 32.5% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MED | |
|---|---|---|---|---|
| MED | -8.9% | 49.2% | -0.00 | - |
| Sector ETF (XLY) | 12.6% | 22.2% | 0.52 | 34.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 33.7% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 6.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 9.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 30.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | 2.0% | 2.4% | |
| 8/3/2026 | 34.3% | 24.1% | 24.1% |
| 5/4/2026 | 22.5% | 16.7% | 15.1% |
| 2/17/2026 | -0.8% | -3.0% | -6.5% |
| 11/3/2025 | 0.8% | -0.8% | -8.6% |
| 8/4/2025 | -3.3% | -5.0% | 3.3% |
| 4/28/2025 | -0.6% | 4.1% | 7.2% |
| 2/18/2025 | -11.4% | -10.8% | -12.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 10 |
| # Negative | 15 | 13 | 14 |
| Median Positive | 8.1% | 7.8% | 11.2% |
| Median Negative | -2.8% | -7.4% | -12.1% |
| Max Positive | 34.3% | 30.8% | 40.8% |
| Max Negative | -22.5% | -29.1% | -30.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | 2.0% | 2.4% | |
| 8/3/2026 | 34.3% | 24.1% | 24.1% |
| 5/4/2026 | 22.5% | 16.7% | 15.1% |
| 2/17/2026 | -0.8% | -3.0% | -6.5% |
| 11/3/2025 | 0.8% | -0.8% | -8.6% |
| 8/4/2025 | -3.3% | -5.0% | 3.3% |
| 4/28/2025 | -0.6% | 4.1% | 7.2% |
| 2/18/2025 | -11.4% | -10.8% | -12.3% |
| 11/4/2024 | 8.5% | 3.3% | 4.9% |
| 8/5/2024 | -2.8% | -7.4% | -9.2% |
| 4/29/2024 | -22.5% | -29.1% | -29.2% |
| 2/20/2024 | -17.5% | -14.7% | -27.0% |
| 11/6/2023 | -2.5% | -12.0% | 2.2% |
| 8/7/2023 | -6.9% | -3.8% | -16.2% |
| 5/1/2023 | -2.7% | -1.0% | -13.1% |
| 2/21/2023 | -2.4% | 6.3% | -5.1% |
| 11/3/2022 | 4.1% | 11.1% | 17.3% |
| 8/3/2022 | -13.7% | -25.1% | -30.8% |
| 5/2/2022 | 7.7% | 3.6% | 0.2% |
| 2/23/2022 | -2.0% | 9.2% | -2.8% |
| 11/4/2021 | 2.9% | 5.8% | -5.5% |
| 8/4/2021 | -9.4% | -16.8% | -19.2% |
| 5/4/2021 | 12.1% | 30.8% | 40.8% |
| 2/25/2021 | -0.7% | -5.9% | -11.9% |
| 11/2/2020 | 8.5% | 9.5% | 39.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 10 |
| # Negative | 15 | 13 | 14 |
| Median Positive | 8.1% | 7.8% | 11.2% |
| Median Negative | -2.8% | -7.4% | -12.1% |
| Max Positive | 34.3% | 30.8% | 40.8% |
| Max Negative | -22.5% | -29.1% | -30.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Income Per Share | Reported | 0 | 0.13 | 0.25 | -131.2% | Higher New | Guidance: -0.4 for Q3 2026 | |
| Q4 2026 Revenue | Reported | 55.00 Mil | 65.00 Mil | 75.00 Mil | -7.1% | Lower New | Guidance: 70.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA excluding interest income | Reported | 2.00 Mil | 4.00 Mil | 6.00 Mil | ||||
| 2026 Loss Per Share | Reported | -2.05 | -1.93 | -1.8 | 92.5% | Lowered | Guidance: -1 for 2026 | |
| 2026 Non-GAAP Adjusted Loss Per Share | Reported | -0.7 | -0.58 | -0.45 | ||||
| 2026 Revenue | Reported | 280.00 Mil | 290.00 Mil | 300.00 Mil | 1.8% | Raised | Guidance: 285.00 Mil for 2026 | |
| 2026 Adjusted EBITDA excluding interest income | Reported | 10.00 Mil | 12.00 Mil | 14.00 Mil | ||||
Prior: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Loss Per Share | Reported | -0.65 | -0.4 | -0.15 | Higher New | Actual: -0.75 for Q2 2026 | ||
| Q3 2026 Revenue | Reported | 60.00 Mil | 70.00 Mil | 80.00 Mil | 0 | Same New | Actual: 70.00 Mil for Q2 2026 | |
| 2026 Loss Per Share | Reported | -1.75 | -1 | -0.25 | Raised | Guidance: -2.15 for 2026 | ||
| 2026 Revenue | Reported | 270.00 Mil | 285.00 Mil | 300.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Loss per share | Reported | -1 | -0.75 | -0.5 | 76.5% | Lower New | Guidance: -0.43 for Q1 2026 | |
| Q2 2026 Revenue | Reported | 60.00 Mil | 70.00 Mil | 80.00 Mil | -3.4% | Lower New | Guidance: 72.50 Mil for Q1 2026 | |
| 2026 Loss per share | Reported | -2.75 | -2.15 | -1.55 | 0 | Affirmed | Guidance: -2.15 for 2026 | |
| 2026 Revenue | Reported | 270.00 Mil | 285.00 Mil | 300.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Loss Per Share | Reported | -0.7 | -0.43 | -0.15 | -56.4% | Higher New | Guidance: -0.98 for Q4 2025 | |
| Q1 2026 Revenue | Reported | 65.00 Mil | 72.50 Mil | 80.00 Mil | 0 | Same New | Guidance: 72.50 Mil for Q4 2025 | |
| 2026 Loss Per Share | Reported | -2.75 | -2.15 | -1.55 | ||||
| 2026 Revenue | Reported | 270.00 Mil | 285.00 Mil | 300.00 Mil | ||||
Insider Activity
Updated 10/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kiai, Parsa | Notes | Buy | 10302026 | 12.24 | 5,557 | 68,027 | 8,726,998 | Form | |
| 2 | Chard, Daniel R | The Dan and Allyson Family Irrevocable Trust | Sell | 9302026 | 11.73 | 9,544 | 111,951 | 1,532,048 | Form | |
| 3 | Chard, Daniel R | The Dan and Allyson Family Irrevocable Trust | Sell | 9302026 | 11.98 | 9,545 | 114,338 | 1,678,869 | Form | |
| 4 | Kiai, Parsa | Notes | Buy | 8282026 | 12.26 | 43,150 | 529,157 | 8,676,116 | Form | |
| 5 | Kiai, Parsa | Notes | Buy | 8262026 | 12.00 | 4,329 | 51,946 | 7,985,938 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kiai, Parsa | Notes | Buy | 10302026 | 12.24 | 5,557 | 68,027 | 8,726,998 | Form | |
| 2 | Chard, Daniel R | The Dan and Allyson Family Irrevocable Trust | Sell | 9302026 | 11.73 | 9,544 | 111,951 | 1,532,048 | Form | |
| 3 | Chard, Daniel R | The Dan and Allyson Family Irrevocable Trust | Sell | 9302026 | 11.98 | 9,545 | 114,338 | 1,678,869 | Form | |
| 4 | Kiai, Parsa | Notes | Buy | 8282026 | 12.26 | 43,150 | 529,157 | 8,676,116 | Form | |
| 5 | Kiai, Parsa | Notes | Buy | 8262026 | 12.00 | 4,329 | 51,946 | 7,985,938 | Form | |
| 6 | Kiai, Parsa | Notes | Buy | 8212026 | 11.60 | 43,150 | 500,700 | 7,673,596 | Form | |
| 7 | Kiai, Parsa | Notes | Buy | 8212026 | 11.66 | 29,337 | 341,999 | 7,219,913 | Form | |
| 8 | Schlackman, Scott | Direct | Buy | 5122026 | 12.53 | 2,500 | 31,325 | 382,775 | Form | |
| 9 | Schlackman, Scott | Direct | Buy | 5122026 | 12.65 | 2,500 | 31,625 | 354,816 | Form | |
| 10 | Chard, Daniel R | Chairman & CEO | Dan and Allyson as Joint Tenants | Buy | 3272026 | 10.11 | 17,678 | 178,725 | 178,725 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Specialized Consumer Services Resources |
| Consumer Reports |
| Better Business Bureau (BBB) |
| TrendWatching |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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