MEDIFAST INC
MED Consumer Cyclical Personal Services
MEDIFAST INC’s revenue for fiscal 2025 (year ended December 2025) was $385.8 million, down 36.0% from fiscal 2024. In the quarter to June 2026, revenue fell 27.6%, EPS fell 221.7% and free cash flow grew 115.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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MEDIFAST INC (MED) Beneish M-score
MEDIFAST INC's Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2019 | −1.46 | 0.37 |
| FY2018 | −1.83 | (2.17) |
| FY2017 | 0.35 | 3.40 |
| FY2016 | −3.05 | 0.03 |
| FY2015 | −3.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.03 | — | 0.55 | |
| Asset quality index | 0.53 | — | 0.22 | |
| Sales growth index | 0.64 | — | 0.57 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.10) | — | −0.48 | |
| Leverage index | 0.77 | — | −0.25 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IVPR Inspire Veterinary Partners, Inc. compare | −4.2× |
| YFOR YYForce Inc. compare | −3.3× |
| FTDR Frontdoor Inc. compare | −2.9× |
| BFAM Bright Horizons Family Solutions Inc. compare | −2.6× |
| RGS Regis Corporation compare | −2.6× |
| CSV Carriage Services, Inc. compare | −2.1× |
| EJH E-Home Household Service Holdings Limited compare | 169× |
| MED MEDIFAST INC | — |
| CLIK Click Holdings Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI