Mannatech, Incorporated
MTEX Consumer Defensive Food Distribution
Mannatech, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $108.0 million, down 8.34% from fiscal 2024. In the quarter to June 2026, revenue grew 3.78%, EPS grew 123.4%, free cash flow grew 81.8% and total debt fell 13.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Mannatech, Incorporated (MTEX) Altman Z-score
Mannatech, Incorporated's Altman Z-score for fiscal 2025 is 3.24, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.24 | (0.93) |
| FY2024 | 4.17 | 0.74 |
| FY2023 | 3.43 | (0.10) |
| FY2022 | 3.53 | (1.39) |
| FY2021 | 4.92 | 1.50 |
| FY2020 | 3.42 | (0.29) |
| FY2019 | 3.71 | 0.04 |
| FY2018 | 3.67 | 0.13 |
| FY2017 | 3.54 | (0.53) |
| FY2016 | 4.07 | (0.73) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | (0.47) | — | −0.65 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 0.45 | — | 0.27 | |
| Sales / total assets | 3.60 | — | 3.60 | |
| Altman Z-score | Safe zone | 3.24 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.37 | ||
Z and Z″ put Mannatech, Incorporated in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WILCF G. Willi-Food International, Ltd. compare | 14.7× |
| DIT AMCON Distributing Company compare | 8.2× |
| UNFI United Natural Foods, Inc. compare | 5.2× |
| ANDE The Andersons, Inc. compare | 4.1× |
| CHEF The Chefs' Warehouse, Inc. compare | 3.7× |
| AVO Mission Produce, Inc. compare | 3.6× |
| MTEX Mannatech, Incorporated | 3.2× |
| TWG Top Wealth Group Holding Limited compare | 2.4× |
| HFFG HF FOODS GROUP INC. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets