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Forensic Analysis · Packaged Foods · as of Nov 8, 2026

Medifast Inc (MED)

A forensic read on Medifast Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
10.2
Distress distance
Clean
Earnings quality
2
Forensic signals
-9.1%
ROE
-36.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Medifast Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-9.2%
FY2025
Return on invested capital. Return on invested capital is -9.2% in the latest fiscal year and slipping across FY2023–FY2025 from 79.2%. After-tax operating profit was $98M in FY2023 and ($11M) in FY2025, with operating income at 11.8% of revenue in FY2023, 0.5% in FY2024 and -3.7% in FY2025. The capital base behind it went from $123M in FY2023 to $122M in FY2025 (-1%), while the revenue it carried went from $1.1B to $386M. $75M of the $122M base at FY2025 is short-term investments (61.0%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
-99%
FY2023→FY2024
Dividend — cut. The payout was CUT ~99% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$385.8M
Revenue Growth YoY-36.0%
Revenue CAGR (2yr)-40.0%
Net Margin-4.8%
Free Cash Flow$1.2M
Return on Equity-9.1%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.