Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 12, 2026
Mannatech Inc (MTEX)
A forensic read on Mannatech Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a quality and risk rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-1.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-897.3%
ROE
-8.3%
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.
Mannatech Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.6%
FY2025
Return on invested capital.Return on invested capital is -7.6% in the latest fiscal year, against -9.9% in FY2023, having run between -9.9% and 16.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($761,560) in FY2023 and ($336,540) in FY2025, with operating income at -0.7% of revenue in FY2023, 1.2% in FY2024 and -0.4% in FY2025. The capital base behind it came down -43% across FY2023–FY2025, from $8M to $4M, so this return is struck on a smaller base than it started on.
stopped
FY2023→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $924,000 of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+0.2M to FY2025 $-8.7M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$108.0M
Revenue Growth YoY-8.3%
Revenue CAGR (2yr)-9.5%
Net Margin-14.1%
Free Cash Flow-$4.6M
Return on Equity-897.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mannatech Inc's actual 10-K/10-Q/8-K filings?