Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 13, 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 price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-1.4

Distress distance

Clean

Earnings quality

Forensic signals

-8.3%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

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 (red flags, auditor quality, say on pay, board independence). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.4, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-6.6%

FY2025

Return on invested capital. Return on invested capital is -6.6% in the latest fiscal year and steady — below its ~10% cost of capital. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share.

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.

suspended

FY2023→FY2024

Dividend — suspended. The dividend has been SUSPENDED — $748,000 paid in FY2023, then $0 in FY2024. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

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.

-0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$108.0M

Revenue Growth YoY-8.3%

Revenue CAGR (3yr)-7.7%

Net Margin-14.1%

Free Cash Flow-$4.3M

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Data from SEC EDGAR public filings · metrics as of Aug 13, 2026. Forensic signals flag probability, not certainty.