Medifast, Inc. (MED) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+369.5%

$58.54

vs $12.47 price

Levered DCF

$66.20

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

3.81

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.28×	92.74×	7.39×	9×	14.95×	22.46×	16.55×	26.77×
P/B	0.59×	0.92×	3.63×	8.33×	12.11×	14.7×	12.3×	13.69×
P/S	0.3×	0.32×	0.68×	0.81×	1.61×	2.47×	1.81×	2.98×
EV / EBITDA	5.2×	7.14×	4.65×	6.28×	10.67×	15.59×	12.82×	19.21×
Gross margin	71.3%	73.8%	72.4%	71.3%	73.9%	74.6%	75.2%	75.8%
Operating margin	-3.7%	0.5%	11.8%	11.6%	14.2%	14.4%	12.8%	13.8%
Net margin	-4.8%	0.3%	9.3%	9.0%	10.7%	11.0%	10.9%	11.1%
Current ratio	4.69×	3.34×	2.43×	1.58×	1.81×	2.1×	1.94×	2.41×
Debt / equity	0.08×	0.08×	0.11×	0.17×	0.16×	0.07×	0.13×	0×
Interest coverage	0×	0×	0×	263.63×	936.11×	0×	0×	0×
Dividend yield	0.2%	0.4%	10.0%	5.5%	2.6%	2.3%	2.7%	1.6%
Payout ratio	-1.0%	34.2%	73.4%	49.9%	38.9%	51.7%	45.4%	41.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.4%	1.0%	49.3%	92.6%	81.0%	65.4%	74.3%	51.1%
Return on invested capital	-6.5%	0.7%	43.7%	79.6%	69.8%	61.0%	64.8%	50.1%
Return on assets	-7.3%	0.7%	32.1%	45.4%	41.2%	37.3%	40.0%	32.9%
Free cash flow yield	1.1%	8.8%	19.3%	13.8%	2.5%	6.0%	5.8%	3.7%
Earnings yield	-15.9%	1.1%	13.6%	11.1%	6.7%	4.5%	6.0%	3.7%
Enterprise value	$44.8M	$117.8M	$659.2M	$1.2B	$2.4B	$2.2B	$1.2B	$1.4B
Net debt / EBITDA	-8.43×	-4.54×	-0.51×	-0.31×	-0.32×	-1.1×	-0.66×	-1.11×
Cash conversion cycle (days)	17	45	19	52	100	27	55	61