Medifast Inc. (MED) intrinsic value & 10-year financials
Medifast Inc. (MED) has a Graham intrinsic value of $2.66 per share. At $11.88 on Oct 17, 2026, the stock trades 347% above that value. Over the last 10 fiscal years revenue grew 3.9% a year to $385.8M, with an average return on invested capital of 129.9%.
- Graham intrinsic value
- $2.66
- Share price (Oct 17, 2026)
- $11.88
- Price vs Graham value
- 347% above
- Market cap
- $130.5M
- Revenue (FY2025)
- $385.8M
- Revenue growth (10-yr CAGR)
- 3.9%
- ROIC (10-yr avg)
- 129.9%
- Free cash flow (FY2025)
- $1.2M
MED 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $385.8M | -$18.7M | -$1.70 | $1.2M | -3.7% | -11.6% |
| FY2024 | $602.5M | $2.1M | $0.19 | $17.0M | 0.5% | 1.3% |
| FY2023 | $1.1B | $99.4M | $9.10 | $141.2M | 11.8% | 92.6% |
| FY2022 | $1.6B | $143.6M | $12.73 | $177.9M | 11.6% | 136.0% |
| FY2021 | $1.5B | $164.0M | $13.89 | $60.3M | 14.2% | 261.9% |
| FY2020 | $934.8M | $102.9M | $8.68 | $139.3M | 14.4% | 523.0% |
| FY2019 | $713.7M | $77.9M | $6.43 | $74.2M | 12.8% | 200.6% |
| FY2018 | $501.0M | $55.8M | $4.62 | $55.9M | 13.8% | 50.2% |
| FY2017 | $301.6M | $27.7M | $2.29 | $40.0M | 13.1% | 26.6% |
| FY2016 | $274.5M | $17.8M | $1.49 | $22.5M | 9.8% | 18.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MEDIFAST INC has demonstrated mature, steady growth, with revenue compounding at 3.9% annually over the past decade.
MEDIFAST INC has earned high returns on invested capital, averaging 32.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MEDIFAST INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MEDIFAST INC is modeled at 3.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.66 per share.