Detailed financial statements for Mannatech, Incorporated (MTEX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Mannatech, Incorporated operates as a global enterprise focused on health and wellness. The company specializes in the creation, marketing, and distribution of a diverse range of products, including dietary supplements, topical skincare and anti-aging solutions, and items designed for weight management. Its offerings reach consumers primarily through direct sales, complemented by e-commerce platforms and a network marketing approach.
Analysis Summary
Mannatech, Incorporated reported revenue of $108.0M in the most recent fiscal year, growing at a 5-year CAGR of -6.5%.
Trailing-twelve-month margins: gross margin 76.1%, operating margin 2.5%, net margin -6.9%.
At the current price of $7.66, MTEX has negative trailing earnings (P/E not meaningful) and an ROE of 336.75%. Market capitalisation stands at $15M.
Balance sheet quality for MTEX: current ratio of 1.1, net debt of $1.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $180.3M | $176.7M | $173.6M | $157.7M | $151.4M | $159.8M | $137.2M | $132.0M | $117.9M | $108.0M |
| Cost of Revenue | $36.6M | $35.7M | $34.5M | $31.6M | $35.5M | $34.1M | $33.1M | $29.1M | $26.4M | $27.1M |
| Gross Profit | $143.7M | $141.0M | $139.1M | $126.2M | $115.9M | $125.6M | $104.1M | $102.9M | $91.5M | $81.0M |
| Research & Development | $1.4M | $1.2M | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $37.2M | $35.5M | $34.2M | $30.8M | $27.8M | $29.4M | $47.4M | $50.2M | $41.7M | $39.7M |
| Operating Expenses | $143.1M | $138.5M | $139.2M | $119.7M | $111.4M | $116.6M | $104.6M | $103.8M | $90.0M | $81.4M |
| Operating Income | $698000 | $2.5M | -$90000 | $6.4M | $4.5M | $9.0M | -$405000 | -$964000 | $1.4M | -$426000 |
| EBITDA | $943000 | $4.4M | $2.0M | $8.5M | $9.7M | $10.6M | $3.0M | $498000 | $5.6M | -$426000 |
| Interest Expense | 0 | 0 | 0 | $16000 | 0 | 0 | 0 | 0 | $279000 | $406000 |
| Pre-tax Income | -$955000 | $2.5M | $489000 | $5.7M | $5.7M | $8.9M | -$479000 | -$1.1M | $3.7M | -$2.9M |
| Income Tax | -$369000 | $4.2M | $4.4M | $2.4M | -$536000 | -$950000 | $4.0M | $1.1M | $1.2M | -$12.3M |
| Net Income | -$586000 | -$1.8M | -$3.9M | $3.3M | $6.3M | $9.8M | -$4.5M | -$2.2M | $2.5M | -$15.2M |
| EPS | $-0.22 | $-0.66 | $-1.53 | $1.38 | $2.80 | $4.95 | $-2.35 | $-1.20 | $1.32 | $-8.00 |
| EPS (Diluted) | $-0.22 | $-0.66 | $-1.53 | $1.35 | $2.77 | $4.71 | $-2.35 | $-1.20 | $1.32 | $-8.00 |
| Shares Outstanding (Diluted) | $2.7M | $2.7M | $2.5M | $2.4M | $2.3M | $2.1M | $1.9M | $1.9M | $1.9M | $1.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $29.2M | $26.6M | $24.9M | $26.6M |
| Gross Profit | $22.3M | $20.1M | $18.9M | $20.5M |
| Operating Income | $2.0M | -$157000 | -$180000 | $998000 |
| EBITDA | $2.9M | $597000 | $1.3M | $1.5M |
| Net Income | $1.9M | -$11.3M | $950000 | $1.0M |
| EPS | $1.01 | $-5.94 | $0.49 | $0.53 |
| EPS (Diluted) | $1.01 | $-5.94 | $0.49 | $0.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $28.7M | $37.7M | $21.8M | $24.8M | $22.2M | $24.2M | $13.8M | $7.7M | $11.4M | $6.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.9M | $1.2M | $397000 | $1.2M | $1.2M | $432000 | $641000 | $556000 | $756000 | $737000 |
| Inventory | $12.0M | $9.4M | $12.8M | $10.2M | $12.8M | $12.0M | $14.7M | $14.5M | $10.4M | $10.1M |
| Total Current Assets | $50.8M | $56.2M | $42.4M | $41.0M | $42.5M | $42.8M | $35.0M | $27.7M | $26.1M | $20.6M |
| Property, Plant & Equipment | $4.6M | $4.3M | $6.8M | $6.1M | $14.5M | $4.2M | $3.8M | $8.8M | $6.1M | $7.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $200000 | $200000 | $200000 | $200000 | 0 | $200000 | $200000 | $200000 | $200000 | $200000 |
| Total Assets | $71.2M | $76.2M | $62.2M | $62.9M | $65.3M | $59.6M | $49.1M | $41.2M | $36.1M | $30.0M |
| Accounts Payable | $5.2M | $6.0M | $6.7M | $3.5M | $4.8M | $4.0M | $4.4M | $4.0M | $2.1M | $2.4M |
| Short-term Debt | $801000 | $815000 | $702000 | $739000 | $553000 | $205000 | $263000 | $240000 | $84000 | 0 |
| Total Current Liabilities | $30.0M | $33.4M | $33.6M | $28.9M | $32.0M | $30.1M | $29.8M | $25.8M | $20.9M | $18.7M |
| Long-term Debt | $567000 | 0 | $883000 | $363000 | 0 | 0 | 0 | 0 | $2.9M | $2.8M |
| Total Liabilities | $32.3M | $36.0M | $36.9M | $35.6M | $39.4M | $35.2M | $35.0M | $30.7M | $27.4M | $35.2M |
| Retained Earnings | $7.3M | $4.2M | -$2.8M | -$690000 | $2.2M | $7.7M | $1.7M | -$1.3M | $1.2M | -$14.0M |
| Total Equity | $38.9M | $40.2M | $25.3M | $27.3M | $26.0M | $24.4M | $14.2M | $10.5M | $8.6M | -$5.2M |
| Total Debt | $2.0M | $1.2M | $1.7M | $3.0M | $2.8M | $1.8M | $6.2M | $5.7M | $6.7M | $7.4M |
| Net Debt | -$26.7M | -$36.5M | -$20.1M | -$21.8M | -$19.4M | -$22.4M | -$7.6M | -$2.0M | -$4.7M | $1.2M |
| Working Capital | $20.8M | $22.8M | $8.8M | $12.1M | $10.5M | $12.7M | $5.1M | $1.9M | $5.2M | $1.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $7.7M | $6.2M | $7.0M | $6.0M |
| Total Assets | $33.9M | $30.0M | $29.9M | $27.5M |
| Total Liabilities | $27.0M | $35.2M | $35.4M | $32.4M |
| Total Equity | $7.0M | -$5.2M | -$5.6M | -$5.0M |
| Total Debt | $8.1M | $7.4M | $7.2M | $8.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$586000 | -$1.8M | -$3.9M | $3.3M | $6.3M | $9.8M | -$4.5M | -$2.2M | $2.5M | -$15.2M |
| Depreciation & Amortization | $1.9M | $1.9M | $2.1M | $2.1M | $2.0M | $1.7M | $1.6M | $1.6M | $1.5M | $1.1M |
| Stock-based Compensation | $690000 | $490000 | $1.1M | $734000 | $334000 | $260000 | $337000 | $278000 | $291000 | $379000 |
| Change in Working Capital | -$2.1M | $6.2M | -$2.0M | -$5.2M | -$4.9M | -$2.4M | -$3.7M | -$5.1M | -$418000 | $173000 |
| Operating Cash Flow | -$23000 | $10.0M | -$222000 | $4.9M | $6.0M | $10.8M | -$2.6M | -$2.4M | $2.3M | -$3.0M |
| Capital Expenditure | -$2.3M | -$1.3M | -$2.3M | -$1.2M | -$949000 | -$650000 | -$1.1M | -$748000 | -$297000 | -$1.4M |
| Acquisitions | $1000 | $1000 | $62000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$274000 | -$226000 | -$7.5M | -$294000 | -$5.9M | -$5.1M | -$2.0M | -$176000 | 0 | 0 |
| Dividends Paid | -$672000 | -$1.4M | -$3.1M | -$1.2M | -$3.4M | -$4.3M | -$1.5M | -$748000 | 0 | 0 |
| Free Cash Flow | -$2.3M | $8.7M | -$2.6M | $3.7M | $5.1M | $10.1M | -$3.7M | -$3.1M | $2.0M | -$4.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $2.4M | -$289000 | $1.1M | -$792000 |
| Capital Expenditure | -$548000 | -$174000 | -$129000 | -$10000 |
| Free Cash Flow | $1.9M | -$463000 | $997000 | -$802000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | -$74000 | -$42000 | $274000 | $54000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -2.0% | -1.8% | -9.1% | -4.0% | +5.5% | -14.1% | -3.8% | -10.7% | -8.3% |
| Net Income Growth (YoY) | | -204.9% | -117.5% | +184.6% | +90.4% | +57.2% | -145.6% | +50.1% | +211.2% | -711.0% |
| EPS Growth (YoY) | | -200.0% | -131.8% | +190.2% | +102.9% | +76.8% | -147.5% | +48.9% | +210.0% | -706.1% |
| Shares Change (YoY) | | +0.7% | -6.2% | -3.9% | -7.3% | -7.8% | -8.4% | -2.5% | +1.0% | +0.8% |
| FCF Growth (YoY) | | +475.0% | -129.6% | +244.4% | +37.4% | +99.3% | -136.2% | +14.9% | +163.0% | -319.8% |
| Gross Margin | 79.7% | 79.8% | 80.1% | 80.0% | 76.5% | 78.6% | 75.9% | 78.0% | 77.6% | 74.9% |
| Operating Margin | 0.4% | 1.4% | -0.1% | 4.1% | 3.0% | 5.7% | -0.3% | -0.7% | 1.2% | -0.4% |
| EBITDA Margin | 0.5% | 2.5% | 1.1% | 5.4% | 6.4% | 6.6% | 2.2% | 0.4% | 4.7% | -0.4% |
| Net Margin | -0.3% | -1.0% | -2.2% | 2.1% | 4.1% | 6.2% | -3.3% | -1.7% | 2.1% | -14.1% |
| FCF Margin | -1.3% | 4.9% | -1.5% | 2.3% | 3.4% | 6.3% | -2.7% | -2.4% | 1.7% | -4.0% |
| Effective Tax Rate | 38.6% | 172.6% | 894.7% | 42.7% | -9.4% | -10.7% | -837.4% | -98.1% | 33.4% | 426.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.86 | $3.20 | $-1.01 | $1.51 | $2.24 | $4.85 | $-1.91 | $-1.67 | $1.04 | $-2.27 |
| Dividends Per Share | $0.25 | $0.50 | $1.21 | $0.49 | $1.48 | $2.08 | $0.80 | $0.40 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.7M | $2.7M | $2.5M | $2.4M | $2.2M | $2.0M | $1.9M | $1.9M | $1.9M | $1.9M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 336.75% |
| Return on Invested Capital | -26.99% |
| Return on Assets | -26.96% |
| Gross Margin | 76.07% |
| Operating Margin | 2.49% |
| Net Margin | -6.90% |
Financial Health
| Debt / Equity | -1.71 |
| Current Ratio | 1.15 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -92.27 | -22.73 | -12.29 | 11.66 | 6.64 | 7.74 | -7.62 | -6.75 | 10.17 | -1.03 |
| P/B | 1.39 | 1.01 | 1.89 | 1.41 | 1.60 | 3.12 | 2.42 | 1.44 | 2.94 | -3.00 |
| P/S | 0.30 | 0.23 | 0.28 | 0.24 | 0.27 | 0.48 | 0.25 | 0.11 | 0.21 | 0.15 |
| Gross Margin | 79.7% | 79.8% | 80.1% | 80.0% | 76.5% | 78.6% | 75.9% | 78.0% | 77.6% | 74.9% |
| Operating Margin | 0.4% | 1.4% | -0.1% | 4.1% | 3.0% | 5.7% | -0.3% | -0.7% | 1.2% | -0.4% |
| Net Margin | -0.3% | -1.0% | -2.2% | 2.1% | 4.1% | 6.2% | -3.3% | -1.7% | 2.1% | -14.1% |