MeritValue

MANNATECH INC

MTEXdata completeness 100%19 fiscal years on file
The thesis, from the filings

MANNATECH INC earns about 1279% on invested capital, and has bought back 9% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$159.8M1$137.2M2$132M3$117.9M4$108M4
Net income$9.84M5−$4.49M6−$2.24M7$2.49M8−$15.2M8
Operating cash flow$10.8M9−$2.6M10−$2.37M11$2.26M12−$2.96M12
Capital expenditure$650,00013$1.06M14$748,00015$297,00016$1.35M16
Free cash flow (derived)$10.1M9−$3.66M10−$3.12M11$1.96M12−$4.32M12
Total debt————$2.75M17
Cash & equivalents$24.2M18$13.8M18$7.73M19$11.4M20$6.19M20
Diluted shares2.1M1.9M1.9M1.9M1.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$27.48
your share of equity
Profit it earned you last year
−$80.03
Free cash flow it threw off
−$22.7
Debt you’d be carrying
$14.47

10 shares is a claim on −$27.48 of net worth that earned you −$80.03 and generated −$22.7 of cash last year, against $14.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1279% avg · 5y
FY21 3946%FY22 -77%FY23 -32%FY24 —FY25 —

It earned an average 1279% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001056358-23-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001056358-24-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001056358-25-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-012430 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001056358-23-000022 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001056358-24-000026 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001056358-25-000018 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-012430 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001056358-23-000022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001056358-24-000026 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001056358-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-012430 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001056358-23-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001056358-24-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001056358-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-012430 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2025-12-31 · accession 0001437749-26-012430 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001056358-24-000026 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001056358-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-012430 (CashAndCashEquivalentsAtCarryingValue)