Latest Ratios: P/E Ratio -0.7x · EV/EBITDA 6.9x · ROE -897.3%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10M | $16M | $25M | $15M | $34M | $80M | $42M | $39M | $48M | $41M | $55M |
| Enterprise Value | $11M | $17M | $21M | $13M | $27M | $58M | $23M | $18M | $28M | $4M | $28M |
| P/E Ratio → | -0.66 | — | 10.17 | — | — | 8.14 | 6.71 | 11.92 | — | — | — |
| P/S Ratio | 0.09 | 0.15 | 0.21 | 0.11 | 0.25 | 0.50 | 0.28 | 0.25 | 0.28 | 0.23 | 0.30 |
| P/B Ratio | — | — | 2.94 | 1.44 | 2.42 | 3.28 | 1.62 | 1.44 | 1.89 | 1.01 | 1.40 |
| P/FCF | — | — | 12.89 | — | — | 7.90 | 8.29 | 10.62 | — | 4.69 | — |
| P/OCF | — | — | 11.20 | — | — | 7.43 | 6.98 | 7.99 | — | 4.06 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.17 | 0.10 | 0.19 | 0.36 | 0.15 | 0.11 | 0.16 | 0.02 | 0.15 |
| EV / EBITDA | 6.93 | 10.33 | 6.96 | 19.71 | 8.63 | 5.35 | 2.70 | 2.05 | 14.01 | 0.94 | 10.73 |
| EV / EBIT | — | — | 5.13 | — | — | 6.48 | 3.97 | 2.72 | — | 1.64 | 42.16 |
| EV / FCF | — | — | 10.50 | — | — | 5.70 | 4.47 | 4.73 | — | 0.48 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.9% | 77.6% | 78.0% | 75.9% | 78.6% | 76.5% | 80.0% | 80.1% | 79.8% | 79.7% |
| Operating Margin | -0.4% | -0.4% | 1.2% | -0.7% | -0.3% | 5.7% | 3.0% | 4.1% | -0.1% | 1.4% | 0.4% |
| Net Profit Margin | -14.1% | -14.1% | 2.1% | -1.7% | -3.3% | 6.2% | 4.1% | 2.1% | -2.2% | -1.0% | -0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -897.3% | -897.3% | 26.1% | -18.2% | -23.3% | 39.1% | 23.5% | 12.5% | -11.9% | -4.5% | -1.5% |
| ROA | -46.1% | -46.1% | 6.4% | -5.0% | -8.3% | 15.8% | 9.8% | 5.3% | -5.6% | -2.4% | -0.8% |
| ROIC | — | — | 17.3% | -9.6% | -7.0% | 156.9% | 55.7% | 90.1% | -1.5% | 23.7% | 4.8% |
| ROCE | -3.2% | -3.2% | 9.3% | -5.6% | -1.7% | 28.8% | 13.3% | 20.5% | -0.3% | 6.0% | 1.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.78 | 0.54 | 0.44 | 0.08 | 0.11 | 0.11 | 0.07 | 0.03 | 0.05 |
| Debt / EBITDA | 4.51 | 4.51 | 2.26 | 8.59 | 2.01 | 0.17 | 0.34 | 0.35 | 0.88 | 0.27 | 0.77 |
| Net Debt / Equity | — | — | -0.55 | -0.19 | -0.53 | -0.92 | -0.75 | -0.80 | -0.79 | -0.91 | -0.69 |
| Net Debt / EBITDA | 0.72 | 0.72 | -1.59 | -3.05 | -2.45 | -2.08 | -2.30 | -2.56 | -10.19 | -8.33 | -10.29 |
| Debt / FCF | — | — | -2.39 | — | — | -2.21 | -3.81 | -5.89 | — | -4.22 | — |
| Interest Coverage | -6.12 | -6.12 | 14.41 | — | — | — | — | 402.06 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | 1.25 | 1.07 | 1.17 | 1.42 | 1.33 | 1.42 | 1.26 | 1.68 | 1.69 |
| Quick Ratio | 0.56 | 0.56 | 0.75 | 0.51 | 0.68 | 1.02 | 0.93 | 1.07 | 0.88 | 1.40 | 1.29 |
| Cash Ratio | 0.33 | 0.33 | 0.55 | 0.30 | 0.46 | 0.80 | 0.69 | 0.86 | 0.65 | 1.13 | 0.96 |
| Asset Turnover | — | 3.60 | 3.27 | 3.20 | 2.79 | 2.68 | 2.32 | 2.51 | 2.79 | 2.32 | 2.53 |
| Inventory Turnover | 2.67 | 2.67 | 2.54 | 2.00 | 2.25 | 2.84 | 2.77 | 3.11 | 2.69 | 3.80 | 3.06 |
| Days Sales Outstanding | — | 2.49 | 2.34 | 1.54 | 1.71 | 0.99 | 2.88 | 2.72 | 0.83 | 2.44 | 3.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 4.9% | 4.5% | 5.4% | 8.0% | 3.1% | 6.5% | 3.3% | 1.2% |
| Payout Ratio | — | — | — | — | — | 44.2% | 53.6% | 36.5% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 9.8% | — | — | 12.3% | 14.9% | 8.4% | — | — | — |
| FCF Yield | — | — | 7.8% | — | — | 12.7% | 12.1% | 9.4% | — | 21.3% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.2% | 5.8% | 6.3% | 14.1% | 0.7% | 15.8% | 0.6% | 0.5% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 6.1% | 10.3% | 11.7% | 22.1% | 3.8% | 22.3% | 3.9% | 1.7% |
| Shares Outstanding | — | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M |
Network distribution model collapse
According to recent quarterly filings, Mannatech's operating margin has frequently dipped into negative territory, including a -0.7% margin in 2026Q1, which demonstrates that the company lacks the necessary scale to cover its fixed corporate overhead and incentive structures during periods of sustained top-line revenue decline.
While the company maintains a robust gross margin of 75.7%, this high-level profitability is deceptive because it fails to account for the heavy commission-based variable costs inherent in the MLM model. The inability to maintain positive operating margins suggests that the company's current cost structure is misaligned with its shrinking revenue base, necessitating a fundamental shift in corporate spending.
Based on reported financial statements, Mannatech's ROIC has exhibited extreme volatility, swinging from a positive 21.3% in 2025Q3 to a negative 19.0% in 2025Q2, which indicates that the company is struggling to generate consistent returns on its invested capital as the core business model faces significant headwinds.
The erratic nature of these returns suggests that the company's capital allocation is highly sensitive to non-recurring items and operational disruptions rather than sustainable compounding. Investors should monitor whether the company can stabilize its return profile, as the current trend appears to reflect a business model that is failing to create value for shareholders.
As reported in recent balance sheet data, the company's quick ratio has remained consistently low, hovering near 0.59 in 2026Q1, which suggests that Mannatech possesses limited liquid assets to cover its immediate obligations should the current trend of negative cash flow persist in the coming quarters.
The reliance on inventory to meet current liabilities, as evidenced by the gap between the current and quick ratios, leaves the company vulnerable to sudden shifts in demand or regulatory challenges. This liquidity profile warrants close investigation, as the firm's ability to fund operations without external financing appears increasingly constrained.
Based on an analysis of the company's business model, the P/S ratio is frequently misapplied to Mannatech, as it obscures the fact that a significant portion of revenue must be immediately redistributed as commissions to maintain the sales force, rather than flowing through to the bottom line.
Analysts should instead focus on the 'Incentive-to-Revenue' ratio or 'Active Associate Count' to gauge the true health of the business. Relying on standard retail valuation multiples ignores the structural reality that this company functions more as an incentive management platform than a traditional consumer goods manufacturer.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MTEX stock.
Mannatech, Incorporated's current P/E ratio is -0.7x. The historical average is 15.5x.
Mannatech, Incorporated's current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
Mannatech, Incorporated's return on equity (ROE) is -897.3%. The historical average is 19.7%.
Based on historical data, Mannatech, Incorporated is trading at a P/E of -0.7x. Compare with industry peers and growth rates for a complete picture.
Mannatech, Incorporated has 74.9% gross margin and -0.4% operating margin.
Mannatech, Incorporated's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.