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Mannatech, Incorporated

MTEX

Mannatech, Incorporated • NASDAQ
$9.42 ▼ -2.92% (-0.28)
Market Cap $17.90 M
52w High $16.49
52w Low $7.50
Dividend Yield 0%
P/E -10.95
Volume 2.39K
Outstanding Shares 1.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.161M ▲ $20.003M ▲ $1.924M ▲ 6.598% ▲ $1.01 ▲ $2.879M ▲
Q2-2025 $25.679M ▼ $19.638M ▼ $-4.312M ▼ -16.792% ▼ $-2.27 ▼ $-3.481M ▼
Q1-2025 $26.563M ▼ $20.569M ▼ $-1.53M ▼ -5.76% ▼ $-0.8 ▼ $-958K ▼
Q4-2024 $29.008M ▼ $22.141M ▼ $2.262M ▲ 7.798% ▲ $1.2 ▲ $3.319M ▲
Q3-2024 $31.725M $22.733M $-328K -1.034% $-0.17 $231K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.691M ▲ $33.92M ▲ $26.97M ▲ $6.95M ▲
Q2-2025 $5.525M ▼ $32.782M ▼ $26.818M ▼ $5.964M ▼
Q1-2025 $9.323M ▼ $36.669M ▲ $29.084M ▲ $7.585M ▼
Q4-2024 $11.396M ▼ $36.056M ▼ $27.442M ▼ $8.614M ▼
Q3-2024 $12.15M $40.572M $30.573M $9.999M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.924M ▲ $2.412M ▲ $-548K ▼ $-73K ▲ $1.616M ▲ $1.864M ▲
Q2-2025 $-4.312M ▼ $-3.718M ▼ $-142K ▲ $-80K ▲ $-3.758M ▼ $-3.86M ▼
Q1-2025 $-1.53M ▼ $-1.368M ▼ $-489K ▼ $-166K ▲ $-2.072M ▼ $-1.857M ▼
Q4-2024 $2.262M ▲ $-219K ▼ $118K ▲ $-905K ▼ $-1.209M ▼ $-113K ▼
Q3-2024 $-328K $3.272M $-260K $-243K $2.914M $3.012M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Consolidated other including freight
Consolidated other including freight
 $0 ▲$0 ▲$0 ▲$0 ▲
Consolidated pack sales
Consolidated pack sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Consolidated product sales
Consolidated product sales
 $30.00M ▲$30.00M ▲$30.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has slowly trended down over the last several years, suggesting a mature or slightly shrinking business rather than a strong growth story. Gross profit has held up relatively well, which implies the core product economics are still decent, but operating profit and net income hover close to break-even. Earnings have been quite volatile from year to year, moving between modest profits and losses, which points to a business sensitive to changes in sales volumes, distributor activity, and cost control. Overall, the income statement shows a small, niche company with unstable profitability and limited growth momentum.

Balance Sheet

Balance Sheet The balance sheet is compact and fairly conservative. Total assets have edged down over time, which fits with a company not aggressively expanding. Cash levels are modest but steady, and debt is also relatively small, so leverage does not appear excessive. Equity has declined from earlier levels, reflecting past losses and possibly distributions, but it remains positive. In simple terms, the balance sheet looks tight but not overextended, with some cushion but not a lot of room for large strategic bets without external funding.

Cash Flow

Cash Flow Operating cash flow has been close to flat in recent years, occasionally positive but not strongly so, which is consistent with the near break-even earnings pattern. Capital spending is very light, so free cash flow largely tracks operating cash flow. This means the business does not consume much cash for investment, but it also does not generate a strong cash surplus. Cash flow quality appears acceptable in that earnings and cash roughly align, yet the overall cash-generating power is limited and leaves little margin for error if sales weaken or costs rise.

Competitive Edge

Competitive Edge Mannatech operates in a crowded nutritional supplement and wellness market but has carved out a distinctive niche around glyconutrient science and aloe-based formulations. Its moat rests on proprietary formulas, a portfolio of patents, exclusive sourcing for key ingredients, and a long history in this specialized area. The multi-level marketing model provides a built-in sales force and customer community, which can be powerful when engagement is high, but it also exposes the company to reputation and regulatory sensitivities common to direct selling. With some older patents expiring, the company is leaning more on product complexity, brand trust, and its distributor network to sustain differentiation in a very competitive and trend-driven industry.

Innovation and R&D

Innovation and R&D The company has invested meaningfully over time in research tied to glycobiology, clinical studies, and proprietary ingredients such as its aloe-derived Manapol. Its flagship Ambrotose line and related gut and immune health products reflect this focus on cellular and microbiome science, which gives the brand a more research-oriented positioning than many supplement peers. Mannatech is also experimenting with new business approaches, such as the Trulu venture aimed at the gig-economy segment, and is pushing digital tools and international expansion to refresh growth. Future innovation will likely center on extending the glyconutrient platform into new health niches, updating formulas as science and regulations evolve, and using technology to better support distributors and online sales.

Summary

Overall, Mannatech looks like a small, specialized wellness company with a distinctive scientific story but modest and uneven financial performance. The top line has softened and profits are thin and volatile, yet the balance sheet is not heavily leveraged and cash needs are relatively low. Its strength lies in proprietary products, long-standing know-how in glyconutrients, and a direct-selling network that can amplify word-of-mouth if engagement is maintained. Key uncertainties revolve around sustaining sales in a crowded supplement market, managing the reputation and regulatory pressures of multi-level marketing, and successfully converting its R&D, new ventures like Trulu, and global expansion efforts into more stable growth and earnings over time.

NEWS

November 12, 2025 · 4:02 PM UTC

Mannatech Reports Financial Results for Third Quarter 2025

Read more