olivLaw · US equity research
Mannatech, Incorporated MTEX
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
Mannatech is a global wellness company selling nutritional supplements, skin care and weight-management products through a network marketing channel. It reported lower sales in fiscal 2025 and a modest rebound in the second quarter of 2026, while maintaining its Nasdaq listing under pressure from a stockholders' equity requirement.
At the close of 04 Nov 2026, Mannatech, Incorporated (MTEX) stock was 8.64 USD (−0.12% on the day), with market capitalisation 16.7 m USD, dividend yield 2.31%, beta 0.47, 52-week range 3.95–9.84 USD. Latest reported quarter (Q2 2026): revenue of 26.7 m USD (+3.8% YoY), net income of 1.0 m USD, diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.4
- strong (55–70)
- Bollinger (20, 2)
- 7.12 – 9.19
- in the upper half of the band · %B 0.73 · band width 25.5%
- SMA 50 / 200
- 7.82 / 6.31
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.29 / 0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.3% | −1.1% | +17.4 pp | — |
| 3 months | +70.4% | −0.5% | +70.9 pp | — |
| 6 months | +77.0% | +4.4% | +72.7 pp | — |
| Year to date | +4.7% | +12.3% | −7.6 pp | — |
| 1 year | −3.5% | +13.5% | −17.0 pp | −39.5% |
| 3 years | −1.4% | +76.4% | −77.8 pp | −45.3% |
| 5 years | −75.5% | +63.7% | −139.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.7 m | 29.0 m | 26.6 m | 25.7 m | 29.2 m | 26.6 m | 24.9 m | 26.7 m |
| Cost of revenue | 8.1 m | 5.6 m | 6.8 m | 6.8 m | 6.9 m | 6.6 m | 6.1 m | 6.2 m |
| Gross profit | 23.6 m | 23.4 m | 19.7 m | 18.9 m | 22.3 m | 20.1 m | 18.9 m | 20.5 m |
| SG&A | 9.8 m | 10.4 m | 10.0 m | 10.8 m | 9.1 m | 9.8 m | 9.3 m | 9.0 m |
| Operating income | 887.0 k | 864.0 k | -833.0 k | -1.4 m | 2.0 m | -157.0 k | -180.0 k | 998.0 k |
| Depreciation & amortisation | 400.0 k | 360.0 k | 293.0 k | 278.0 k ≈ | 261.0 k ≈ | 260.0 k | 261.0 k | 259.0 k ≈ |
| Interest expense | 109.0 k | 83.0 k | 73.0 k | 102.0 k | 104.0 k | 127.0 k | 104.0 k | 117.0 k |
| Pre-tax income | -717.0 k | 2.9 m | -1.3 m | -4.3 m | 2.5 m | 210.0 k | 1.1 m | 1.2 m |
| Income tax | -389.0 k | 614.0 k | 206.0 k | 23.0 k | 590.0 k | 11.5 m | 161.0 k | 150.0 k |
| Net income | -328.0 k | 2.3 m | -1.5 m | -4.3 m | 1.9 m | -11.3 m | 950.0 k | 1.0 m |
| Diluted EPS | -0.17 | 1.20 ≈ | -0.80 | -2.27 | 1.01 | -5.94 ≈ | 0.49 | 0.53 |
| Operating cash flow | 3.3 m ≈ | -219.0 k | -1.4 m | -3.7 m ≈ | 2.4 m ≈ | -289.0 k | 1.1 m | -792.0 k ≈ |
| Capex | 260.0 k ≈ | -106.0 k | 489.0 k | 142.0 k ≈ | 548.0 k ≈ | 174.0 k | 129.0 k | 10.0 k ≈ |
| Dividends paid | 0 ≈ | 0 | — | — | — | — | — | — |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173.6 m | 157.7 m | 151.4 m | 159.8 m | 137.2 m | 132.0 m | 117.9 m | 108.0 m |
| Revenue YoY | −1.8% | −9.1% | −4.0% | +5.5% | −14.1% | −3.8% | −10.7% | −8.3% |
| Net income | -3.9 m | 3.3 m | 6.3 m | 9.8 m | -4.5 m | -2.2 m | 2.5 m | -15.2 m |
| Net income YoY | unavailable | unavailable | +90.4% | +57.2% | −145.6% | unavailable | unavailable | −711.0% |
| Diluted EPS | -1.53 | 1.35 | 2.77 | 4.71 | -2.35 | -1.20 | 1.32 | -8.00 |
| Diluted EPS YoY | unavailable | unavailable | +105.2% | +70.0% | −149.9% | unavailable | unavailable | −706.1% |
| net % | -2.2% | 2.1% | 4.1% | 6.2% | -3.3% | -1.7% | 2.1% | -14.1% |
| Free cash flow | -2.6 m | 3.7 m | 5.1 m | 10.1 m | -3.7 m | -3.1 m | 2.0 m | -4.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.2 m USD
- Financial debt
- 2.8 m USD
- Net debt
- -3.4 m USD
- Equity
- -5.2 m USD
- Total assets
- 30.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.10x
- ROE
- unavailable
- ROA
- -46.1%
- FCF margin
- -4.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 151.4 m | 159.8 m | 137.2 m | 132.0 m | 117.9 m | 108.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 35.5 m | 34.1 m | 33.1 m | 29.1 m | 26.4 m | 27.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 115.9 m | 125.6 m | 104.1 m | 102.9 m | 91.5 m | 81.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 800.0 k | 1.2 m | 1.0 m | 800.0 k | 700.0 k | 800.0 k | SEC (XBRL)· 15 Apr 2026verified |
| SG&A | — | — | — | — | 41.7 m | 39.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | 4.5 m | 9.0 m | -405.0 k | -964.0 k | 1.4 m | -426.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 2.0 m | 1.7 m | 1.6 m | 1.6 m | 1.5 m | 1.1 m | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | 6.5 m ≈ | 10.8 m ≈ | 1.2 m ≈ | 664.0 k ≈ | 3.0 m ≈ | 666.0 k ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | — | — | — | — | 279.0 k | 406.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | 5.7 m | 8.9 m | -479.0 k | -1.1 m | 3.7 m | -2.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | -536.0 k | -950.0 k | 4.0 m | 1.1 m | 1.3 m | 12.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Net income | 6.3 m | 9.8 m | -4.5 m | -2.2 m | 2.5 m | -15.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | 2.77 | 4.71 | -2.35 | -1.20 | 1.32 | -8.00 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 2.3 m | 2.1 m | 1.9 m | 1.9 m | 1.9 m | 1.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Dividend per share | — | — | — | 0.20 | — | — | SEC (XBRL)· 26 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 22.2 m | 24.2 m | 13.8 m | 7.7 m | 11.4 m | 6.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 186.0 k | 100.0 k | 200.0 k | 91.0 k | 19.0 k | 1.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 12.8 m | 12.0 m | 14.7 m | 14.5 m | 10.4 m | 10.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 42.5 m | 42.8 m | 35.0 m | 27.7 m | 26.1 m | 20.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 5.4 m | 4.2 m | 3.8 m | 4.1 m | 2.7 m | 2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 237.0 k | 237.0 k | SEC (XBRL)· 14 May 2026verified |
| Total assets | 65.3 m | 59.6 m | 49.1 m | 41.2 m | 36.1 m | 30.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 4.8 m | 4.0 m | 4.4 m | 4.0 m | 2.1 m | 2.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Long-term debt | — | — | — | — | — | 2.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 32.0 m | 30.1 m | 29.8 m | 25.8 m | 20.9 m | 18.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 39.4 m | 35.2 m | 35.0 m | 30.7 m | 27.4 m | 35.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 26.0 m † | 24.4 m † | 14.2 m † | 10.5 m † | 8.6 m † | -5.2 m † | SEC (XBRL)· 15 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.0 m | 10.8 m | -2.6 m | -2.4 m | 2.3 m | -3.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 949.0 k | 650.0 k | 1.1 m | 748.0 k | 297.0 k | 1.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | 5.1 m ≈ | 10.1 m ≈ | -3.7 m ≈ | -3.1 m ≈ | 2.0 m ≈ | -4.3 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -947.0 k | -650.0 k | -1.1 m | -747.0 k | -285.0 k | -1.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | -9.9 m | -9.3 m | -4.3 m | -1.9 m | 2.0 m | -561.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Dividends paid | 3.4 m | 4.3 m | 1.5 m | 748.0 k | 0 | — | SEC (XBRL)· 26 Mar 2025verified |
| Share repurchases | 5.9 m | 5.1 m | 2.0 m | 176.0 k | 0 | — | SEC (XBRL)· 26 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 16.7 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 20.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)13.33 – 20.05 (Mid 15.88)WACC 8.7% · starting FCFF 2.0 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.9% | 53 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -7.7% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.9x | 100 (on a fixed band) | 19% |
| Interest coverage · Balance sheet | 5.9x | 68 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 29 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 3.6x | 100 (on a fixed band) | 19% |
| FCF yield · Valuation | 9.6% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial53/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MANNATECH INC (MTEX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 108.0 m USD in 2025; YoY growth -8.3%; net margin -6.9%; ROE -1,490.1%; net debt/EBITDA -0.9x.
The estimated value range is 7.98–11.79 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.45 USD, the price of 8.64 USD leaves a potential of 9.4% (value / price − 1) and a margin of safety of 8.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.9x
- EV/EBITDA: 3.6x
- FCF yield: 9.6%
What contradicts it
- Revenue CAGR 3Y: -7.7%
- Current ratio: 1.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −3% / −1% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
1- and 3-year price returns: for MTEX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mannatech is a global wellness company selling nutritional supplements, skin care and weight-management products through a network marketing channel. It reported lower sales in fiscal 2025 and a modest rebound in the second quarter of 2026, while maintaining its Nasdaq listing under pressure from a stockholders' equity requirement 12.
SWOT
Strengths
- A portfolio of proprietary products with patented glycan technology, which offers differentiation in the supplement category 1.
- A network marketing model with low upfront costs, which allows quick responses to market changes and international expansion 1.
- The rise in recruitment during the second quarter of 2026 suggests the sales base can be rebuilt 3.
Weaknesses
- Dependence on commissions and incentives, the largest operating cost, can limit margins when sales fall 1.
- The company has a stockholders' deficit, and the Nasdaq notice points to a balance sheet vulnerability 2.
- The number of active associates declined in several regions, which reduced order volume in 2025 1.
Opportunities
- Expansion into new markets and niche product development could support revenue growth if executed 1.
- If the recovery in recruitment holds, order volume in the declining regions could also recover 3.
- Capital-raising or other strategic alternatives, which management is evaluating, could ease balance sheet pressure 2.
Risks
- Nasdaq stockholders' equity noticehigh
The company received a notice that it does not meet Nasdaq's minimum stockholders' equity requirement, and its compliance plan is under review by Nasdaq 2.
- Dependence on active associateshigh
Revenue depends on attracting and keeping active associates, and losing high-level leaders could significantly affect sales growth 1.
- Cost of commissionsmedium
Commissions and incentives make up a large share of revenue, and an increase in them could hurt profitability 1.
- Tax charges and deferred tax assetsmedium
Non-cash tax charges in fiscal 2025 reduced net income, and the realization of deferred tax assets remains uncertain 1.
- Reliance on outside suppliersmedium
All products are made by third parties, and an interruption in supply or a failure to meet quality standards could affect operations 1.
Investment thesis
What would need to be true (bull case)
- Recruitment of new associates rose sharply in the second quarter of 2026, and quarterly sales returned to growth, which could signal stabilization if the trend continues 23.
- Gross margin improvement and lower administrative expenses lifted operating income in the second quarter of 2026, showing cost discipline 3.
- Proprietary products and related patents could support differentiation if the market keeps responding to them 1.
What would break the thesis
- First-half 2026 sales edged down from the prior year, and slower demand in some regions could persist 2.
- The stockholders' deficit and the Nasdaq notice could lead to extra costs or measures that dilute shareholders 2.
- Management does not expect the first-half 2026 currency gains to recur, so profit in later periods could be lower 2.
What to watch
- Nasdaq decision on the stockholders' equity compliance planOctober 2026
- Trend in active associates and recruitment in coming quartersQ3 2026
- Effect of tariffs and trade policy changes on supply costsnext 10-Q
- Status of stockholders' equity compliance and any capital-raising or strategic transactions2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The business is organized in three regions: the Americas, EMEA and Asia/Pacific, with most sales coming from outside the Americas 1. The China subsidiary Meitai operates a cross-border e-commerce model rather than direct selling, and products are manufactured by third parties, so the company has no owned plants and depends on outside suppliers 1.
On August 12, 2026, the company reported second-quarter 2026 net sales of 26.7 million dollars, an increase over the same period in 2025, and net income of 1.0 million dollars 23. However, first-half sales edged down, and management pointed to slower demand in certain regions 2.
Segments
Market context
The nutritional supplement industry is highly fragmented and intensely competitive, with sales across many channels from specialty stores to direct-to-consumer companies 1. Direct selling has grown, and the World Federation of Direct Selling Associations reports that in 2024 about 104 million global direct sellers generated retail sales of 163.9 billion dollars 1.
For Mannatech demand depends on its ability to attract and keep associates and preferred customers, and pressure on active positions appeared in several regions in 2025 and 2026 12. The company trades on the Nasdaq Capital Market and received a notice about its minimum stockholders' equity requirement 2.
Trends
- Rising recruitment in Q2 2026tailwind
The company reported a 33.3% increase in recruiting new associates and preferred customers in the second quarter of 2026 compared with the second quarter of 2025, which could support a sales recovery if it holds 3.
- Slower demand in some regionsheadwind
Management attributed the first-half 2026 sales decline to slowing demand in certain regions, which could continue to limit growth 2.
- Tariffs and supply chain costsheadwind
Changes in trade policy, including tariffs, can affect the cost structure and profitability, and the ability to offset these costs is limited by operational constraints 3.
- Currency effects on resultsmixed
Currency movements had a significant effect: net foreign exchange gains in the first half of 2026 helped profit, but the company does not expect this favorable effect to necessarily recur 2.
Competitive position
Mannatech operates in a fragmented market and competes with other direct selling companies and gig economy companies for associates, as well as with supplement makers sold through pharmacies and supermarkets 1. It differentiates through proprietary products, such as its glycan technology covered by 17 patents for the Ambrotose formulation 1.
Competition for associates is a key factor, since the company notes it loses associates to other direct selling companies and to gig-economy platforms, which can directly reduce order volume 1. The official sources do not explicitly name US-listed competitors.
- Other direct selling and network marketing companies
Direct selling companies compete with Mannatech for associate recruitment, according to the annual report, without being named in the sources provided.
- Gig economy platforms
Gig economy platforms also attract people looking for supplemental income, which makes recruitment harder.
- Mass-market supplement producers
Supplements are sold through mass-market retailers, drug stores and supermarkets, creating price and availability competition.
- Direct-to-consumer e-commerce brands
Direct-to-consumer companies compete for consumer attention in the same product categories.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (amendment)23 Oct 2026Item 4.01 · Financial statements and exhibits
- Current report21 Oct 2026Item 4.01 · Financial statements and exhibits
- Current report14 Oct 2026Other events
- Current report01 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report08 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Quarterly report14 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Mannatech, Incorporated · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mannatech, Incorporated · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mannatech, Incorporated · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.