MTEXNasdaqMedicinal Chemicals & Botanical ProductsUS GAAP · USD

Mannatech, Incorporated

Mannatech Inc. develops and sells proprietary nutritional supplements, topical and skin care, anti-aging, and weight-management products. It primarily reaches consumers through a network marketing model using independent associates and preferred customers, with a separate cross-border e-commerce operation in mainland China.

Revenue108m USD
−8.3 %y/y
Operating profit (EBIT)-0.4m USD
−129.8 %y/y
EBIT margin-0.4%
−1.6 ppy/y
Net income-15.2m USD
−711.0 %y/y
Free cash flow-4.3m USD
−319.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150200m USD2020: 151 m USD2020: EBIT 4.5 m USD20202021: 160 m USD2021: EBIT 9.0 m USD20212022: 137 m USD2022: EBIT -0.41 m USD20222023: 132 m USD2023: EBIT -0.96 m USD20232024: 118 m USD2024: EBIT 1.4 m USD20242025: 108 m USD2025: EBIT -0.43 m USD2025108-0.43
RevenueOperating profit (EBIT)

Business

Share of revenue
Nutritional supplements45 %

Proprietary dietary and wellness supplements sold to associates and preferred customers.

Topical and skin care20 %

Skin care and topical products marketed for personal wellness and appearance.

Anti-aging products15 %

Products marketed around healthy aging and general wellness support.

Weight-management products10 %

Nutrition and wellness products aimed at weight control and lifestyle management.

Packs, fees and events10 %

Starter packs, associate fees, and event revenue tied to the network marketing model.

Products

Reported · share of revenue
98.1%FY2025100 %
  • Products98.1 %
  • Other1.5 %
  • Associate Service Fees0.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Mannatech sells mainly to independent associates and preferred customers, with associates serving as both buyers and distributors. Preferred customers buy for personal use at associate-like pricing but do not participate in the compensation plan. In China, the company also serves consumers through a cross-border e-commerce model where purchases are for personal use rather than resale.

Independent associates

Buy products, packs, and pay fees to participate in the compensation plan and resell through the network.

Preferred customers

Purchase products for personal use at associate pricing without joining the compensation plan.

China cross-border consumers

Buy Mannatech products through Meitai's website for personal consumption under e-commerce rules.

New associate recruits

Purchase starter packs and onboarding materials to begin selling and recruiting.

Strategy

Management is focused on revenue growth, margin improvement, and cost control through a business reorganization plan. The company is also trying to support international expansion while improving supply chain efficiency and adjusting its compensation structure to better fit the network marketing model. In China, the strategy is to grow through cross-border e-commerce rather than direct selling.

Margin improvementShort term

Higher margins are needed to support liquidity and offset weak demand.

Cost control and overhead reductionShort term

Lower fixed costs improve operating leverage in a volatile sales environment.

International expansionMedium term

Growth depends on broadening the customer base across regions.

Geography

Mannatech operates across the Americas, EMEA, and Asia/Pacific, with disclosed markets spanning the United States, Canada, Mexico, Europe, the Middle East, Africa, and parts of Asia. Mainland China is strategically distinct because the company operates there through a cross-border e-commerce subsidiary rather than direct selling. The broad international footprint exposes the company to currency swings, trade policy changes, and local regulatory differences in direct selling and product distribution.

Risks

Mannatech is exposed to demand volatility, distributor retention risk, and supply chain disruptions because its sales depend on network marketing activity and imported products. The company also faces foreign exchange, tariff, and regulatory risks across multiple jurisdictions, which can quickly affect costs, shipment timing, and profitability. Weak consumer demand or unsuccessful restructuring could pressure liquidity because operations are funded primarily by cash flow from sales.

Sorted by severity
Trade policy and tariff increasesHigh

Imported materials, components, or finished goods may become more expensive and disrupt supply chains.

ExposureUnited StatesMexicoCanadaChinaSouth KoreaOther trade corridors
Distributor and customer base contractionHigh

Sales rely on active associates and preferred customers, so lower engagement reduces orders and fees.

Exposure: Network marketing channel

Regulatory restrictions on direct sellingHigh

China does not permit the same multi-level marketing model used in other markets, limiting operating flexibility.

Exposure: China

Foreign exchange volatilityMedium

A stronger U.S. dollar can create translation losses and reduce reported results from foreign operations.

Exposure: Multi-currency international operations

Accounting

Judgemental items
Revenue recognition and deferred revenue

Ownership transfer at freight carrier changes the timing of revenue recognition and can shift revenue between periods.

Impact: Affects quarterly comparability and reported sales timing

Sales returns reserve

Net sales are recorded after reserving for expected returns based on historical experience.

Impact: Can reduce revenue and earnings if return rates rise

Tax valuation allowances and uncertain tax positions

The company operates in multiple jurisdictions and must estimate audit outcomes and realizability of tax assets.

Impact: Can materially affect tax expense and balance sheet tax assets

Lease accounting

Operating and finance lease liabilities are recorded for facilities and equipment used in operations.

Impact: Affects leverage, interest expense, and operating cash flow presentation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026