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ZYBERNO

Stock Report

Updated Sep 1, 2026

MANNATECH INC (MTEX)

Healthcare • NASDAQ

$6.95

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

5.0/100

POOR BUSINESS

MANNATECH INC (MTEX) scores 5/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full MTEX quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+37.0%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

8.9%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full MTEX valuation analysis · → View full MTEX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):CRITICAL (-1.7%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MANNATECH INC (MTEX) stock report — Zyberno Score 5/100 (POOR BUSINESS), Margin of Safety +37.0%, 9% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, MANNATECH INC (MTEX) trades at $6.95 against an estimated intrinsic value per share of $11.04 — a +37.0% Margin of Safety based on Owner Earnings of $2.02M TTM, projected at -2.8% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 8.9% annually.

Over the trailing twelve months, MTEX generated $2.02M in Owner Earnings. Capital was deployed as follows: $1.10M paid as dividends. Owner Earnings have declined at 2.8% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:6.95

Market Cap:$13.41M

Valuation Multiples (2)

P/S Ratio:0.12x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$11.71M

Ev Ebitda Ratio:17.59x

Price Action & Momentum (3)

12-1 Momentum:

-34.0% (10th pctile)

📈 Click to view full MTEX Momentum analysis →

Momentum Percentile:10 / 100

% of 52-Week High:55.8%

B. Profitability Assessment

Return Metrics (1)

Roic:

-1.7%

📊 Click to view full MTEX ROIC analysis →

Margin Analysis (1)

Ebitda Margin:0.6%

Yield Metrics (3)

Earnings Yield:-$999.00

Owner Earnings Yield:$16.77

Dividend Yield:9.1%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+1.30

📊 Click to view full MTEX Earnings Surprise analysis →

EPS Surprise vs Expected:174.0%

Latest Earnings Filed:2026-05-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-7.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-1.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):1.6%

Operating Cash Flow Growth Rate (Linear):-2.1%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-6.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.15x

Quick Ratio:0.58x

Cash Ratio:0.36x

Leverage Analysis (1)

Debt To Ebitda:6.51x

Coverage Ratios (2)

Interest Coverage Ratio:-1.69x

Times Interest Earned:-1.69

Capital Structure (4)

Working Capital:2,547,000.00

Cash And Cash Equivalents:6,034,000.00

Long Term Debt:$2.75M

Net Debt:-$1.70M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $108.04M

Linear Growth: -7.0%

📊 Click to view full MTEX Revenue analysis & methodology →

Cost Of Revenue Ttm:$27.08M

Profitability Breakdown (2)

Gross profit TTM: $80.96M

Linear Growth: -7.0%

📊 Click to view full MTEX Gross Profit analysis & methodology →

Operating income TTM: -$426.00K

Linear Growth: -6.8%

📊 Click to view full MTEX Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$15.21M

Linear Growth: -1.8%

📊 Click to view full MTEX Net Income analysis & methodology →

Income Before Tax:$3.47M

Ebitda Ttm:666,000.00

Operating Expenses (5)

Operating Expenses:79,362,000.00

R And D Expense:800,000.00

Sga Expense:37,346,000.00

Income Tax Expense:$1.11M

Interest Expense:252,000.00

Expense Ratios (3)

R And D To Revenue Percentage:3.0%

Sga To Revenue Percentage:140.1%

Ebitda Margin:0.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$27.47M

Current Assets:$19.41M

Ppe Net:3,232,000.00

Goodwill:0.00

Intangible Assets:$237.00K

Liability Structure (4)

Total Liabilities:32,439,000.00

Current Liabilities:16,865,000.00

Long Term Debt:$2.75M

Short Term Debt:$1.58M

Equity & Capital (3)

Equity:-$4.97M

Retained Earnings:-$12.06M

Common Stock:99,000,000.00

Working Capital Items (3)

Accounts Receivable:137,000.00

Inventory:9,593,000.00

Accounts Payable:3,671,000.00

Special Items (2)

Contract Liabilities:1,761,000.00

Stock Based Compensation:54,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$2.96M

Linear Growth: -2.1%

Free cash flow TTM: -$4.32M

Linear Growth: 1.6%

📊 Click to view full MTEX Free Cash Flow analysis & methodology →

Investment Activities (1)

Investing Cash Flow:-$129.00K

Financing Activities (3)

Financing Cash Flow:-$126.00K

Dividends Paid Ttm:1,098,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:-$7.88

Revenue & Cash Per Share (2)

Sales Per Share Ttm:55.98

Operating Cash Flow Per Share:-$1.54

Book Value & Capital (2)

Book Value Per Share:-$2.58

Cash Per Share:3.13

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:3.38x

Working Capital Turnover Ttm:42.42x

Receivables Management (2)

Receivables Turnover Ttm:788.60x

Days Sales Outstanding Ttm:0.46

Inventory Management (2)

Inventory Turnover Ttm:2.82x

Days Inventory Outstanding Ttm:129.30

Payables & Cash Cycle (2)

Days Payable Outstanding:49.48

Cash Conversion Cycle:80.29

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:25.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $2.02M

Linear Growth: -2.8%

📊 Click to view full MTEX Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.05

Owner Earnings Yield:$16.77

Growth Assessment (1)

Owner Earnings Growth Rate:-$2.84

Intrinsic Value Models (1)

Intrinsic Value:

$21.30M

📊 Click to view full MTEX DCF valuation →

Margin of Safety (1)

Margin Of Safety:

37.0%

📊 Click to view full MTEX valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

8.9%

📊 Click to view full MTEX expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-7.0%

Net Income Growth Rate (Linear):-1.8%

Operating Income Growth Rate (Linear):-6.8%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):1.6%

Operating Cash Flow Growth Rate (Linear):-2.1%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-7.0%

Book Value Growth Rate (Linear):-23.8%

Owner Earnings Growth Rate:-$2.84

C. Company Profile & Context

Corporate Information (6)

Symbol:MTEX

Company Name:MANNATECH INC

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:1.93M

Shares Outstanding Basic:1.93M

Shares Outstanding Diluted:1.93M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 15:29:20 UTC

Data Timestamp:2026-08-21T16:03:06.595824