Nutex Health Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Nutex Health Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0	0.02	1.37	1.37	274	332	219	248	480	875
Cost of revenue	0	0.03	0.51	0.83	0.91	14.6
Gross profit	0	-0.01	0.86	0.54	158	179	15.4	34.8	196	444
Research and development			0.55	0.77	0.56	0.29
Selling and marketing			0.21	0.58	0.17			5.5	5.6	6.5
General and administrative	0.45	1.81	0.95	3.67	4.43	5.46	19.8	33.2	41.9	51.7
Operating expenses	0.45	5.69	1.7	7.43	4.43	9.02	422	66.5	65.6	169
Operating income	-0.45	-5.69	-0.84	-6.9	153	170	-407	-31.8	131	276
Interest expense	0	0.37	0.11	0.09	6.43	6.2	12.5	16.3	19.9	22.2
Interest income	0	0	0	0	0	0
Other non-operating income	-0	-0.31	-0.11	-0.22	-1	5.42	-0.56	-0.4	0.67	-8.62
Pre-tax income				-7.12	146	169	-420	-48.5	110	245
Income tax			0	0	0.18	0.97	13.1	-5.07	15	64.4
Income from continuing operations	-0.45	-6.01	-2.81
Net income to minority interests					39.6	35.9	-7.96	2.36	42.7	110
Net income	-7.43	0.58	-0.95	-7.12	106	133	-425	-45.8	52.1	70.8
EBITDA	-0.45	-5.69	-0.84	-6.74	159	178	-393	-14.2	150	296
EPS, basic	-796.89	41.94	-83.88	-293.59	26.96	32.95	-100.36	-10.39	10.23	11.13
EPS, diluted	-796.89	41.94	-83.88	-293.59	26.96	32.95	-100.36	-10.39	9.69	10.48
Shares, basic (weighted)	0.01	0.02	0.01	0.02	3.96	3.96	4.23	4.41	5.09	6.36
Shares, diluted (weighted)	0.01	0.02	0.01	0.02	0.03	3.96	4.23	4.41	5.49	6.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.01	0.01	0.12	1.07	0.03	36.1	34.3	22	40.6	186
Receivables	0	0.01	0.19	0.1	0.02	113	57.8	58.6	232
Inventory		0	0	0.03	0	2.81	3.53	3.39	2.85	2.87
Other current assets	0.11	0.04	0	0.05	0.11	0.32	1.87	2.68	249	24.7
Total current assets	0.51	0.06	0.31	1.24	0.16	154	98	90.8	292	539
Property, plant and equipment	0	0	0.01	0.08	0.01	152	82.1	81.4	77.9	94.6
Lease right-of-use assets			0	0.25	0	21.8	20.5	11.9	27.9	27
Goodwill	0		0	3.47	0	1.14	17	17.1	13.9	13.9
Intangible assets		3.27	2.57	1.54		0.68	21.2	20.5	15.5	21.2
Long-term investments				0
Other non-current assets									0.71	0.66
Total assets	0.51	3.33	0.45	6.69	0.17	395	432	398	655	919
Accounts payable	0.36	0.35	0.57	1.75	0.7	13.6	23.6	18.9	9.61
Accrued liabilities	0	0.02	0	0.03	0	0.15
Deferred revenue		0.01	0	0.17	0.08	0.17
Short-term debt						89.4	12.5	10.8	14.4	13.3
Total current liabilities	6.38	0.96	1.04	4.61	1.15	37.7	54.9	58.3	154	158
Long-term debt			0.6	0	0.15	78.8	23.1	26.3	22.5	29.2
Lease liabilities			0	0.22	0	20.8	19.4	15.5	30.6	30
Other non-current liabilities	5.97								313
Total liabilities	6.38	0.96	1.95	4.83	1.3	203	311	319	467	495
Total debt			0.3	0	0	78.8	35.6	37.1	36.9	42.5
Paid-in capital	4.32	12.9	3.95	14.4	17.1	12.3	459	471	489	616
Retained earnings	-10.2	-9.65	-5.45	-12.6	-18.2	102	-363	-409	-357	-286
Treasury stock	0	-1	-1
Shareholders' equity	-5.87	-1	-1.5	1.86	-1.13	115	95.9	61.5	132	329
Minority interests					0	76.9	24.5	17.7	56.1	94
Total equity	-5.87	-1	-1.5	50.8	147	192	120	79.1	189	423
Total liabilities and equity	0.51	3.33	0.45	6.69	0.17	395	432	398	655	919
Shares outstanding	0.01	0.03	0.01	0.03	0.04	0.03	4.33	4.51	5.51	7.09

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.43	0.58	-0.95	-7.12	146	169	-433	-43.4	94.8	180
Depreciation and amortization	0	0	0	0.16	5.9	7.66	13.1	17.6	19	20.5
Stock-based compensation	0	0.92	0.16	0.45	2.57	4.03	0.19		-0.13	108
Deferred income tax		0.39	0.39		0	-0.98	5	-5.71	-13.1	17.1
Change in receivables		0	-0.08	0.11	-71.2	-5.39	56.6	-0.97	-174
Change in inventory		0	-0		-0.83	-1.09	-0.72	0.14	0.54	-0.02
Change in payables	0.19	0.12	0.4	-0.3	-0.65	-1.37
Cash from operations	-0.27	-0.71	-0.48	-4.04	86.7	173	50.6	1.26	23.2	248
Capital expenditures			0	-0.08	-61.2	-36.9	-14.6	-9.5	-2.3	-2.53
Acquisitions							0	-0.7	0	0
Purchases of investments									-2.94
Cash from investing	-0.01	0	-0.12	-0.75	-61.2	-37	-4.34	-11.2	-5.61	-5.24
Debt issued	0.05	0.47	0.71
Stock issued		0.28	0.03		0	0.18	0	0	9.2	0
Share buybacks								0	0	-5
Cash from financing	0.17	0.71	0.7	5.73	-7.97	-126	-48.1	-2.27	1.09	-97.9
Net change in cash	-0.11	-0	0.11	0.95	-1.04	10.6	-1.86	-12.3	18.6	145
Free cash flow			-0.48	-4.12	25.5	137	36	-8.24	20.8	246
Interest paid	0	0	0.09	0.08	3.25	4.1	4.62	1.64	3.47	2.51
Income taxes paid					0.18	0.34	8.23	0.85	0.8	72.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $220.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.3%	Gross profit / revenue.
Operating margin	43.0%	Operating income / revenue.
EBITDA margin	45.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	40.6%	Pre-tax income / revenue.
Net margin	21.2%	Net income / revenue.
FCF margin	32.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.0%	Cash from operations / revenue.
Effective tax rate	20.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.7%	Net income / average total assets.
Return on invested capital (ROIC)	126.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	82.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	58.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	126.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	206.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	110.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	12.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	97.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	13.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	35.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-7.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-17.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	971.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	69.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,078.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	89.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	57.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	148.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	50.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	40.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	28.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	458.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	23.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	16.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	189.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.00x	Current assets / current liabilities.
Quick ratio	1.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.75x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.10x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.1%	Total debt / total assets.
Liabilities / assets	47.4%	Total liabilities / total assets.
Net debt	-$165.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.4x	Operating income / interest expense.
Working capital	$468.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$359.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	8.85x	Revenue / average property, plant and equipment.
FCF conversion	152.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$25.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$120.59	Revenue / diluted weighted shares.
FCF per share	$39.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$39.83	Cash from operations / diluted weighted shares.
Book value per share	$57.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.58	Tangible book value / shares outstanding.
Cash per share	$29.98	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.51B	Share price x shares outstanding.
Enterprise value	$1.34B	Market cap + total debt - cash - short-term investments.
P/E	8.38x	Market cap / net income. Only when net income is positive.
P/S	1.78x	Market cap / revenue.
P/B	3.82x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.19x	Market cap / tangible book value, when positive.
P/FCF	5.50x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.39x	Market cap / cash from operations, when positive.
EV/Sales	1.58x	Enterprise value / revenue.
EV/EBIT	3.68x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.48x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.89x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.2%	Free cash flow / market cap.
Earnings yield	11.9%	Net income / market cap (the inverse of P/E).

What was Nutex Health Inc.'s revenue in fiscal 2025?

Nutex Health Inc. reported revenue of $875.3M for fiscal 2025, 82.4% higher than the year before.

Was Nutex Health Inc. profitable in fiscal 2025?

Yes. Net income was $70.8M, a net margin of 8.1%.

How much free cash flow did Nutex Health Inc. generate in fiscal 2025?

Cash from operations of $248.1M minus capital expenditures of $2.5M left free cash flow of $245.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Nutex Health Inc.