Nutex Health Inc.
NUTX Nasdaq Services-Business Services, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$875M
82.4%
vs prior year
Operating margin
Operating income as a share of revenue.
31.5%
4.3 pts
Net income
Profit after all expenses, interest and tax.
$70.8M
35.9%
Free cash flow
Cash from operations minus capital spending.
$246M
1,078.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
109.0%
21.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $26.00 EPS (TTM)
What Nutex Health Inc. does
No business description yet.
- Legal name
- Nutex Health Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 5, 2026
- Accession · CIK
- 0001628280-26-015168
0001479681
Revenue and margins
Nutex Health Inc. had $875M of revenue in fiscal 2025, up 82.4% on the year before.
FY16
Revenue $0.0M
FY17
Revenue $0.0M
FY18
Revenue $1.4M
FY19
Revenue $1.4M
FY20
Revenue $274M
FY21
Revenue $332M
FY22
Revenue $219M
FY23
Revenue $248M
FY24
Revenue $480M
FY25
Revenue $875M
Q3 '23
Revenue $62.7M
Q4 '23
Revenue $69.7M
Q1 '24
Revenue $67.5M
Q2 '24
Revenue $76.1M
Q3 '24
Revenue $78.8M
Q4 '24
Revenue $258M
Q1 '25
Revenue $212M
Q2 '25
Revenue $244M
Q3 '25
Revenue $268M
Q4 '25
Revenue $152M
Q1 '26
Revenue $216M
Q2 '26
Revenue $211M
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross −31.5%
Operating −24,538.4%
Net 2,509.1%
FCF —
FY18
Gross 62.9%
Operating −61.5%
Net −69.5%
FCF −35.1%
FY19
Gross 39.2%
Operating −504.8%
Net −520.8%
FCF −301.9%
FY20
Gross 57.5%
Operating 55.9%
Net 38.7%
FCF 9.3%
FY21
Gross 54.1%
Operating 51.4%
Net 40.0%
FCF 41.2%
FY22
Gross 7.0%
Operating −185.4%
Net −193.7%
FCF 16.4%
FY23
Gross 14.0%
Operating −12.8%
Net −18.5%
FCF −3.3%
FY24
Gross 40.9%
Operating 27.2%
Net 10.9%
FCF 4.3%
FY25
Gross 50.8%
Operating 31.5%
Net 8.1%
FCF 28.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 11.3%
Operating −1.3%
Net −8.8%
FCF —
Q4 '23
Gross 19.0%
Operating −37.5%
Net −45.4%
FCF —
Q1 '24
Gross 15.1%
Operating 2.1%
Net −0.5%
FCF 3.4%
Q2 '24
Gross 29.7%
Operating 7.0%
Net −0.5%
FCF 16.7%
Q3 '24
Gross 27.8%
Operating 12.3%
Net −11.2%
FCF 7.8%
Q4 '24
Gross 55.0%
Operating 44.3%
Net 23.9%
FCF −0.1%
Q1 '25
Gross 55.9%
Operating 38.1%
Net 10.0%
FCF 24.0%
Q2 '25
Gross 51.2%
Operating 13.8%
Net −7.3%
FCF 10.9%
Q3 '25
Gross 57.8%
Operating 48.7%
Net 20.7%
FCF 37.0%
Q4 '25
Gross 30.4%
Operating 20.4%
Net 7.8%
FCF 45.5%
Q1 '26
Gross 42.4%
Operating 37.5%
Net 21.6%
FCF 34.3%
Q2 '26
Gross 67.0%
Operating 57.8%
Net 31.2%
FCF 15.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$7.4M
FY17
Net income $0.6M
FY18
Net income −$1.0M
FY19
Net income −$7.1M
FY20
Net income $106M
FY21
Net income $133M
FY22
Net income −$425M
FY23
Net income −$45.8M
FY24
Net income $52.1M
FY25
Net income $70.8M
Q3 '23
Net income −$5.5M
Q4 '23
Net income −$31.6M
Q1 '24
Net income −$0.4M
Q2 '24
Net income −$0.4M
Q3 '24
Net income −$8.8M
Q4 '24
Net income $61.7M
Q1 '25
Net income $21.2M
Q2 '25
Net income −$17.7M
Q3 '25
Net income $55.4M
Q4 '25
Net income $11.8M
Q1 '26
Net income $46.8M
Q2 '26
Net income $65.8M
FY16
Diluted EPS −$0.19
FY17
Diluted EPS $0.01
FY18
Diluted EPS −$0.56
FY19
Diluted EPS −$1.96
FY20
Diluted EPS $0.18
FY21
Diluted EPS $0.22
FY22
Diluted EPS −$100.36
FY23
Diluted EPS −$10.39
FY24
Diluted EPS $9.69
FY25
Diluted EPS $10.48
Q3 '23
Diluted EPS −$1.25
Q4 '23
Diluted EPS −$7.47
Q1 '24
Diluted EPS −$0.08
Q2 '24
Diluted EPS −$0.07
Q3 '24
Diluted EPS −$1.72
Q4 '24
Diluted EPS $11.12
Q1 '25
Diluted EPS $3.33
Q2 '25
Diluted EPS −$2.95
Q3 '25
Diluted EPS $7.76
Q4 '25
Diluted EPS $2.34
Q1 '26
Diluted EPS $6.52
Q2 '26
Diluted EPS $9.38
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets −1,455.0%
FY17
Return on capital —
Return on equity —
Return on assets 30.3%
FY18
Return on capital —
Return on equity —
Return on assets −50.3%
FY19
Return on capital −687.2%
Return on equity −3,942.7%
Return on assets −199.3%
FY20
Return on capital —
Return on equity 29,249.2%
Return on assets 3,088.4%
FY21
Return on capital 68.6%
Return on equity 233.6%
Return on assets 67.2%
FY22
Return on capital −330.4%
Return on equity −403.6%
Return on assets −102.8%
FY23
Return on capital −32.8%
Return on equity −58.2%
Return on assets −11.0%
FY24
Return on capital 87.7%
Return on equity 53.7%
Return on assets 9.9%
FY25
Return on capital 109.0%
Return on equity 30.7%
Return on assets 9.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $246M in fiscal 2025, 28.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow −$0.5M
FY19
Free cash flow −$4.1M
FY20
Free cash flow $25.5M
FY21
Free cash flow $137M
FY22
Free cash flow $36.0M
FY23
Free cash flow −$8.2M
FY24
Free cash flow $20.8M
FY25
Free cash flow $246M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow —
Q1 '24
Free cash flow $2.3M
Q2 '24
Free cash flow $12.7M
Q3 '24
Free cash flow $6.2M
Q4 '24
Free cash flow −$0.3M
Q1 '25
Free cash flow $50.9M
Q2 '25
Free cash flow $26.5M
Q3 '25
Free cash flow $99.2M
Q4 '25
Free cash flow $69.0M
Q1 '26
Free cash flow $74.3M
Q2 '26
Free cash flow $31.7M
FY16
Cash from operations −$0.3M
Capital spending —
FY17
Cash from operations −$0.7M
Capital spending —
FY18
Cash from operations −$0.5M
Capital spending $0.0M
FY19
Cash from operations −$4.0M
Capital spending $0.1M
FY20
Cash from operations $86.7M
Capital spending $61.2M
FY21
Cash from operations $173M
Capital spending $36.9M
FY22
Cash from operations $50.6M
Capital spending $14.6M
FY23
Cash from operations $1.3M
Capital spending $9.5M
FY24
Cash from operations $23.2M
Capital spending $2.3M
FY25
Cash from operations $248M
Capital spending $2.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $2.0M
Capital spending —
Q4 '23
Cash from operations −$1.8M
Capital spending —
Q1 '24
Cash from operations $3.1M
Capital spending $0.7M
Q2 '24
Cash from operations $13.3M
Capital spending $0.6M
Q3 '24
Cash from operations $6.8M
Capital spending $0.6M
Q4 '24
Cash from operations $0.1M
Capital spending $0.4M
Q1 '25
Cash from operations $51.0M
Capital spending $0.1M
Q2 '25
Cash from operations $27.3M
Capital spending $0.8M
Q3 '25
Cash from operations $99.5M
Capital spending $0.3M
Q4 '25
Cash from operations $70.4M
Capital spending $1.4M
Q1 '26
Cash from operations $75.5M
Capital spending $1.2M
Q2 '26
Cash from operations $34.2M
Capital spending $2.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Nutex Health Inc. returned $5.0M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 23.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $5.0M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $31.7M
Q2 '26
Dividends —
Buybacks $19.0M
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.08B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares —
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Nutex Health Inc. can carry it.
FY16
Cash $0.0M
Debt —
FY17
Cash $0.0M
Debt —
FY18
Cash $0.1M
Debt $0.3M
FY19
Cash $1.1M
Debt $0.0M
FY20
Cash $0.0M
Debt $0.0M
FY21
Cash $36.1M
Debt $168M
FY22
Cash $34.3M
Debt $35.6M
FY23
Cash $22.0M
Debt $37.1M
FY24
Cash $40.6M
Debt $36.9M
FY25
Cash $186M
Debt $42.5M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $36.1M | $34.3M | $22.0M | $40.6M | $186M |
| Debt incl. finance leases | $168M | $35.6M | $37.1M | $36.9M | $42.5M |
| Net debt / EBITDA | 0.7x | — | — | −0.0x | −0.5x |
| Debt / equity | 1.5x | 0.4x | 0.6x | 0.3x | 0.1x |
| Interest coverage | 27.5x | −32.6x | −1.9x | 6.6x | 12.4x |
| Current ratio | 4.1x | 1.8x | 1.6x | 1.9x | 3.4x |
| Quick ratio | 4.0x | 1.7x | 1.5x | 1.9x | 3.4x |
| Total assets | $395M | $432M | $398M | $655M | $919M |
| Total liabilities | $203M | $311M | $319M | $467M | $495M |
| Shareholders' equity | $115M | $95.9M | $61.5M | $132M | $329M |
| Net debt (− = net cash) | $132M | $1.3M | $15.1M | −$3.8M | −$143M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 3 / 7 | 5 / 8 | 3 / 9 | 5 / 9 | 4 / 8 | 3 / 8 | 5 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −1,401.3% | 67.5% | −24.9% | −86.1% | 562.4% | −20.7% | −115.0% | −11.3% | 5.5% | −22.5% |
| Altman Z'' | −147.58 | −23.82 | −63.71 | −15.95 | 5,669.46 | 6.27 | −8.09 | −3.15 | 1.25 | 4.42 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $1.4M | $1.4M | $274M | $332M | $219M | $248M | $480M | $875M |
| Net interest income | — | — | — | — | −$0.3M | −$6.0M | — | — | — | — |
| Gross profit | $0.0M | −$0.0M | $0.9M | $0.5M | $158M | $179M | $15.4M | $34.8M | $196M | $444M |
| Research and development | — | — | $0.5M | $0.8M | $0.6M | $0.3M | — | — | — | — |
| Operating income | −$0.4M | −$5.7M | −$0.8M | −$6.9M | $153M | $170M | −$407M | −$31.8M | $131M | $276M |
| Interest expense | $0.0M | $0.4M | $0.1M | $0.1M | $6.4M | $6.2M | $12.5M | $16.3M | $19.9M | $22.2M |
| Pretax income | — | — | — | −$7.1M | $146M | $169M | −$420M | −$48.5M | $110M | $245M |
| Income tax | — | — | $0.0M | $0.0M | $0.2M | $1.0M | $13.1M | −$5.1M | $15.0M | $64.4M |
| Net income | −$7.4M | $0.6M | −$1.0M | −$7.1M | $106M | $133M | −$425M | −$45.8M | $52.1M | $70.8M |
| Net income to common | — | — | — | — | $5.7M | $13.7M | −$425M | −$45.8M | $52.1M | $70.8M |
| Diluted EPS | −$0.19 | $0.01 | −$0.56 | −$1.96 | $0.18 | $0.22 | −$100.36 | −$10.39 | $9.69 | $10.48 |
| Diluted shares | 0.04B | 0.08B | 0.00B | 0.00B | 0.00B | — | 0.00B | 0.00B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | −$0.3M | −$0.7M | −$0.5M | −$4.0M | $86.7M | $173M | $50.6M | $1.3M | $23.2M | $248M |
| Capital expenditure | — | — | $0.0M | $0.1M | $61.2M | $36.9M | $14.6M | $9.5M | $2.3M | $2.5M |
| Free cash flow | — | — | −$0.5M | −$4.1M | $25.5M | $137M | $36.0M | −$8.2M | $20.8M | $246M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.2M | $5.9M | $7.7M | $13.1M | $17.6M | $19.0M | $20.5M |
| Stock-based compensation | $0.0M | $0.9M | $0.2M | $0.5M | $2.6M | $4.0M | $0.2M | — | −$0.1M | $108M |
| Acquisitions | — | — | — | — | — | — | $0.0M | $0.7M | $0.0M | $0.0M |
| Share buybacks | — | — | — | — | — | — | — | $0.0M | $0.0M | $5.0M |
| Dividends and buybacks | — | — | — | — | — | — | — | $0.0M | $0.0M | $5.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.1M | $1.1M | $0.0M | $36.1M | $34.3M | $22.0M | $40.6M | $186M |
| Total debt | — | — | $0.3M | $0.0M | $0.0M | $168M | $35.6M | $37.1M | $36.9M | $42.5M |
| Current assets | $0.5M | $0.1M | $0.3M | $1.2M | $0.2M | $154M | $98.0M | $90.8M | $292M | $539M |
| Current liabilities | $6.4M | $1.0M | $1.0M | $4.6M | $1.2M | $37.7M | $54.9M | $58.3M | $154M | $158M |
| Inventory | — | $0.0M | $0.0M | $0.0M | $0.0M | $2.8M | $3.5M | $3.4M | $2.9M | $2.9M |
| Property and equipment, net | $0.0M | $0.0M | $0.0M | $0.1M | $0.0M | $152M | $82.1M | $81.4M | $77.9M | $94.6M |
| Goodwill | $0.0M | — | $0.0M | $3.5M | $0.0M | $1.1M | $17.0M | $17.1M | $13.9M | $13.9M |
| Intangible assets | — | $3.3M | $2.6M | $1.5M | — | $0.7M | $21.2M | $20.5M | $15.5M | $21.2M |
| Total assets | $0.5M | $3.3M | $0.4M | $6.7M | $0.2M | $395M | $432M | $398M | $655M | $919M |
| Total liabilities | $6.4M | $1.0M | $1.9M | $4.8M | $1.3M | $203M | $311M | $319M | $467M | $495M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — | — | — | — |
| Shareholders' equity | −$5.9M | −$1.0M | −$1.5M | $1.9M | −$1.1M | $115M | $95.9M | $61.5M | $132M | $329M |
| Margins | ||||||||||
| Gross margin | — | −31.5% | 62.9% | 39.2% | 57.5% | 54.1% | 7.0% | 14.0% | 40.9% | 50.8% |
| Operating margin | — | −24,538.4% | −61.5% | −504.8% | 55.9% | 51.4% | −185.4% | −12.8% | 27.2% | 31.5% |
| EBITDA margin | — | −24,533.6% | −61.3% | −493.4% | 58.0% | 53.7% | −179.4% | −5.7% | 31.2% | 33.8% |
| Net margin | — | 2,509.1% | −69.5% | −520.8% | 38.7% | 40.0% | −193.7% | −18.5% | 10.9% | 8.1% |
| FCF margin | — | — | −35.1% | −301.9% | 9.3% | 41.2% | 16.4% | −3.3% | 4.3% | 28.1% |
| Net interest share of revenue | — | — | — | — | −0.1% | −1.8% | — | — | — | — |
| Returns | ||||||||||
| Return on capital | — | — | — | −687.2% | — | 68.6% | −330.4% | −32.8% | 87.7% | 109.0% |
| Return on capital employed | 7.6% | −240.3% | 141.3% | −331.3% | −15,569.6% | 47.7% | −107.9% | −9.3% | 26.1% | 36.2% |
| Return on equity | — | — | — | −3,942.7% | 29,249.2% | 233.6% | −403.6% | −58.2% | 53.7% | 30.7% |
| Return on assets | −1,455.0% | 30.3% | −50.3% | −199.3% | 3,088.4% | 67.2% | −102.8% | −11.0% | 9.9% | 9.0% |
| Return on tangible equity | — | — | — | — | — | 12.1% | −736.7% | −191.8% | 50.6% | 24.1% |
| Growth | ||||||||||
| Revenue growth | — | — | 5,792.2% | −0.0% | 19,954.8% | 21.0% | −33.9% | 12.9% | 93.8% | 82.4% |
| Net income growth | — | — | −263.2% | — | — | 25.1% | −420.4% | — | — | 35.9% |
| EPS growth | — | — | −5,700.0% | — | — | 22.2% | −45,718.2% | — | — | 8.2% |
| FCF growth | — | — | — | — | — | 435.7% | −73.6% | −122.9% | — | 1,078.0% |
| Share count change | — | 110.8% | −98.0% | 113.2% | 36.1% | — | — | 4.2% | 24.6% | 23.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | −0.0x | 0.7x | — | — | −0.0x | −0.5x |
| Debt / equity | — | — | — | 0.0x | — | 1.5x | 0.4x | 0.6x | 0.3x | 0.1x |
| Interest coverage | −172.5x | −15.5x | −7.7x | −74.8x | 23.8x | 27.5x | −32.6x | −1.9x | 6.6x | 12.4x |
| Current ratio | 0.1x | 0.1x | 0.3x | 0.3x | 0.1x | 4.1x | 1.8x | 1.6x | 1.9x | 3.4x |
| Quick ratio | 0.1x | 0.1x | 0.3x | 0.3x | 0.1x | 4.0x | 1.7x | 1.5x | 1.9x | 3.4x |
| Capital allocation | ||||||||||
| Capex / revenue | — | — | 0.0% | 6.1% | 22.3% | 11.1% | 6.7% | 3.8% | 0.5% | 0.3% |
| Stock comp / revenue | — | 3,984.1% | 11.4% | 32.9% | 0.9% | 1.2% | 0.1% | — | −0.0% | 12.3% |
| Payouts / FCF | — | — | — | — | — | — | — | — | 0.0% | 2.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 5.0 | 3.0 | 5.0 | 4.0 | 3.0 | 5.0 | 7.0 | 7.0 |
| Altman Z'' | −147.6 | −23.8 | −63.7 | −15.9 | 5,669.5 | 6.3 | −8.1 | −3.1 | 1.2 | 4.4 |
| Accruals ratio | −1,401.3% | 67.5% | −24.9% | −86.1% | 562.4% | −20.7% | −115.0% | −11.3% | 5.5% | −22.5% |
Source: SEC EDGAR XBRL filings (CIK 0001479681). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.