JOINT Corp JYNT
We are a growing franchisor and operator of chiropractic clinics that uses a private pay, non-insurance, cash-based model. We seek to be the leading provider of chiropractic care in the markets we serve and to become the most recognized brand in our industry. We delivered over 14.4 million patient visits in 2025, down from 14.7 million patient visits in 2024, generating over $532.4 million and $530.3 million of system-wide sales, respectively, across our highly franchised network. We will continue the franchise-focused expansion of chiropractic clinics in key markets throughout North America and potentially abroad. We strive to accomplish our mission by making quality care readily available and affordable in a retail setting. We have created a growing network of modern, consumer-friendly chiropractic clinics operated or managed by franchisees and by us that employ licensed chiropractors. Our model enables us to price our services below most competitors' pricing for similar services and below most insurance co-payment levels (i.e., below the patient co-payment required for an insurance-covered service).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.9M | $52.2M | $47.0M | $52.2M | $80.0M | $58.7M | $48.5M | $36.7M | $24.9M | $20.5M |
| Cost of revenue | $11.2M | $11.5M | $10.5M | $11.5M | $7.7M | $6.5M | $5.6M | $4.3M | $3.2M | $2.9M |
| Gross profit | $43.7M | $40.6M | $36.5M | $40.6M | $72.3M | $52.2M | $42.9M | $32.4M | $21.7M | $17.6M |
| SG&A | $44.6M | $42.5M | $36.2M | $42.5M | $66.2M | $46.7M | $39.4M | $31.6M | $24.6M | $29.1M |
| Operating income | -$913.4K | -$1.9M | $318.3K | -$1.9M | $6.1M | $5.5M | $3.4M | $142.6K | -$3.3M | -$15.0M |
| Pre-tax income | -$229.5K | -$1.6M | $254.0K | -$1.6M | $6.1M | $5.4M | $3.4M | $109.0K | -$3.4M | -$15.0M |
| Income tax | $38.7K | $5.6K | $11.0M | $5.6K | $1.5M | $7.8M | $48.7K | $37.7K | $35.9K | $164.4K |
| Net income | $2.9M | -$5.8M | -$9.8M | -$5.8M | $7.6M | $13.2M | $3.3M | $146.7K | -$3.4M | -$15.2M |
| EPS, basic | 0.19 | -0.39 | -0.66 | -0.39 | 0.53 | 0.94 | 0.24 | 0.01 | -0.26 | — |
| EPS, diluted | 0.19 | -0.38 | -0.65 | -0.38 | 0.51 | 0.90 | 0.23 | 0.01 | -0.26 | -1.20 |
| Shares, diluted (wtd. avg.) | $15.2M | $15.1M | $14.9M | $14.9M | $14.9M | $14.6M | $14.5M | $14.0M | $13.2M | $12.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.6M | $25.1M | $19.2M | $10.6M | $19.9M | $20.8M | $8.6M | $8.9M | $4.3M | $3.0M |
| Receivables | $2.8M | $2.6M | $2.6M | $2.4M | $3.7M | $2.1M | $2.6M | $806.4K | $1.1M | $1.0M |
| Total current assets | $52.1M | $74.6M | $44.3M | $17.6M | $26.9M | $25.3M | $13.3M | $11.3M | $6.7M | $5.7M |
| Property, plant and equipment | $3.2M | $3.2M | $3.8M | — | — | $8.7M | $6.6M | $3.7M | $3.8M | $4.7M |
| Goodwill | — | — | $7.4M | $8.5M | $5.1M | $4.6M | $4.2M | $3.2M | $2.9M | $2.8M |
| Other intangibles | — | — | $5.0M | $10.9M | $4.4M | $1.1M | $3.2M | $1.6M | $1.8M | $2.3M |
| Total assets | $61.0M | $83.2M | $87.2M | $93.5M | $78.5M | $66.8M | $43.7M | $23.4M | $18.4M | $17.1M |
| Accounts payable | $1.6M | $1.8M | $1.3M | $3.0M | $1.7M | $1.6M | $1.5M | $1.3M | $1.1M | $1.1M |
| Total current liabilities | $32.8M | $49.0M | $33.6M | $23.2M | $21.8M | $17.4M | $13.6M | $10.3M | $5.4M | $5.9M |
| Long-term debt | — | — | — | — | — | — | — | — | $100.0K | $331.5K |
| Total liabilities | $45.9M | $62.5M | $62.4M | $60.9M | $51.6M | $44.0M | $38.0M | $22.7M | $17.3M | $10.1M |
| Retained earnings | -$24.8M | -$27.7M | -$21.9M | -$12.2M | -$15.5M | -$18.6M | -$33.6M | -$37.4M | -$36.0M | -$29.0M |
| Total equity | $15.1M | $20.7M | $24.8M | $32.6M | $30.3M | $22.9M | $6.1M | $727.6K | -$373.8K | $6.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.8M | $9.4M | $14.7M | $8.2M | $13.8M | $11.2M | $7.5M | $5.5M | -$74.1K | -$10.8M |
| Depreciation and amortisation | $1.7M | $4.7M | $8.6M | $6.6M | $3.9M | $2.7M | $1.9M | $1.6M | $2.0M | $2.6M |
| Stock-based compensation | $1.3M | $1.7M | $1.7M | $1.3M | $1.1M | $886.0K | $720.7K | $628.4K | $594.4K | $1.1M |
| Capital expenditure | $1.5M | $1.2M | $5.0M | $5.9M | $7.0M | $3.2M | $3.5M | $1.1M | $449.2K | $1.6M |
| Investing cash flow | $6.3M | -$631.5K | -$6.2M | -$17.9M | -$12.8M | -$4.6M | -$7.1M | -$1.2M | -$372.9K | -$2.7M |
| Financing cash flow | -$9.8M | -$2.0M | $174.1K | $328.6K | -$2.0M | $5.6M | -$597.0K | $326.3K | $1.4M | -$239.9K |
| Buybacks | $11.3M | $0 | $3.8K | $5.8K | $707.7K | $32.1K | $20.2K | $4.8K | $2.7K | $83.4K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001612630-26-000031.
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