Nutex Health Inc. NUTX
Nutex Health Inc. ("Nutex Health" or the "Company") is a physician-led, healthcare services and operations company with 26 hospital facilities (as of December 31, 2025) in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments ("HOPDs"). The population health management ("PHM") division owns and operates provider networks such as independent physician associations ("IPAs").
We employ 944 full-time employees, contract more than 280 doctors at our facilities and partner with over 3,600 physicians and specialists within our IPA networks. Our corporate headquarters is based in Houston, Texas. We were incorporated on April 13, 2000 in the state of Delaware.
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 | $875.3M | $479.9M | $247.6M | $219.3M | $331.5M | $274.0M | $1.4M | $1.4M | $23.2K | $0 |
| Cost of revenue | — | — | — | — | $14.6M | $909.8K | $830.4K | $507.6K | $30.5K | $0 |
| Gross profit | $444.3M | $196.3M | $34.8M | $15.4M | $179.3M | $157.6M | $536.0K | $859.4K | -$7.3K | $0 |
| R&D | — | — | — | — | $285.9K | $557.3K | $768.1K | $545.2K | — | — |
| SG&A | $51.7M | $41.9M | $33.2M | $19.8M | $5.5M | $4.4M | $3.7M | $945.6K | $1.8M | $448.6K |
| Total operating expenses | $168.7M | $65.6M | $66.5M | $422.0M | $9.0M | $4.4M | $7.4M | $1.7M | $5.7M | $448.6K |
| Operating income | $275.6M | $130.7M | -$31.8M | -$406.6M | $170.3M | $153.2M | -$6.9M | -$840.4K | -$5.7M | -$448.6K |
| Interest expense | $22.2M | $19.9M | $16.3M | $12.5M | $6.2M | $6.4M | $92.2K | $109.8K | $367.4K | $2.6K |
| Pre-tax income | $244.8M | $109.8M | -$48.5M | -$419.6M | $169.5M | $145.7M | -$7.1M | -$950.1K | — | — |
| Income tax | $64.4M | $15.0M | $5.1M | $13.1M | $965.7K | $181.3K | $0 | $0 | — | — |
| Net income | $70.8M | $52.1M | -$45.8M | -$424.8M | $132.6M | $106.0M | -$7.1M | -$950.1K | $582.1K | -$7.4M |
| EPS, basic | 11.13 | 10.23 | -10.39 | -100.36 | 0.22 | 0.18 | — | — | — | — |
| EPS, diluted | 10.48 | 9.69 | -10.39 | -100.36 | 0.22 | 0.18 | -1.96 | -0.56 | 0.01 | -0.19 |
| Shares, diluted (wtd. avg.) | $6.8M | $5.5M | $4.4M | $4.2M | $592.8M | $592.8M | — | — | — | $39.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $185.6M | $40.6M | $22.0M | $34.3M | $36.1M | $26.9K | $1.1M | $119.3K | $9.4K | $10.5K |
| Receivables | — | $232.4M | $58.6M | $57.8M | $112.8M | $18.3K | $100.2K | $186.2K | $6.3K | — |
| Inventory | $2.9M | $2.9M | $3.4M | $3.5M | $2.8M | $0 | $27.0K | $0 | $0 | — |
| Total current assets | $538.8M | $292.5M | $90.8M | $98.0M | $154.0M | $157.1K | $1.2M | $305.4K | $55.1K | $507.9K |
| Property, plant and equipment | $94.6M | $77.9M | $81.4M | $82.1M | $151.9M | $12.4K | $83.4K | $7.6K | $3.8K | $1.2K |
| Goodwill | $13.9M | $13.9M | $17.1M | $17.0M | $1.1M | $0 | $3.5M | $0 | — | $338.1K |
| Other intangibles | $21.2M | $15.5M | $20.5M | $21.2M | $682.6K | — | $1.5M | $2.6M | $3.3M | — |
| Total assets | $918.5M | $655.3M | $398.2M | $431.8M | $394.7M | $169.9K | $6.7M | $449.4K | $3.3M | $510.8K |
| Accounts payable | — | $9.6M | $18.9M | $23.6M | $13.6M | $695.4K | $1.8M | $567.0K | $348.4K | $356.0K |
| Short-term debt | $13.3M | $14.4M | $10.8M | $12.5M | $10.2M | — | — | — | — | — |
| Total current liabilities | $157.9M | $154.2M | $58.3M | $54.9M | $37.7M | $1.2M | $4.6M | $1.0M | $959.8K | $6.4M |
| Long-term debt | $29.2M | $22.5M | $26.3M | $23.1M | $78.8M | $0 | $0 | $300.0K | — | — |
| Total liabilities | $495.1M | $466.8M | $319.1M | $311.4M | $203.1M | $1.3M | $4.8M | $1.9M | — | $6.4M |
| Retained earnings | -$286.2M | -$357.0M | -$409.1M | -$363.3M | $102.3M | -$18.2M | -$12.6M | -$5.5M | -$9.6M | -$10.2M |
| Total equity | $329.4M | $132.4M | $79.1M | $120.3M | $191.6M | $147.4M | $50.8M | -$1.5M | -$997.2K | -$5.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $248.1M | $23.2M | $1.3M | $50.6M | $173.4M | $86.7M | -$4.0M | -$480.0K | -$714.6K | -$274.2K |
| Depreciation and amortisation | $20.5M | $19.0M | $17.6M | $13.1M | $7.7M | $5.9M | $15.7K | $522 | $1.1K | $473 |
| Stock-based compensation | — | — | — | $189.6K | $4.0M | $2.6M | $450.1K | $155.9K | $924.3K | $1.5K |
| Capital expenditure | $2.5M | $2.3M | $9.5M | $14.6M | $36.9M | $61.2M | $84.0K | $0 | — | — |
| Investing cash flow | -$5.2M | -$5.6M | -$11.2M | -$4.3M | -$37.0M | -$61.2M | -$748.2K | -$117.0K | $2.0K | -$10.0K |
| Financing cash flow | -$97.9M | $1.1M | -$2.3M | -$48.1M | -$125.9M | -$8.0M | $5.7M | $704.6K | $711.5K | $172.4K |
| Buybacks | $5.0M | $0 | $0 | — | — | — | — | — | — | — |
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 0001628280-26-015168.
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