Tearsheet

Nutex Health (NUTX)

Market Price (12/25/2025): $167.02 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Health Care Facilities

Nutex Health (NUTX)

Market Price (12/25/2025): $167.02
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Health Care Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 16%	Weak multi-year price returns 3Y Excs Rtn is -122%	Stock price has recently run up significantly 12M Rtn12 month market price return is 427%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 236%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37%		High stock price volatility Vol 12M is 117%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%		Key risks NUTX key risks include [1] a heavy dependence on volatile out-of-network arbitration revenue, Show more.
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Diabetes Management, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 16%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 236%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Diabetes Management, Show more.
5	Weak multi-year price returns 3Y Excs Rtn is -122%
6	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
7	Stock price has recently run up significantly 12M Rtn12 month market price return is 427%
8	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
9	High stock price volatility Vol 12M is 117%
10	Key risks NUTX key risks include [1] a heavy dependence on volatile out-of-network arbitration revenue, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$167.02	$31.69	$27.00	$285.00	$211.50
Market Cap CYE ($ Bil)	1.1	0.2	0.1	1.2	0.9
Total Debt ($ Bil)	0.4	0.3	0.3	0.3	0.2
Total Cash ($ Bil)	0.2	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.3	0.5	0.4	1.5	1.1
Valuation Ratios
P/S TTM	1.1	0.3	0.5	5.5	2.7
P/EBIT TTM	3.2	1.2	-3.7	-3.0	5.2
P/E TTM	9.3	3.1	-2.6	-2.8	6.8
P/FCF TTM	6.3	7.7	-14.4	33.5	6.6
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/25/25	2024	2023
Share Price CYE	$167.02	$31.69	$27.00
Market Cap CYE ($ Bil)	1.1	0.2	0.1
Total Debt ($ Bil)	0.4	0.3	0.3
Total Cash ($ Bil)	0.2	0.0	0.0
Enterprise Value ($ Bil)	1.3	0.5	0.4
Valuation Ratios
P/S TTM	1.1	0.3	0.5
P/EBIT TTM	3.2	1.2	-3.7
P/E TTM	9.3	3.1	-2.6
P/FCF TTM	6.3	7.7	-14.4
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	NUTX	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	1.0
Rev Chg Q	239.9%	7.3%
Rev Chg LTM	236.0%	6.1%
Rev Chg 3Y Avg	87.7%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	36.6%	18.8%
CFO/Rev LTM	18.1%	20.4%
Net Inc Mgn	12.3%	13.1%
VALUATION	LOW
P/S	1.1	3.2
P/CFO	6.3	15.7
P/FCF	6.3	20.6
P/E	9.3	23.5
STABILITY	GOOD
Debt/Equity	0.32	0.21
Cash/Assets	0.17	0.07

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Metric	Value	Date	Source
Number of Micro Hospitals and Hospital Outpatient Departments	24	10202025	Link
Number of States of Operation	11	10202025	Link
Total Visits at Hospital Division (Quarterly)	45573	6302025	Link
Total Visits at Hospital Division (Annual)	168388	12312024	Link
Number of Primary Care Physicians in Florida IPA	112	8232023	Link
Number of Contracted Primary Care Physicians in South Florida IPA	78	4192023	Link

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NUTX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the stock movement for Nutex Health (NUTX) from approximately August 31, 2025, to December 25, 2025: 1. Robust Financial Performance in Q3 2025 and Restated Q1 2025
Nutex Health reported significantly improved financial results for both the restated first quarter and the third quarter of 2025. For Q3 2025, total revenue surged by nearly 239.9% year-over-year to $267.8 million, with net income reaching $55.4 million, a turnaround from a net loss in the same period of the previous year. Similarly, the restated Q1 2025 financials showed a 214.0% increase in revenue to $211.8 million and a net income of $21.2 million, reversing a prior-year net loss.

2. Success in Independent Dispute Resolution (IDR) Process
A significant factor driving the company's revenue growth, particularly within its Hospital Division, was successful arbitration efforts under the Independent Dispute Resolution (IDR) process. This process led to higher acuity claims and the securing of fair and reasonable payments from insurance companies.

Show more Here are the key points explaining the stock movement for Nutex Health (NUTX) from approximately August 31, 2025, to December 25, 2025: 1. Robust Financial Performance in Q3 2025 and Restated Q1 2025
Nutex Health reported significantly improved financial results for both the restated first quarter and the third quarter of 2025. For Q3 2025, total revenue surged by nearly 239.9% year-over-year to $267.8 million, with net income reaching $55.4 million, a turnaround from a net loss in the same period of the previous year. Similarly, the restated Q1 2025 financials showed a 214.0% increase in revenue to $211.8 million and a net income of $21.2 million, reversing a prior-year net loss.

2. Success in Independent Dispute Resolution (IDR) Process
A significant factor driving the company's revenue growth, particularly within its Hospital Division, was successful arbitration efforts under the Independent Dispute Resolution (IDR) process. This process led to higher acuity claims and the securing of fair and reasonable payments from insurance companies.

3. Strategic Expansion of Hospital Network
Nutex Health demonstrated continued growth through the strategic expansion of its micro-hospital network. In December 2025, the company announced the opening of its 26th hospital, Archview ER & Hospital, located in Missouri, marking an expansion into a new state.

4. Extension of Share Repurchase Program
The company's Board of Directors approved an extension of its previously authorized stock repurchase program, allowing for the repurchase of up to $25.0 million of its common stock through March 31, 2026. This initiative was intended to increase shareholder value and offset potential dilution from future share issuances.

5. Regaining Nasdaq Compliance and Addressing Short Seller Report
Nutex Health regained compliance with Nasdaq listing requirements following timely SEC filings, which provided clarity on its financial reporting. Additionally, the company publicly responded to a short seller report issued in November 2025, discrediting the source and potentially mitigating negative market sentiment. Show less

Stock Movement Drivers

Fundamental Drivers

The 67.6% change in NUTX stock from 9/24/2025 to 12/24/2025 was primarily driven by a 57.2% change in the company's Total Revenues ($ Mil).

	9242025	12242025	Change
Stock Price ($)	100.31	168.10	67.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	624.28	981.20	57.17%
Net Income Margin (%)	11.80%	12.29%	4.12%
P/E Multiple	7.72	9.34	21.09%
Shares Outstanding (Mil)	5.67	6.70	-18.25%
Cumulative Contribution			62.00%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
NUTX	67.6%
Market (SPY)	4.4%	25.1%
Sector (XLV)	14.2%	-11.4%

Fundamental Drivers

The 39.4% change in NUTX stock from 6/25/2025 to 12/24/2025 was primarily driven by a 57.2% change in the company's Total Revenues ($ Mil).

	6252025	12242025	Change
Stock Price ($)	120.59	168.10	39.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	624.28	981.20	57.17%
Net Income Margin (%)	11.80%	12.29%	4.12%
P/E Multiple	9.28	9.34	0.73%
Shares Outstanding (Mil)	5.67	6.70	-18.25%
Cumulative Contribution			34.76%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
NUTX	39.4%
Market (SPY)	14.0%	21.0%
Sector (XLV)	16.9%	-7.2%

Fundamental Drivers

The 427.5% change in NUTX stock from 12/24/2024 to 12/24/2025 was primarily driven by a 236.0% change in the company's Total Revenues ($ Mil).

	12242024	12242025	Change
Stock Price ($)	31.87	168.10	427.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	292.00	981.20	236.03%
P/S Multiple	0.56	1.15	106.25%
Shares Outstanding (Mil)	5.10	6.70	-31.40%
Cumulative Contribution			375.46%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
NUTX	427.5%
Market (SPY)	15.8%	24.8%
Sector (XLV)	13.3%	-4.5%

Fundamental Drivers

The -46.1% change in NUTX stock from 12/25/2022 to 12/24/2025 was primarily driven by a -80.5% change in the company's P/S Multiple.

	12252022	12242025	Change
Stock Price ($)	312.00	168.10	-46.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	228.97	981.20	328.52%
P/S Multiple	5.90	1.15	-80.54%
Shares Outstanding (Mil)	4.33	6.70	-54.74%
Cumulative Contribution			-62.27%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
NUTX	433.7%
Market (SPY)	48.9%	20.1%
Sector (XLV)	18.8%	3.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NUTX Return	-30%	0%	35%	-91%	17%	428%	-44%
Peers Return	�	�	-18%	11%	-1%	20%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
NUTX Win Rate	8%	0%	42%	17%	50%	58%
Peers Win Rate	�	57%	50%	57%	52%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NUTX Max Drawdown	-43%	0%	-61%	-91%	-84%	-3%
Peers Max Drawdown	�	�	-39%	-14%	-24%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PRVA, AGL, THC, HCA, UHS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	NUTX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-99.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	22757.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-49.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	96.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	742 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-97.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	3233.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	4 days	120 days

Compare to ACHC, PARK, HCA, THC, UHS

In The Past

Nutex Health's stock fell -99.6% during the 2022 Inflation Shock from a high on 4/4/2022. A -99.6% loss requires a 22757.1% gain to breakeven.

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About Nutex Health (NUTX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Nutex Health, Inc. operates as a technology-enabled healthcare services company. It operates through two divisions: Hospital division and Population Health Management division. The Hospital division implements and operates health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments. This division owns and operates 21 facilities in 8 states. The Population Health Management division owns and operates provider networks, such as independent physician associations. Its management services organizations provide management, administrative, and other support services to its affiliated hospitals and physician groups. This division's cloud-based proprietary technology platform aggregates data across multiple information systems, settings, and sources to create a holistic view of each patient and provider, as well as allows to deliver care. The company is based in Houston, Texas.

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Here are 1-3 brief analogies for Nutex Health (NUTX):

1. HCA Healthcare for micro-hospitals. (HCA Healthcare is a well-known large for-profit hospital operator, and Nutex Health focuses on smaller, local "micro-hospitals".)

2. Walmart Neighborhood Market for hospital care. (Walmart Neighborhood Market is a familiar concept for a smaller, localized version of a larger store, applied here to comprehensive emergency and inpatient hospital services.)

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Micro-Hospitals: Operates a network of micro-hospitals providing comprehensive acute care services.
Emergency Room Services: Offers 24/7 emergency medical care for a wide range of conditions.
Inpatient Medical Care: Provides short-term inpatient stays for observation, recovery, and medical treatment.
Surgical Procedures: Conducts both inpatient and outpatient surgical services.
Diagnostic Imaging: Offers a suite of imaging services including X-ray, CT, and ultrasound.
Laboratory Services: Provides on-site clinical laboratory testing for rapid diagnostic results.

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Nutex Health (NUTX) Major Customers

Nutex Health, Inc. operates an integrated healthcare delivery system primarily through its hospital division (operating micro-hospitals and emergency centers) and its population health management division. The company states that the vast majority of its revenues are derived from third-party payors. This means Nutex Health primarily sells its services to other companies (and government entities) rather than directly to individuals, as these payors cover the costs for patients.

While Nutex Health's SEC filings do not specify individual commercial insurance companies that represent a significant concentration of its revenue (typically meaning no single commercial payor accounts for more than 10% of total revenue), all healthcare providers, including Nutex Health, contract with a multitude of health insurance companies to be "in-network" and serve their patient population. Therefore, Nutex Health's major commercial customers include a variety of national and regional commercial health insurance providers. Below are examples of major public health insurance companies that healthcare providers commonly contract with:

UnitedHealth Group (Symbol: UNH)
Elevance Health (Symbol: ELV)
CVS Health (operates Aetna) (Symbol: CVS)
Humana Inc. (Symbol: HUM)
Cigna Group (Symbol: CI)
Centene Corporation (Symbol: CNC)

In addition to these commercial entities, governmental programs such as Medicare and Medicaid represent significant payors for Nutex Health's services. However, these are government entities rather than public companies.

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Tom Vo, M.D., MBA, CEO & Chairman of the Board

Dr. Tom Vo brings over 30 years of expertise in the Business of Medicine to Nutex Health. He is residency trained in emergency medicine and has been instrumental in the start-up and management of more than 30 Specialty Hospitals and Emergency Centers across the U.S. He is recognized as a pioneer and leader in the field. Dr. Vo co-founded Neighbors Emergency Center, serving from September 2008 to June 2011, and founded Nutex Health in 2011. In 2020, he received the EY Entrepreneur Of The Year® award, becoming a National Finalist, and in 2025, he was awarded "Most Admired CEO" by the Houston Business Journal. He graduated from Kent State in 1992, Northeastern Ohio University's College of Medicine in 1996, completed his Emergency Medicine Residency in 1999, and earned an MBA from Rice University in 2004.

Jon Bates, MBA, CPA, Chief Financial Officer

Mr. Jon Bates is an experienced finance leader with a CPA and MBA. Since 2006, he served as Vice President of Accounting and Corporate Controller at U.S. Physical Therapy, Inc. (NYSE: USPH), where he improved overall accuracy for over 600 locations with more than $500 million in annual revenues and managed merger and acquisition tasks from valuation to integration. Prior to U.S. Physical Therapy, he held CFO and Chief Accounting Officer roles at Commerciant, L.P., Chief Accounting Officer and Corporate Controller at National Alarm Technologies LLC, Assistant Corporate Controller at American Residential Services, Inc., and was an Experienced Senior Auditor at Arthur Andersen LLP. Mr. Bates holds a BBA from the University of Texas at Austin and an MBA from the University of Houston. He was recently recognized as one of the Top 25 CFOs of Houston for 2024.

Warren Hosseinion, M.D., President

Dr. Warren Hosseinion has served as President of Nutex Health since April 2022. He co-founded Apollo Medical Holdings, Inc. (NASDAQ: AMEH) in 2001, serving as its CEO from 2008 to 2017 and Co-CEO from 2017 to 2019. Dr. Hosseinion was also Chairman of the board and CEO of Clinigence Holdings, Inc. from 2019 to 2022. He earned his B.S. in Biology from the University of San Francisco, an M.S. in Physiology and Biophysics from Georgetown University, and his Medical Degree from the Georgetown University School of Medicine. He completed his residency in internal medicine at the Los Angeles County-University of Southern California Medical Center.

Michael Chang, M.D., Chief Medical Officer

Dr. Michael Chang serves as the Chief Medical Officer of Nutex Health.

Wesley Bamburg, FACHE, Chief Operating Officer

Mr. Wesley Bamburg was appointed Chief Operating Officer of Nutex Health, effective October 13, 2025. Prior to joining Nutex Health, he served as CEO of Bravera Health with Community Health Systems.

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Nutex Health (NUTX) faces several significant risks to its business, primarily stemming from its revenue model, internal financial controls, and ongoing legal challenges.

Reliance on Out-of-Network Billing and Arbitration: A major portion of Nutex Health's revenue and profitability is heavily dependent on collections from out-of-network claims and successful arbitration processes under the No Surprises Act (NSA). Changes in healthcare regulations, particularly those impacting the NSA and the Independent Dispute Resolution (IDR) process, could significantly reduce the company's ability to secure favorable reimbursement rates. The uncertainty of future arbitration outcomes and potential reforms to the NSA's enforcement framework pose a substantial risk to Nutex Health's financial performance.
Material Weaknesses in Internal Controls and Financial Reporting: Nutex Health has identified material weaknesses in its internal controls over financial reporting, including issues with IT access, program changes, and accounting for complex estimates. These weaknesses have led to restatements of financial statements and delays in filing quarterly reports, such as the missed Q2 2025 10-Q filing deadline, resulting in a NASDAQ non-compliance notice. Failure to effectively remediate these control deficiencies could lead to further inaccuracies in financial reporting, erode investor confidence, and potentially result in delisting.
Legal and Reputational Risks from Billing Allegations and Lawsuits: The company is subject to securities class-action lawsuits and derivative actions, with allegations of orchestrating deceptive billing strategies and collaborating with a third-party billing firm, HaloMD, to submit ineligible insurance claims and inflate arbitration revenues. These lawsuits and the associated negative publicity, including accusations of "phantom" claims and securities fraud investigations, could lead to significant financial penalties, legal liabilities, and severe damage to Nutex Health's reputation, deterring future partnerships and investor interest.

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Nutex Health Inc. (NUTX) operates within two primary divisions: a Hospital Division and a Population Health Management Division. The Hospital Division focuses on developing and operating micro-hospitals, specialty hospitals, and hospital outpatient departments that provide a range of healthcare services, including emergency room care, inpatient care, imaging, and laboratory services. The Population Health Management Division offers management, administrative, and support services to affiliated hospitals and physician groups, including the operation of Independent Physician Associations (IPAs) and a cloud-based technology platform.

Addressable Markets:

Hospital Services (U.S.): The U.S. hospital services market reached an estimated USD 2.48 trillion in 2024 and is projected to grow to approximately USD 4.02 trillion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 6.69% from 2025 to 2034. Within this, the U.S. Hospital Emergency Department Market, a key component of Nutex Health's offerings, was valued at USD 149.21 billion in 2023 and is anticipated to reach USD 201.66 billion by 2029, growing at a CAGR of 5.32%. Other estimates place the U.S. hospital emergency department market at USD 185.76 billion in 2025, expected to reach USD 270.22 billion by 2032.
Population Health Management (Global): The global population health management market was valued at USD 50.84 billion in 2023 and is projected to reach USD 302.58 billion by 2032, with a CAGR of 21.9% from 2024 to 2032. North America held the largest share of this market in 2023. Another report estimates the global market at USD 78.5 billion in 2024, with a projected growth to USD 448.9 billion by 2034, at a CAGR of 19.1%.

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Nutex Health (NUTX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion of Micro-Hospital Network: Nutex Health plans to continue its aggressive expansion strategy by opening new micro-hospitals in high-demand regions. The company expanded its reach to 24 facilities across 11 states in 2024 with four new openings, and further expansion is projected for 2025, including three new hospitals in Texas during Q3 and Q4. This geographical and facility expansion directly increases the company's capacity to serve more patients and enter new markets.
Increased Patient Volume and Utilization of Services: The company has demonstrated a consistent increase in patient visits and the utilization of complex clinical services. In Q2 2025, total hospital visits increased by 10.6%, following a 20.5% increase in Q1 2025 and a 16.9% increase for the full year 2024. This organic growth in customer base and service engagement is a direct contributor to rising revenues.
Successful Arbitration Processes and Enhanced Reimbursement Rates: A significant driver of Nutex Health's revenue growth has been favorable outcomes from arbitration processes under the No Surprises Act, leading to improved reimbursement rates. This factor notably contributed to revenue surges in 2024 and Q1 2025. The company is actively refining these processes, which are expected to continue supporting revenue per patient.
Growth of Population Health Management Division: Nutex Health's Population Health Management Division, which includes primary care-centric, risk-bearing physician networks and Independent Physician Associations (IPAs), is also a growing revenue stream. In Q1 2025, the IPAs generated $7.8 million in revenue, a 5.4% increase year-over-year. The division currently has over 40,000 patients enrolled in its IPAs, with a notable increase in Medicare Advantage members.
Operational Efficiency and Improved Revenue Cycle Management: While not a direct revenue generator, Nutex Health's focus on operational optimization, maintaining a lean cost structure, and improving revenue cycle management (including through arbitration) is crucial for enhancing profitability. This improved financial health allows for reinvestment into expansion and services, indirectly fueling future revenue growth.

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Share Repurchases

Nutex Health authorized a stock repurchase program of up to $25.0 million in August 2025.
This program is intended to commence upon the filing of the Form 10-Q for the period ended June 30, 2025.
The objective of the repurchase program is to increase shareholder value and offset dilution from future share issuances related to stock compensation for hospitals under construction and in ramp-up phases.

Share Issuance

In January 2024, Nutex Health announced a registered direct offering with estimated gross proceeds of $10.0 million.
This offering included the sale of 66,666,666 shares of common stock and warrants to purchase an equivalent number of shares.

Inbound Investments

On April 1, 2022, Nutex Health Holdco LLC completed a merger with Clinigence Holdings, Inc.

Capital Expenditures

Capital expenditures were reported as $15 million in 2022, $9.50 million in 2023, and $2.30 million in 2024.
A primary focus of capital expenditures is the development and operation of the Hospital Division, which includes micro-hospitals, specialty hospitals, and hospital outpatient departments.
The company has been actively investing in infrastructure for under-construction and ramping hospitals.

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Higher Rev Chg 3Y Avg | Lower P/S (Values for NUTX: 87.7% | 1.1x)

CLOV (88.8% | 0.7x)

Clover Health Investments

IPSC (1360.7% | 0.8x)

Century Therapeutics

SBFM (1373.8% | 0.2x)

Sunshine Biopharma

PRPH (250.3% | 0.5x)

ProPhase Labs

BIAF (5258.7% | 0.2x)

bioAffinity Technologies

Higher Rev Chg LTM (Value for NUTX: 236.0%)

ARWR (23258.2%)

Arrowhead Pharmaceuticals

CYTK (2609.3%)

Cytokinetics

NUVB (1137.2%)

Nuvation Bio

MDGL (864.2%)

Madrigal Pharmaceuticals

PRAX (365.0%)

Praxis Precision Medicines

Higher Rev Chg 3Y Avg (Value for NUTX: 87.7%)

ARWR (7719.5%)

Arrowhead Pharmaceuticals

CYTK (818.6%)

Cytokinetics

BBIO (727.6%)

BridgeBio Pharma

AXSM (296.0%)

Axsome Therapeutics

RYTM (136.1%)

Rhythm Pharmaceuticals

Higher Op Mgn LTM (Value for NUTX: 36.6%)

RPRX (65.2%)

Royalty Pharma

UTHR (48.7%)

United Therapeutics

LLY (43.0%)

Eli Lilly

GILD (38.3%)

Gilead Sciences

ZTS (37.6%)

Zoetis

Higher CFO/Rev LTM (Value for NUTX: 18.1%)

ABBV (35.0%)

AbbVie

MRK (26.6%)

Merck

JNJ (26.3%)

Johnson & Johnson

ABT (20.8%)

Abbott Laboratories

LLY (20.5%)

Eli Lilly

Higher FCF/Rev LTM (Value for NUTX: 18.0%)

ABBV (33.0%)

AbbVie

AMGN (32.1%)

Amgen

ISRG (23.6%)

Intuitive Surgical

MRK (20.3%)

Merck

JNJ (20.3%)

Johnson & Johnson

Higher Total Yield (Value for NUTX: 11.4%)

OGN (35.8%)

Organon

NVAX (30.3%)

Novavax

ARDT (16.2%)

Ardent Health

PFE (13.7%)

Pfizer

PTCT (12.2%)

PTC Therapeutics

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NUTX: 87.7% | 1.1x)

SLF (88.9% | 1.0x)

Sun Life Financial

VYX (9716.9% | 0.5x)

NCR Voyix

EVC (150.3% | 0.7x)

Entravision Communications

IMMR (1178.9% | 0.2x)

Immersion

FOA (175.1% | 0.9x)

Finance of America Companies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NUTX: 87.7% | 3.1x)

IMMR (1178.9% | 1.7x)

Immersion

CANG (100.0% | 0.7x)

Cango

MLCI (446.5% | 2.3x)

Mount Logan Capital

Higher Rev Chg LTM (Value for NUTX: 236.0%)

QXO (8117.4%)

QXO

JOBY (1934.5%)

Joby Aviation

ASTS (641.2%)

AST SpaceMobile

MDU (478.2%)

MDU Resources

NLY (473.5%)

Annaly Capital Management

Higher Rev Chg 3Y Avg (Value for NUTX: 87.7%)

RIVN (103.0%)

Rivian Automotive

NVDA (91.6%)

NVIDIA

CRDO (90.5%)

Credo Technology

APO (89.3%)

Apollo Asset Management

SLF (88.9%)

Sun Life Financial

Higher Op Mgn LTM (Value for NUTX: 36.6%)

NVDA (58.8%)

NVIDIA

MA (58.3%)

Mastercard

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for NUTX: 18.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for NUTX: 18.0%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for NUTX: 11.4%)

CMCSA (25.1%)

Comcast

VZ (18.3%)

Verizon Communications

ENB (13.7%)

Enbridge

TD (12.8%)

Toronto-Dominion Bank

T (12.6%)

AT&T

		Best Bets In Health Care Sector
	NUTX	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	9.3	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	3.2	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	239.9%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	236.0%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	87.7%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	7.8%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Nutex Health Earnings Notes
2	Would You Still Hold Nutex Health Stock If It Fell Another 30%?	Return
3	Nutex Health Stock Soars 53% In A Single Month, Time To Buy The Stock?	Buy or Fear
4	Nutex Health (NUTX) Operating Income Comparison	Financials
5	Nutex Health (NUTX) EBITDA Comparison	Financials
6	Nutex Health (NUTX) Debt Comparison	Financials
7	Nutex Health (NUTX) Operating Cash Flow Comparison	Financials
8	Nutex Health (NUTX) Net Income Comparison	Financials
9	Nutex Health (NUTX) Revenue Comparison	Financials
10	Nutex Health (NUTX) Tax Expense Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NUTX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.1%	21.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.7%	-6.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	16.7%	16.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Nutex Health

Peers to compare with:

Financials

	NUTX	PRVA	AGL	THC	HCA	UHS	Median
Name	Nutex He.	Privia H.	Agilon H.	Tenet He.	HCA Heal.	Universa.
Mkt Price	168.10	23.69	0.70	197.77	474.06	227.08	182.94
Mkt Cap	1.1	2.9	0.3	17.4	113.4	14.3	8.6
Rev LTM	981	2,043	5,886	20,846	72,698	16,993	11,439
Op Inc LTM	359	28	-374	3,347	11,078	1,949	1,154
FCF LTM	176	111	-115	1,502	7,292	950	563
FCF 3Y Avg	64	85	-154	1,678	5,704	773	429
CFO LTM	178	111	-69	2,478	11,935	1,948	1,063
CFO 3Y Avg	69	85	-116	2,550	10,451	1,641	863

Growth & Margins

	NUTX	PRVA	AGL	THC	HCA	UHS	Median
Name	Nutex He.	Privia H.	Agilon H.	Tenet He.	HCA Heal.	Universa.
Rev Chg LTM	236.0%	19.0%	5.2%	-0.6%	6.4%	10.2%	8.3%
Rev Chg 3Y Avg	87.7%	17.4%	42.2%	3.1%	6.6%	8.7%	13.1%
Rev Chg Q	239.9%	32.5%	-1.1%	3.2%	6.4%	13.4%	9.9%
QoQ Delta Rev Chg LTM	23.9%	7.5%	-0.3%	0.8%	1.6%	3.2%	2.4%
Op Mgn LTM	36.6%	1.4%	-6.4%	16.1%	15.2%	11.5%	13.4%
Op Mgn 3Y Avg	13.7%	1.2%	-5.3%	13.8%	15.0%	9.8%	11.7%
QoQ Delta Op Mgn LTM	6.5%	0.3%	0.0%	0.4%	0.1%	0.5%	0.4%
CFO/Rev LTM	18.1%	5.4%	-1.2%	11.9%	16.4%	11.5%	11.7%
CFO/Rev 3Y Avg	9.6%	4.7%	-2.5%	12.3%	15.4%	10.5%	10.0%
FCF/Rev LTM	18.0%	5.4%	-1.9%	7.2%	10.0%	5.6%	6.4%
FCF/Rev 3Y Avg	7.8%	4.7%	-3.3%	8.1%	8.4%	4.9%	6.4%

Valuation

	NUTX	PRVA	AGL	THC	HCA	UHS	Median
Name	Nutex He.	Privia H.	Agilon H.	Tenet He.	HCA Heal.	Universa.
Mkt Cap	1.1	2.9	0.3	17.4	113.4	14.3	8.6
P/S	1.1	1.4	0.0	0.8	1.6	0.8	1.0
P/EBIT	3.2	103.1	-0.9	4.8	10.4	7.2	6.0
P/E	9.3	160.1	-0.9	12.8	19.0	10.4	11.6
P/CFO	6.3	26.3	-4.2	7.0	9.5	7.3	7.2
Total Yield	11.4%	0.6%	-106.2%	7.8%	5.9%	10.0%	6.8%
Dividend Yield	0.7%	0.0%	0.0%	0.0%	0.6%	0.4%	0.2%
FCF Yield 3Y Avg	13.6%	3.3%	-13.4%	13.5%	6.4%	6.1%	6.2%
D/E	0.3	0.0	0.1	0.8	0.4	0.4	0.3
Net D/E	0.2	-0.1	-0.9	0.6	0.4	0.3	0.3

Returns

	NUTX	PRVA	AGL	THC	HCA	UHS	Median
Name	Nutex He.	Privia H.	Agilon H.	Tenet He.	HCA Heal.	Universa.
1M Rtn	22.5%	-1.2%	9.3%	-7.9%	-5.2%	-4.2%	-2.7%
3M Rtn	67.6%	1.5%	-39.0%	0.6%	14.0%	13.8%	7.7%
6M Rtn	39.4%	8.9%	-67.8%	17.0%	27.1%	29.5%	22.1%
12M Rtn	427.5%	19.0%	-63.3%	52.5%	56.8%	25.8%	39.1%
3Y Rtn	-46.1%	1.2%	-95.7%	324.0%	101.8%	63.6%	32.4%
1M Excs Rtn	19.1%	-4.6%	5.9%	-11.2%	-8.6%	-7.5%	-6.1%
3M Excs Rtn	68.2%	-3.5%	-40.6%	-4.4%	9.5%	10.0%	3.0%
6M Excs Rtn	29.0%	-5.2%	-82.5%	1.7%	13.1%	15.3%	7.4%
12M Excs Rtn	455.3%	1.2%	-81.3%	35.9%	40.4%	9.7%	22.8%
3Y Excs Rtn	-122.0%	-79.8%	-177.3%	271.8%	21.9%	-10.3%	-45.1%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/19/2025	3/31/2025	3/29/2024	3/3/2023	3/29/2024	2/14/2022	2/14/2022
Key Financials
Total Revenue	981	480	248	219	332	274	97
EBITDA	370	149	-15	-394	183	158	38
Operating Income	359	138	-2	-5	174	153	35
Net Income	121	52	-46	-425	133	106	21
EPS	20.89	10.23	-10.39	-100.36	30.90	24.69	4.88
Growth Rates
Total Revenue Growth	236.0%	93.8%	12.9%	-33.9%	21.0%	182.3%	-
EBITDA Growth	4559.2%	1120.0%	96.3%	-314.9%	16.0%	314.9%	-
Operating Income Growth	1201.4%	9232.0%	67.0%	-102.6%	13.5%	341.3%	-
Net Income Growth	393.1%	213.8%	89.2%	-420.4%	25.1%	406.5%	-
Margins
EBITDA Margin	37.8%	31.0%	-5.9%	-179.7%	55.3%	57.7%	39.3%
Operating Income Margin	36.6%	28.7%	-0.6%	-2.1%	52.4%	55.9%	35.8%
Net Income Margin	12.3%	10.9%	-18.5%	-193.7%	40.0%	38.7%	21.6%
Cash & Debt
Total Cash	166	41	22	34	36	26	8
Total Debt	359	340	276	267	179	150	120
Net Debt / (Cash)	193	300	254	233	142	125	112
Cash Flows
Net Cash from Operations	178	23	1	51	173	87	12
Free Cash from Operations	176	21	-8	36	137	25	-20
Returns to Shareholders
Dividends	45	6	5	51	144	59	19
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/19/2025	11/18/2025	5/13/2025	3/31/2025	11/7/2024	8/8/2024	5/9/2024	3/29/2024	11/9/2023	8/9/2023	5/15/2023	3/3/2023
Key Financials Quarterly
Total Revenue	268	244	212	258	79	76	67	70	63	59	56	54
Ebitda	134	35	82	119	8	13	8	-22	4	4	-1	-3
Operating Income	130	34	81	114	10	12	1	4	-1	-0	-4	-6
Net Income	55	-18	21	62	-9	-0	-0	-32	-6	-3	-5	-15
EPS	8.27	-2.95	3.74	11.83	-1.72	-0.07	-0.08	-7.50	-1.25	-0.79	-1.20	-3.00
Key Financials TTM
Total Revenue TTM	981	792	624	480	292	276	259	248	232	197	196	219
Ebitda TTM	370	244	223	149	8	4	-5	-15	4	-423	-424	-394
Operating Income TTM	359	239	217	138	28	17	4	-2	-11	-41	-38	-5
Net Income TTM	121	56	74	52	-41	-38	-41	-46	-29	-436	-451	-425
Growth Rates Quarterly
Total Revenue Growth	239.9%	220.7%	214.0%	269.8%	25.6%	29.1%	19.7%	29.7%	120.9%	1.5%	-28.8%	-15.3%
EBITDA Growth	1629.0%	156.9%	872.3%	646.1%	95.4%	243.3%	1313.2%	-701.3%	100.9%	24.5%	-102.4%	-115.9%
Operating Income Growth	1192.3%	181.4%	5462.8%	2703.2%	1397.1%	3401.7%	132.6%	170.5%	97.5%	-114.5%	-115.2%	-130.3%
Net Income Growth	730.8%	-4761.8%	5928.8%	294.9%	-58.6%	89.5%	92.9%	-114.3%	98.7%	82.0%	-124.0%	-205.5%
Margins Quarterly
EBITDA Margin	50.2%	14.2%	38.9%	46.2%	9.9%	17.7%	12.6%	-31.3%	6.3%	6.7%	-1.2%	-5.1%
Operating Income Margin	48.7%	13.8%	38.1%	44.4%	12.8%	15.7%	2.1%	5.9%	-1.2%	-0.6%	-7.9%	-10.8%
Net Income Margin	20.7%	-7.3%	10.0%	23.9%	-11.2%	-0.5%	-0.5%	-45.4%	-8.8%	-5.9%	-9.1%	-27.5%
Cash & Debt
Total Cash	166	97	85	41	47	41	30	22	27	33	33	34
Total Debt	359	345	341	340	303	289	272	276	328	287	282	267
Net Debt / (Cash)	193	249	257	300	256	248	242	254	301	254	249	233
Cash Flows Quarterly
FCF from Operations	100	27	51	0	7	13	3	-2	2	0	1	5
Cash Flows TTM
FCF from Operations TTM	178	85	71	23	21	17	3	1	8	-2	16	51
Returns to Shareholders Quarterly
Dividends	23	11	7	3	2	1	0	1	2	1	2	1
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	50.4%	10.9%	28.9%	53.0%	5.5%	5.1%	0.8%	2.0%	-0.4%	-0.2%	-2.2%	-3.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	35.7%	22.6%	22.0%	15.1%	3.8%	2.2%	0.6%	-0.2%	-1.5%	-5.6%	-5.4%	-0.7%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021
Hospital division	608	279	314	287
Population health management division	28	84	78
Real estate division	19	36	40	107
Total	655	398	432	395

Price Behavior

Price Behavior

Market Price	$168.10
Market Cap ($ Bil)	0.9
First Trading Date	04/08/2013
Distance from 52W High	-11.8%
	50 Days	200 Days
DMA Price	$134.95	$113.72
DMA Trend	up	up
Distance from DMA	24.6%	47.8%
	3M	1YR
Volatility	112.4%	117.3%
Downside Capture	265.71	143.09
Upside Capture	459.05	289.96
Correlation (SPY)	25.7%	24.8%

NUTX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.67	1.93	2.29	1.98	1.46	1.20
Up Beta	-2.93	1.30	1.88	1.54	1.51	1.23
Down Beta	-4.88	0.91	1.05	1.27	0.65	1.30
Up Capture	2%	320%	456%	154%	612%	69%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	20	33	62	128	352
Down Capture	110%	226%	236%	267%	126%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	22	30	63	120	391

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NUTX With Other Asset Classes (Last 1Y)
	NUTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	471.8%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	116.8%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	2.00	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		-4.2%	24.7%	6.4%	-0.7%	10.3%	15.3%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of NUTX With Other Asset Classes (Last 5Y)
	NUTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.0%	8.6%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	1,427.5%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.51	0.41	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		-2.2%	4.1%	1.7%	5.9%	0.2%	1.4%

Based On 10-Year Data

		Comparison of NUTX With Other Asset Classes (Last 10Y)
	NUTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	43.0%	9.8%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	44,909.8%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.49	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		0.3%	2.3%	0.1%	5.0%	0.0%	0.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	816,980
Short Interest: % Change Since 11302025	5.2%
Average Daily Volume	200,209
Days-to-Cover Short Interest	4.08
Basic Shares Quantity	6,701,240
Short % of Basic Shares	12.2%

Returns Analyses

	Title
0	Would You Still Hold Nutex Health Stock If It Fell Another 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/18/2025	13.1%	20.2%	73.3%
8/21/2025	-3.9%	-8.1%	3.7%
3/31/2025	51.8%	60.3%	133.8%
11/7/2024	9.2%	8.4%	32.2%
8/8/2024	27.8%	65.3%	163.9%
3/28/2024	-0.9%	-18.0%	-56.5%
11/9/2023	-4.0%	-6.8%	-25.5%
8/9/2023	-4.4%	-4.3%	-22.9%
...
SUMMARY STATS
# Positive	6	6	6
# Negative	6	6	6
Median Positive	11.2%	35.3%	89.6%
Median Negative	-4.2%	-7.9%	-25.0%
Max Positive	51.8%	65.3%	163.9%
Max Negative	-7.2%	-22.9%	-56.5%

	Forward Returns
11/18/2025	13.1%	20.2%	73.3%
8/21/2025	-3.9%	-8.1%	3.7%
3/31/2025	51.8%	60.3%	133.8%
11/7/2024	9.2%	8.4%	32.2%
8/8/2024	27.8%	65.3%	163.9%
3/28/2024	-0.9%	-18.0%	-56.5%
11/9/2023	-4.0%	-6.8%	-25.5%
8/9/2023	-4.4%	-4.3%	-22.9%
5/15/2023	-7.2%	-7.8%	-24.6%
3/2/2023	1.6%	9.4%	-21.1%
11/22/2022	1.0%	50.5%	105.8%
8/22/2022	-4.7%	-22.9%	-49.7%
SUMMARY STATS
# Positive	6	6	6
# Negative	6	6	6
Median Positive	11.2%	35.3%	89.6%
Median Negative	-4.2%	-7.9%	-25.0%
Max Positive	51.8%	65.3%	163.9%
Max Negative	-7.2%	-22.9%	-56.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11192025	10-Q 9/30/2025
6302025	11182025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	3292024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3032023	10-K 12/31/2022
9302022	11212022	10-Q 9/30/2022
6302022	8222022	10-Q 6/30/2022
3312022	5132022	10-Q 3/31/2022

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Nutex Health (NUTX)

Market Price (12/25/2025): $167.02 | Market Cap: $1.1 BilSector: Health Care | Industry: Health Care Facilities

Nutex Health (NUTX)

Market Price (12/25/2025): $167.02Market Cap: $1.1 BilSector: Health CareIndustry: Health Care Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

NUTX Stock

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Qualitative Assessment

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Fundamental Drivers

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Fundamental Drivers

Market Drivers

Fundamental Drivers

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Return vs. Risk

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In The Past

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About Nutex Health (NUTX)

Nutex Health (NUTX) Major Customers

Addressable Markets:

Share Repurchases

Share Issuance

Inbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Nutex Health (NUTX)

INDUSTRY: Health Care Facilities

Higher Rev Chg LTM (Value for NUTX: 236.0%)

Higher Rev Chg 3Y Avg (Value for NUTX: 87.7%)

Higher CFO/Rev LTM (Value for NUTX: 18.1%)

Higher FCF/Rev LTM (Value for NUTX: 18.0%)

Higher Total Yield (Value for NUTX: 11.4%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for NUTX: 87.7% | 1.1x)

Higher Rev Chg LTM (Value for NUTX: 236.0%)

Higher Rev Chg 3Y Avg (Value for NUTX: 87.7%)

Higher Op Mgn LTM (Value for NUTX: 36.6%)

Higher CFO/Rev LTM (Value for NUTX: 18.1%)

Higher FCF/Rev LTM (Value for NUTX: 18.0%)

Higher Total Yield (Value for NUTX: 11.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NUTX: 87.7% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NUTX: 87.7% | 3.1x)

Higher Rev Chg LTM (Value for NUTX: 236.0%)

Higher Rev Chg 3Y Avg (Value for NUTX: 87.7%)

Higher Op Mgn LTM (Value for NUTX: 36.6%)

Higher CFO/Rev LTM (Value for NUTX: 18.1%)

Higher FCF/Rev LTM (Value for NUTX: 18.0%)

Higher Total Yield (Value for NUTX: 11.4%)

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Market Price (12/25/2025): $167.02 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Health Care Facilities

Market Price (12/25/2025): $167.02
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Health Care Facilities