Despite maintaining consistent gross margins near 80%, the company struggles with operating leverage, as evidenced by operating margins that swung from -14.1% in 2024Q2 to 6.1% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 56.64M | 54.9M | 52.16M | 46.98M | 101.25M | 80.01M | 58.68M | 48.45M | 31.79M | 25.16M | 20.52M | 13.84M | 7.12M | 5.96M | 2.78M |
| Revenue Growth % | 221.78% | 5.24% | 11.04% | -53.6% | 26.55% | 36.34% | 21.12% | 52.41% | 26.33% | 22.61% | 48.34% | 94.41% | 19.45% | 113.94% | - |
| Cost of Goods Sold | 11.37M | 11.23M | 11.52M | 10.48M | 9.17M | 7.67M | 6.51M | 5.57M | 4.31M | 3.31M | 2.94M | 2.82M | 2.25M | 2.01M | 1.09M |
| COGS % of Revenue | - | 20.45% | 22.08% | 22.31% | 9.06% | 9.58% | 11.09% | 11.49% | 13.56% | 13.16% | 14.32% | 20.38% | 31.57% | 33.67% | 39.16% |
| Gross Profit | 45.27M | 43.67M | 40.65M | 36.5M | 92.08M | 72.35M | 52.18M | 42.88M | 27.48M | 21.85M | 17.58M | 11.02M | 4.87M | 3.95M | 1.69M |
| Gross Margin % | 79.92% | 79.55% | 77.92% | 77.69% | 90.94% | 90.42% | 88.91% | 88.51% | 86.44% | 86.84% | 85.68% | 79.62% | 68.43% | 66.33% | 60.84% |
| Gross Profit Growth % | - | 7.44% | 11.37% | -60.36% | 27.28% | 38.66% | 21.66% | 56.06% | 25.75% | 24.27% | 59.63% | 126.18% | 23.24% | 133.23% | - |
| Operating Expenses | 44.6M | 44.58M | 42.54M | 36.18M | 91.25M | 66.22M | 46.68M | 39.47M | 26.68M | 24.61M | 29.09M | 20.33M | 6.5M | 3.51M | 3.04M |
| OpEx % of Revenue | - | 81.2% | 81.54% | 77.01% | 90.12% | 82.76% | 79.55% | 81.46% | 83.93% | 97.79% | 141.72% | 146.96% | 91.29% | 58.95% | 109.21% |
| Selling, General & Admin | 43.12M | 42.93M | 41.1M | 34.92M | 81.95M | 62.27M | 44M | 37.46M | 25.12M | 22.59M | 26.52M | 19.06M | 6.29M | 3.44M | 2.99M |
| SG&A % of Revenue | - | 78.21% | 78.79% | 74.34% | 80.94% | 77.83% | 74.98% | 77.31% | 79.03% | 89.78% | 129.22% | 137.78% | 88.34% | 57.76% | 107.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 343K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 1.08% | - | - | - | - | - | - |
| Other Operating Expenses | 1.48M | 1.64M | 1.44M | 1.26M | 9.3M | 3.95M | 2.68M | 2.01M | -47.77K | -64.45K | 13.29K | 22.12K | -64.08K | -32K | 36.32K |
| Operating Income | 665.64K | -905.48K | -1.89M | 318.3K | 828.25K | 6.13M | 5.49M | 3.41M | 205.11K | -3.17M | -15.02M | -9.32M | -1.63M | 439.79K | -1.35M |
| Operating Margin % | 1.18% | -1.65% | -3.62% | 0.68% | 0.82% | 7.66% | 9.36% | 7.05% | 0.65% | -12.62% | -73.2% | -67.34% | -22.86% | 7.38% | -48.37% |
| Operating Income Growth % | - | 52.07% | -693.48% | -61.57% | -86.48% | 11.54% | 60.84% | 1564.75% | 106.46% | 78.87% | -61.25% | -472.72% | -469.88% | 132.65% | - |
| EBITDA | 2.39M | 808.24K | 2.83M | 8.9M | 7.47M | 10.05M | 8.23M | 5.31M | 1.76M | -1.16M | -12.46M | -8.05M | -1.42M | 510.51K | -1.3M |
| EBITDA Margin % | 4.22% | 1.47% | 5.43% | 18.95% | 7.38% | 12.56% | 14.02% | 10.97% | 5.54% | -4.6% | -60.69% | -58.17% | -19.91% | 8.57% | -46.58% |
| EBITDA Growth % | 25.58% | -71.47% | -68.17% | 19.07% | -25.61% | 22.14% | 54.81% | 201.69% | 252.16% | 90.71% | -54.79% | -468.09% | -377.48% | 139.35% | - |
| D&A (Non-Cash Add-back) | 1.72M | 1.71M | 4.72M | 8.58M | 6.65M | 3.92M | 2.73M | 1.9M | 1.56M | 2.02M | 2.57M | 1.27M | 210.12K | 70.72K | 49.81K |
| EBIT | 809.88K | -905.48K | -1.82M | 297.4K | 1.24M | 6.15M | 5.44M | 3.53M | 737.5K | -2.91M | -11.49M | -9.32M | -1.63M | 407.79K | -1.35M |
| Net Interest Income | 0 | 0 | 280.29K | -64.29K | -820.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 280.29K | 0 | 133.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 64.29K | 953.53K | 0 | 0 | 0 | 0 | 0 | 15K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 711.38K | 675.97K | 280.29K | -64.29K | -133.1K | -69.88K | -79.48K | -42.22K | -33.59K | -64.45K | -1.47K | 283.27K | -64.08K | -32K | 36.32K |
| Pretax Income | 1.38M | -229.5K | -1.61M | 254.01K | 695.15K | 6.06M | 5.41M | 3.37M | 215.35K | -3.24M | -15.01M | -9.03M | -1.69M | 407.79K | -1.31M |
| Pretax Margin % | 2.43% | -0.42% | -3.08% | 0.54% | 0.69% | 7.57% | 9.22% | 6.96% | 0.68% | -12.87% | -73.13% | -65.29% | -23.76% | 6.84% | -47.07% |
| Income Tax | 36.36K | 38.65K | 5.61K | 11.02M | 68.45K | -1.51M | -7.75M | 48.71K | -37.73K | 35.88K | 164.43K | -235.85K | 1.34M | 252.15K | -574.53K |
| Effective Tax Rate % | 2.64% | -16.84% | -0.35% | 4339.82% | 9.85% | -24.92% | -143.27% | 1.44% | -17.52% | -1.11% | -1.1% | 2.61% | -79.28% | 61.83% | 43.83% |
| Net Income | 3.24M | 2.91M | -5.8M | -9.75M | 626.71K | 7.57M | 13.17M | 3.32M | 253.08K | -3.28M | -15.17M | -8.8M | -3.03M | 155.63K | -736.29K |
| Net Margin % | 5.72% | 5.3% | -11.11% | -20.76% | 0.62% | 9.46% | 22.44% | 6.86% | 0.8% | -13.02% | -73.93% | -63.59% | -42.59% | 2.61% | -26.44% |
| Net Income Growth % | 138.06% | 150.15% | 40.56% | -1656.11% | -91.72% | -42.55% | 296.16% | 1213.29% | 107.73% | 78.42% | -72.48% | -190.22% | -2047.65% | 121.14% | - |
| Net Income (Continuing) | 1.34M | -268.16K | -1.61M | -10.77M | 626.71K | 7.57M | 13.17M | 3.32M | 146.7K | -3.43M | -15.17M | -8.8M | -3.03M | 155.63K | -736.29K |
| Discontinued Operations | 1.81M | 3.18M | -4.18M | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 25K | 25K | 25K | 25K | 25K | 25K | 100 | 100 | 100 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.23 | 0.19 | -0.39 | -0.66 | 0.04 | 0.44 | 0.90 | 0.23 | 0.02 | -0.25 | -1.20 | -0.88 | -0.56 | 0.02 | -0.08 |
| EPS Growth % | 138.3% | 148.72% | 40.91% | -1624.25% | -90.16% | -51.11% | 291.3% | 1177.78% | 107.2% | 79.17% | -36.36% | -57.14% | -3394.12% | 121.17% | - |
| EPS (Basic) | - | 0.19 | -0.39 | -0.66 | 0.04 | 0.46 | 0.94 | 0.24 | 0.02 | -0.25 | -1.20 | -0.88 | -0.56 | 0.02 | -0.08 |
| Diluted Shares Outstanding | 14.19M | 15.13M | 15.15M | 14.69M | 14.87M | 14.94M | 14.58M | 14.47M | 14.03M | 13.25M | 12.7M | 10.04M | 5.45M | 9.17M | 9.17M |
| Basic Shares Outstanding | 14.18M | 15.13M | 14.92M | 14.69M | 14.49M | 14.32M | 14M | 13.82M | 13.67M | 13.2M | 12.64M | 10M | 5.41M | 9.17M | 9.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating margin volatility
As reported in recent financial filings, JYNT's revenue growth has exhibited significant volatility, ranging from a 139.6% surge in 2025Q4 to a 55.7% contraction in 2025Q3, suggesting that the company's top-line trajectory remains highly sensitive to accounting adjustments and regional developer activity.
The erratic quarterly revenue figures indicate that the company's growth is not yet following a predictable organic path. Investors should monitor whether the recent 13.3% growth in 2026Q1 represents a stabilization of the core membership model or merely a temporary recovery from prior period distortions.
Based on the provided income statement data, JYNT maintains robust gross margins consistently near 80%, yet these figures fail to translate into sustained operating profitability, highlighting a structural disconnect between service delivery efficiency and the overhead required to support the current franchise-heavy business model.
The ability to maintain gross margins above 79% confirms the inherent scalability of the retail chiropractic model. However, the persistent inability to convert this gross profit into consistent operating income suggests that corporate-level expenses are currently outpacing the revenue generated by the expanding clinic footprint.
According to the latest quarterly data, JYNT's operating income has struggled to scale alongside gross profit, with operating margins fluctuating between -14.1% and 6.1% over the last ten quarters, indicating that the company has yet to achieve the necessary operating leverage to justify its current overhead.
The lack of consistent operating leverage implies that the company's G&A burden is not yet optimized for its 700-plus unit scale. Further investigation is warranted to determine if the recent positive operating margin in 2026Q1 is a sustainable inflection point or a result of temporary cost-cutting measures.
As evidenced by the provided financial statements, JYNT's net income has been subject to extreme swings, including a $11.0 million loss in 2023Q4, which complicates the assessment of true underlying profitability and suggests that non-operating items or accounting adjustments are significantly distorting reported earnings per share.
The reliance on stock-based compensation and the potential impact of re-acquired franchise units suggest that reported net income may not accurately reflect the cash-generating capability of the business. Investors should be cautious of the wide variance in quarterly EPS, which appears disconnected from the company's core operational performance.
Based on an analysis of the income statement, short-term margin compression risks remain elevated, as the company's operating expenses have frequently exceeded gross profits, raising concerns about the long-term viability of the corporate-owned clinic strategy in a tightening labor market for licensed professional staff.
The primary risk to the current narrative is that the corporate-owned clinic model may be inherently less profitable than the pure-play franchise model due to higher labor and rent exposure. If the company cannot demonstrate a clear path to sustained positive operating margins, the market may continue to discount the stock relative to its asset-light peers.
Quick answers to the most common questions about buying JYNT stock.
For fiscal year 2025, The Joint Corp. (JYNT) reported total revenue of $54.9M. This represents a 1871.2% increase compared to $2.8M in 2012.
The Joint Corp. (JYNT) is profitable, generating $2.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
The Joint Corp. (JYNT) reported an operating income of $-0.9M, resulting in an operating profit margin of -1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
The Joint Corp. (JYNT) generated $43.7M in gross profit for the year, representing a gross profit margin of 79.6%. This demonstrates the company's core pricing power and production efficiency.