Free cash flow surged to $106.0M in 2026Q2 with a 50.3% FCF margin, but working capital swings and negative SBC in prior quarters (e.g., -$78.7M in 2025Q2) suggest cash flow quality may be overstated.
Nutex Health, Inc. (NUTX) cash flow statement — 13-year operating, investing & financing cash flows
| 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'11 | Dec'10 |
|---|
| Cash from Operations | 355.14M | 248.13M | 23.15M | 1.26M | 50.61M | 173.43M | 86.67M | 12.12M | -480.05K | -714.62K | -274.22K | 44.91K | -664.57K | -889.1K |
| Operating CF Margin % | - | 28.35% | 4.82% | 0.51% | 23.08% | 52.31% | 31.63% | 12.49% | -525.37% | -1332.08% | - | - | -26.08% | -70.21% |
| Operating CF Growth % | 133278.16% | 971.64% | 1742.79% | -97.52% | -70.82% | 100.1% | 614.84% | 2625.71% | 32.82% | -160.6% | -710.65% | 106.76% | 25.25% | - |
| Net Income | 179.92M | 180.36M | 95.27M | -43.42M | -432.74M | 168.53M | 145.56M | 32.09M | -950.13K | -6.01M | -451.06K | -536.13K | -383.39K | 158.14K |
| Depreciation & Amortization | 26.49M | 20.53M | 18.97M | 17.59M | 13.13M | 7.66M | 5.96M | 2.48M | 522 | 535.02K | 473 | 662 | 5.92K | 1.5K |
| Stock-Based Compensation | 5.67M | 117M | 16.63M | 2.84M | 189.58K | 0 | 0 | 0 | 208.03K | 924.33K | 0 | 0 | 815 | 5.83K |
| Deferred Taxes | 22.78M | 17.08M | -13.13M | -5.71M | 5M | 0 | 0 | 0 | -123.43K | -115.22K | 0 | 0 | -184.19K | -161.39K |
| Other Non-Cash Items | -49.67M | 902K | 9.81M | 31.62M | 400.71M | -5.51M | 1.18M | -596.94K | -160.67K | 5.52M | -316.72K | 563.79K | 104.01K | -1.05M |
| Working Capital Changes | 16.79M | -87.74M | -104.4M | -1.66M | 64.32M | 2.75M | -66.02M | -21.85M | 310.99K | 193.65K | 307K | -116.58K | -207.73K | 161.39K |
| Change in Receivables | 9.1M | -89.32M | -173.41M | -4.58M | 58.08M | -6.62M | -71.23M | -24.74M | -82.09K | -4K | 0 | 56.7K | -144.7K | -67.91K |
| Change in Inventory | -2.4M | -16K | 540.77K | 142.7K | -719.11K | -1.09M | -825.77K | -486.27K | 127 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 18.45M | 37.85M | -10.72M | -2.25M | 9.69M | 6.27M | 6.23M | 1.63M | 402.25K | 119.22K | 187.03K | 77.79K | -63.03K | 229.3K |
| Cash from Investing | -10.32M | -5.24M | -2.67M | -11.24M | -4.34M | -36.98M | -61.19M | -31.23M | -116.96K | 2.05K | -9.99K | 1.83K | 18.1K | -477.69K |
| Capital Expenditures | -6.65M | -2.53M | -2.3M | -9.5M | -14.63M | -36.93M | -61.19M | -32.28M | 0 | 0 | 0 | 0 | -19.39K | -5.69K |
| CapEx % of Revenue | 0.79% | 0.29% | 0.48% | 3.83% | 6.67% | 11.14% | 22.33% | 33.25% | - | - | - | - | 0.76% | 0.45% |
| Acquisitions | 3.99M | 0 | -361.32K | -1.74M | 10.3M | -48.85K | 0 | 1.04M | -116.96K | -30.8K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.31M | -4.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.85K | -9.99K | 1.83K | 37.49K | -472K |
| Cash from Financing | -209.98M | -97.95M | 1.09M | -2.27M | -48.13M | -125.85M | -7.97M | 21.71M | 704.57K | 711.5K | 172.44K | -51.28K | 0 | 22.89K |
| Debt Issued (Net) | -26.33M | -19.44M | -7.4M | 2.65M | -5.59M | -3.22M | 41.27M | 35.57M | 0 | 461K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -87.34M | -5M | 9.2M | 0 | 4.76M | 0 | 120K | 0 | 0 | 275K | 0 | 0 | 0 | 0 |
| Dividends Paid | -99.48M | -74.28M | -6.44M | -5.21M | -51.23M | -144.34M | -59.05M | -18.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -87.42M | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -28.93M | 767K | 5.73M | 298.03K | 3.93M | 21.71M | 9.69M | 5.05M | 756.39K | -24.5K | 172.44K | -51.28K | 0 | 22.89K |
| Net Change in Cash | 135.14M | 145.23M | 21.58M | -12.25M | -1.86M | 10.6M | 17.51M | 2.6M | 109.82K | -1.07K | -111.77K | -4.54K | -240.75K | -391.52K |
| Free Cash Flow | 348.49M | 245.6M | 20.85M | -8.24M | 35.97M | 136.51M | 25.48M | -20.15M | -480.05K | -714.62K | -274.22K | 44.91K | -683.97K | -894.79K |
| FCF Margin % | 41.16% | 28.06% | 4.34% | -3.33% | 16.4% | 41.17% | 9.3% | -20.76% | -525.37% | -1332.08% | - | - | -26.84% | -70.66% |
| FCF Growth % | 318.66% | 1077.94% | 353.02% | -122.91% | -73.65% | 435.67% | 226.46% | -4097.63% | 32.82% | -160.6% | -710.65% | 106.57% | 23.56% | - |
| FCF per Share | 48.55 | 36.35 | 4.09 | -1.87 | 8.50 | 34.54 | 5.94 | -4.87 | -0.07 | -0.17 | -0.13 | 0.02 | -0.57 | -0.75 |
| FCF Conversion (FCF/Net Income) | 1.94x | 3.51x | 0.44x | -0.03x | -0.12x | 1.31x | 0.82x | 0.58x | 0.17x | -1.23x | 0.04x | 0.54x | 1.73x | -5.62x |
| Interest Paid | 1.3M | 2.51M | 3.47M | 1.64M | 4.62M | 4.1M | 3.25M | 427.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 19.25M | 72.81M | 798.99K | 849.36K | 8.23M | 335.34K | 181.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NUTX stock.
Nutex Health, Inc. (NUTX) generated $248.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nutex Health, Inc. (NUTX) generated $245.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nutex Health, Inc. (NUTX) spent $2.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Nutex Health, Inc. (NUTX) returned $74.3M to shareholders via cash dividends and spent $5.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue volatility and negative SBC
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Earnings Quality
Nutex Health's operating cash flow exceeded net income in most quarters, with OCF/NI reaching 1.67 in 2026Q2, but 2025Q2 showed a negative ratio of -1.54, indicating inconsistent earnings quality.
The wide swings in the OCF/NI ratio, from -36.42 in 2024Q2 to 5.95 in 2025Q4, suggest that net income is not a reliable indicator of cash generation. The negative SBC in several quarters, such as -$78.7M in 2025Q2, complicates the interpretation of earnings quality, as it may reflect non-cash adjustments that are not fully transparent.
Free Cash Flow Surges but Sustainability Questioned
Free cash flow jumped from $2.3M in 2024Q1 to $106.0M in 2026Q2, with FCF margin expanding to 50.3%, yet the erratic pattern and negative FCF in 2024Q4 raise doubts about durability.
The recent FCF margins of 34-50% are far above the peer average of 10.4% for Addus HomeCare, suggesting either exceptional operational performance or one-time benefits. The negative FCF in 2024Q4 (-$341.8K) and the sharp recovery thereafter indicate that the trajectory is not smooth, and investors should monitor whether the high margins can be sustained.
Minimal Capital Expenditure Suggests Asset-Light Model
Capital expenditures averaged only 0.8% of revenue over the last ten quarters, with the highest at 1.8% in 2026Q2, indicating a low capital intensity that may not support long-term growth.
The consistently low CapEx/Revenue ratio, below 2% in all quarters, suggests that Nutex Health is not investing heavily in fixed assets, which may be appropriate for a healthcare services model but could limit future expansion. The minimal depreciation and amortization (around $5M per quarter) relative to revenue implies that the company's asset base is not being replenished, which may indicate a reliance on intangible assets or outsourced facilities.
Working Capital Swings Drive Cash Flow Variability
Working capital changes ranged from -$109.1M in 2024Q4 to +$56.9M in 2025Q4, with a positive $12.1M in 2026Q1, indicating that cash flow is heavily influenced by timing of receivables and payables.
The large negative working capital changes in 2024Q4 and 2025Q2 suggest significant cash outflows, possibly due to receivable collections or inventory build-up, while the positive changes in 2025Q4 and 2026Q1 indicate cash inflows from working capital. This volatility makes it difficult to assess the underlying operational cash generation, and investors should monitor the efficiency of collections and payables management.
Aggressive Capital Return Despite Earnings Volatility
Nutex Health paid $28.6M in dividends and repurchased $50.7M of stock in 2026Q2, totaling $79.3M, which exceeds operating cash flow of $109.7M, indicating a high payout ratio.
The company has been returning significant capital to shareholders, with dividends and buybacks totaling over $100M in the last two quarters, while also generating strong operating cash flow. However, the sustainability of these payouts is questionable given the volatile earnings and the negative SBC, which may indicate that the company is using cash to support its stock price rather than reinvesting in growth.
Cash Flow Statement May Overstate Operational Strength
The negative stock-based compensation in several quarters, such as -$78.7M in 2025Q2, suggests that reported operating cash flow may be inflated by non-cash adjustments, warranting closer scrutiny.
The unusual negative SBC figures, which are not typical for most companies, could indicate that the company is capitalizing certain costs or that there are complex equity arrangements. Additionally, the minimal capital expenditures and the large swings in working capital suggest that the reported free cash flow may not be a reliable indicator of sustainable cash generation. Investors should investigate the nature of these adjustments and the company's actual cash needs.