Revenue growth remains inconsistent with quarterly fluctuations, while gross margins have swung wildly from a low of 15.1% in 2024Q1 to a peak of 57.8% in 2025Q3.
| 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 |
|---|
| Sales/Revenue | 879.95M | 875.26M | 479.95M | 247.65M | 219.29M | 331.53M | 274.03M | 97.06M | 91.37K | 53.65K | 0 | 0 | 2.55M | 1.27M |
| Revenue Growth % | 40.95% | 82.36% | 93.8% | 12.93% | -33.85% | 20.98% | 182.34% | 106120.79% | 70.32% | - | - | -100% | 101.26% | - |
| Cost of Goods Sold | 462.28M | 430.98M | 283.69M | 212.87M | 203.87M | 152.25M | 116.42M | 0 | 62.3K | 564.37K | 473 | 662 | 1.53M | 783.17K |
| COGS % of Revenue | - | 49.24% | 59.11% | 85.96% | 92.97% | 45.92% | 42.49% | - | 68.18% | 1052% | - | - | 60.01% | 61.84% |
| Gross Profit | 417.67M | 444.28M | 196.26M | 34.77M | 15.42M | 179.28M | 157.61M | 97.06M | 29.07K | -510.72K | -473 | -662 | 1.02M | 483.19K |
| Gross Margin % | 47.47% | 50.76% | 40.89% | 14.04% | 7.03% | 54.08% | 57.51% | 100% | 31.82% | -952% | - | - | 39.99% | 38.16% |
| Gross Profit Growth % | - | 126.37% | 464.39% | 125.49% | -91.4% | 13.75% | 62.39% | 333716.41% | 105.69% | -107874.63% | 28.55% | -100.06% | 110.92% | - |
| Operating Expenses | 145.36M | 168.66M | 65.64M | 66.55M | 422.02M | 9.02M | 4.43M | 62.35M | 1.8M | 5.69M | 448.12K | 532.33K | 1.86M | 1.83M |
| OpEx % of Revenue | - | 19.27% | 13.68% | 26.87% | 192.44% | 2.72% | 1.62% | 64.24% | 1967.03% | 10598.18% | - | - | 73.13% | 144.46% |
| Selling, General & Admin | 56M | 168.66M | 58.56M | 36.07M | 20M | 5.46M | 4.43M | 59.87M | 1.16M | 1.81M | 448.12K | 532.33K | 1.86M | 1.83M |
| SG&A % of Revenue | - | 19.27% | 12.2% | 14.56% | 9.12% | 1.65% | 1.62% | 61.68% | 1273.64% | 3380.66% | - | - | 73.13% | 144.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 285.88K | 0 | 0 | 545.22K | 25.64K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 0.09% | - | - | 596.7% | 47.8% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 7.08M | 30.48M | 402.02M | 3.27M | 0 | 2.48M | 633.57K | 3.87M | 0 | 0 | 0 | 0 |
| Operating Income | 276.23M | 275.63M | 130.62M | -31.77M | -406.6M | 170.26M | 153.17M | 34.71M | -1.83M | -5.69M | -448.6K | -532.99K | -844.58K | -1.35M |
| Operating Margin % | 31.39% | 31.49% | 27.22% | -12.83% | -185.41% | 51.36% | 55.9% | 35.76% | -2003.39% | -10611.81% | - | - | -33.14% | -106.31% |
| Operating Income Growth % | - | 111.01% | 511.1% | 92.19% | -338.8% | 11.16% | 341.29% | 1996.18% | 67.84% | -1169.04% | 15.83% | 36.89% | 37.26% | - |
| EBITDA | 297.16M | 296.15M | 149.59M | -14.18M | -393.47M | 178.02M | 159.07M | 37.19M | -1.83M | -5.16M | -448.13K | -532.33K | -844.58K | -1.35M |
| EBITDA Margin % | 33.77% | 33.84% | 31.17% | -5.73% | -179.42% | 53.7% | 58.05% | 38.32% | -2002.82% | -9614.51% | - | - | -33.14% | -106.31% |
| EBITDA Growth % | 34.3% | 97.97% | 1154.79% | 96.4% | -321.02% | 11.91% | 327.75% | 2132.1% | 64.52% | -1050.99% | 15.82% | 36.97% | 37.26% | - |
| D&A (Non-Cash Add-back) | 20.93M | 20.53M | 18.97M | 17.59M | 13.13M | 7.76M | 5.9M | 2.48M | 522 | 535.02K | 473 | 662 | 0 | 0 |
| EBIT | 189.72M | 267.01M | 129.68M | -32.17M | -407.16M | 175.69M | 152.17M | 35.62M | -840.33K | -5.64M | -448.48K | -532.98K | -815.44K | -1.34M |
| Net Interest Income | -16.11M | -22.23M | -19.93M | -16.32M | -12.49M | -6.2M | -6.43M | -3.53M | 0 | 0 | -2.46K | -3.14K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114 | 4 | 29.14K | 8.27K |
| Interest Expense | 20.79M | 22.23M | 19.93M | 16.32M | 12.49M | 6.2M | 6.43M | 3.53M | -642.07K | -367.35K | 2.58K | 3.15K | 0 | 0 |
| Other Income/Expense | -26.1M | -30.84M | -20.87M | -16.72M | -13.05M | -773.88K | -7.43M | -2.62M | -983.68K | -314.55K | -2.46K | -3.14K | 29.14K | 8.27K |
| Pretax Income | 250.13M | 244.78M | 109.75M | -48.49M | -419.65M | 169.49M | 145.74M | 32.09M | -2.81M | 582.06K | -451.06K | -536.13K | -815.44K | -1.34M |
| Pretax Margin % | 28.42% | 27.97% | 22.87% | -19.58% | -191.36% | 51.12% | 53.18% | 33.06% | -3079.95% | 1084.99% | - | - | -31.99% | -105.65% |
| Income Tax | 57.81M | 64.42M | 14.48M | -5.07M | 13.09M | 965.73K | 181.34K | 0 | -161.14K | -535.02K | 0 | 0 | -432.05K | -1.5M |
| Effective Tax Rate % | 23.11% | 26.32% | 13.19% | 10.45% | -3.12% | 0.57% | 0.12% | 0% | 5.73% | -91.92% | 0% | 0% | 52.98% | 111.82% |
| Net Income | 96.38M | 70.79M | 52.18M | -45.79M | -424.78M | 132.59M | 105.97M | 20.92M | -2.81M | 582.06K | -7.43M | 83.81K | -383.39K | 158.14K |
| Net Margin % | 10.95% | 8.09% | 10.87% | -18.49% | -193.7% | 39.99% | 38.67% | 21.56% | -3079.95% | 1084.99% | - | - | -15.04% | 12.49% |
| Net Income Growth % | 43.47% | 35.67% | 213.96% | 89.22% | -420.36% | 25.12% | 406.47% | 843.47% | -583.5% | 107.83% | -8968.07% | 121.86% | -342.44% | - |
| Net Income (Continuing) | 176.36M | 180.36M | 95.27M | -43.42M | -432.74M | 168.53M | 145.56M | 32.09M | -950.13K | -6.01M | -451.06K | -536.13K | -546.98K | -839.17K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 95.76M | 93.99M | 55.55M | 17.65M | 24.46M | 76.93M | 61.56M | 22.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.43 | 10.48 | 9.71 | -10.39 | -100.36 | 33.55 | 24.69 | 3.98 | -0.39 | 0.14 | -3.60 | 0.04 | -0.32 | 0.13 |
| EPS Growth % | 8.36% | 7.93% | 193.46% | 89.65% | -399.14% | 35.88% | 520.35% | 1120.51% | -378.57% | 103.89% | -8967% | 112.69% | -346.15% | - |
| EPS (Basic) | - | 11.13 | 10.23 | -10.39 | -100.50 | 33.55 | 24.69 | 3.98 | -0.39 | 0.14 | -3.60 | 0.04 | -0.32 | 0.13 |
| Diluted Shares Outstanding | 7.18M | 6.76M | 5.1M | 4.41M | 4.23M | 3.95M | 4.29M | 4.14M | 7.18M | 4.18M | 2.07M | 2.07M | 1.2M | 1.2M |
| Basic Shares Outstanding | 6.7M | 6.36M | 5.1M | 4.41M | 4.23M | 4.02M | 4.29M | 4.14M | 7.18M | 4.18M | 2.07M | 2.07M | 1.2M | 1.2M |
| Dividend Payout Ratio | - | - | 12.34% | - | - | 108.86% | 55.72% | 90.34% | - | - | - | - | - | - |
Regulatory reimbursement volatility
As reported in financial statements, Nutex Health experienced significant quarterly revenue fluctuations, including a notable 41.1% contraction in 2025Q4, suggesting that the company's growth trajectory is highly sensitive to integration timing and potential shifts in patient volume across its decentralized micro-hospital footprint and population health management segments.
The erratic revenue pattern indicates that the company's top-line growth is likely driven by episodic acquisitions or merger-related accounting rather than consistent organic expansion. Investors should monitor whether the recent revenue volatility reflects structural challenges in maintaining patient census or merely the noise associated with integrating disparate healthcare assets.
Based on the provided income statement data, Nutex Health's gross margin has fluctuated wildly from a low of 15.1% in 2024Q1 to a peak of 57.8% in 2025Q3, highlighting a lack of structural consistency in the company's ability to manage its high fixed-cost clinical base.
The wide variance in gross margins suggests that the company's payer mix or cost-per-visit metrics are highly unstable, potentially due to the inherent unpredictability of emergency room billing and collection cycles. This inconsistency warrants further investigation into whether the company possesses genuine pricing power or if margins are simply benefiting from temporary, non-recurring operational efficiencies.
According to recent SEC filings, Nutex Health's net income has been significantly impacted by massive swings in stock-based compensation, which reached $106.4 million in 2025Q2, creating substantial noise that obscures the underlying operational profitability of the firm's core healthcare services and population health management activities.
The extreme volatility in stock-based compensation suggests that reported EPS figures may not accurately reflect the company's cash-generating capability or operational health. Analysts should focus on adjusted metrics that strip out these non-cash charges to determine if the business is truly scaling its bottom line or merely managing accounting optics.
As indicated by the historical income statement data, Nutex Health's operating margin has swung from a negative 37.5% in 2023Q4 to a positive 48.7% in 2025Q3, demonstrating that the company has yet to establish a predictable relationship between its revenue growth and its fixed operating expense structure.
The lack of a stable operating leverage profile suggests that the company's SG&A and facility-level costs are not yet optimized for consistent profitability. This volatility implies that management may be struggling to balance the high fixed costs of 24/7 clinical staffing with the fluctuating patient volumes inherent in the micro-hospital model.
Quick answers to the most common questions about buying NUTX stock.
For fiscal year 2025, Nutex Health, Inc. (NUTX) reported total revenue of $875.3M. This represents a 69016.0% increase compared to $1.3M in 2010.
Nutex Health, Inc. (NUTX) is profitable, generating $70.8M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Nutex Health, Inc. (NUTX) reported an operating income of $275.6M, resulting in an operating profit margin of 31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Nutex Health, Inc. (NUTX) generated $444.3M in gross profit for the year, representing a gross profit margin of 50.8%. This demonstrates the company's core pricing power and production efficiency.