Free cash flow margins collapsed to negative 47.4% in 2025Q3, yet the company continued to deploy $5.0 million toward share repurchases despite the ongoing liquidity burn.
| Metric | TTM | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'98 |
|---|
| Cash from Operations | -20.57M | 12.72M | 17.76M | 13.75M | 6.95M | 818K | 6.3M | 9.41M | 8.26M | 1.7M | 341K | 961K | -382K | -879K | -362K | -665K | 3.65M | -715.16K | 746.86K | -483.46K | -217.06K | -1.06M | -9.45K | -226.28K | -31.84K | -945.18K | 0 |
| Operating CF Margin % | - | 6.61% | 9.63% | 8.69% | 5.33% | 1.02% | 13.86% | 29.48% | 35.25% | 12.77% | 2.93% | 8.64% | -1.76% | -2.22% | -1.06% | -2.76% | 19.53% | -6.08% | 9.28% | -18.91% | -9.61% | -84.43% | - | - | - | -587.49% | - |
| Operating CF Growth % | -1504.28% | -28.36% | 29.17% | 97.81% | 749.51% | -87.02% | -33% | 13.9% | 385.88% | 398.53% | -64.52% | 351.57% | 56.54% | -142.82% | 45.56% | -118.23% | 610.1% | -195.76% | 254.48% | -122.73% | 79.54% | -11123.81% | 95.82% | -610.65% | 96.63% | - | - |
| Net Income | -73.96M | 2.99M | 9.73M | 17.05M | 17.1M | 9.07M | 9.49M | 9.55M | 7.37M | 69K | -2.93M | -6.23M | -7.34M | 1.55M | 1.56M | 350K | 2.38M | 110.95K | 2.13M | -320.37K | 107.96K | -975.88K | -145.62K | -94.75K | -128.77K | -1.63M | -16.84K |
| Depreciation & Amortization | 4.08M | 4.78M | 4.22M | 3.13M | 2.29M | 1.57M | 778K | 448K | 286K | 435K | 424K | 660K | 839K | 912K | 806K | 774K | 677.41K | 436.49K | 370.25K | 245.03K | 64.8K | 44.78K | 0 | 0 | 0 | 13.62K | 366 |
| Stock-Based Compensation | 2.1M | 2.99M | 2.3M | 2.34M | 1.63M | 2.68M | 820K | 370K | 66K | 200K | 130K | 93K | 133K | 166K | 346K | 267K | 169.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.53M | -934K | -2.3M | -851K | -146K | -54K | 212K | -725K | 227K | 285K | 938K | 4.4M | 1.07M | -168K | -295K | -281K | -105K | -100K | -651K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 30.07M | -1.05M | -2.08M | 1.18M | 1.29M | -236K | -695K | 370K | 1.48M | 200K | 130K | -1.73M | 3.57M | 801K | 1.21M | 1.64M | 58.25M | 8.31M | 5.01M | 452.63K | 527.04K | 111.41K | 20K | 2K | 208 | 0 | -7.81K |
| Working Capital Changes | 12.62M | 3.94M | 5.89M | -9.1M | -15.21M | -12.22M | -4.3M | -607K | -1.16M | 511K | 1.65M | 3.77M | 1.34M | -4.14M | -3.99M | -3.41M | -57.72M | -9.45M | -6.11M | -860.75K | -916.85K | -241.3K | 116.17K | -133.53K | 96.72K | 667.13K | 24.28K |
| Change in Receivables | 14.93M | 8.82M | 8.22M | -6.43M | -14.78M | -8M | -3.04M | -606K | 843K | -1.09M | -277K | 2.44M | 4.72M | -1.73M | -4.87M | -2.59M | -57.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.53M | -2.74M | -1.45M | -4.32M | -3.78M | -7.32M | -2.36M | -414K | -316K | 198K | 1.6M | 726K | -279K | -2.07M | -1.05M | -1.56M | -91.19K | -1.48M | -486.57K | -71.78K | -66.42K | -216.9K | 0 | 0 | 0 | -21.55K | 6.79K |
| Change in Payables | -3.18M | -2.07M | 269K | 1.83M | 2.89M | 3.03M | 1.02M | -515K | -1.22M | 402K | -67K | -199K | 686K | -132K | 876K | 186K | 89.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.3K | 95.52K | 7.03K |
| Cash from Investing | -431K | -578K | -966K | -418K | -16.61M | -985K | -160K | -1.08M | -87K | -174K | 108K | 10K | 117K | -1.58M | -1.27M | -564K | -943.9K | -1.4M | -758.31K | -151.59K | -16.08K | -44.25K | 0 | 0 | 0 | -129.38K | -14.16K |
| Capital Expenditures | -431K | -578K | -1.21M | -418K | -609K | -985K | -160K | -1.08M | -87K | -226K | 0 | -272K | -644K | -1.34M | -1.27M | -672K | -955.19K | -1.45M | -758.31K | -151.59K | -16.08K | -45.75K | 0 | 0 | 0 | -120.29K | 0 |
| CapEx % of Revenue | 0.4% | 0.3% | 0.65% | 0.26% | 0.47% | 1.23% | 0.35% | 3.39% | 0.37% | 1.7% | - | 2.45% | 2.97% | 3.38% | 3.71% | 2.79% | 5.11% | 12.31% | 9.42% | 5.93% | 0.71% | 3.64% | - | - | - | 74.77% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -16M | 0 | 0 | 0 | 0 | 0 | 108K | -3K | -3K | -245K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 50K | 0 | 0 | 0 | 0 | 0 | 0 | -174K | 108K | 282K | 761K | -828K | 0 | 0 | 11.29K | 47K | 0 | 0 | 0 | 1.5K | 0 | 0 | 0 | -9.09K | -14.16K |
| Cash from Financing | -3.37M | -17.09M | 7.64M | -35.8M | 13.1M | 25.3M | -2.23M | -3.76M | -2.85M | -1.3M | -504K | -1.23M | -235K | 2.5M | 1.82M | 968K | -1.84M | 2.12M | -343.1K | 881.51K | 248.8K | 1.11M | 9.45K | 226.28K | 31.84K | 1.06M | 0 |
| Debt Issued (Net) | 1.87M | -334K | 46.22M | -5.45M | 15.86M | -57K | -19K | -507K | -2.52M | -72K | -64K | -1.23M | -149K | 2.49M | 1.92M | 1.09M | -1.96M | 1.39M | -261.34K | 277.03K | 248.8K | -151.67K | -179.08K | 226.28K | 40.94K | 825.65K | 0 |
| Equity Issued (Net) | 9K | -15.63M | -38.66M | -26.38M | -2.51M | 25.2M | -171K | -3.26M | -183K | 0 | 0 | 0 | 0 | 13K | 48K | 0 | 145K | 785.22K | 1.77K | 604.48K | 0 | 1.26M | 0 | 0 | 0 | 284.68K | 0 |
| Dividends Paid | 0 | -9K | -3K | -3.61M | -1K | 0 | -2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -15.63M | -37.92M | -26.43M | -2.67M | 0 | -171K | -3.43M | -377K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.25M | -1.12M | 86K | -352K | -252K | 154K | 221K | 0 | -155K | -1.23M | -440K | 0 | -86K | -2K | -147K | -120K | -30.74K | -56.88K | -83.52K | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 0 |
| Net Change in Cash | -24.37M | -4.95M | 24.43M | -22.47M | 3.44M | 25.13M | 3.91M | 4.56M | 5.32M | 239K | -55K | -260K | -500K | 34K | 187K | -261K | 862.64K | 0 | -354.54K | 246.46K | 15.65K | 3.08K | 0 | 0 | 0 | -17.77K | -14.16K |
| Free Cash Flow | -21M | 12.14M | 16.55M | 13.33M | 6.34M | -167K | 6.14M | 8.33M | 8.17M | 1.47M | 341K | 689K | -1.03M | -2.22M | -1.63M | -1.34M | 2.69M | -2.16M | -11.45K | -635.05K | -233.14K | -1.11M | -9.45K | -226.28K | -31.84K | -1.07M | 0 |
| FCF Margin % | -19.41% | 6.31% | 8.98% | 8.43% | 4.87% | -0.21% | 13.51% | 26.09% | 34.88% | 11.07% | 2.93% | 6.2% | -4.73% | -5.59% | -4.77% | -5.55% | 14.41% | -18.39% | -0.14% | -24.84% | -10.32% | -88.07% | - | - | - | -662.26% | - |
| FCF Growth % | -235.24% | -26.63% | 24.17% | 110.22% | 3896.41% | -102.72% | -26.22% | 1.87% | 454.48% | 332.26% | -50.51% | 167.15% | 53.74% | -36.16% | -21.84% | -149.65% | 224.49% | -18796.26% | 98.2% | -172.39% | 78.93% | -11607.78% | 95.82% | -610.65% | 97.01% | - | - |
| FCF per Share | -0.69 | 0.38 | 0.46 | 0.34 | 0.15 | -0.00 | 0.16 | 0.22 | 0.22 | 0.04 | 0.01 | 0.02 | -0.03 | -0.06 | -0.05 | -0.04 | 0.08 | -0.06 | -0.00 | -0.02 | -0.01 | -0.04 | -0.00 | -1.52 | -20.27 | -446.55 | - |
| FCF Conversion (FCF/Net Income) | 0.28x | 4.25x | 1.82x | 0.81x | 0.41x | 0.09x | 0.66x | 0.98x | 1.12x | 24.64x | -0.12x | -0.16x | 0.05x | -0.57x | -0.23x | -1.90x | 1.53x | -6.45x | 0.35x | 1.51x | -2.01x | 1.09x | 0.06x | 2.39x | 0.25x | 0.58x | - |
| Interest Paid | 0 | 3M | 3.06M | 3.62M | 82K | 894K | 5K | 772K | 0 | 0 | 0 | 0 | 561K | 352K | 411K | 112K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 2.58M | 6.46M | 6.29M | 3.31M | 19K | 2.87M | 12K | 0 | 0 | 0 | 0 | 399K | 1.13M | 911K | 1.07M | 1.31M | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Operational Burn
According to recent financial filings, ZYXI's operating cash flow has decoupled from net income, with the company reporting a negative $6.3 million in operating cash flow against a $42.9 million net loss in 2025Q3, highlighting a severe deterioration in core cash generation capabilities.
The persistent gap between net income and operating cash flow suggests that the company is struggling to convert its recognized revenue into actual liquidity. Investors should monitor whether the reliance on non-cash adjustments and working capital shifts is masking a fundamental inability to sustain operations without external financing.
As reported in quarterly statements, ZYXI's free cash flow margin plummeted to negative 47.4% in 2025Q3, marking a stark reversal from the positive 17.3% margin observed in 2023Q3 and indicating a rapid depletion of internal resources to fund ongoing business activities.
The transition from positive free cash flow to consistent quarterly burn suggests that the company's current cost structure is misaligned with its shrinking revenue base. This trajectory warrants further investigation into whether the company can stabilize its cash position without further diluting shareholders or increasing debt obligations.
Based on reported figures, ZYXI's working capital changes have become increasingly erratic, shifting from a $6.8 million contribution in 2025Q3 to previous periods of negative impact, which suggests significant instability in the company's ability to manage its accounts receivable and inventory cycles effectively.
The volatility in working capital appears to reflect the challenges of collecting on insurance claims in a contracting revenue environment. This instability may indicate that the company is facing longer collection cycles or potential write-downs on uncollectible accounts, which would further pressure liquidity.
Financial statements indicate that ZYXI continued to deploy $5.0 million toward share repurchases in 2025Q3 despite reporting negative operating cash flow, a decision that appears to prioritize short-term equity support over the preservation of liquidity during a period of significant operational distress.
The decision to fund buybacks while the company is burning cash suggests a management strategy that may be disconnected from the current operational reality. Investors should monitor the sustainability of this capital allocation policy, as it may leave the company vulnerable to liquidity shocks if revenue trends do not improve.
Quick answers to the most common questions about buying ZYXI stock.
Zynex, Inc. (ZYXI) generated $12.7M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Zynex, Inc. (ZYXI) generated $12.1M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Zynex, Inc. (ZYXI) spent $0.6M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Zynex, Inc. (ZYXI) returned $0.0M to shareholders via cash dividends and spent $15.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.