Lumexa Imaging Holdings, Inc. (LMRI)

Price$12.18Cached quoteAs of 2026-09-05 02:02 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because modest growth is offset by heavy debt.

At the observed quote, 96.1 million shares imply roughly $1.10 billion of market value. Adding about $904 million of net debt gives an enterprise value—shares plus debt minus cash—near $2.01 billion. This is about 8.4 times management’s 2026 adjusted profit guidance before interest, taxes, depreciation and amortization. Using recent figures that include more company costs, the multiple is roughly 16 times. Shares also cost about 15.5 times adjusted profit-per-share guidance while reported trailing earnings remain negative. Those mixed signals support a fair, not bargain, verdict.

Big pictureSales and cash are improving, but one strong half does not prove lasting progress.

Revenue rose 7.8% in 2025, and second-quarter 2026 revenue grew 5.1% while a $7.2 million loss became a $2.7 million profit. First-half operating cash improved to $35.7 million from an $11.9 million outflow, leaving $20.7 million after cash equipment purchases; this remainder is commonly called free cash flow. However, another $18.0 million of equipment was financed through leases, so that simple measure flatters durability. First-quarter demand is seasonally weakest when insurance deductibles reset, making full-year evidence more useful than one strong quarter.

Business strengthA broad imaging network supports demand, but debt and potential dilution weaken protection.

At June 30, 192 centers across 14 states and nine health-system partnerships provided scale; consolidated advanced scans grew 6.8% in the quarter. Still, $69.7 million of cash stood against about $974.1 million of total debt. Current assets exceeded current liabilities by $78.1 million, easing near-term pressure. Goodwill—purchase value not backed by physical or financial assets—was $807.6 million, exceeding $615.1 million of equity. The 2025 offering directed $406.4 million to debt repayment. Shares stayed near 96 million, but 4.6 million potentially dilutive awards warrant attention.

What could change the storyNew centers must lift cash faster than labor and financing costs consume it.

The bull case needs revenue near the $1.045-$1.097 billion guide, adjusted operating profit of $235-$241 million and cash after equipment spending to keep strengthening; debt repayment would shift more business value to shareholders. The bear case is visible: first-half outpatient adjusted operating profit fell 4.6% as wages and supplies rose despite revenue growth. The valuation assumes expansion and higher-value scans can restore margins without major share issuance. Sustained free cash above $50 million and net debt below three times adjusted operating profit would strengthen the case; renewed losses or borrowing-financed growth would weaken it.

AI: News

Quarterly profit turnSecond-quarter sales grew and profit returned, but flat underlying profit limited the result.

On August 12, Lumexa reported quarterly revenue of $264.2 million, up 5.1%, and net income of $2.7 million versus a $7.2 million loss one year earlier. Advanced outpatient scans rose 6.8%. Adjusted profit before interest, taxes, depreciation and amortization edged up only 0.3% to $56.4 million, while its margin fell to 21.4% from 22.4%. Management retained its revenue and adjusted profit-per-share outlooks and narrowed its adjusted profit range to $235-$241 million without changing the midpoint.

Debt repriced lowerA lower borrowing spread should save cash, though the company remains heavily indebted.

On June 30, Lumexa cut the interest-rate add-on on its $825 million refinancing term loan and $250 million revolving facility from 3.0 to 2.5 percentage points above benchmark rates. At an unchanged term-loan balance, the half-point reduction implies about $4.1 million of annual pretax interest savings; that is a calculation, not company guidance. The facility remains secured by substantially all assets, so lower interest helps cash flow but does not remove the balance-sheet risk.

New York partnershipThe new partnership expands New York reach without proving near-term earnings growth yet.

On June 2, Lumexa formed its ninth health-system partnership, this time creating a jointly owned business with Hospital for Special Surgery to pursue advanced outpatient imaging across the New York City area. The arrangement could provide referrals and specialized musculoskeletal expertise. However, ownership percentages, capital commitments, opening dates and expected revenue were not disclosed. It is therefore a credible growth option, not yet a measurable earnings catalyst; future center openings and cash returns from the partnership are the useful evidence to watch.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$1.02B	$948.9M	$935.9M
Operating expenses	$130.8M	$112.5M	$111.8M
Operating income	$26.7M	$55.2M	$22.4M
Operating margin	2.61%	5.82%	2.40%
EBITDA	$141.7M	$77.3M	$42.6M
EBITDA margin	13.85%	8.15%	4.55%
Net income	−$47.1M	−$94.1M	−$122.2M
Net profit margin	−4.60%	−9.92%	−13.06%
Basic EPSper basic share	-$0.66	-$1.35	-$1.76
Diluted EPSper diluted share	-$0.66	-$1.35	-$1.76

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

6.01%of listed shares

BROWN ADVISORY INC5.78M shares · Jun 30, 2026

View holders

Top 20 reported holders of LMRI
Holder	% owned
BROWN ADVISORY INC	6.01%5.78M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	3.59%3.45M shares
Think Investments LP	2.66%2.56M shares
Jupiter Topco LLC	2.24%2.15M shares
BlackRock, Inc.	1.46%1.4M shares
JPMORGAN CHASE & CO	1.20%1.15M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.11%1.07M shares
GOLDMAN SACHS GROUP INC	0.84%807.43K shares
ROYCE & ASSOCIATES LP	0.82%789.04K shares
Schonfeld Strategic Advisors LLC	0.80%768.89K shares
BRIGADE CAPITAL MANAGEMENT, LP	0.69%665.9K shares
RTW INVESTMENTS, LP	0.68%650K shares
MILLENNIUM MANAGEMENT LLC	0.65%627.99K shares
GEODE CAPITAL MANAGEMENT, LLC	0.65%626.32K shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	0.65%625.27K shares
ArrowMark Colorado Holdings LLC	0.63%602.05K shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	0.62%600K shares
Longaeva Partners L.P.	0.55%528.8K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	0.49%467.34K shares
STATE STREET CORP	0.48%459.13K shares

Percentages use 96.07M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$476.9K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 19, 2026Form 4	BRODNAX BRETTDirector	BuyCommon Stock	35.0K	$7.25	$253.8K	62.0K
May 14, 2026Form 4	Cooper Henry LeeDirector	BuyCommon Stock · indirect	30.0K	$7.44	$223.2K	30.0K

Review ownership filings at SEC.gov ↗

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Lumexa Imaging Holdings, Inc. (LMRI)

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