Nutex Health Inc. (NUTX)

Price$221.68Cached quoteAs of 2026-09-16 15:09 UTC

AI: Undervalued

Price checkThe shares look undervalued if even half of recent earnings endure.

Using the observed quote and 6.84 million June shares, stock-market value is about $1.37 billion. The last four reported quarters produced roughly $180 million of net income attributable to Nutex, implying about eight times recent earnings. Adding $142 million of debt after subtracting cash puts the whole-business value near $1.51 billion. This is low for a profitable operator; a 15-times valuation would require only about half the recent per-share earnings to persist. That durability is the central uncertainty.

Big pictureCash generation improved sharply, but reimbursement accounting makes yearly results unusually uneven.

Revenue rose 82% to $875.3 million in 2025, while net income reached $70.8 million and operating cash flow—the cash produced by day-to-day business—was $248.1 million. In the first half of 2026, revenue fell 6.3%, yet operating cash reached $109.7 million; after $3.7 million of property and equipment spending, about $106 million remained. Patient demand is relatively steady, but reported revenue cycles with reimbursement estimates. Revenue fell 34% in 2022 before recovering, and later claim adjustments can cause further sharp swings.

Business strengthHigh cash reserves and growing patient visits soften the remaining lease burden.

At June, current assets of $585.7 million covered current liabilities of $117.2 million five times, while $205.2 million of cash partly offset $347.2 million of total debt, mostly lease-related. Same-hospital visits rose 6.3% in the second quarter, showing patient demand, but hospital revenue fell 14.6% as favorable prior-year claim adjustments did not repeat. Capital allocation is mixed: shares grew 57% from 2023 through 2025, diluting owners, then first-half 2026 repurchases and settlements retired 312,743 shares and lowered the count 3.4%, using $50.7 million.

What could change the storyLower claim costs offer upside, while collection setbacks could erase the bargain.

Management expects revised arbitration fees to cut normal contract-service costs by 25%-30%, and a court’s rejection of artificially low payment benchmarks may improve insurer payments after new rules. The bear case is that second-quarter profit included a $52.3 million expense reduction, while first-half stock compensation swung from a $106.4 million expense to a $1.0 million gain; management’s profit measure excluding interest, taxes, depreciation, and special items rose only 2%. The verdict assumes at least half of recent earnings persists and $351.7 million of receivables converts into cash.

AI: News

Second-quarter profit jumpProfit and cash improved despite lower revenue, but a large cost adjustment helped.

On August 6, Nutex reported second-quarter net income attributable to the company of $65.8 million, versus a $17.7 million loss a year earlier. Revenue fell 13.6%, but visits grew 9.6% and operating cash increased to $34.2 million from $27.3 million. Results also included a $52.3 million reduction in arbitration-service expense. Shares fell 3.4% that day, then gained about 30% over the next two sessions; the timing suggests attention to the report but does not prove causation.

Payment rules overturnedA federal court rejected insurer payment methods that may have reduced Nutex reimbursements.

On August 11, the full Fifth Circuit invalidated rules allowing insurers to use unnegotiated “ghost” rates and omit bonus payments when setting a benchmark for out-of-network bills. Nutex says it submits 50%-60% of claims to independent dispute resolution, wins more than 85% of decided cases, and collects over 80% of awards on average. Higher lawful benchmarks could improve initial payments and reduce arbitration costs. The benefit remains uncertain because agencies have not issued replacement rules and further appeals remain possible.

Stolen data publishedPublished patient data created legal and cleanup risks despite no identified operating disruption.

On September 10, Nutex said an unauthorized party had published data allegedly taken from its network. The company expected several weeks to determine the material’s contents, scope, and authenticity, and had identified no material effect on operations or financial reporting. Several proposed class actions allege exposure of personal or protected health information. Shares fell 1.3% that day and recovered 2.6% in the next session, suggesting a muted immediate reaction; neither move can confidently be attributed to the disclosure.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$875.3M	$479.9M	$247.6M	$219.3M	$331.5M	$274.0M	$1.4M	$1.4M	$23,166	$0	$474,679	$1.1M	$1.5M	$1.6M	$1.8M	$874,774
Gross profit	$444.3M	$196.3M	$34.8M	$15.4M	$179.3M	$676,172	$535,976	$859,356	−$7,315	$0	$466,628	$603,280	$965,175	$810,381	$1.0M	$483,188
Gross margin	50.76%	40.89%	14.04%	7.03%	54.08%	0.25%	39.22%	62.86%	−31.58%	—	98.30%	56.45%	66.05%	50.84%	57.13%	55.24%
Research & development	—	—	—	—	$285,880	$557,257	$768,103	$545,223	—	—	—	—	—	—	—	—
Operating expenses	$168.7M	$65.6M	$66.5M	$422.0M	$9.0M	$4.4M	$7.4M	$1.7M	$5.7M	$448,595	$999,616	$1.3M	$1.7M	$2.4M	$1.9M	$1.8M
Operating income	$275.6M	$130.7M	−$31.8M	−$406.6M	$170.3M	$153.2M	−$6.9M	−$840,398	−$5.7M	−$448,595	−$532,988	−$723,432	−$727,381	−$1.6M	−$844,577	−$1.3M
Operating margin	31.49%	27.23%	−12.83%	−185.41%	51.36%	55.90%	−504.81%	−61.48%	−24,574.46%	—	−112.28%	−67.70%	−49.78%	−98.70%	−47.34%	−153.89%
EBITDA	$296.2M	$149.7M	−$14.2M	−$393.5M	$177.9M	$159.1M	−$6.7M	−$837,713	−$5.7M	−$448,122	−$532,326	−$660,182	−$687,131	−$1.6M	−$838,662	−$1.3M
EBITDA margin	33.84%	31.18%	−5.73%	−179.42%	53.67%	58.05%	−493.39%	−61.28%	−24,569.55%	—	−112.14%	−61.78%	−47.03%	−98.15%	−47.01%	−153.72%
Net income	$70.8M	$52.1M	−$45.8M	−$424.8M	$132.6M	$106.0M	−$7.1M	−$950,129	$582,062	−$7.4M	$83,809	−$684,342	$250,489	−$1.6M	−$383,393	$158,137
Net profit margin	8.09%	10.85%	−18.49%	−193.70%	39.99%	38.67%	−520.82%	−69.50%	2,512.57%	—	17.66%	−64.04%	17.14%	−101.88%	−21.49%	18.08%
Basic EPSper basic share	$11.13	$10.23	-$10.39	-$49,873,155,940.06	$16,376,260,159.42	$13,398,758,312.25	-$145,897,590,511.22	-$41,685,025,860.35	$744,375,461.79	-$14,143,133,774.05	$0.00	-$2,233,126,385.38	-$744,375,461.79	-$5,210,628,232.54	-$1,488,750,923.58	$744,375,461.79
Diluted EPSper diluted share	$10.48	$9.69	-$10.39	-$49,873,155,940.06	$16,376,260,159.42	$13,398,758,312.25	-$145,897,590,511.22	-$41,685,025,860.35	$744,375,461.79	-$14,143,133,774.05	$0.00	-$2,233,126,385.38	-$744,375,461.79	-$5,210,628,232.54	-$1,488,750,923.58	$744,375,461.79

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈30.73%of listed shares

Vo Thomas T.2.1M shares · May 28, 2026

View holders

Top 20 reported holders of NUTX
Holder	% owned
Vo Thomas T.	≈30.73%2.1M shares
Pertento Partners LLP	6.59%451.31K shares
BlackRock, Inc.	5.95%407.35K shares
AMERICAN CENTURY COMPANIES INC	3.47%237.41K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.15%215.92K shares
GEODE CAPITAL MANAGEMENT, LLC	1.93%132.05K shares
STATE STREET CORP	1.91%130.84K shares
D. E. Shaw & Co., Inc.	1.42%97.45K shares
Chang Michael L.	≈1.20%82.36K shares
UBS Group AG	1.14%77.91K shares
WINMILL & CO. INC	0.95%65.35K shares
Focus Partners Wealth	0.89%60.88K shares
MILLENNIUM MANAGEMENT LLC	0.76%52.11K shares
GOLDMAN SACHS GROUP INC	0.75%51.24K shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	0.69%46.92K shares
Empowered Funds, LLC	0.66%45.18K shares
Pacer Advisors, Inc.	0.65%44.61K shares
NORTHERN TRUST CORP	0.64%44.06K shares
Topline Capital Management, LLC	0.61%41.76K shares
ONE PLUS ONE WEALTH MANAGEMENT, LLC	0.59%40.44K shares

Percentages use 6.84M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

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

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$292.2K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 20, 2026Form 4	Jaumot Frank EDirector	BuyCommon Stock	150	$93.56	$14.0K	150
Mar 19, 2026Form 4	Hosseinion WarrenPresident	BuyCommon Stock	252	$94.07	$23.7K	7.8K
Mar 17, 2026Form 4	Spears KelvinDirector	BuyCommon Stock	10	$94.46	$944.60	32.1K
Mar 13, 2026Form 4	Montgomery Pamela W.Chief Legal Officer-Healthcare	BuyCommon Stock	79	$88.87	$7.0K	2.8K
Nov 25, 2025Form 4	Bates Jon ChristianChief Financial Officer	BuyCommon Stock	750	$136.71	$102.5K	5.6K

Review ownership filings at SEC.gov ↗

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Nutex Health Inc. (NUTX)

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