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what it is
Nutex runs 20 hospital facilities across 8 states and a population-health arm with its own care software.
how it gets paid
Last year Nutex Health made $875M in revenue. Micro-hospitals was the main engine at $0.350B, or 40% of sales.
why it's growing
Revenue grew 82.4% last year. Revenue rose 170% vs. prior year, and EPS rose 14% vs. prior year.
what just happened
Revenue hit $724M, while EPS was $8.87 and gross margin was 55.0%.
At a glance
C++ balance sheet — some cracks in the foundation
5.3x trailing p/e — the market's not buying it — or you found a deal
14.5% return on capital — nothing to write home about
$9.71 fy2024 eps est
$2B fy2026 rev est
xvary composite: 48/100 — below average
What they do
Nutex runs 20 hospital facilities across 8 states and a population-health arm with its own care software.
You get 20 facilities across 8 states. That is local reach, not a website. Leaving is painful because care, imaging, and beds sit under one roof. The second leg serves about 40,000 members, so visits can turn into repeat care. That is why a hospital business and a software-backed patient business can sit in the same company.
How they make money
$875M
annual revenue · their business grew +82.4% last year
Micro-hospitals
$0.350B
Specialty hospitals
$0.175B
Hospital outpatient departments
$0.120B
Ancillary imaging
$0.090B
Population health management
$0.140B
The products that matter
operates micro-hospitals and ERs
Hospital Division
$700M revenue · 80% of sales · +85%
it's the core business: 20 small-format hospitals and ERs generated about $700M and grew 85%. if you believe the 31.5% operating margin, this segment is why.
80% of sales
manages patient care
Population Health
$175M revenue · 20% of sales · +70%
this $175M segment manages about 40,000 patients through four affiliated IPAs. it adds recurring managed-care exposure on top of the acute-care footprint.
40,000 patients
Key numbers
$875M
annual revenue
You are buying a company that crossed $875M in sales on a $619M market cap.
32.6%
operating margin
For every $100 of sales, $32.60 stayed after operating costs.
5.3x
trailing p/e
You pay 5.3 times earnings for a company with $875M of revenue.
$326M
long-term debt
Debt equals 35% of capital, so lenders have a real claim on cash.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $326M (35% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for NUTX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $724M, while EPS was $8.87 and gross margin was 55.0%.
Revenue rose 170% vs. prior year, and EPS rose 14% vs. prior year. The quarter also sat on a business with $326M of long-term debt.
$724M
revenue
$8.87
eps
55.0%
gross margin
the number that mattered
$724M matters because it shows the company can scale fast, even with a $326M debt stack.
source: company earnings report, 2026
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What could go wrong
the #1 risk is securities investigations tied to delayed filings and a restated 10-K. this is not generic healthcare risk. it's a direct challenge to whether the reported margin and earnings power deserve the multiple at all.
med
securities investigations
Three separate law firms announced probes between March 6–12, 2026 into potential securities-law violations.
The stock fell 17% after the announcements. For a $619M company, trust damage can matter as much as operating results.
med
late filings and restatement risk
Delayed filing of the Q1 2025 10-Q and 2024 10-K/A is a concrete governance problem, not an abstract one.
If filings stay messy, the low multiple can stay low even with revenue growth. Small caps do not get the benefit of the doubt for long.
med
hospital concentration
About 80% of revenue comes from the Hospital Division, or roughly $700M of the $875M total.
If reimbursement, utilization, or unit economics wobble in the hospital segment, most of the income statement feels it immediately.
med
margin normalization
31.5% operating margin is exceptional for provider healthcare. Exceptional numbers get tested hardest.
A material drop in margin would hit both earnings power and the argument that the company has a differentiated model.
This risk stack reaches nearly every part of the story: credibility, valuation, and business concentration. Roughly 80% of revenue sits in hospitals, and the entire rerating case leans on a 31.5% operating margin staying believable after delayed filings and legal scrutiny.
source: institutional data · regulatory filings · risk analysis
Pay attention to
legal
investigation updates
A dismissal, settlement, or escalation changes the story faster than another routine quarter. This is the overhang.
calendar
Q1 2026 earnings report
Scheduled for May 19, 2026. You want timely filings and another quarter where growth survives scrutiny.
margin
31.5% operating margin
If that number stays elevated, the model looks differentiated. If it drops hard, the market will assume the low multiple was right.
mix
hospital concentration
Hospital revenue is still about 80% of sales. You want to see whether population health becomes a bigger and steadier contributor next.
Analyst rankings
coverage
thin
Analyst coverage is limited here. In human-speak, you should assume less external validation and wider gaps between price and perception.
valuation signal
5.3x
Trailing p/e of 5.3x means the market is pricing in skepticism. You are not paying for perfection. You are paying for proof.
stability
5 / 100
Price stability at 5 / 100 is the market's way of saying this name trades on trust, not just math.
source: institutional data
Institutional activity
institutional ownership data for NUTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$102
current price
n/a
target midpoint · n/a from current
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