Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026
Nutex Health Inc. (NUTX)
A forensic read on Nutex Health Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
6.6
Distress distance
Clean
Earnings quality
4
Forensic signals
11.6
P / E (ttm)
21.5%
ROE
$1.3B
Market cap
7.38%
Dividend yield
82.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Nutex Health Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+16.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +60% over the last 3 years to FY2025 (+16.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2022, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~16.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~37%.
12% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 12% of revenue and 44% of free cash flow in FY2025 — about $15.95 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 17.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+41.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +41.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. That build tracks a +82% revenue year: net operating assets grew +52%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 76% of net operating assets, diverging from the balance-sheet accrual read.
$408M
FY2019–FY2024
Key fundamentals
Latest Revenue$875.3M
Revenue Growth YoY+82.4%
Revenue CAGR (3yr)+58.6%
Net Margin8.1%
Free Cash Flow$245.6M
Return on Equity21.5%
Debt / Equity0.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Nutex Health Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Goodwill impairments.Took $408M of goodwill writedowns across 5 years (FY2022 ($398M), FY2023 ($1M), FY2024 ($3M)). Writedowns mean past acquisitions underperformed what was paid for them.
Nutex Health Inc. (NUTX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy