Nutex Health Inc.
NUTXdata completeness 100%16 fiscal years on fileNutex Health Inc. earns about -18% on invested capital, below its ~9% cost of capital, and has bought back 99% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $61.95 and $79.91 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $331.5M1 | $219.3M2 | $247.6M3 | $479.9M3 | $875.3M3 |
| Net income | $132.6M4 | −$424.8M5 | −$45.8M6 | $52.1M6 | $70.8M6 |
| Operating cash flow | $173.4M7 | $50.6M8 | $1.26M9 | $23.2M9 | $248.1M9 |
| Capital expenditure | $36.9M10 | $14.6M11 | $9.5M12 | $2.3M12 | $2.53M12 |
| Free cash flow (derived) | $136.5M7 | $36M8 | −$8.24M9 | $20.8M9 | $245.6M9 |
| Total debt | $89M13 | $35.6M14 | $37.1M15 | $36.9M16 | $42.5M16 |
| Cash & equivalents | $36.1M17 | $34.3M18 | $22M18 | $40.6M18 | $185.6M18 |
| Diluted shares | 592.8M | 4.2M | 4.4M | 5.5M | 6.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $487.63 of net worth that earned you $104.78 and generated $363.52 of cash last year, against $62.92 of debt.
It earned about -18% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 52% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $61.95 and $79.91 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$20.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$20.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$52.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $65.27 |
| Base | 0.0% | $65.27 |
| Bull | 5.0% | $75.94 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001558370-24-004287 (Revenues)
- 10-K/A · period ending 2022-12-31 · accession 0001628280-25-052895 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-015168 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-004287 (NetIncomeLoss)
- 10-K/A · period ending 2022-12-31 · accession 0001628280-25-052895 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-015168 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-004287 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2022-12-31 · accession 0001628280-25-052895 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-015168 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002713 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2022-12-31 · accession 0001628280-25-052895 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-015168 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002713 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-004287 (LongTermDebtNoncurrent)
- 10-K/A · period ending 2023-12-31 · accession 0001628280-25-052895 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015168 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002713 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-26-015168 (CashAndCashEquivalentsAtCarryingValue)