Zynex Inc Financials
This page shows Zynex Inc (ZYXI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Zynex Inc has an operating margin of 3.1%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 16/100, suggesting thin profitability after operating expenses. This is down from 5.9% the prior year.
Zynex Inc's revenue grew a modest 4.4% year-over-year to $192.4M. This slow but positive growth earns a score of 41/100.
Zynex Inc has elevated debt relative to equity (D/E of 2.42), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
With a current ratio of 4.46, Zynex Inc holds $4.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Zynex Inc has a free cash flow margin of 6.3%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.
Zynex Inc's ROE of 8.4% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 21.1% the prior year.
Zynex Inc scores 2.68, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Zynex Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Zynex Inc generates $4.25 in operating cash flow ($12.7M OCF vs $3.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Zynex Inc generated $192.4M in revenue in fiscal year 2024. This represents an increase of 4.4% from the prior year.
Zynex Inc's EBITDA was $11.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.4% from the prior year.
Zynex Inc generated $12.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 26.6% from the prior year.
Zynex Inc reported $3.0M in net income in fiscal year 2024. This represents a decrease of 69.2% from the prior year.
Zynex Inc earned $0.09 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 66.7% from the prior year.
Zynex Inc held $39.6M in cash against $0 in long-term debt as of fiscal year 2024.
Zynex Inc had 32M shares outstanding in fiscal year 2024. This represents a decrease of 3.2% from the prior year.
Zynex Inc's gross margin was 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Zynex Inc's operating margin was 3.1% in fiscal year 2024, reflecting core business profitability. This is down 2.7 percentage points from the prior year.
Zynex Inc's net profit margin was 1.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.7 percentage points from the prior year.
Zynex Inc's ROE was 8.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 12.7 percentage points from the prior year.
Zynex Inc invested $12.0M in research and development in fiscal year 2024. This represents an increase of 30.4% from the prior year.
Zynex Inc spent $15.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 58.8% from the prior year.
Zynex Inc invested $578K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 52.1% from the prior year.
ZYXI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.4M-40.1% | $22.3M-16.1% | $26.6M-42.2% | $46.0M-7.8% | $49.9M+7.2% | $46.5M-1.6% | $47.3M-5.3% | $49.9M |
| Cost of Revenue | $5.3M-25.1% | $7.1M-15.7% | $8.4M-16.2% | $10.0M+0.1% | $10.0M+7.2% | $9.3M-9.5% | $10.3M+7.5% | $9.6M |
| Gross Profit | $8.1M-47.0% | $15.2M-16.3% | $18.2M-49.4% | $36.0M-9.8% | $39.9M+7.2% | $37.2M+0.6% | $37.0M-8.3% | $40.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.8M-7.0% | $12.7M-11.5% | $14.4M-16.9% | $17.3M+19.6% | $14.5M+8.5% | $13.3M+2.2% | $13.0M+2.4% | $12.7M |
| Operating Income | -$44.0M-327.5% | -$10.3M+21.5% | -$13.1M-2226.3% | -$563K-125.3% | $2.2M+324.0% | $525K-77.2% | $2.3M-58.1% | $5.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | -$512K-39.9% | -$366K-11.9% | -$327K |
| Income Tax | -$1.9M-121.7% | $8.9M+361.9% | -$3.4M-504.6% | -$563K-241.5% | $398K+13166.7% | $3K-99.8% | $1.4M+3.2% | $1.4M |
| Net Income | -$42.9M-114.2% | -$20.0M-92.7% | -$10.4M-1590.4% | -$615K-150.5% | $1.2M+12070.0% | $10K-99.2% | $1.2M-66.2% | $3.6M |
| EPS (Diluted) | $-1.42-115.2% | $-0.66-100.0% | $-0.33-1550.0% | $-0.02-150.0% | $0.04 | $0.00-100.0% | $0.04-60.0% | $0.10 |
ZYXI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.3M-47.3% | $85.9M-18.7% | $105.8M-13.4% | $122.1M+0.1% | $121.9M-3.4% | $126.2M-7.8% | $136.9M-9.6% | $151.4M |
| Current Assets | $37.0M-18.8% | $45.6M-19.2% | $56.4M-25.0% | $75.2M+1.4% | $74.1M-5.0% | $78.0M-11.2% | $87.9M-14.6% | $102.9M |
| Cash & Equivalents | $13.3M-24.0% | $17.5M-26.6% | $23.9M-39.8% | $39.6M+28.3% | $30.9M-6.0% | $32.9M-26.3% | $44.6M+4.8% | $42.5M |
| Inventory | $12.0M-1.8% | $12.2M-9.8% | $13.5M-2.8% | $13.9M-9.6% | $15.4M-0.6% | $15.5M+18.1% | $13.1M-7.6% | $14.2M |
| Accounts Receivable | $6.7M-35.3% | $10.3M-26.4% | $14.1M-22.0% | $18.0M-23.6% | $23.6M-7.3% | $25.4M-5.2% | $26.8M-19.4% | $33.3M |
| Goodwill | N/A | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M |
| Total Liabilities | $86.7M+2.4% | $84.7M-0.4% | $85.0M-1.6% | $86.4M-3.1% | $89.1M-4.3% | $93.1M+2.6% | $90.8M-2.2% | $92.8M |
| Current Liabilities | $78.8M+6.8% | $73.9M+352.7% | $16.3M-3.2% | $16.9M-7.5% | $18.2M-16.2% | $21.8M+17.4% | $18.5M-6.6% | $19.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$41.4M-3380.9% | $1.3M-93.9% | $20.8M-41.8% | $35.7M+8.8% | $32.8M-0.9% | $33.1M-28.2% | $46.1M-21.3% | $58.6M |
| Retained Earnings | -$43.6M-6551.8% | -$655K-103.4% | $19.4M-34.9% | $29.8M+6.3% | $28.0M+4.5% | $26.8M0.0% | $26.8M+4.8% | $25.6M |
ZYXI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M-1.7% | -$6.2M+41.0% | -$10.5M-529.6% | $2.4M+115.6% | $1.1M-45.2% | $2.1M-66.6% | $6.2M-30.4% | $8.9M |
| Capital Expenditures | $18K-37.9% | $29K-82.7% | $168K-22.2% | $216K+57.7% | $137K-10.5% | $153K-73.4% | $576K+144.1% | $236K |
| Free Cash Flow | -$6.3M-1.6% | -$6.2M+41.6% | -$10.7M-578.7% | $2.2M+123.6% | $997K-47.9% | $1.9M-65.9% | $5.6M-35.2% | $8.7M |
| Investing Cash Flow | -$18K+37.9% | -$29K+82.7% | -$168K+22.2% | -$216K-57.7% | -$137K+10.5% | -$153K-101.6% | $9.4M+194.2% | -$10.0M |
| Financing Cash Flow | $2.0M+2652.5% | -$80K+98.4% | -$5.1M-2140.4% | -$228K+92.3% | -$3.0M+78.3% | -$13.6M-0.6% | -$13.6M+10.4% | -$15.1M |
| Dividends Paid | N/A | N/A | N/A | $0 | $0-100.0% | $3K+50.0% | $2K | $0 |
| Share Buybacks | $0 | $0-100.0% | $4.9M | $0-100.0% | $2.3M-82.3% | $13.3M-1.8% | $13.5M-9.5% | $14.9M |
ZYXI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5%-7.9pp | 68.3%-0.2pp | 68.5%-9.8pp | 78.3%-1.7pp | 80.0%0.0pp | 80.0%+1.7pp | 78.3%-2.6pp | 80.9% |
| Operating Margin | -329.1%-282.9pp | -46.1%+3.2pp | -49.3%-48.1pp | -1.2%-5.7pp | 4.5%+3.3pp | 1.1%-3.7pp | 4.9%-6.1pp | 11.0% |
| Net Margin | -321.2%-231.3pp | -89.9%-50.8pp | -39.1%-37.8pp | -1.3%-3.8pp | 2.4%+2.4pp | 0.0%-2.6pp | 2.6%-4.6pp | 7.2% |
| Return on Equity | N/A | N/A | N/A | 6.7%+3.0pp | 3.7%+3.7pp | 0.0%-2.6pp | 2.6%-3.5pp | 6.1% |
| Return on Assets | -94.7%-71.4pp | -23.3%-13.5pp | -9.8%-9.3pp | -0.5%-1.5pp | 1.0%+1.0pp | 0.0%-0.9pp | 0.9%-1.5pp | 2.4% |
| Current Ratio | 0.47-0.1 | 0.62-2.8 | 3.46-1.0 | 4.46+0.4 | 4.06+0.5 | 3.58-1.2 | 4.74-0.4 | 5.19 |
| Debt-to-Equity | -2.10-69.2 | 67.15+63.1 | 4.09+1.7 | 2.42-0.3 | 2.72-0.1 | 2.81+0.8 | 1.97+0.4 | 1.58 |
| FCF Margin | -47.3%-19.4pp | -28.0%+12.2pp | -40.2%-45.0pp | 4.9%+2.9pp | 2.0%-2.1pp | 4.1%-7.8pp | 11.9%-5.5pp | 17.3% |
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Frequently Asked Questions
What is Zynex Inc's annual revenue?
Zynex Inc (ZYXI) reported $192.4M in total revenue for fiscal year 2024. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zynex Inc's revenue growing?
Zynex Inc (ZYXI) revenue grew by 4.4% year-over-year, from $184.3M to $192.4M in fiscal year 2024.
Is Zynex Inc profitable?
Yes, Zynex Inc (ZYXI) reported a net income of $3.0M in fiscal year 2024, with a net profit margin of 1.6%.
What is Zynex Inc's earnings per share (EPS)?
Zynex Inc (ZYXI) reported diluted earnings per share of $0.09 for fiscal year 2024. This represents a -66.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Zynex Inc's EBITDA?
Zynex Inc (ZYXI) had EBITDA of $11.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zynex Inc's gross margin?
Zynex Inc (ZYXI) had a gross margin of 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zynex Inc's operating margin?
Zynex Inc (ZYXI) had an operating margin of 3.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Zynex Inc's net profit margin?
Zynex Inc (ZYXI) had a net profit margin of 1.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Zynex Inc's return on equity (ROE)?
Zynex Inc (ZYXI) has a return on equity of 8.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Zynex Inc's free cash flow?
Zynex Inc (ZYXI) generated $12.1M in free cash flow during fiscal year 2024. This represents a -26.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zynex Inc's operating cash flow?
Zynex Inc (ZYXI) generated $12.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Zynex Inc's total assets?
Zynex Inc (ZYXI) had $122.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Zynex Inc's capital expenditures?
Zynex Inc (ZYXI) invested $578K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Zynex Inc spend on research and development?
Zynex Inc (ZYXI) invested $12.0M in research and development during fiscal year 2024.
Does Zynex Inc buy back shares?
Yes, Zynex Inc (ZYXI) spent $15.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Zynex Inc have outstanding?
Zynex Inc (ZYXI) had 32M shares outstanding as of fiscal year 2024.
What is Zynex Inc's current ratio?
Zynex Inc (ZYXI) had a current ratio of 4.46 as of fiscal year 2024, which is generally considered healthy.
What is Zynex Inc's debt-to-equity ratio?
Zynex Inc (ZYXI) had a debt-to-equity ratio of 2.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zynex Inc's return on assets (ROA)?
Zynex Inc (ZYXI) had a return on assets of 2.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Zynex Inc's Altman Z-Score?
Zynex Inc (ZYXI) has an Altman Z-Score of 2.68, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zynex Inc's Piotroski F-Score?
Zynex Inc (ZYXI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zynex Inc's earnings high quality?
Zynex Inc (ZYXI) has an earnings quality ratio of 4.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Zynex Inc?
Zynex Inc (ZYXI) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.