Zynex Inc Financials
Zynex Inc (ZYXI) reported $108.2M in revenue over the twelve months to Sep 30, 2025, down 44.1% from the prior twelve months. This page shows its 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).
Revenue still expands, but escalating operating investment compresses profit while cash generation remains positive and balance-sheet cushion narrows.
The key shift is below gross profit: gross margin stayed broadly stable, but operating margin fell from14.5% in FY2022 to3.1% in FY2024, so deterioration reflects operating-cost absorption rather than worsening production economics. Operating cash flow of$12.7M exceeded net income of$3.0M in FY2024, making cash conversion stronger than the slim accounting margin suggests.
Revenue reached
Debt-to-equity rose from 0.1x in FY2022 to 2.4x in FY2024 as equity contracted, making the balance sheet more leverage-sensitive even though no long-term debt was reported in FY2024. The current ratio remained 4.5x, separating strong near-term asset coverage from the weaker equity cushion.
Financial Health Signals
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zynex Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zynex Inc has an operating margin of 3.1%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. 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 66/100.
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 26/100, 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 88/100.
Zynex Inc has a free cash flow margin of 6.3%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.
Zynex Inc earns a strong 8.4% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is down from 21.1% the prior year.
Zynex Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 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
Earnings & Revenue
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 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.
Cash & Balance Sheet
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 held $39.6M in cash as of fiscal year 2024; long-term debt is not reported for that period.
Not reported for fiscal year 2024.
Margins & Returns
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.
Capital Allocation
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.4M-40.1% | $22.3M-16.1% | $26.6M-42.2% | $46.0M-8.0% | $50.0M+0.2% | $49.9M+7.2% | $46.5M-1.6% | $47.3M |
| Cost of Revenue | $5.3M-25.1% | $7.1M-15.7% | $8.4M-16.2% | $10.0M-1.9% | $10.2M+2.1% | $10.0M+7.2% | $9.3M-9.5% | $10.3M |
| Gross Profit | $8.1M-47.0% | $15.2M-16.3% | $18.2M-49.4% | $36.0M-9.5% | $39.8M-0.3% | $39.9M+7.2% | $37.2M+0.6% | $37.0M |
| SG&A Expenses | $11.8M-7.0% | $12.7M-11.5% | $14.4M-16.9% | $17.3M+13.2% | $15.3M+5.6% | $14.5M+8.5% | $13.3M+2.2% | $13.0M |
| Operating Income | -$44.0M-327.5% | -$10.3M+21.5% | -$13.1M-2226.3% | -$563K-114.8% | $3.8M+70.8% | $2.2M+324.0% | $525K-77.2% | $2.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | -$512K-39.9% | -$366K |
| Income Tax | -$1.9M-121.7% | $8.9M+361.9% | -$3.4M-504.6% | -$563K-170.8% | $795K+99.7% | $398K+13166.7% | $3K-99.8% | $1.4M |
| Net Income | -$42.9M-114.2% | -$20.0M-92.7% | -$10.4M-1590.4% | -$615K-125.8% | $2.4M+95.7% | $1.2M+12070.0% | $10K-99.2% | $1.2M |
| EPS (Diluted) | -$1.42-115.2% | -$0.66-100.0% | -$0.33-1550.0% | -$0.02-128.6% | $0.07+75.0% | $0.04 | $0.00-100.0% | $0.04 |
Not reported in any period shown, so not listed: R&D Expenses.
ZYXI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.3M-47.3% | $85.9M-18.7% | $105.8M-13.4% | $122.1M-3.2% | $126.1M+3.4% | $121.9M-3.4% | $126.2M-7.8% | $136.9M |
| Current Assets | $37.0M-18.8% | $45.6M-19.2% | $56.4M-25.0% | $75.2M-4.0% | $78.3M+5.7% | $74.1M-5.0% | $78.0M-11.2% | $87.9M |
| Cash & Equivalents | $13.3M-24.0% | $17.5M-26.6% | $23.9M-39.8% | $39.6M+5.3% | $37.6M+21.8% | $30.9M-6.0% | $32.9M-26.3% | $44.6M |
| Inventory | $12.0M-1.8% | $12.2M-9.8% | $13.5M-2.8% | $13.9M-11.4% | $15.7M+2.1% | $15.4M-0.6% | $15.5M+18.1% | $13.1M |
| Accounts Receivable | $6.7M-35.3% | $10.3M-26.4% | $14.1M-22.0% | $18.0M-16.7% | $21.6M-8.4% | $23.6M-7.3% | $25.4M-5.2% | $26.8M |
| 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-4.3% | $90.3M+1.3% | $89.1M-4.3% | $93.1M+2.6% | $90.8M |
| Current Liabilities | $78.8M+6.8% | $73.9M+352.7% | $16.3M-3.2% | $16.9M-15.1% | $19.9M+8.9% | $18.2M-16.2% | $21.8M+17.4% | $18.5M |
| Total Equity | -$41.4M-3380.9% | $1.3M-93.9% | $20.8M-41.8% | $35.7M-0.2% | $35.8M+9.0% | $32.8M-0.9% | $33.1M-28.2% | $46.1M |
| Retained Earnings | -$43.6M-6551.8% | -$655K-103.4% | $19.4M-34.9% | $29.8M-2.0% | $30.4M+8.5% | $28.0M+4.5% | $26.8M0.0% | $26.8M |
Not reported in any period shown, so not listed: Long-Term Debt.
ZYXI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M-1.7% | -$6.2M+41.0% | -$10.5M-529.6% | $2.4M-65.4% | $7.1M+523.8% | $1.1M-45.2% | $2.1M-66.6% | $6.2M |
| Capital Expenditures | $18K-37.9% | $29K-82.7% | $168K-22.2% | $216K+200.0% | $72K-47.4% | $137K-10.5% | $153K-73.4% | $576K |
| Free Cash Flow | -$6.3M-1.6% | -$6.2M+41.6% | -$10.7M-578.7% | $2.2M-68.2% | $7.0M+602.3% | $997K-47.9% | $1.9M-65.9% | $5.6M |
| Investing Cash Flow | -$18K+37.9% | -$29K+82.7% | -$168K+22.2% | -$216K-200.0% | -$72K+47.4% | -$137K+10.5% | -$153K-101.6% | $9.4M |
| Financing Cash Flow | $2.0M+2652.5% | -$80K+98.4% | -$5.1M-2140.4% | -$228K+14.9% | -$268K+91.0% | -$3.0M+78.3% | -$13.6M-0.6% | -$13.6M |
| Dividends Paid | N/A | N/A | N/A | $0-100.0% | $6K | $0-100.0% | $3K+50.0% | $2K |
| Share Buybacks | $0 | $0-100.0% | $4.9M | $0 | $0-100.0% | $2.3M-82.3% | $13.3M-1.8% | $13.5M |
ZYXI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5%-7.9pp | 68.3%-0.2pp | 68.5%-9.8pp | 78.3%-1.3pp | 79.6%-0.4pp | 80.0%0.0pp | 80.0%+1.7pp | 78.3% |
| Operating Margin | -329.1% | -46.1%+3.2pp | -49.3%-48.1pp | -1.2%-8.8pp | 7.6%+3.1pp | 4.5%+3.3pp | 1.1%-3.7pp | 4.9% |
| Net Margin | -321.2% | -89.9%-50.8pp | -39.1%-37.8pp | -1.3%-6.1pp | 4.8%+2.3pp | 2.4%+2.4pp | 0.0%-2.6pp | 2.6% |
| Return on Equity | N/A | -1588.7%-1538.6pp | -50.0%-48.3pp | -1.7%-8.4pp | 6.7%+3.0pp | 3.7%+3.7pp | 0.0%-2.6pp | 2.6% |
| Return on Assets | -94.7%-71.4pp | -23.3%-13.5pp | -9.8%-9.3pp | -0.5%-2.4pp | 1.9%+0.9pp | 1.0%+1.0pp | 0.0%-0.9pp | 0.9% |
| Current Ratio | 0.47-0.1x | 0.62-2.8x | 3.46-1.0x | 4.46+0.5x | 3.94-0.1x | 4.06+0.5x | 3.58-1.2x | 4.74 |
| Debt-to-Equity | N/A | 67.15+63.1x | 4.09+1.7x | 2.42-0.1x | 2.52-0.2x | 2.72-0.1x | 2.81+0.8x | 1.97 |
| FCF Margin | -47.3%-19.4pp | -28.0%+12.2pp | -40.2%-45.0pp | 4.9%-9.2pp | 14.0%+12.0pp | 2.0%-2.1pp | 4.1%-7.8pp | 11.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where Zynex Inc Ranks
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 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.
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 Piotroski F-Score?
Zynex Inc (ZYXI) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.