ZYNEX INC (ZYXI) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 17, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZYXI SEC filings page.
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).
Zynex converts sales into cash, but rising operating costs and shrinking equity have weakened the earnings cushion.
In FY2024, operating cash flow of$12.7M exceeded net income of$3.0M , so cash production remained materially stronger than accounting profit. That gap, alongside positive free cash flow, suggests noncash charges or working-capital timing supported cash generation even as reported profitability weakened.
Gross margin held near
Despite ample current assets relative to current liabilities, debt-to-equity reached 2.4x as equity fell to
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 53/100, 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 27/100, 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 89/100.
ZYNEX INC has a free cash flow margin of 6.3%, earning a moderate score of 57/100. 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 64/100. 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.
ZYNEX INC earns $2.51 in operating income for every $1 of interest expense ($6.0M vs $2.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
ZYNEX INC generated $13.4M in revenue in Q3 2025. This represents a decrease of 73.3% from the same quarter a year earlier. Against the prior quarter it is down 40.1%.
ZYNEX INC's EBITDA was -$42.9M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 962.9% from the same quarter a year earlier. Against the prior quarter it is down 367.2%.
ZYNEX INC reported -$42.9M in net income in Q3 2025. This represents a decrease of 1901.6% from the same quarter a year earlier. Against the prior quarter it is down 114.2%.
ZYNEX INC earned -$1.42 per diluted share (EPS) in Q3 2025. This represents a decrease of 2128.6% from the same quarter a year earlier. Against the prior quarter it is down 115.2%.
Cash & Balance Sheet
ZYNEX INC recorded an outflow of $6.3M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents a decrease of 190.3% from the same quarter a year earlier. Against the prior quarter it is down 1.6%.
ZYNEX INC held $13.3M in cash as of Q3 2025; long-term debt is not reported for that period.
Not reported for Q3 2025.
Margins & Returns
ZYNEX INC's gross margin was 60.5% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is down 19.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.9 percentage points.
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q3 2025.
Capital Allocation
ZYNEX INC repurchased no shares in Q3 2025.
ZYNEX INC invested $18K in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 75.0% from the same quarter a year earlier. Against the prior quarter it is down 37.9%.
Not reported for Q3 2025.
ZYXI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q/A | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q/A | Q4'2310-K/A |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.4M-73.3% | $22.3M-55.3% | $26.6M-42.9% | $46.0M-2.8% | $50.0M+0.1% | $49.9M+11.0% | $46.5M+10.3% | $47.3M-3.1% |
| Cost of Revenue | $5.3M-48.1% | $7.1M-29.2% | $8.4M-10.0% | $10.0M-2.8% | $10.2M+6.5% | $10.0M+7.5% | $9.3M+0.3% | $10.3M |
| Gross Profit | $8.1M-79.7% | $15.2M-61.8% | $18.2M-51.1% | $36.0M-2.8% | $39.8M-1.4% | $39.9M+11.9% | $37.2M+13.2% | $37.0M |
| SG&A Expenses | $11.8M-22.6% | $12.7M-12.1% | $14.4M+7.8% | $17.3M+32.6% | $15.3M+20.0% | $14.5M+27.3% | $13.3M+17.0% | $13.0M |
| Operating Income | -$44.0M-1256.3% | -$10.3M-561.9% | -$13.1M-2594.7% | -$563K-124.5% | $3.8M-30.7% | $2.2M-18.0% | $525K+84.9% | $2.3M-77.3% |
| EBITDA | -$42.9M-962.9% | -$9.2M-367.6% | -$11.9M-812.5% | $924K-73.7% | $5.0M-25.3% | $3.4M-10.4% | $1.7M+44.6% | $3.5M-68.1% |
| Interest Expense | $890K+42.4% | $834K+32.4% | $703K+37.3% | $615K+268.0% | $625K+91.1% | $630K+98.7% | $512K+709.5% | -$366K |
| Income Tax | -$1.9M-343.8% | $8.9M+2140.2% | -$3.4M-113566.7% | -$563K-140.2% | $795K-41.4% | $398K-46.4% | $3K-90.9% | $1.4M |
| Net Income | -$42.9M-1901.6% | -$20.0M-1746.1% | -$10.4M-104060.0% | -$615K-150.6% | $2.4M-33.7% | $1.2M-63.7% | $10K-99.4% | $1.2M-83.7% |
| EPS (Basic) | -$1.42-2128.6% | -$0.66-1750.0% | -$0.33 | -$0.02-166.7% | $0.07-30.0% | $0.04-55.6% | $0.00-100.0% | $0.03-85.0% |
| EPS (Diluted) | -$1.42-2128.6% | -$0.66-1750.0% | -$0.33 | -$0.02-150.0% | $0.07-30.0% | $0.04-55.6% | $0.00-100.0% | $0.04-80.0% |
| Diluted Shares (Avg) | 30M-5.5% | 30M-6.0% | 32M-3.7% | N/A | 32M-11.1% | 32M-13.1% | 33M-12.3% | N/A |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q/A | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q/A | Q4'2310-K/A |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.3M-64.0% | $85.9M-29.5% | $105.8M-16.2% | $122.1M-10.8% | $126.1M-16.8% | $121.9M-20.1% | $126.2M+13.7% | $136.9M+17.5% |
| Current Assets | $37.0M-52.8% | $45.6M-38.5% | $56.4M-27.7% | $75.2M-14.4% | $78.3M-23.9% | $74.1M-31.1% | $78.0M+19.7% | $87.9M+26.3% |
| Cash & Equivalents | $13.3M-64.7% | $17.5M-43.4% | $23.9M-27.4% | $39.6M-11.1% | $37.6M-11.5% | $30.9M-47.4% | $32.9M+95.7% | $44.6M+121.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 |
| Inventory | $12.0M-23.7% | $12.2M-20.7% | $13.5M-12.6% | $13.9M+6.2% | $15.7M+10.7% | $15.4M+7.4% | $15.5M+9.1% | $13.1M-2.8% |
| Accounts Receivable | $6.7M-69.0% | $10.3M-56.2% | $14.1M-44.8% | $18.0M-32.8% | $21.6M-35.0% | $23.6M-28.4% | $25.4M-20.7% | $26.8M-23.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% | $20.4M0.0% |
| Total Liabilities | $86.7M-4.0% | $84.7M-5.0% | $85.0M-8.7% | $86.4M-4.9% | $90.3M-2.8% | $89.1M-1.3% | $93.1M+100.0% | $90.8M+81.2% |
| Current Liabilities | $78.8M+296.8% | $73.9M+305.0% | $16.3M-25.0% | $16.9M-9.0% | $19.9M+0.1% | $18.2M+29.4% | $21.8M+3.3% | $18.5M-12.1% |
| Non-Current Liabilities | $7.8M-88.9% | $10.8M-84.7% | $68.7M-3.8% | $69.5M-3.8% | $70.4M-3.5% | $70.9M-7.0% | $71.4M+179.8% | $72.2M+148.9% |
| Total Equity | -$41.4M-215.7% | $1.3M-96.2% | $20.8M-37.2% | $35.7M-22.6% | $35.8M-38.9% | $32.8M-47.3% | $33.1M-48.7% | $46.1M-30.5% |
| Retained Earnings | -$43.6M-243.4% | -$655K-102.3% | $19.4M-27.7% | $29.8M+11.2% | $30.4M+18.9% | $28.0M+27.5% | $26.8M+43.9% | $26.8M+57.1% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q/A | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q/A | Q4'2310-K/A |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M-189.2% | -$6.2M-646.7% | -$10.5M-607.9% | $2.4M-60.5% | $7.1M-20.5% | $1.1M+53.0% | $2.1M+6.9% | $6.2M+30.1% |
| Depreciation & Amortization | $1.1M-6.1% | $1.1M-8.0% | $1.2M+1.7% | $1.5M+23.0% | $1.2M-0.2% | $1.2M+7.8% | $1.1M+31.5% | $1.2M+38.6% |
| Stock-Based Compensation | $317K-58.8% | $559K-33.5% | $577K-21.4% | N/A | $770K+17.7% | $841K+28.6% | $734K+139.1% | N/A |
| Capital Expenditures | $18K-75.0% | $29K-78.8% | $168K+9.8% | $216K-62.5% | $72K-69.5% | $137K-34.8% | $153K-16.8% | $576K+569.8% |
| Free Cash Flow | -$6.3M-190.3% | -$6.2M-724.8% | -$10.7M-657.2% | $2.2M-60.3% | $7.0M-19.1% | $997K+87.8% | $1.9M+9.4% | $5.6M+20.1% |
| Investing Cash Flow | -$18K+75.0% | -$29K+78.8% | -$168K-9.8% | -$216K-102.3% | -$72K+99.3% | -$137K+34.8% | -$153K+12.1% | $9.4M+11058.1% |
| Financing Cash Flow | $2.0M+861.9% | -$80K+97.3% | -$5.1M+62.5% | -$228K+98.3% | -$268K+98.2% | -$3.0M-107.2% | -$13.6M-166.7% | -$13.6M-68.1% |
| Dividends Paid | N/A | N/A | N/A | $0-100.0% | $6K | $0 | $3K | $2K |
| Share Buybacks | $0 | $0-100.0% | $4.9M-62.8% | $0-100.0% | $0-100.0% | $2.3M-61.7% | $13.3M+296.1% | $13.5M+104.4% |
ZYXI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q/A | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q/A | Q4'2310-K/A |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5%-19.2pp | 68.3%-11.7pp | 68.5%-11.5pp | 78.3%0.0pp | 79.6%-1.2pp | 80.0%+0.6pp | 80.0%+2.0pp | 78.3% |
| Operating Margin | -329.1% | -46.1%-50.6pp | -49.3%-50.4pp | -1.2%-6.1pp | 7.6%-3.4pp | 4.5%-1.6pp | 1.1%+0.5pp | 4.9%-15.9pp |
| Net Margin | -321.2% | -89.9%-92.3pp | -39.1%-39.1pp | -1.3%-3.9pp | 4.8%-2.4pp | 2.4%-5.0pp | 0.0%-3.7pp | 2.6%-12.7pp |
| Return on Equity | N/A | -1588.7%-1592.4pp | -50.0%-50.1pp | -1.7%-4.4pp | 6.7%+0.5pp | 3.7%-1.7pp | 0.0%-2.4pp | 2.6%-8.6pp |
| Return on Assets | -94.7%-96.6pp | -23.3%-24.3pp | -9.8%-9.8pp | -0.5%-1.4pp | 1.9%-0.5pp | 1.0%-1.2pp | 0.0%-1.4pp | 0.9%-5.5pp |
| Current Ratio | 0.47-3.5x | 0.62-3.4x | 3.46-0.1x | 4.46-0.3x | 3.94-1.2x | 4.06-3.6x | 3.58+0.5x | 4.74+1.4x |
| Debt-to-Equity | N/A | 67.15+64.4x | 4.09+1.3x | 2.42+0.5x | 2.52+0.9x | 2.72+1.3x | 2.81+2.8x | 1.97+1.9x |
| Asset Turnover | 0.29-0.1x | 0.26-0.1x | 0.25-0.1x | 0.380.0x | 0.40+0.1x | 0.41+0.1x | 0.370.0x | 0.35-0.1x |
| FCF Margin | -47.3%-61.4pp | -28.0%-30.0pp | -40.2%-44.3pp | 4.9%-7.0pp | 14.0%-3.3pp | 2.0%+0.8pp | 4.1%0.0pp | 11.9%+2.3pp |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| ZYNEX INC ZYXI | FY2024 | $192.4M | $3.0M | 1.6% | N/A | 59/100 |
| Synergy CHC Corp. SNYR | FY2025 | $30.4M | -$12.3M | -40.6% | $1.3M | 8/100 |
| Cosmos Holdings Inc. COSM | FY2025 | $65.3M | -$19.1M | -29.3% | $33.3M | 26/100 |
| 111, Inc. YI | FY2025 | $1.8B | -$3.2M | -0.2% | $27.5M | 19/100 |
| Quipt Home Medical Corp. QIPT | FY2025 | $245.4M | -$10.7M | -4.4% | $162.3M | 38/100 |
| EDAP TMS SA EDAP | FY2025 | $70.5M | -$29.2M | -41.5% | $161.9M | 33/100 |
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.
Can ZYNEX INC cover its interest payments?
ZYNEX INC (ZYXI) has an interest coverage ratio of 2.51x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ZYNEX INC?
ZYNEX INC (ZYXI) scores 59 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.