Zynex (ZYXIQ) Financials
Newest figures come from the filing 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 ZYXIQ SEC filings page.
Zynex Inc (ZYXIQ) 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.
Revenue still grows, but overhead and debt costs absorb gross profit, leaving a much thinner earnings stream.
In FY2024, operating cash flow of$13M far exceeded net income of$3M , while accounts receivable fell32.8% . Cash generation was therefore helped by collecting prior sales even as reported profitability weakened, an important distinction from purely earnings-driven cash production.
Gross margin held at
Debt dependence increased sharply: debt-to-equity rose from 0.1x in FY2022 to 1.6x in FY2024. Equity fell
Financial Health Signals
We do not publish a peer-relative financial health score for Zynex Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
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.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Zynex Inc reported a net loss of $42.9M in Q3 2025. This represents a decrease of 1901.6% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Zynex Inc held $13.3M in cash as of Q3 2025; no long-term debt figure is on record 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. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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.
ZYXIQ 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 | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| 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 | $21.3M-40.8% | $25.5M-32.3% | $31.3M-14.7% | $36.6M+5.3% | $36.0M+3.2% | $37.7M+14.3% | $36.7M+12.5% | $34.7M |
| 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 | $625K+91.1% | $630K+98.7% | $512K | N/A |
| 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% | -$0.33n/m | -$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% | -$0.33n/m | -$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.
ZYXIQ 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 | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% | $0n/m | $0n/m | $0n/m |
| 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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% |
| Long-Term Debt | N/A | N/A | $58.8M+1.7% | $58.6M+1.7% | $58.3M+1.6% | $58.1M+1.6% | $57.8M+1359.1% | $57.6M+988.3% |
| 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% |
ZYXIQ 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 | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| 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 | -$18Kn/m | -$29Kn/m | -$168Kn/m | -$216K-102.3% | -$72Kn/m | -$137Kn/m | -$153Kn/m | $9.4Mn/m |
| Financing Cash Flow | $2.0Mn/m | -$80Kn/m | -$5.1Mn/m | -$228Kn/m | -$268Kn/m | -$3.0M-107.2% | -$13.6Mn/m | -$13.6Mn/m |
| Dividends Paid | N/A | N/A | N/A | $0-100.0% | $6Kn/m | $0 | $3K | $2Kn/m |
| Share Buybacks | $0n/m | $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% |
ZYXIQ 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 | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing | Q4'23Filing |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | 2.83+1.1x | 1.64+0.4x | 1.63+0.7x | 1.77+0.9x | 1.75+1.7x | 1.25+1.2x |
| Liabilities-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+2.1x | 1.97+1.2x |
| 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.
Where Zynex Inc Ranks
Frequently Asked Questions
Zynex Inc (ZYXIQ) 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.
Zynex Inc (ZYXIQ) revenue grew by 4.4% year-over-year, from $184.3M to $192.4M in fiscal year 2024.
No, Zynex Inc (ZYXIQ) reported a net loss of $74.0M over the trailing 12 months to September 30, 2025. In fiscal year 2024 it reported a net income of $3.0M, with a net profit margin of 1.6%.
Zynex Inc (ZYXIQ) had EBITDA of $11.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2024, Zynex Inc (ZYXIQ) had $39.6M in cash and equivalents against $58.6M in long-term debt.
Zynex Inc (ZYXIQ) had a gross margin of 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
Zynex Inc (ZYXIQ) had an operating margin of 3.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
Zynex Inc (ZYXIQ) had a net profit margin of 1.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Zynex Inc (ZYXIQ) has a return on equity of 8.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
Zynex Inc (ZYXIQ) 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.
Zynex Inc (ZYXIQ) generated $12.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
Zynex Inc (ZYXIQ) had $122.1M in total assets as of fiscal year 2024, including both current and long-term assets.
Zynex Inc (ZYXIQ) invested $578K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Zynex Inc (ZYXIQ) invested $12.0M in research and development during fiscal year 2024.
Zynex Inc (ZYXIQ) had a current ratio of 4.46 as of fiscal year 2024, which is generally considered healthy.
Zynex Inc (ZYXIQ) had a debt-to-equity ratio of 1.64 as of fiscal year 2024. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Zynex Inc (ZYXIQ) had a liabilities-to-equity ratio of 2.42 as of fiscal year 2024, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Zynex Inc (ZYXIQ) had a return on assets of 2.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Zynex Inc (ZYXIQ) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Zynex Inc (ZYXIQ) 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.
Zynex Inc (ZYXIQ) 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.