Nutex Health Inc

nutexhealth.com

What Do They Do?

Provides emergency and inpatient hospital care through micro-hospitals, specialty hospitals and outpatient departments, and manages physician networks serving patients and health plans.

How Do They Make Money?

Hospital services are paid for by insurers, federal agencies and patients; payment is due when insured patients receive an explanation of benefits or uninsured patients receive a bill. The population health division receives monthly capitation and management fees.

revenue

Segment	Share	Revenue	How money arrives
Hospital division Sold outright	96% FY2022: 91%		Sold outright
Population health management division Recurring	3.6% FY2022: 9.5%		Recurring

Who Are Their Customers?

Hospital patients receive care, with insurers and federal agencies paying for most services; managed-care providers contract directly with the physician networks, which enroll patients.

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 28 cents into free cash flow.

Operating income, FY2025

31% of revenue

▲ +111% vs FY2024 ($130.7M, 27%)

Net income, FY2025

8% of revenue

▲ +36% vs FY2024 ($52.1M, 11%)

Free cash flow, FY2025

28% of revenue

▲ +1078% vs FY2024 ($20.8M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −14%; vs $244M in Q2 FY2025
Net income: ▲ Now profitable; vs −$17.7M in Q2 FY2025

Hospital division revenue share of revenue vs 96.9% in Q2 FY2025

Aug 31, 2026 Unauthorized party exfiltrated sensitive data, and a class action followed The company said it had not identified a material impact on business operations or financial reporting systems to date.

Growing. Revenue grew 2.6x in 4 years, from $331.5M in FY2021 to $875.3M in FY2025, about 27% a year.

Revenue over time

Hospital division Population health management division

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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