NUTXNutex Health Inc.

Services-Business Services, NEC

Revenue: $875M; 82% YoY
Operating margin: 31.5%; 16% YoY
EBITDA: $296M; 98% YoY
Market cap: $1.4B
Employees: 944; $927K revenue each
Net debt / EBITDA: -0.6×; −$181M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
351% of net income
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$927K · 77th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$105K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$332M	$219M	$248M	$480M	$875M	82%
Operating income	$170M	−$407M	−$32M	$131M	$276M	111%
Net income	$133M	−$425M	−$46M	$52M	$71M	36%
Operating cash flow	$173M	$51M	$1M	$23M	$248M	972%
Capex	$37M	$15M	$9M	$2M	$3M	9.6%
Stock-based comp	$4M	$190K	—	−$130K	$108M	83176%
Buybacks	—	—	$0	$0	$5M

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 14, 2022	DEFM14A	—	$3.57	84.21%
Feb 3, 2022	PREM14A	—	$3.57	8.26%

13D filers

Filed	Filer	Form	Stake	Intent
Apr 11, 2022	Micro Hospital Holding LLC	SC 13D	41.6%	Passive
Apr 11, 2022	Premier Macy Management Holdings, LLC	SC 13D	6.5%	Passive

Insider trading

Open-market buys, 12 mo: $148K · 5
Open-market sells, 12 mo: $43K · 1
Net: $105K

Pay vs performance

No pay-versus-performance disclosure yet.