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ZYBERNO

Stock Report

Updated Jun 6, 2026

ZYNEX, INC. (ZYXI)

Healthcare • NASDAQ

$0.06

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

17.0/100

POOR BUSINESS

ZYNEX, INC. (ZYXI) scores 17/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ZYXI quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ZYXI valuation analysis · → View full ZYXI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-1,777.1%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-60.2%)

Return on Capital (Capital Efficiency):CRITICAL (-152.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ZYNEX, INC. (ZYXI) stock report — Zyberno Score 17/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, ZYXI generated -$443.00K in Owner Earnings. Capital was deployed as follows: $4.94M returned via share buybacks, $9.00K paid as dividends, $593.00K invested in capital expenditures. Reinvestment rate: 2.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.06

Market Cap:$1.67M

Valuation Multiples (2)

P/S Ratio:0.02x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$8.10M

B. Profitability Assessment

Return Metrics (5)

ROE:

-1,777.1%

📊 Click to view full ZYXI ROE analysis →

ROA:-81.0%

Roic:

-152.6%

📊 Click to view full ZYXI ROIC analysis →

Reinvestment Rate:2.7%

Fundamental Growth Rate (g):-4.1%

Margin Analysis (3)

Operating Margin Ttm:-60.2%

Net Margin Ttm:-67.2%

Ebitda Margin:-53.5%

TTM Performance (3)

Gross Margin Ttm:71.6%

Operating Margin Ttm:-60.2%

Net Margin Ttm:-67.2%

Yield Metrics (2)

Earnings Yield:-$4.35K

Dividend Yield:0.5%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-4.00

📊 Click to view full ZYXI Earnings Surprise analysis →

EPS Surprise vs Expected:-28,500.0%

Latest Earnings Filed:2025-11-17

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-12.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):0.9%

Operating Cash Flow Growth Rate (Linear):2.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-33.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.47x

Quick Ratio:0.32x

Cash Ratio:0.17x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-41,830,000.00

Cash And Cash Equivalents:13,300,000.00

Long Term Debt:$7.21M

Net Debt:$6.43M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $108.20M

Linear Growth: -12.4%

📊 Click to view full ZYXI Revenue analysis & methodology →

Cost Of Revenue Ttm:$30.69M

Profitability Breakdown (2)

Gross profit TTM: $77.51M

Linear Growth: -16.5%

📊 Click to view full ZYXI Gross Profit analysis & methodology →

Operating income TTM: -$65.15M

Linear Growth: -33.4%

📊 Click to view full ZYXI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$72.73M

Linear Growth: -50.0%

📊 Click to view full ZYXI Net Income analysis & methodology →

Income Before Tax:-$69.32M

Ebitda Ttm:-57,917,000.00

Operating Expenses (5)

Operating Expenses:176,107,000.00

R And D Expense:12,000,000.00

Sga Expense:56,187,000.00

Income Tax Expense:$3.41M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:89.8%

Sga To Revenue Percentage:420.6%

Ebitda Margin:-53.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$45.32M

Current Assets:$37.02M

Ppe Net:4,855,000.00

Goodwill:20,401,000.00

Intangible Assets:$6.80M

Liability Structure (4)

Total Liabilities:86,694,000.00

Current Liabilities:78,846,000.00

Long Term Debt:$7.21M

Short Term Debt:$12.52M

Equity & Capital (3)

Equity:-$41.37M

Retained Earnings:-$43.57M

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:6,695,000.00

Inventory:11,991,000.00

Accounts Payable:12,523,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:317,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $150.00K

Linear Growth: 2.8%

Free cash flow TTM: -$443.00K

Linear Growth: 85.0%

📊 Click to view full ZYXI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$168.00K

Capital Expenditures Ttm:593,000.00

Financing Activities (3)

Financing Cash Flow:-$5.11M

Dividends Paid Ttm:9,000.00

Stock Repurchase:4,939,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:7,237,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.39

Eps diluted TTM: -$2.39

Linear Growth: -32.4%

📊 Click to view full ZYXI EPS analysis & methodology →

Earnings Per Share Ttm:-$2.40

Revenue & Cash Per Share (2)

Sales Per Share Ttm:3.57

Operating Cash Flow Per Share:$0.42

Book Value & Capital (2)

Book Value Per Share:-$1.36

Cash Per Share:0.44

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.21x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:16.16x

Days Sales Outstanding Ttm:22.58

Inventory Management (2)

Inventory Turnover Ttm:2.56x

Days Inventory Outstanding Ttm:142.62

Payables & Cash Cycle (2)

Days Payable Outstanding:148.95

Cash Conversion Cycle:16.26

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$443.00K

Damodaran Growth Analysis (2)

Reinvestment Rate:2.7%

Fundamental Growth Rate (g):-4.1%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-12.4%

Net Income Growth Rate (Linear):-50.0%

Operating Income Growth Rate (Linear):-33.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):0.9%

Operating Cash Flow Growth Rate (Linear):2.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-16.5%

Book Value Growth Rate (Linear):-40.5%

C. Company Profile & Context

Corporate Information (6)

Symbol:ZYXI

Company Name:ZYNEX, INC.

Sector:Healthcare

Industry:Medical Technology

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:30.31M

Shares Outstanding Basic:30.31M

Shares Outstanding Diluted:30.31M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-06 06:16:34 UTC

Data Timestamp:2026-06-06T06:16:34.582669