Zynex - Public Comps and Valuation Multiples

Zynex Overview

About Zynex

Zynex Inc is engaged in the manufacturing and marketing of medical devices. It operates through one primary business segment, Electrotherapy and Pain Management Products. The business activities of the company are carried out through its subsidiaries. The company designs, manufactures, and markets medical devices that treat chronic and acute pain, as well as activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company operates business as one operating segment which includes two revenue types: Devices and Supplies. Its markets Zynex-manufactured products which include NexWave, NeuroMove, InWave E-Wave, and others.

Founded

1996

HQ

Employees

1K+

Website

zynex.com

Sectors

Medical Devices

Financials

LTM Revenue $123M

LTM EBITDA -$8.9M

EV

$99.8M

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Zynex Financials

As of August 2025, Zynex reported last 12-month revenue of $123M and EBITDA of -$8.9M.

In the same period, Zynex generated $90.8M in LTM gross profit and -$27.9M in net income.

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Zynex P&L

In the most recent fiscal year, Zynex reported revenue of $192M and EBITDA of $10.8M.

Zynex expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$123M	XXX	$192M	XXX	XXX	XXX
Gross Profit	$90.8M	XXX	$153M	XXX	XXX	XXX
Gross Margin	74%	XXX	80%	XXX	XXX	XXX
EBITDA	-$8.9M	XXX	$10.8M	XXX	XXX	XXX
EBITDA Margin	-7%	XXX	6%	XXX	XXX	XXX
EBIT	-$23.1M	XXX	$6.0M	XXX	XXX	XXX
EBIT Margin	-19%	XXX	3%	XXX	XXX	XXX
Net Profit	-$27.9M	XXX	$3.0M	XXX	XXX	XXX
Net Margin	-23%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$18.9M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Zynex including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $123M. EBITDA for the last twelve months was -$8.9M. In the most recent fiscal year, Zynex achieved $192M in revenue and $10.8M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$123M	Analyst estimates available to subscribers	$192M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$90.8M	Analyst estimates available to subscribers	$153M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	73.9% gross margin	Analyst estimates available to subscribers	79.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$8.9M	Analyst estimates available to subscribers	$10.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-7.3% EBITDA margin	Analyst estimates available to subscribers	5.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$23.1M	Analyst estimates available to subscribers	$6.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-18.8% EBIT margin	Analyst estimates available to subscribers	3.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$27.9M	Analyst estimates available to subscribers	$3.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-22.7% net profit margin	Analyst estimates available to subscribers	1.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$18.9M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Zynex

This financial data table provides comprehensive performance metrics for Zynex, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Zynex generated $123M in revenue over the last twelve months.
The company achieved -$8.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $90.8M.
Net income over the last twelve months reached -$27.9M.

Fiscal Year Performance

In the most recent fiscal year, Zynex reported $192M in total revenue.
Fiscal year EBITDA was $10.8M.
The company maintained a gross profit margin of 79.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.6%.
Net profit margin reached 1.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Zynex. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Zynex Stock Performance

Zynex has current market cap of $44.8M, and EV of $99.8M.

Market Cap Evolution

Zynex Stock Data

As of September 17, 2025, Zynex's stock price is $1.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$99.8M	$44.8M	XXX	XXX	XXX	XXX	$-0.91

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Zynex Valuation Multiples

Zynex's trades at 0.5x EV/Revenue multiple, and 9.2x EV/EBITDA.

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Zynex Financial Valuation Multiples

As of September 17, 2025, Zynex has market cap of $44.8M and EV of $99.8M.

Equity research analysts estimate Zynex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Zynex has a P/E ratio of -1.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$44.8M	XXX	$44.8M	XXX	XXX	XXX
EV (current)	$99.8M	XXX	$99.8M	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.5x	XXX	XXX	XXX
EV/EBITDA	-11.2x	XXX	9.2x	XXX	XXX	XXX
EV/EBIT	-4.3x	XXX	16.7x	XXX	XXX	XXX
EV/Gross Profit	1.1x	XXX	n/a	XXX	XXX	XXX
P/E	-1.6x	XXX	15.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	8.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Zynex Margins & Growth Rates

Zynex's last 12 month revenue growth is -19%

Zynex's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Zynex's rule of 40 is -9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Zynex's rule of X is -55% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Zynex Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-19%	XXX	-27%	XXX	XXX	XXX
EBITDA Margin	-7%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	18%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-9%	XXX	-13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-55%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	45%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	76%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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