Latest Ratios: P/E Ratio 0.6x · EV/EBITDA 3.3x · ROE 7.3%. (1998–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $259M | $394M | $544M | $391M | $470M | $267M | $99M | $104M | $9M | $14M |
| Enterprise Value | $36M | $293M | $425M | $551M | $386M | $438M | $258M | $93M | $99M | $12M | $18M |
| P/E Ratio → | 0.61 | 89.00 | 40.33 | 31.61 | 22.66 | 50.98 | 28.62 | 10.17 | 14.30 | 134.90 | — |
| P/S Ratio | 0.01 | 1.34 | 2.14 | 3.44 | 3.00 | 5.87 | 5.88 | 3.10 | 4.46 | 0.70 | 1.20 |
| P/B Ratio | 0.05 | 7.25 | 8.53 | 8.20 | 5.29 | 8.27 | 13.60 | 10.65 | 21.31 | — | — |
| P/FCF | 0.14 | 21.31 | 23.78 | 40.84 | 61.64 | — | 43.51 | 11.89 | 12.78 | 6.30 | 41.10 |
| P/OCF | 0.13 | 20.34 | 22.17 | 39.59 | 56.24 | 574.98 | 42.41 | 10.53 | 12.64 | 5.46 | 41.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.52 | 2.31 | 3.48 | 2.96 | 5.47 | 5.67 | 2.90 | 4.23 | 0.91 | 1.57 |
| EV / EBITDA | 3.33 | 27.19 | 28.35 | 21.14 | 15.67 | 37.09 | 21.78 | 8.56 | 10.75 | 11.22 | — |
| EV / EBIT | 5.99 | 48.74 | 31.10 | 24.34 | 17.27 | 43.11 | 23.31 | 8.93 | 11.09 | 18.84 | — |
| EV / FCF | — | 24.12 | 25.69 | 41.35 | 60.92 | — | 41.99 | 11.12 | 12.14 | 8.18 | 53.76 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.5% | 79.5% | 79.2% | 79.8% | 79.3% | 78.3% | 80.6% | 81.1% | 79.4% | 73.6% | 57.6% |
| Operating Margin | 3.1% | 3.1% | 5.8% | 14.5% | 17.2% | 12.8% | 24.3% | 32.5% | 38.2% | 4.8% | -21.3% |
| Net Profit Margin | 1.6% | 1.6% | 5.3% | 10.8% | 13.1% | 11.3% | 20.9% | 29.9% | 31.4% | 0.5% | -25.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 17.3% | 24.3% | 26.2% | 23.7% | 65.6% | 134.5% | 1339.1% | — | — |
| ROA | 2.3% | 2.3% | 7.6% | 13.4% | 16.5% | 17.7% | 42.7% | 76.1% | 113.1% | 1.8% | -53.9% |
| ROIC | 6.1% | 6.1% | 10.7% | 24.1% | 35.5% | 43.5% | 126.4% | 616.5% | — | — | -99.3% |
| ROCE | 5.4% | 5.4% | 9.9% | 21.9% | 25.6% | 23.5% | 67.3% | 140.7% | 1419.7% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.07 | 2.07 | 1.65 | 0.41 | 0.51 | 0.13 | 0.24 | 0.39 | 0.07 | — | — |
| Debt / EBITDA | 6.85 | 6.85 | 5.08 | 1.03 | 1.54 | 0.62 | 0.40 | 0.34 | 0.04 | 2.81 | — |
| Net Debt / Equity | — | 0.96 | 0.68 | 0.10 | -0.06 | -0.56 | -0.48 | -0.70 | -1.06 | — | — |
| Net Debt / EBITDA | 3.17 | 3.17 | 2.11 | 0.26 | -0.18 | -2.69 | -0.79 | -0.60 | -0.56 | 2.58 | — |
| Debt / FCF | — | 2.82 | 1.91 | 0.51 | -0.72 | — | -1.52 | -0.78 | -0.64 | 1.88 | 12.67 |
| Interest Coverage | 2.52 | 2.52 | 12.50 | 51.45 | 235.43 | 535.37 | 2213.20 | 67.34 | 6.17 | 1.82 | -4.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.46 | 4.46 | 4.74 | 3.30 | 3.62 | 6.23 | 4.34 | 2.25 | 2.08 | 0.44 | 0.37 |
| Quick Ratio | 3.63 | 3.63 | 4.03 | 2.66 | 3.15 | 5.38 | 3.88 | 2.12 | 1.98 | 0.43 | 0.33 |
| Cash Ratio | 2.35 | 2.35 | 2.41 | 0.96 | 1.86 | 3.87 | 2.70 | 1.59 | 1.39 | 0.03 | 0.00 |
| Asset Turnover | — | 1.58 | 1.35 | 1.31 | 0.98 | 1.08 | 1.61 | 1.97 | 2.62 | 3.25 | 3.15 |
| Inventory Turnover | 2.83 | 2.83 | 2.93 | 2.37 | 2.50 | 2.02 | 3.71 | 7.21 | 11.39 | 32.87 | 16.19 |
| Days Sales Outstanding | — | 34.20 | 53.15 | 80.91 | 80.20 | 63.04 | 46.82 | 31.92 | 34.04 | 83.02 | 76.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.0% | 0.0% | 0.7% | 0.0% | — | 0.8% | — | — | — | — |
| Payout Ratio | 0.3% | 0.3% | 0.0% | 21.2% | 0.0% | — | 23.8% | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 1.1% | 2.5% | 3.2% | 4.4% | 2.0% | 3.5% | 9.8% | 7.0% | 0.7% | — |
| FCF Yield | 100.0% | 4.7% | 4.2% | 2.4% | 1.6% | — | 2.3% | 8.4% | 7.8% | 15.9% | 2.4% |
| Buyback Yield | 100.0% | 6.0% | 9.6% | 4.9% | 0.7% | 0.0% | 0.1% | 3.5% | 0.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 100.0% | 6.0% | 9.6% | 5.5% | 0.7% | 0.0% | 0.9% | 3.5% | 0.4% | 0.0% | 0.0% |
| Shares Outstanding | — | $32M | $36M | $39M | $43M | $38M | $37M | $37M | $37M | $34M | $34M |
Capital structure insolvency risk
As reported in recent financial filings, ZYXI's valuation multiples have become effectively meaningless, with a P/S ratio of 0.01 and a P/E of 0.61, signaling that the market is pricing the equity for potential liquidation rather than as a going concern with future growth prospects.
The collapse in valuation multiples suggests that investors have largely abandoned traditional growth-based pricing models in favor of assessing the company's survival probability. Given the negative earnings and shrinking asset base, these ratios likely obscure the underlying reality that the company's terminal value is currently under severe market scrutiny.
Based on the company's reported figures, ROIC has plummeted to negative 90.1% in 2025Q3, a stark reversal from the positive 4.9% observed in 2023Q3, indicating that the firm is currently destroying shareholder capital at an accelerating rate rather than compounding it through its core operations.
The rapid decay in return on invested capital highlights the failure of the company's recent expansion efforts to generate adequate returns relative to the capital deployed. This trend warrants further investigation into whether the current business model can ever achieve a positive spread over its cost of capital given the current cost structure.
According to quarterly data, the cash conversion cycle has reached 96 days in 2025Q3, driven by an alarming increase in days inventory outstanding to 211 days, which suggests that the company is struggling to move its medical device inventory through the distribution channel effectively.
The significant rise in inventory days relative to historical norms indicates a potential mismatch between production levels and actual market demand. Investors should monitor whether this inventory buildup represents obsolete stock that may require future write-downs, further pressuring the already strained balance sheet.
As indicated by the latest financial statements, ZYXI's current ratio has collapsed to 0.47 in 2025Q3, down from a peak of 7.63 in 2023Q2, signaling that the company's ability to cover short-term obligations with current assets has become significantly compromised over the last ten quarters.
The current ratio falling below 1.0 indicates that the company's current liabilities now exceed its current assets, creating a precarious liquidity position. This development suggests that the firm may face difficulty meeting its near-term financial commitments without external financing or a drastic improvement in cash collection cycles.
Market participants frequently misapply the gross margin metric to ZYXI, treating its 60.5% level as a sign of a durable moat, when in reality, this figure obscures the company's inability to convert high-margin revenue into sustainable operating profit due to excessive SG&A and billing overhead.
The focus on gross margin is misleading because it ignores the high variable costs of the direct sales force and the administrative burden of insurance reimbursement. A more appropriate metric for this business model would be 'Contribution Margin after Sales Commissions,' which would better reflect the true profitability of each incremental prescription generated.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ZYXI stock.
Zynex, Inc.'s current P/E ratio is 0.6x. The historical average is 39.2x.
Zynex, Inc.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.4x.
Zynex, Inc.'s return on equity (ROE) is 7.3%. The historical average is -25.2%.
Based on historical data, Zynex, Inc. is trading at a P/E of 0.6x. Compare with industry peers and growth rates for a complete picture.
Zynex, Inc.'s current dividend yield is 0.51% with a payout ratio of 0.3%.
Zynex, Inc. has 79.5% gross margin and 3.1% operating margin.
Zynex, Inc.'s Debt/EBITDA ratio is 6.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.