Fact based stock research
Zynex (NasdaqCM:ZYXI)

US98986M1036

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Zynex stock research in summary

zynex.com

ANALYSIS: With an Obermatt Combined Rank of 57 (better than 57% compared with investment alternatives), Zynex (Health Care Equipment, USA) shares have above-average financial characteristics compared with similar stocks. Shares of Zynex are a good value (attractively priced) with a consolidated Value Rank of 60 (better than 60% of alternatives), are safely financed (Safety Rank of 76, which means low debt burdens), but show below-average growth (Growth Rank of 19). ...read more

RECOMMENDATION: A Combined Rank of 57, is a buy recommendation based on Zynex's financial characteristics. As the company Zynex's key financial metrics exhibit good value (Obermatt Value Rank of 60) but low growth (Obermatt Growth Rank of 19) while being safely financed (Obermatt Safety Rank of 76), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 60% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	60
Growth Rank	19
Safety Rank	76
Combined Rank	57

Country	USA
Industry	Health Care Equipment
Index	NASDAQ
Size class	X-Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Zynex

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	97	51	57	60
GROWTH
GROWTH	87	65	23	19
SAFETY
SAFETY	100	98	78	76
SENTIMENT
SENTIMENT	98	98	84	^new
360° VIEW
360° VIEW	100	100	79	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Zynex is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	97	51	57	60
GROWTH
GROWTH	87	65	23	19
SAFETY
SAFETY	100	98	78	76
COMBINED
COMBINED	100	98	51	57

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Zynex the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 60 (better than 60% compared with alternatives), Zynex shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, where half the indicators are below and half are above average for Zynex. Price-to-Sales (P/S) is 89, which means that the stock price compared with what market professionals expect for future sales is lower than for 89% of comparable companies, indicating a good value concerning Zynex's revenue size. The same is valid for expected Price-to-Profits (or Price / Earnings, P/E), more favorable than for 58% of alternatives. It is also positive for expected dividend yields with a Dividend Yield rank of 1 (dividends are expected to be higher than for 1% of other stocks). But, compared with other companies in the same industry, the Price-to-Book Capital ratio (also referred to as market-to-book ratio) is higher than average, making the stock more expensive. Only 54% of all competitors have an even higher price compared with book capital which puts the Price-to-Capital Rank for Zynex to 46. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 60, is a buy recommendation based on Zynex's stock price compared with the company's operational size and dividend yields. A low level of book capital means that the company has a business that is leaner on assets than its competitors. For instance, the company could be leasing its production facilities, or be more focussed on intellectual property, such as its brand and software, which is less visible in its book capital. If that is the case, the low Dividend Yield is also explained as such companies tend to invest their income into market development. The other good value ranks for Sales and Profits are encouraging indicators for the stock price value. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	89	78	81	89
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	95	67	75	58
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	67	28	31	46
DIVIDEND YIELD
DIVIDEND YIELD	1	1	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	97	51	57	60

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Zynex; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 19 (better than 19% compared with alternatives), Zynex shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below-average for Zynex. While Sales Growth ranks at 88, professionals currently expect the company to grow more than 88% of its competitors, while all other growth ranks are below the market median. Profit Growth has a rank of 1, which means that, currently, professionals expect the company to grow its profits less than 99% of its competitors, and Capital Growth has a low rank of 31. Historic stock returns were also below average with a current Stock Returns rank of 9 which means that the stock returns have recently been below 91% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 19, is a sell recommendation for growth and momentum investors. If revenues are expected to increase, but all other growth indicators are negative, the company may be investing in future growth through means not visible in the balance sheet and thus not reflected in capital growth. The fact that Stock Returns have been below market doesn't mean that much, as it may be due to overly optimistic investor behavior in the past, which has been corrected to a more reasonable level recently. If that were the case, a positive Value Rank would be a reason to invest because the company is still expected to grow, while stock prices are now at a more reasonable level. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance isn't stellar here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	85	76	87	88
PROFIT GROWTH
PROFIT GROWTH	79	28	4	1
CAPITAL GROWTH
CAPITAL GROWTH	91	100	45	31
STOCK RETURNS
STOCK RETURNS	27	39	15	9
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	87	65	23	19

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Zynex.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 76 (better than 76% compared with alternatives) for 2025, the company Zynex has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of Zynex is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above-average for Zynex. Refinancing is at 81, meaning the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 81% of its competitors. Liquidity is also good at 55, meaning the company generates more profit to service its debt than 55% of its competitors. This indicates that the company is safer when it comes to debt service. However, Leverage is rather large at 22, which means the company has an above-average debt-to-equity ratio. It has more debt than 78% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 76 (better than 76% compared with alternatives), Zynex has a financing structure that is significantly safer than that of its competitors. This is not bad if things go well. The higher debt level means better returns to shareholders if things go well. Many top-performing companies operate with higher debt levels, and Zynex could be in that group. But if you expect the environment to turn rougher, the higher leverage could become a problem. The same is valid if you expect interest rates to rise. That could squeeze shareholder returns, which so far have benefitted from better conditions. In the long-term, investors may have a debt challenge with Zynex and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	81	54	18	22
REFINANCING
REFINANCING	57	61	65	81
LIQUIDITY
LIQUIDITY	98	93	89	55
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	100	98	78	76

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Zynex and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	97	95	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	98	96	48	^new
MARKET PULSE
MARKET PULSE	97	87	77	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	98	98	84	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Zynex.
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