Joint Corp (JYNT)
NASDAQ:JYNT
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Joint
(NASDAQ:JYNT)
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Rating:53Neutral
Price Target:
$8.50
▼(-4.17% Downside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by mid-range fundamentals: improved net profitability and conservative leverage are outweighed by volatile revenue, inconsistent operating profitability, and a sharp 2025 drop in operating/free cash flow. Earnings-call guidance and the refranchising plan provide a meaningful positive offset, while bearish technicals and a high P/E with no dividend keep the overall rating constrained.
Positive Factors
Refranchising / Business Model Shift
The deliberate move to a pure-play franchisor through refranchising materially reduces capital intensity and operating overhead. Completing this transition mid-2026 should boost recurring royalty revenue, improve operating leverage, and make future growth more FCF-accretive and scalable over the next 2–6 months and beyond.
Negative Factors
Weak Cash Generation
Sharp deterioration in operating and free cash flow signals earnings quality and working-capital strains; low FCF conversion constrains the firm's ability to fund refranchising costs, national marketing, and buybacks without relying on external liquidity, increasing execution risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Refranchising / Business Model Shift
The deliberate move to a pure-play franchisor through refranchising materially reduces capital intensity and operating overhead. Completing this transition mid-2026 should boost recurring royalty revenue, improve operating leverage, and make future growth more FCF-accretive and scalable over the next 2–6 months and beyond.
Read all positive factors
Joint (JYNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$125.19M
Dividend YieldN/A
Average Volume (3M)133.85K
Price to Earnings (P/E)45.4
Beta (1Y)1.03
Revenue Growth-54.93%
EPS GrowthN/A
CountryUS
Employees443
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.06
Shares Outstanding14,114,334
10 Day Avg. Volume93,155
30 Day Avg. Volume133,848
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)8.77
Price to Sales (P/S)2.40
P/FCF Ratio394.27
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue1.95
Enterprise Value/Gross Profit2.55
Enterprise Value/Ebitda94.71
Forecast
1Y Price Target
$9.64Price Target Upside8.68% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.27
Revenue Forecast (FY)$60.40M
Joint Business Overview & Revenue Model
Company Description
The Joint Corp. develops, owns, operates, supports, and manages chiropractic clinics. The company operates in two segments, Corporate Clinics and Franchise Operations. It operates through direct ownership, management arrangements, franchising, and...
How the Company Makes Money
The Joint primarily makes money through a franchise-based model and, to a lesser extent, through revenue from company-owned or company-operated clinics. Key revenue streams include: (1) ongoing royalty fees paid by franchisees, generally tied to c...
Joint Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call communicates clear strategic progress (notably substantial refranchising toward a capital-light franchisor model, improved consolidated adjusted EBITDA, strong patient experience metrics, and definitive run-rate margin targets) while acknowledging meaningful near-term operational challenges (chiefly weak new-patient acquisition and Q4 comp declines). Management provided concrete actions—national marketing, SEO, pricing tests, conversion/retention programs, cost rightsizing—and a quantified view of expected post-refranchising profitability. Given the combination of current headwinds in new-patient flow but material improvements in profitability, balance-sheet actions, and a credible plan to complete refranchising (with projected step-up in margins), the positives modestly outweigh the negatives.Positive Updates
Progress on Joint 2.0 and Refranchising
Significant transformation progress toward becoming a pure-play franchisor: corporate-owned clinics reduced from 135 to 48 (now ~5% of portfolio). Signed asset purchase agreement for 22 clinics for $1.5M and an LOI for 5 clinics; management expects refranchising to complete mid-2026 and is in active conversations for remaining clinics.
Negative Updates
Q4 and Quarterly Comp Sales Weakness
Q4 system-wide sales were down 3.9% to $140.0M and comp sales declined 3.8% (Q4 vs prior-year Q4). Management attributed weaker-than-expected Q4 comps largely to lower new patient counts.
Read all updates
Q4-2025 Updates
Positive
Negative
Progress on Joint 2.0 and Refranchising
Significant transformation progress toward becoming a pure-play franchisor: corporate-owned clinics reduced from 135 to 48 (now ~5% of portfolio). Signed asset purchase agreement for 22 clinics for $1.5M and an LOI for 5 clinics; management expects refranchising to complete mid-2026 and is in active conversations for remaining clinics.
Read all positive updates
Company Guidance
The company guided 2026 system‑wide sales of $540M–$552M, comp sales of -3% to +3%, and consolidated adjusted EBITDA of $12.5M–$13.5M, and expects year‑end clinic count to be lower than at 12/31/25 (960 clinics) with continuing operations more profitable than 2025; after completing refranchising mid‑2026 management expects revenue of ~11% of system‑wide sales, gross margin of 83%–85%, G&A of 40%–42%, CapEx ≈3% of revenues, free‑cash‑flow conversion of 60%–70% (FCF/adjusted EBITDA), an adjusted EBITDA margin of 19%–21% (vs. 12% in 2025) and net income margin of 13%–15% (vs. 3% in 2025); with 5% revenue growth they project EBITDA margin of 20%–22% (net income 14%–16%) and with 10% revenue growth EBITDA margin 22%–24% (net income 16%–18%), plus a ~25% IRR target on growth CapEx and a long‑term U.S. opportunity of >1,800 clinics.Joint Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 54.90M | 52.16M | 46.98M | 101.25M | 80.01M |
| Gross Profit | 42.03M | 40.65M | 36.50M | 92.08M | 72.35M |
| EBITDA | 1.90M | 2.90M | 8.88M | 7.89M | 10.07M |
| Net Income | 2.91M | -5.80M | -9.75M | 626.71K | 7.57M |
Balance Sheet | |||||
| Total Assets | 60.97M | 83.15M | 87.21M | 93.49M | 87.06M |
| Cash, Cash Equivalents and Short-Term Investments | 23.60M | 25.05M | 18.15M | 9.75M | 19.53M |
| Total Debt | 2.01M | 795.03K | 2.86M | 26.06M | 23.62M |
| Total Liabilities | 45.89M | 62.48M | 62.44M | 60.90M | 56.75M |
| Stockholders Equity | 15.05M | 20.65M | 24.75M | 32.56M | 30.28M |
Cash Flow | |||||
| Free Cash Flow | 334.72K | 8.23M | 9.68M | 2.31M | 6.85M |
| Operating Cash Flow | 1.84M | 9.42M | 14.68M | 8.21M | 13.84M |
| Investing Cash Flow | 6.27M | -631.55K | -6.19M | -17.90M | -12.75M |
| Financing Cash Flow | -9.81M | -2.00M | 174.12K | 328.61K | -2.00M |
Joint Technical Analysis
Positive
8.87
Price Trends
8.85
Positive
8.93
Negative
9.48
Negative
Market Momentum
0.03
Negative
54.60
Neutral
53.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JYNT, the sentiment is Positive. The current price of 8.87 is above the 20-day moving average (MA) of 8.58, above the 50-day MA of 8.85, and below the 200-day MA of 9.48, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 54.60 is Neutral, neither overbought nor oversold. The STOCH value of 53.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JYNT.
Joint Risk Analysis
Joint disclosed 40 risk factors in its most recent earnings report. Joint reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Joint Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.64B | 17.67 | 11.57% | 1.80% | 23.74% | -18.99% | |
62 Neutral | $1.18B | 78.68 | 3.12% | 2.25% | 17.50% | 154.28% | |
62 Neutral | $1.45B | 54.15 | 2.93% | ― | 68.17% | -85.42% | |
54 Neutral | $326.17M | -54.27 | 759.71% | ― | 21.67% | 16.74% | |
53 Neutral | $125.19M | 45.39 | -3.70% | ― | -54.93% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
JYNT
Joint
8.98
-1.35
-13.07%
NHC
National Healthcare
163.50
72.57
79.80%
USPH
US Physical Therapy
77.13
9.14
13.44%
ASTH
Astrana Health
29.07
-4.69
-13.89%
TOI
Oncology Institute
3.38
1.48
77.89%
Joint Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Joint Corp Reports Q4 Growth Amid Transformation Strategy
Positive
Mar 12, 2026
On March 12, 2026, The Joint Corp. reported that fourth quarter 2025 revenue rose 3.1% year on year to $15.2 million, while system-wide sales fell 3.9% and same-store sales declined 3.8%, amid macro headwinds. Quarterly net income improved sharply...
Business Operations and StrategyExecutive/Board Changes
Joint Reaches Governance Agreement With Bandera Partners
Neutral
Jan 9, 2026
On January 5, 2026, Joint entered into a letter agreement with Bandera Partners LLC and Jefferson Gramm that provides for Mr. Gramm to be included in the company’s slate of director nominees at its 2026 annual meeting of stockholders and for...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.