Nano-X Imaging (NNOX): Reassessing Valuation After 2026 Revenue Outlook and New Global Partnerships

Nano-X Imaging (NasdaqGM:NNOX) just drew attention with its upbeat 2026 revenue outlook, securing fresh commercial agreements across Europe and announcing a new reseller partnership that puts its FDA-cleared AI imaging tools into wider clinical use.

See our latest analysis for Nano-X Imaging.

Shares of Nano-X Imaging have been on a rollercoaster, rallying over 13% in a single day and 18% for the week following upbeat guidance and a string of strategic deals, including the Vaso Healthcare IT acquisition and expansion into France and the U.S. While the recent bounce signals renewed investor enthusiasm, the year-to-date share price return remains deeply negative at -61%, reflecting longer-term total shareholder returns that show steep declines. Momentum may finally be shifting, but the stock still faces a long climb to recover past losses.

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With the stock still trading well below analyst targets despite positive revenue forecasts and expanding commercial partnerships, the critical question is whether Nano-X remains undervalued or if the market has already factored in its future growth prospects.

Most Popular Narrative: 55.5% Undervalued

Nano-X Imaging’s latest share price of $3.45 sits well below the narrative’s fair value estimate of $7.75. The narrative centers on aggressive global expansion and transformative commercial execution as the engine for a long-term market re-rating.

Rapid progress toward commercial deployment, with a clear pipeline to install 100 Nanox.ARC systems by year-end, is expected to significantly increase revenue in the second half of 2025 and beyond, especially as a growing number of units begin active scanning and utilization.

Read the complete narrative.

Want to know what’s fueling expectations for this eye-popping price target? One key financial lever stands out, implying a future profit benchmark that most investors would call ambitious. Ready to see which bold forecast drives this undervaluation narrative? The full story lays out the pivotal figures behind this high-stakes valuation.

Result: Fair Value of $7.75 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, slow adoption of Nanox.ARC systems and persistent net losses could quickly undermine bullish expectations. This reminds investors that execution risks remain significant.

Find out about the key risks to this Nano-X Imaging narrative.

Another View: Multiples Tell a Different Story

While analyst price targets point to significant upside, the market is sending a much harsher message through current sales-based valuation. Nano-X Imaging trades at a price-to-sales ratio of 18.6x, which is dramatically higher than the US Healthcare industry average of 1.3x, the peer average of 0.9x, and far above its fair ratio of just 0.1x. Such a premium suggests investors are betting on explosive growth, but it also signals elevated risk if those expectations are not met. Will the company’s future justify today’s lofty price tag, or is the market overlooking hidden challenges?

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own Nano-X Imaging Narrative

If these conclusions don't quite fit your perspective, dive into the numbers yourself and craft a narrative that matches your own analysis. Do it your way

A great starting point for your Nano-X Imaging research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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