The Joint Corp.

NasdaqCM:JYNT Stok Raporu

Piyasa değeri: US$120.8m

Joint Yönetim

Yönetim kriter kontrolleri 2/4

Joint CEO'su Sanjiv Razdan, Oct2024 tarihinde atandı, in görev süresi 1.58 yıldır. in toplam yıllık tazminatı $ 1.82M olup, şirket hissesi ve opsiyonları dahil olmak üzere 30.3% maaş ve 69.7% ikramiyelerden oluşmaktadır. şirketin hisselerinin 1.19% ine doğrudan sahiptir ve bu hisseler $ 1.43M değerindedir. Yönetim ekibinin ve yönetim kurulunun ortalama görev süresi sırasıyla 1.4 yıl ve 5.1 yıldır.

Anahtar bilgiler

Sanjiv Razdan

İcra Kurulu Başkanı

US$1.8m

Toplam tazminat

CEO maaş yüzdesi30.26%
CEO görev süresi1.6yrs
CEO sahipliği1.2%
Yönetim ortalama görev süresi1.4yrs
Yönetim Kurulu ortalama görev süresi5.1yrs

Son yönetim güncellemeleri

Recent updates

Analiz Makalesi • Feb 11

Estimating The Fair Value Of The Joint Corp. (NASDAQ:JYNT)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Joint fair value estimate is US$10.07 Current share price of...
Seeking Alpha • Apr 29

The Joint Corp. Has Shown Good Momentum For Future Returns (Rating Upgrade)

Summary JYNT's Q4 results showed strong growth, with revenue from continuing operations up 14% YOY and system-wide sales growth at 9%, indicating business resilience. New CEO's vision and initiatives, including dynamic pricing and a mobile app, are promising, despite initial skepticism about his lack of industry experience. The refranchising strategy will transition JYNT to a royalty-based model by 2025, potentially boosting profitability with fewer assets and lower SG&A costs. Despite macroeconomic risks and potential litigation, JYNT's strong brand equity and growth runway make it a buy, with significant future cash flow potential. Read the full article on Seeking Alpha
Analiz Makalesi • Mar 20

There's Reason For Concern Over The Joint Corp.'s (NASDAQ:JYNT) Price

When you see that almost half of the companies in the Healthcare industry in the United States have price-to-sales...
Analiz Makalesi • Jan 22

The Joint Corp.'s (NASDAQ:JYNT) Intrinsic Value Is Potentially 59% Above Its Share Price

Key Insights Using the 2 Stage Free Cash Flow to Equity, Joint fair value estimate is US$18.10 Joint's US$11.40 share...
Analiz Makalesi • Sep 14

The Joint Corp.'s (NASDAQ:JYNT) Price Is Out Of Tune With Revenues

There wouldn't be many who think The Joint Corp.'s ( NASDAQ:JYNT ) price-to-sales (or "P/S") ratio of 1.5x is worth a...
Analiz Makalesi • Aug 05

The Joint Corp. (NASDAQ:JYNT) Shares Could Be 22% Above Their Intrinsic Value Estimate

Key Insights Using the 2 Stage Free Cash Flow to Equity, Joint fair value estimate is US$10.40 Joint's US$12.73 share...
Analiz Makalesi • Jul 17

Investors Could Be Concerned With Joint's (NASDAQ:JYNT) Returns On Capital

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst...
Analiz Makalesi • May 04

Optimistic Investors Push The Joint Corp. (NASDAQ:JYNT) Shares Up 26% But Growth Is Lacking

The Joint Corp. ( NASDAQ:JYNT ) shares have continued their recent momentum with a 26% gain in the last month alone...
Analiz Makalesi • Mar 10

The Joint Corp.'s (NASDAQ:JYNT) Share Price Not Quite Adding Up

With a median price-to-sales (or "P/S") ratio of close to 1x in the Healthcare industry in the United States, you could...
Analiz Makalesi • Feb 12

Returns Are Gaining Momentum At Joint (NASDAQ:JYNT)

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...
Analiz Makalesi • Jun 17

Joint (NASDAQ:JYNT) Shareholders Will Want The ROCE Trajectory To Continue

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...
Analiz Makalesi • Jan 04

Joint's (NASDAQ:JYNT) Returns On Capital Are Heading Higher

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analiz Makalesi • Oct 27

Does Joint (NASDAQ:JYNT) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Seeking Alpha • Oct 17

The Joint Corp. Can Relieve You From High Inflation Pain

Summary The Joint Corp. is the largest provider of chiropractic care in the U.S., and its stock provides great upside potentials from secular healthcare trends. The company is a value compounder with significant growth opportunities and strong economic moats. Steep price decline from unsustainably high price a year ago as well as recent bear market made The Joint Corp.'s stock price depressed, which gives a good entry point. The Joint Corp. is well positioned to withstand the worrying macroeconomic factors including recent rising interest rates, energy crisis, and geopolitical risks. 1. Introduction Modern people suffer from chronic muscle pain due to the habit of sitting for a long time at home or work. They use a variety of methods including drug treatments and manual therapy to relieve pain and stay healthy. The Joint Corp. (JYNT) provides the solution for chiropractic care. Licensed practitioners conduct adjustments and offer an excellent alternative to pain relief measures for patients who are concerned about the side effects of drug treatment. Furthermore, the company is creating great value for consumers, business partners, and the company itself by improving inefficiencies and inconveniences that exist for a long time in the chiropractic industry through its unique and innovative business models. 2. Investment thesis First of all, The company is in a large and growing industry, and its current market share is still small, leaving room for further growth in the future. Second, it possesses several characteristics of a quality business, including the first mover advantages, an ability to sustain high returns on invested capital, and conservative balance sheets. Lastly, the current share price has significant upside potential in consideration of the company's growth potential and quality. 2-1) Growth The chiropractic industry is big and growing. Chiropractic care helps individuals with various pains, particularly back pain. According to a company filing which refers to the bureau of labor statistics and IBIS world chiropractors market research, people in the U.S. spends about $90 billion on back pain and about $18 billion on chiropractic services. The company's market share (The Joint Q2 22 Investor Presentation) Nevertheless, the company's share is only a fraction of the overall market. In other words, the company has ample room for further growth in this market in the future. As shown in the picture above, the market is highly fragmented. 96% of the market is composed of sole practitioners, and only 4% represent multi-unit operators like JYNT. Comparing multi-unit operators, the company has a market share of half, indicating it has competitive advantages. 2-2) Competitive advantages The company is innovative in the way it practices its business in a highly inefficient industry. It differentiates itself from its competitors by using a private pay, non-insurance, cash-based model. Innovative value proposition (The Joint Q2 22 Investor Presentation) The company delivers convenient, appointment-free chiropractic care in retail locations to its customers or patients. Also it provides great values to its employees and business partners like chiropractic practitioners, including higher salaries and no hassles with administration, which eventually gives more time to improve their core skills. Peer group of the company (The Joint Q2 22 Investor Presentation) The company increases its value based on its competitive advantages as well. First of all, it maximizes the first mover advantages. As seen above, the company has the largest share among multi-unit operators and is widening the gap. Although Airrosti, HealthSource Chiropractic, and ChiroOne Wellness Centers are comparable in scale, they are declining in contrast to the company's increasing number of clinics since 2017. Also, they mostly depend on insurance-based models. Competitors that adopt the same cash-only model as JYNT are 11 companies but cannot match the company in scale. Eight of them just operate fewer than 12 clinics. Second, the company directly operates the clinic or recruits franchisees. Franchising gives it a great competitive advantage. It reduces capital expenditures because franchisees finance a part of the investment. It also generates high returns for the company by receiving fees such as royalties based on sales. Clinic economics (The Joint Q2 22 Investor Presentation) It is good for franchisees to participate in the franchise of the Joint. Its clinics show great unit economics because the initial investment is small. All they need is a decent-sized retail space and a minimum of two people to run a clinic including WC (Wealth Coordinator) and DC (Chiropractic Doctor). There is no inventory risk like in other retailers. Therefore, The period to reach breakeven point is quite short and it takes about eight months. Business segments ( The Joint Q2 22 Investor Presentation) The company's current portfolio consists of 85% franchised and 15% company-owned clinics. It needs to rapidly increase clinics to gain wide brand awareness across the country. However, the proportion of franchising will increase later when it enters a certain maturity stage. I expect it to take three years, or when it operates more than 1,000 clinics. Then, profitable business segments will more contribute to the company's overall profitability, which will greatly increase the company's value. Credit Metrics (Created by the author using company reports) Lastly, the company maintains a conservative and strong balance sheets. It can withstand the current economic uncertainty and unfavorable macroeconomic factors including rising interest rates, high energy prices, intensifying geopolitical risks. The company has a cash balance greater than the total debt amount, protecting itself from refinancing risks and using cash for lucrative reinvestment opportunities. Also its services are by nature tech-proof unlike other retail companies. 3. Valuation The company's core value driver is the franchise clinic segment. Franchise clinics generate strong and stable free cash flows because they have better profitability and higher capital turnover than company-owned clinics. My valuation assumptions are as follows: the target number of clinics open for the next 10 years is 2,000. I assume the proportion of franchise clinics to increase from 85% to 95%. The Joint's system-wide sales per store is expected to grow 3% per annum, and franchise fee margin royalties are set at 12%. Tax rates are 27.0% and the cost of capital is about 9.0%. Using these assumptions, I estimate the company's future free cash flows as shown below. DCF (Created by the author using company reports) My valuation model implies the company's terminal EV/EBITDA multiple at about 15 times. The calculated value per share is about $25 after considering a 5.0% probability of failure. It indicates the current price is undervalued and has about 40% upside potential. Value per share (Created by the author) I examined the distribution of intrinsic value per share by conducting a sensitivity analysis of main value drivers which include target clinics open, store sales growth rates, and the proportion of franchise clinics. I found that falling short of the target number of stores had a significant impact on the value. If the number of stores falls below 1,350 over the next 10 years, the current stock price has no upside potential. Conversely, sales growth per store does not seem to have a greater impact than other factors. Finally, if the franchise store ratio remains the same or below, the stock price is likely to fall more. It is because the company has to grow by doing a low-margin capital-heavy company-owned clinics, not by profitable franchise clinics. Sensitivity analysis of the main value drivers (Created by the author) 4. Risks The high inflation environment had an unfavorable effect on the company's profitability. Labor cost is one of the main costs required to run a clinic. Recently the company raised the salaries of its clinic employees. As a result, the period to reach Breakeven point increased from six months to eight months.

CEO Tazminat Analizi

Sanjiv Razdan'un ücretlendirmesi Joint'un kazancına kıyasla nasıl değişti?
TarihToplam TazminatMaaşŞirket Kazançları
Mar 31 2026n/an/a

US$1m

Dec 31 2025US$2mUS$550k

-US$268k

Sep 30 2025n/an/a

-US$219k

Jun 30 2025n/an/a

-US$924k

Mar 31 2025n/an/a

-US$2m

Dec 31 2024US$1mUS$128k

-US$2m

Tazminat ve Piyasa: Sanjiv 'nin toplam tazminatı ($USD 1.82M ), US pazarındaki benzer büyüklükteki şirketler için ortalamanın üzerindedir ($USD 630.36K ).

Tazminat ve Kazançlar: Sanjiv 'in tazminatı, şirketin son bir yıldaki performansıyla tutarlıydı.

CEO

Sanjiv Razdan (55 yo)

1.6yrs
Görev süresi
US$1,817,792
Tazminat

Mr. Sanjiv Razdan is CEO, President & Director of The Joint Corp. from October 14, 2024. Mr. Razdan served as President of Americas and India at International Coffee & Tea, LLC until May 2024. He had been...

Liderlik Ekibi

İsimPozisyonGörev süresiTazminatSahiplik
Sanjiv Razdan
CEO, President & Director1.6yrsUS$1.82m1.19%
$ 1.4m
Scott Bowman
Chief Financial Officerless than a yearUS$764.12k0.35%
$ 425.9k
Ron Stilwell
Senior Vice President of Operations & Patient Experienceless than a yearVeri yokVeri yok
Charles Nelles
Chief Technology Officer4.3yrsVeri yokVeri yok
Steven Knauf
Vice President of Chiropractic & Compliance9.3yrsVeri yokVeri yok
Andra Terrell
SVP, Corporate Secretary & General Counsel1yrVeri yokVeri yok
Debbie Gonzalez
Chief Marketing Officerless than a yearVeri yokVeri yok
Beth Gross
Chief Human Resources Officer1.7yrsVeri yokVeri yok
Craig Sherwood
SVP & Chief Development Officer1.2yrsVeri yokVeri yok
Craig Colmar
Secretary16.2yrsUS$75.27kVeri yok
1.4yrs
Ortalama Görev Süresi
58yo
Ortalama Yaş

Deneyimli Yönetim: JYNT 'un yönetim ekibi deneyimli olarak kabul edilmiyor ( 1.4 yıl), bu da yeni bir ekibin varlığını gösteriyor.

Yönetim Kurulu Üyeleri

İsimPozisyonGörev süresiTazminatSahiplik
Sanjiv Razdan
CEO, President & Director1.6yrsUS$1.82m1.19%
$ 1.4m
Christopher Grandpre
Independent Director1yrUS$84.98k0.29%
$ 347.4k
Suzanne Decker
Independent Director8.9yrsUS$105.00k0.26%
$ 318.3k
Matthew Rubel
Independent Lead Director8.9yrsUS$119.00k0.13%
$ 154.0k
Sandra R. Karrmann
Independent Directorless than a yearUS$85.00k0.035%
$ 42.8k
Jefferson Gramm
Independent Director2.3yrsVeri yokVeri yok
Ronald DaVella
Independent Director11.5yrsUS$127.00k0.13%
$ 154.6k
Abraham Hong
Independent Director7.9yrsUS$109.00k0.19%
$ 230.6k
5.1yrs
Ortalama Görev Süresi
58.5yo
Ortalama Yaş

Deneyimli Yönetim Kurulu: JYNT 'nin yönetim kurulu üyeleri deneyimli olarak kabul edilir (ortalama görev süresi 5.1 yıldır).

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2026/05/22 09:25
Gün Sonu Hisse Fiyatı2026/05/22 00:00
Kazançlar2026/03/31
Yıllık Kazançlar2025/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

The Joint Corp. 5 Bu analistlerden 4, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Jeffrey Van SinderenB. Riley Securities, Inc.
Jeremy HamblinCraig-Hallum Capital Group LLC
Linda Bolton-WeiserD.A. Davidson & Co.