Brainsway Financials

BRSYF

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Brainsway (BRSYF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BRSYF FY2024 2026-04-22

A cash-backed turnaround in FY2024 sits inside a balance sheet reshaped by non-operating liquidity inflows.

FY2024 moved from loss to profit at $2.9M, and operating cash flow reached $10.3M, which is a stronger sign than earnings alone because cash outpaced accounting profit and reached the bank account. But the rise in cash to $69.3M was not created by operations by itself: investing and financing inflows contributed another $48.6M, so the year-end liquidity picture improved faster than the underlying business engine did.

Short-term funding pressure looks muted: current assets covered current liabilities by 5.2x, giving the company room to operate without needing heavy near-term borrowing. Cash alone exceeded total liabilities, with $69.3M on hand against $32.0M, a much more defensive liquidity posture than the prior year.

The capital base expanded faster than profits, with shares outstanding rising from 33.2M to 37.6M while financing cash flow was positive. Even after turning profitable, return on equity was only 4.7%, which implies the business is still early in proving it can earn meaningful returns on the larger pool of capital now supporting it.

Financial Health Signals

Financial Profile 45/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Brainsway's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Brainsway's revenue surged 29.0% year-over-year to $41.0M, reflecting rapid business expansion. This strong growth earns a score of 71/100.

Leverage

100

Brainsway carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.19, Brainsway holds $5.19 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Brainsway generates a 4.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -10.1% the prior year.

Piotroski F-Score Neutral

4/9

Brainsway passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.53x

For every $1 of reported earnings, Brainsway generates $3.53 in operating cash flow ($10.3M OCF vs $2.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$41.0M

YoY+29.0%

5Y CAGR+12.2%

Brainsway generated $41.0M in revenue in fiscal year 2024. This represents an increase of 29.0% from the prior year.

EBITDA

N/A

Net Income

$2.9M

YoY+169.6%

Brainsway reported $2.9M in net income in fiscal year 2024. This represents an increase of 169.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$69.3M

YoY+559.2%

5Y CAGR+26.2%

Brainsway held $69.3M in cash against $4.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

38M

YoY+13.2%

5Y CAGR+11.1%

Brainsway had 38M shares outstanding in fiscal year 2024. This represents an increase of 13.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

7.1%

YoY+20.3pp

5Y CAGR+51.8pp

Brainsway's net profit margin was 7.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 20.3 percentage points from the prior year.

Return on Equity

4.7%

YoY+14.8pp

5Y CAGR+47.3pp

Brainsway's ROE was 4.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 14.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BRSYF Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$41.0M+29.0%	$31.8M+17.0%	$27.2M-8.4%	$29.7M+34.5%	$22.1M-4.5%	$23.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$127K+164.6%	$48K	N/A	N/A	N/A	N/A
Income Tax	$538K+114.3%	$251K-20.3%	$315K+632.6%	$43K-81.9%	$237K-43.8%	$422K
Net Income	$2.9M+169.6%	-$4.2M+68.6%	-$13.3M-106.6%	-$6.5M-20.0%	-$5.4M+47.9%	-$10.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BRSYF Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$94.3M+49.8%	$63.0M-2.3%	$64.5M-14.9%	$75.7M+122.7%	$34.0M-12.2%	$38.7M
Current Assets	$79.7M+43.6%	$55.5M-4.5%	$58.1M-11.2%	$65.4M+169.4%	$24.3M-15.7%	$28.8M
Cash & Equivalents	$69.3M+559.2%	$10.5M-77.9%	$47.6M+181.2%	$16.9M-0.2%	$17.0M-21.7%	$21.7M
Inventory	$4.4M+19.1%	$3.7M-3.1%	$3.8M	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$32.0M+49.6%	$21.4M+12.1%	$19.1M+3.7%	$18.4M+28.0%	$14.4M-1.0%	$14.5M
Current Liabilities	$15.3M+57.2%	$9.8M+19.9%	$8.1M-10.2%	$9.1M+33.3%	$6.8M+1.2%	$6.7M
Long-Term Debt	$4.8M+1908.4%	$239K-5.9%	$254K0.0%	$254K+4.5%	$243K-63.3%	$663K
Total Equity	$62.3M+49.9%	$41.6M-8.4%	$45.4M-20.8%	$57.3M+192.0%	$19.6M-18.9%	$24.2M
Retained Earnings	-$98.4M+2.9%	-$101.3M-4.3%	-$97.1M-15.9%	-$83.8M-8.4%	-$77.3M-7.5%	-$71.9M

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Total Assets	$111.6M+18.3%	$94.3M+49.8%	$63.0M-2.3%	$64.5M-14.9%	$75.7M+122.7%	$34.0M-1.1%	$34.4M-11.2%	$38.7M
Current Assets	$89.0M+11.7%	$79.7M+43.6%	$55.5M-4.5%	$58.1M-11.2%	$65.4M+169.4%	$24.3M+0.9%	$24.1M-16.5%	$28.8M
Cash & Equivalents	$67.9M-2.1%	$69.3M+559.2%	$10.5M-77.9%	$47.6M+181.2%	$16.9M-0.2%	$17.0M+7.4%	$15.8M-27.1%	$21.7M
Inventory	$4.2M-5.3%	$4.4M+19.1%	$3.7M-3.1%	$3.8M	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$43.4M+35.7%	$32.0M+49.6%	$21.4M+12.1%	$19.1M+3.7%	$18.4M+28.0%	$14.4M-0.6%	$14.5M-0.3%	$14.5M
Current Liabilities	$25.5M+66.2%	$15.3M+57.2%	$9.8M+19.9%	$8.1M-10.2%	$9.1M+33.3%	$6.8M-2.5%	$7.0M+3.8%	$6.7M
Long-Term Debt	$5.2M+8.7%	$4.8M+1908.4%	$239K-5.9%	$254K0.0%	$254K+4.5%	$243K	N/A	$663K
Total Equity	$68.1M+9.3%	$62.3M+49.9%	$41.6M-8.4%	$45.4M-20.8%	$57.3M+192.0%	$19.6M-1.4%	$19.9M-17.8%	$24.2M
Retained Earnings	-$95.2M+3.2%	-$98.4M+2.9%	-$101.3M-4.3%	-$97.1M-15.9%	-$83.8M-8.4%	-$77.3M-0.5%	-$76.9M-6.9%	-$71.9M

BRSYF Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$10.3M+702.0%	$1.3M+113.2%	-$9.8M-1204.1%	$884K+161.6%	-$1.4M+80.2%	-$7.2M
Capital Expenditures	N/A	N/A	N/A	$2.2M-9.4%	$2.5M-25.4%	$3.3M
Free Cash Flow	N/A	N/A	N/A	-$1.4M+65.3%	-$3.9M+63.0%	-$10.6M
Investing Cash Flow	$30.3M+181.0%	-$37.4M-188.7%	$42.2M+199.9%	-$42.2M-1612.6%	-$2.5M-0.8%	-$2.4M
Financing Cash Flow	$18.3M+1880.0%	-$1.0M+33.7%	-$1.5M-103.7%	$41.5M+4130.7%	-$1.0M-104.6%	$22.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.6M	N/A	-$1.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	-$85K	N/A	$338K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.6M	N/A	-$1.6M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	$85K	N/A	-$396K
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$750K	N/A	-$414K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BRSYF Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	7.1%+20.3pp	-13.2%+35.9pp	-49.1%-27.3pp	-21.8%+2.6pp	-24.4%+20.3pp	-44.7%
Return on Equity	4.7%+14.8pp	-10.1%+19.3pp	-29.4%-18.1pp	-11.3%+16.2pp	-27.4%+15.2pp	-42.6%
Return on Assets	3.1%+9.8pp	-6.7%+14.0pp	-20.7%-12.2pp	-8.5%+7.3pp	-15.8%+10.8pp	-26.7%
Current Ratio	5.19-0.5	5.68-1.5	7.14-0.1	7.22+3.6	3.57-0.7	4.29
Debt-to-Equity	0.08+0.1	0.010.0	0.010.0	0.000.0	0.01-0.0	0.03
FCF Margin	N/A	N/A	N/A	-4.6%+13.1pp	-17.7%+28.0pp	-45.7%

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	3.49-1.7	5.19-0.5	5.68-1.5	7.14-0.1	7.22+3.6	3.57+0.1	3.45-0.8	4.29
Debt-to-Equity	0.080.0	0.08+0.1	0.010.0	0.010.0	0.000.0	0.01-0.7	0.73+0.7	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Brainsway's annual revenue?

Brainsway (BRSYF) reported $41.0M in total revenue for fiscal year 2024. This represents a 29.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Brainsway's revenue growing?

Brainsway (BRSYF) revenue grew by 29% year-over-year, from $31.8M to $41.0M in fiscal year 2024.

Is Brainsway profitable?

Yes, Brainsway (BRSYF) reported a net income of $2.9M in fiscal year 2024, with a net profit margin of 7.1%.

How much debt does Brainsway have?

As of fiscal year 2024, Brainsway (BRSYF) had $69.3M in cash and equivalents against $4.8M in long-term debt.

What is Brainsway's net profit margin?

Brainsway (BRSYF) had a net profit margin of 7.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Brainsway's return on equity (ROE)?

Brainsway (BRSYF) has a return on equity of 4.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Brainsway's operating cash flow?

Brainsway (BRSYF) generated $10.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Brainsway's total assets?

Brainsway (BRSYF) had $94.3M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Brainsway have outstanding?

Brainsway (BRSYF) had 38M shares outstanding as of fiscal year 2024.

What is Brainsway's current ratio?

Brainsway (BRSYF) had a current ratio of 5.19 as of fiscal year 2024, which is generally considered healthy.

What is Brainsway's debt-to-equity ratio?

Brainsway (BRSYF) had a debt-to-equity ratio of 0.08 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Brainsway's return on assets (ROA)?

Brainsway (BRSYF) had a return on assets of 3.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Brainsway's Piotroski F-Score?

Brainsway (BRSYF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Brainsway's earnings high quality?

Brainsway (BRSYF) has an earnings quality ratio of 3.53x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Brainsway?

Brainsway (BRSYF) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.