Brainsway Ltd. Financials

BWAY

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

This page shows Brainsway Ltd. (BWAY) 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 BWAY FY2024 2026-04-22

BrainsWay’s FY2024 move into profitability sits inside a cash-rich balance-sheet reset built by operations and external capital.

FY2024 moved from a -$4.2M loss to $2.9M of profit, showing the income statement finally crossed break-even. But the deeper shift is cash conversion: operating cash flow reached $10.3M, while financing inflows added $18.3M, so the much larger cash balance was built by healthier operations and fresh capital at the same time.

With $69.3M of cash against just $4.8M of long-term debt, BrainsWay now carries a very conservative solvency posture rather than depending on lenders to absorb operating volatility. Its 5.2x current ratio also means short-term obligations are well covered, giving the company room to operate without immediate balance-sheet pressure.

The business became profitable before it repaired the balance sheet from prior losses: retained earnings were still -$98.4M in FY2024, so one better year does not erase the cumulative deficit. At the same time, shares outstanding rose from 33.2M to 37.6M, which shows equity funding remained part of the operating model even as earnings quality improved.

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 Ltd.'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 Ltd.'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 Ltd. 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 Ltd. holds $5.19 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Brainsway Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd.'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 Ltd.'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

BWAY 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

BWAY 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

BWAY 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

BWAY 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

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Frequently Asked Questions

What is Brainsway Ltd.'s annual revenue?

Brainsway Ltd. (BWAY) 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 Ltd.'s revenue growing?

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

Is Brainsway Ltd. profitable?

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

How much debt does Brainsway Ltd. have?

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

What is Brainsway Ltd.'s net profit margin?

Brainsway Ltd. (BWAY) 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 Ltd.'s return on equity (ROE)?

Brainsway Ltd. (BWAY) 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 Ltd.'s operating cash flow?

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

What are Brainsway Ltd.'s total assets?

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

How many shares does Brainsway Ltd. have outstanding?

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

What is Brainsway Ltd.'s current ratio?

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

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

Brainsway Ltd. (BWAY) 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 Ltd.'s return on assets (ROA)?

Brainsway Ltd. (BWAY) 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 Ltd.'s Piotroski F-Score?

Brainsway Ltd. (BWAY) 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 Ltd.'s earnings high quality?

Brainsway Ltd. (BWAY) 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 Ltd.?

Brainsway Ltd. (BWAY) 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.