What is Envoy Medical Inc's earnings per share (EPS)?

Envoy Medical Inc (COCHW) reported diluted earnings per share of $-1.23 for fiscal year 2025. This represents a 17.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Envoy Medical Inc Financials

COCHW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Envoy Medical Inc (COCHW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 COCHW FY2025 2026-04-22

Envoy Medical remains a development-stage business funded by external capital, with cash burn far outrunning revenue.

Across FY2024 and FY2025, operating cash burn of $36.1M was met by $36.8M of financing inflows, so fresh capital mainly kept the business running rather than expanding liquidity. That is why cash still fell to $3.7M and short-term liquidity tightened, with current liabilities overtaking current assets in FY2025 despite lower total liabilities overall.

Revenue is not yet covering the act of selling: FY2025 revenue of $241K sat below cost of revenue of $874K, so each incremental sale still deepened the loss before research, administration, or financing costs were counted. With R&D spend at $12.5M, the cost base is still dominated by development spending rather than by a scaled commercial engine.

The balance sheet sends a split message: total liabilities fell from $30.4M to $20.3M, which made negative equity less severe and suggests some cleanup of the capital structure. But working-capital pressure increased, as the current ratio moved from 1.2x to 0.5x, making near-term obligations more front-loaded.

Financial Health Signals

Financial Profile 3/100

Based on FY2025 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 Envoy Medical Inc'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.

Profitability

Envoy Medical Inc has an operating margin of -9240.7%, meaning the company retains $-9241 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -8558.2% the prior year.

Growth

Envoy Medical Inc's revenue grew 7.1% year-over-year to $241K, a solid pace of expansion. This earns a growth score of 12/100.

Liquidity

Envoy Medical Inc's current ratio of 0.54 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Envoy Medical Inc generated -$18.2M in operating cash flow, capex of $179K consumed most of it, leaving -$18.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Envoy Medical Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.77x

For every $1 of reported earnings, Envoy Medical Inc generates $0.77 in operating cash flow (-$18.2M OCF vs -$23.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-14.0x

Envoy Medical Inc earns $-14.0 in operating income for every $1 of interest expense (-$22.3M vs $1.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$241K

YoY+7.1%

Envoy Medical Inc generated $241K in revenue in fiscal year 2025. This represents an increase of 7.1% from the prior year.

EBITDA

-$22.0M

YoY-15.1%

Envoy Medical Inc's EBITDA was -$22.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 15.1% from the prior year.

Net Income

-$23.8M

YoY-14.2%

Envoy Medical Inc reported -$23.8M in net income in fiscal year 2025. This represents a decrease of 14.2% from the prior year.

EPS (Diluted)

$-1.23

YoY+17.4%

Envoy Medical Inc earned $-1.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 17.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.4M

YoY+2.9%

Envoy Medical Inc generated -$18.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.9% from the prior year.

Cash & Debt

$3.7M

YoY-31.8%

Envoy Medical Inc held $3.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

-262.7%

YoY-32.9pp

Envoy Medical Inc's gross margin was -262.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 32.9 percentage points from the prior year.

Operating Margin

-9240.7%

YoY-682.4pp

Envoy Medical Inc's operating margin was -9240.7% in fiscal year 2025, reflecting core business profitability. This is down 682.4 percentage points from the prior year.

Net Margin

-9857.3%

YoY-615.0pp

Envoy Medical Inc's net profit margin was -9857.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 615.0 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$12.5M

YoY+22.7%

Envoy Medical Inc invested $12.5M in research and development in fiscal year 2025. This represents an increase of 22.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$179K

YoY-81.7%

Envoy Medical Inc invested $179K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 81.7% from the prior year.

COCHW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$241K+7.1%	$225K-28.8%	$316K+33.3%	$237K	N/A
Cost of Revenue	$874K+17.8%	$742K-6.0%	$789K+58.4%	$498K	N/A
Gross Profit	-$633K-22.4%	-$517K-9.3%	-$473K-81.2%	-$261K	N/A
R&D Expenses	$12.5M+22.7%	$10.2M+13.7%	$9.0M+80.0%	$5.0M	N/A
SG&A Expenses	$7.9M+16.2%	$6.8M-6.2%	$7.3M+181.5%	$2.6M	N/A
Operating Income	-$22.3M-15.7%	-$19.3M-4.9%	-$18.4M-110.9%	-$8.7M-67.3%	-$5.2M
Interest Expense	$1.6M+94.9%	$816K	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$1.5M	N/A
Net Income	-$23.8M-14.2%	-$20.8M+30.5%	-$29.9M	N/A	-$252K
EPS (Diluted)	$-1.23+17.4%	$-1.49+41.3%	$-2.54-61.8%	$-1.57	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$39K-48.0%	$75K+78.6%	$42K-46.2%	$78K+69.6%	$46K+9.5%	$42K-25.0%	$56K-17.6%	$68K
Cost of Revenue	$313K+48.3%	$211K+3.9%	$203K-13.2%	$234K+3.5%	$226K+43.9%	$157K-16.0%	$187K-23.7%	$245K
Gross Profit	-$274K-101.5%	-$136K+15.5%	-$161K-3.2%	-$156K+13.3%	-$180K-56.5%	-$115K+12.2%	-$131K+26.0%	-$177K
R&D Expenses	$3.6M-20.0%	$4.6M+68.6%	$2.7M+8.7%	$2.5M-9.6%	$2.7M+11.2%	$2.5M-10.4%	$2.8M+6.4%	$2.6M
SG&A Expenses	$1.9M+17.4%	$1.6M-34.5%	$2.4M+18.1%	$2.1M+13.6%	$1.8M+26.1%	$1.4M-14.6%	$1.7M+6.5%	$1.6M
Operating Income	-$6.0M+6.7%	-$6.4M-11.9%	-$5.7M-12.6%	-$5.1M+0.7%	-$5.1M-12.3%	-$4.5M+8.5%	-$5.0M-2.5%	-$4.9M
Interest Expense	N/A	$0-100.0%	$471K-24.5%	$624K+26.1%	$495K+54.7%	$320K+21.2%	$264K+100.0%	$132K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$4.4M+33.9%	-$6.6M-1.6%	-$6.5M-13.9%	-$5.7M-13.8%	-$5.0M-8.2%	-$4.6M+22.5%	-$6.0M-51.0%	-$3.9M
EPS (Diluted)	$-0.08	N/A	$-0.35-9.4%	$-0.32-10.3%	$-0.29	N/A	$-0.39-34.5%	$-0.29

COCHW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$8.6M-25.8%	$11.5M+39.5%	$8.3M+223.6%	$2.6M-99.4%	$426.9M
Current Assets	$6.3M-29.4%	$8.9M+19.3%	$7.5M+352.4%	$1.6M+90.9%	$863K
Cash & Equivalents	$3.7M-31.8%	$5.5M+30.0%	$4.2M+2204.9%	$183K+22.1%	$150K
Inventory	$1.5M-9.5%	$1.7M+21.7%	$1.4M+8.4%	$1.3M	N/A
Accounts Receivable	$34K-10.5%	$38K-45.7%	$70K+70.7%	$41K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$20.3M-33.1%	$30.4M+202.4%	$10.0M-74.1%	$38.8M-91.8%	$471.9M
Current Liabilities	$11.6M+53.4%	$7.5M+3.5%	$7.3M+189.2%	$2.5M-5.9%	$2.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	-$12.2M+35.5%	-$18.8M-960.9%	-$1.8M+95.1%	-$36.2M+19.5%	-$45.0M
Retained Earnings	-$313.4M-10.1%	-$284.7M-10.7%	-$257.3M-13.8%	-$226.0M-515.5%	-$36.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$29.8M+248.5%	$8.6M+4.6%	$8.2M-17.4%	$9.9M-4.7%	$10.4M-10.0%	$11.5M+22.8%	$9.4M+39.5%	$6.7M
Current Assets	$27.7M+340.9%	$6.3M+9.1%	$5.8M-23.4%	$7.5M-9.6%	$8.3M-6.6%	$8.9M+24.7%	$7.1M+42.8%	$5.0M
Cash & Equivalents	$25.3M+575.3%	$3.7M+5.1%	$3.6M-32.7%	$5.3M-0.5%	$5.3M-3.1%	$5.5M+23.9%	$4.4M+153.4%	$1.7M
Inventory	$1.5M-3.6%	$1.5M-5.7%	$1.6M+3.3%	$1.6M-4.2%	$1.7M-3.0%	$1.7M+4.1%	$1.6M+3.7%	$1.6M
Accounts Receivable	$31K-8.8%	$34K-2.9%	$35K-18.6%	$43K+2.4%	$42K+10.5%	$38K-80.7%	$197K+13.2%	$174K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$19.3M-5.2%	$20.3M+29.4%	$15.7M-60.5%	$39.8M+14.9%	$34.6M+13.9%	$30.4M+8.8%	$27.9M+46.0%	$19.1M
Current Liabilities	$12.2M+5.6%	$11.6M+28.6%	$9.0M+12.3%	$8.0M+5.3%	$7.6M+0.8%	$7.5M-16.9%	$9.1M+12.6%	$8.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.2M+183.6%	-$12.2M-58.7%	-$7.7M+74.3%	-$29.9M-23.3%	-$24.2M-28.6%	-$18.8M-1.6%	-$18.5M-49.5%	-$12.4M
Retained Earnings	-$319.1M-1.8%	-$313.4M-2.5%	-$305.7M-2.6%	-$297.9M-2.4%	-$291.0M-2.2%	-$284.7M-2.6%	-$277.5M-2.7%	-$270.2M

COCHW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$18.2M-1.4%	-$17.9M-5.0%	-$17.1M-94.1%	-$8.8M-171.7%	-$3.2M
Capital Expenditures	$179K-81.7%	$980K+540.5%	$153K-29.8%	$218K	N/A
Free Cash Flow	-$18.4M+2.9%	-$18.9M-9.8%	-$17.2M-91.1%	-$9.0M	N/A
Investing Cash Flow	-$179K+81.7%	-$980K-540.5%	-$153K+29.8%	-$218K+99.9%	-$425.0M
Financing Cash Flow	$16.6M-17.7%	$20.2M-5.1%	$21.3M+163.0%	$8.1M-98.1%	$428.4M
Dividends Paid	$1.8M-25.7%	$2.4M-54.7%	$5.4M	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$6.1M-6.6%	-$5.7M-31.3%	-$4.3M+2.9%	-$4.5M-19.7%	-$3.7M+26.8%	-$5.1M-94.1%	-$2.6M+43.5%	-$4.6M
Capital Expenditures	N/A	$172K	$0-100.0%	$1K-83.3%	$6K+101.1%	-$534K-146.2%	$1.2M+366.5%	$248K
Free Cash Flow	N/A	-$5.9M-35.2%	-$4.3M+2.9%	-$4.5M-19.6%	-$3.7M+33.7%	-$5.6M-48.8%	-$3.8M+22.8%	-$4.9M
Investing Cash Flow	N/A	-$172K	$0+100.0%	-$1K+83.3%	-$6K-101.1%	$534K+186.8%	-$615K+22.2%	-$790K
Financing Cash Flow	$27.6M+356.5%	$6.0M+132.2%	$2.6M-41.4%	$4.4M+24.9%	$3.6M-36.7%	$5.6M-5.1%	$5.9M+164.4%	$2.2M
Dividends Paid	$3.7M+373400.0%	-$1K	$0-100.0%	$607K-50.0%	$1.2M+97.6%	$614K	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

COCHW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	-262.7%-32.9pp	-229.8%-80.1pp	-149.7%-39.5pp	-110.1%	N/A
Operating Margin	-9240.7%-682.4pp	-8558.2%-2748.4pp	-5809.8%-2136.4pp	-3673.4%	N/A
Net Margin	-9857.3%-615.0pp	-9242.2%+226.8pp	-9469.0%	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-277.6%-97.4pp	-180.2%+181.5pp	-361.8%	N/A	-0.1%
Current Ratio	0.54-0.6	1.18+0.2	1.02+0.4	0.65+0.3	0.32
Debt-to-Equity	-1.67-0.1	-1.61+4.0	-5.66-4.6	-1.07+9.4	-10.50
FCF Margin	-7626.6%+786.3pp	-8412.9%-2955.9pp	-5457.0%-1649.8pp	-3807.2%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	-702.6%-521.2pp	-181.3%+202.0pp	-383.3%-183.3pp	-200.0%+191.3pp	-391.3%-117.5pp	-273.8%-39.9pp	-233.9%+26.4pp	-260.3%
Operating Margin	-15279.5%-6766.2pp	-8513.3%+5077.1pp	-13590.5%-7090.5pp	-6500.0%+4602.2pp	-11102.2%-273.6pp	-10828.6%-1950.0pp	-8878.6%-1743.3pp	-7135.3%
Net Margin	-11156.4%-2375.1pp	-8781.3%+6652.0pp	-15433.3%-8138.5pp	-7294.9%+3570.3pp	-10865.2%+130.0pp	-10995.2%-352.4pp	-10642.9%-4838.5pp	-5804.4%
Return on Equity	-42.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-14.6%+62.4pp	-77.0%+2.3pp	-79.2%-21.8pp	-57.5%-9.3pp	-48.1%-8.1pp	-40.0%+23.4pp	-63.4%-4.8pp	-58.6%
Current Ratio	2.27+1.7	0.54-0.1	0.64-0.3	0.94-0.2	1.09-0.1	1.18+0.4	0.79+0.2	0.62
Debt-to-Equity	1.90+3.6	-1.67+0.4	-2.05-0.7	-1.33+0.1	-1.43+0.2	-1.61-0.1	-1.51+0.0	-1.54
FCF Margin	N/A	-7809.3%+2502.6pp	-10311.9%-4592.7pp	-5719.2%+2391.6pp	-8110.9%+5282.0pp	-13392.9%-6642.9pp	-6750.0%+447.1pp	-7197.1%

Note: Shareholder equity is negative (-$12.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Envoy Medical Inc's annual revenue?

Envoy Medical Inc (COCHW) reported $241K in total revenue for fiscal year 2025. This represents a 7.1% 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 Envoy Medical Inc's revenue growing?

Envoy Medical Inc (COCHW) revenue grew by 7.1% year-over-year, from $225K to $241K in fiscal year 2025.

Is Envoy Medical Inc profitable?

No, Envoy Medical Inc (COCHW) reported a net income of -$23.8M in fiscal year 2025, with a net profit margin of -9857.3%.

What is Envoy Medical Inc's EBITDA?

Envoy Medical Inc (COCHW) had EBITDA of -$22.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Envoy Medical Inc's gross margin?

Envoy Medical Inc (COCHW) had a gross margin of -262.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Envoy Medical Inc's operating margin?

Envoy Medical Inc (COCHW) had an operating margin of -9240.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Envoy Medical Inc's net profit margin?

Envoy Medical Inc (COCHW) had a net profit margin of -9857.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Envoy Medical Inc's free cash flow?

Envoy Medical Inc (COCHW) generated -$18.4M in free cash flow during fiscal year 2025. This represents a 2.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Envoy Medical Inc's operating cash flow?

Envoy Medical Inc (COCHW) generated -$18.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Envoy Medical Inc's total assets?

Envoy Medical Inc (COCHW) had $8.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Envoy Medical Inc's capital expenditures?

Envoy Medical Inc (COCHW) invested $179K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Envoy Medical Inc spend on research and development?

Envoy Medical Inc (COCHW) invested $12.5M in research and development during fiscal year 2025.

What is Envoy Medical Inc's current ratio?

Envoy Medical Inc (COCHW) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Envoy Medical Inc's debt-to-equity ratio?

Envoy Medical Inc (COCHW) had a debt-to-equity ratio of -1.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Envoy Medical Inc's return on assets (ROA)?

Envoy Medical Inc (COCHW) had a return on assets of -277.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Envoy Medical Inc's cash runway?

Based on fiscal year 2025 data, Envoy Medical Inc (COCHW) had $3.7M in cash against an annual operating cash burn of $18.2M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Envoy Medical Inc's debt-to-equity ratio negative or unusual?

Envoy Medical Inc (COCHW) has negative shareholder equity of -$12.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Envoy Medical Inc's Piotroski F-Score?

Envoy Medical Inc (COCHW) has a Piotroski F-Score of 2 out of 9, indicating weak 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 Envoy Medical Inc's earnings high quality?

Envoy Medical Inc (COCHW) has an earnings quality ratio of 0.77x, considered low quality (accrual-driven). 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.

Can Envoy Medical Inc cover its interest payments?

Envoy Medical Inc (COCHW) has an interest coverage ratio of -14.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Envoy Medical Inc?

Envoy Medical Inc (COCHW) scores 3 out of 100 on our Financial Profile, indicating weak 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.