Mediwound (MDWD) Financials

MDWD

FY2025 annual

Revenue $17.0M -16.1% YoY

Net Income -$23.9M +21.0% YoY

Free Cash Flow -$21.6M -8.7% YoY

Operating Cash Flow -$16.1M -18.3% YoY

Market Cap $170.5M as of Sep 3, 2026

Price / Sales 10.1x on $17.0M revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 3.9x on $43.6M equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 5, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MDWD SEC filings page.

Mediwound (MDWD) reported $17.0M in revenue for fiscal year 2025, down 16.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 MDWD FY2025 2026-08-30

External financing funds operating losses while investment spending keeps free cash flow below operating cash flow.

FY2025 paired revenue of $17.0M with a net loss of $23.9M; the loss exceeded sales, showing that the cost base still overwhelms the commercial base. Operating cash flow was less negative than net income, but capital expenditures pushed free cash flow into a deeper deficit, so accounting losses understate the funding need.

The funding pattern is central: financing cash flow supplied $29.6M in FY2025 while operating and investing activities consumed cash, making balance-sheet growth dependent on capital raised rather than internally generated funds. Total equity reached $43.6M even as retained earnings were -$228.9M, implying equity growth came from contributed capital rather than accumulated profits.

The current ratio recovered to 2.3x from 2.0x, indicating improved short-term coverage after FY2024. Debt-to-equity was 0.2x in FY2025, so the financing structure is more equity-led than debt-led despite continued cash consumption.

Financial Health Signals

Financial health score not available

Mediwound does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/8

Mediwound passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Mediwound reported a net loss of $23.9M while operations used $16.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$4.8M

YoY-47.6%

QoQ+353.2%

Mediwound held $4.8M in cash against $8.2M in long-term debt as of Q4 2025.

Shares Outstanding

13M

YoY+18.9%

Mediwound had 13M shares outstanding in Q4 2025. This represents an increase of 18.9% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

MDWD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MDWD quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$17.0M-16.1%	$20.2M+8.2%	$18.7M-29.5%	$26.5M+11.5%	$23.8M+9.2%	$21.8M-31.5%	$31.8M+834.7%	$3.4M+36.3%	$2.5M+60.2%	$1.6M+159.2%	$601K
Interest Expense	$625K+18.6%	$527K+92.3%	$274K+168.6%	$102K-15.0%	$120K-16.7%	$144K+3.6%	$139K	N/A	N/A	N/A	N/A
Income Tax	$169K+177.0%	$61K-67.0%	$185K+137.2%	$78K+188.9%	$27K	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$23.9M+21.0%	-$30.2M-350.0%	-$6.7M+65.7%	-$19.6M-44.6%	-$13.6M-47.4%	-$9.2M-285.6%	$5.0M+568.8%	-$1.1M+95.2%	-$22.1M-17.3%	-$18.9M+14.5%	-$22.1M
Diluted Shares (Avg)	11M+14.2%	10M+10.5%	9M+80.7%	5M	4M-85.7%	27M+0.1%	27M+0.2%	27M+16.2%	23M	N/A	22M

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Revenue	N/A	$5.7M+12.7%	N/A	$5.1M+6.1%	N/A	$4.8M+2.2%	N/A	$4.7M-22.9%
Income Tax	N/A	$38K+2000.0%	N/A	-$2K-116.7%	N/A	$12K+200.0%	N/A	$4K-78.9%
Net Income	N/A	-$13.3M-111.2%	N/A	-$6.3M-788.3%	N/A	$916K+121.0%	N/A	-$4.4M-36.3%
Diluted Shares (Avg)	N/A	11M+16.8%	N/A	9M+0.8%	N/A	9M+194426.9%	N/A	4,734

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, EPS (Basic), EPS (Diluted).

MDWD Balance Sheet

MDWD quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$86.3M+17.4%	$73.5M+10.6%	$66.5M+32.9%	$50.0M+153.3%	$19.7M-36.5%	$31.1M-23.5%	$40.6M+15.1%	$35.3M-20.1%	$44.1M+23.4%	$35.8M	N/A
Current Assets	$60.0M+15.0%	$52.2M+5.0%	$49.7M+8.4%	$45.8M+206.6%	$15.0M-42.9%	$26.2M-26.5%	$35.6M+8.9%	$32.7M-21.2%	$41.5M+23.5%	$33.6M	N/A
Cash & Equivalents	$4.8M-47.6%	$9.2M-22.8%	$11.9M-65.0%	$33.9M+206.9%	$11.0M-36.4%	$17.4M+139.9%	$7.2M+7.8%	$6.7M-81.4%	$36.1M+25.0%	$28.9M-32.1%	$42.5M
Inventory	$4.1M+52.0%	$2.7M-5.4%	$2.8M+45.0%	$2.0M+63.6%	$1.2M-13.0%	$1.4M-14.4%	$1.6M-4.0%	$1.7M-10.9%	$1.9M+123.5%	$844K	N/A
Total Liabilities	$42.6M+0.7%	$42.3M+21.5%	$34.9M-10.8%	$39.1M+60.7%	$24.3M+2.2%	$23.8M-6.4%	$25.4M-3.4%	$26.3M-24.3%	$34.8M+24.2%	$28.0M	N/A
Current Liabilities	$25.7M-3.1%	$26.5M+46.4%	$18.1M+50.3%	$12.1M+12.5%	$10.7M+29.7%	$8.3M-20.3%	$10.4M+111.8%	$4.9M-9.9%	$5.4M+1.0%	$5.4M	N/A
Non-Current Liabilities	$16.9M+7.0%	$15.8M-5.6%	$16.7M-38.1%	$27.0M+98.8%	$13.6M-12.4%	$15.5M+3.2%	$15.0M-29.7%	$21.4M-26.4%	$29.1M+28.6%	$22.6M	N/A
Long-Term Debt	$8.2M+25.2%	$6.5M+2.6%	$6.3M+650.6%	$846K-39.2%	$1.4M-20.1%	$1.7M-13.2%	$2.0M	$0	N/A	N/A	N/A
Total Equity	$43.6M+40.1%	$31.2M-1.4%	$31.6M+189.5%	$10.9M+338.2%	-$4.6M-163.0%	$7.3M-52.1%	$15.2M+69.1%	$9.0M-4.3%	$9.4M+20.6%	$7.8M-66.9%	$23.5M
Retained Earnings	-$228.9M-11.6%	-$205.0M-17.3%	-$174.8M-4.0%	-$168.1M-13.2%	-$148.5M-10.0%	-$135.0M-7.3%	-$125.8M+3.8%	-$130.7M-1.0%	-$129.4M-20.6%	-$107.3M	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$86.3M+17.4%	$67.0M+16.9%	$73.5M+10.6%	$57.3M-11.0%	$66.5M+32.9%	$64.4M+205.0%	$50.0M+153.3%	$21.1M-19.5%
Current Assets	$60.0M+15.0%	$43.1M+15.5%	$52.2M+5.0%	$37.3M-35.7%	$49.7M+8.4%	$58.1M+245.4%	$45.8M+206.6%	$16.8M-21.9%
Cash & Equivalents	$4.8M-47.6%	$1.1M-72.1%	$9.2M-22.8%	$3.8M-80.2%	$11.9M-65.0%	$19.2M+148.0%	$33.9M+206.9%	$7.7M-54.5%
Inventory	$4.1M+52.0%	$3.8M+19.7%	$2.7M-5.4%	$3.2M+3.1%	$2.8M+45.0%	$3.1M+56.4%	$2.0M+63.6%	$2.0M+42.5%
Total Liabilities	$42.6M+0.7%	$46.9M+18.9%	$42.3M+21.5%	$39.4M+33.9%	$34.9M-10.8%	$29.4M+26.1%	$39.1M+60.7%	$23.3M-3.1%
Current Liabilities	$25.7M-3.1%	$29.1M+28.6%	$26.5M+46.4%	$22.6M+25.7%	$18.1M+50.3%	$18.0M+72.7%	$12.1M+12.5%	$10.4M+7.8%
Non-Current Liabilities	$16.9M+7.0%	$17.8M+5.9%	$15.8M-5.6%	$16.8M+46.9%	$16.7M-38.1%	$11.4M-11.5%	$27.0M+98.8%	$12.9M-10.4%
Long-Term Debt	$8.2M+25.2%	N/A	$6.5M+2.6%	N/A	$6.3M+650.6%	N/A	$846K-39.2%	N/A
Total Equity	$43.6M+40.1%	$20.1M+12.6%	$31.2M-1.4%	$17.9M-48.8%	$31.6M+189.5%	$34.9M+1662.8%	$10.9M+338.2%	-$2.2M-205.5%
Retained Earnings	-$228.9M-11.6%	-$219.1M-14.8%	-$205.0M-17.3%	-$190.9M-11.7%	-$174.8M-4.0%	-$170.9M-9.2%	-$168.1M-13.2%	-$156.4M-11.0%

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Goodwill.

MDWD Cash Flow Statement

MDWD quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	-$16.1M-18.3%	-$13.6M-30.2%	-$10.5M+11.9%	-$11.9M-33.3%	-$8.9M-29.3%	-$6.9M-183.2%	$8.3M+168.2%	-$12.2M+26.1%	-$16.5M-0.1%	-$16.4M+16.1%	-$19.6M
Depreciation & Amortization	$1.9M+25.4%	$1.5M+13.8%	$1.3M+2.4%	$1.3M+2.7%	$1.2M+13.6%	$1.1M-5.1%	$1.1M+99.1%	$577K+1.8%	$567K-3.7%	$589K+17.1%	$503K
Capital Expenditures	$5.5M-12.2%	$6.3M-3.0%	$6.5M+1064.7%	$555K+13.5%	$489K-47.0%	$923K+16.5%	$792K+51.7%	$522K-50.0%	$1.0M+55.7%	$671K+78.5%	$376K
Free Cash Flow	-$21.6M-8.7%	-$19.9M-17.5%	-$16.9M-36.1%	-$12.4M-32.3%	-$9.4M-20.3%	-$7.8M-204.3%	$7.5M+159.1%	-$12.7M+27.6%	-$17.5M-2.2%	-$17.1M+14.3%	-$20.0M
Investing Cash Flow	-$17.9M-113.8%	-$8.4M+75.5%	-$34.3M-7035.3%	-$481K-113.6%	$3.5M-79.6%	$17.4M+352.1%	-$6.9M+59.5%	-$17.0M-3999.3%	$437K-75.9%	$1.8M-95.0%	$36.0M
Financing Cash Flow	$29.6M+52.7%	$19.4M-15.4%	$22.9M-35.9%	$35.8M+3506.1%	-$1.1M-66.9%	-$629K+37.5%	-$1.0M-2287.0%	$46K-99.8%	$23.0M+2435.3%	$907K+16.6%	$778K

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Operating Cash Flow	N/A	-$5.8M-58.9%	N/A	-$3.6M+31.0%	N/A	-$5.3M+0.1%	N/A	-$5.3M-433.4%
Depreciation & Amortization	N/A	$394K+10.4%	N/A	$357K+13.3%	N/A	$315K-4.3%	N/A	$329K+3.1%
Capital Expenditures	N/A	$1.0M-65.2%	N/A	$3.0M+183.2%	N/A	$1.1M+671.7%	N/A	$138K+430.8%
Free Cash Flow	N/A	-$6.8M-2.5%	N/A	-$6.6M-5.1%	N/A	-$6.3M-17.1%	N/A	-$5.4M-433.3%
Financing Cash Flow	N/A	$549K+633.0%	N/A	-$103K+74.6%	N/A	-$405K+44.4%	N/A	-$728K-325.7%

Not reported in any period shown, so not listed: Stock-Based Compensation, Investing Cash Flow, Dividends Paid, Share Buybacks.

MDWD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MDWD quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	-140.8%	-149.5%	-35.9%+38.0pp	-74.0%-16.9pp	-57.0%-14.8pp	-42.3%-57.9pp	15.6%+46.7pp	-31.1%	-887.4%	-1212.1%	-3675.2%
Return on Equity	-54.7%+42.3pp	-97.0%-75.8pp	-21.3%+158.3pp	-179.6%	N/A	-126.5%-159.1pp	32.7%+44.5pp	-11.8%+224.6pp	-236.4%+6.7pp	-243.0%-148.9pp	-94.1%
Return on Assets	-27.7%+13.4pp	-41.1%-31.0pp	-10.1%+29.1pp	-39.2%+29.4pp	-68.6%-39.0pp	-29.6%-41.8pp	12.2%+15.2pp	-3.0%+47.2pp	-50.2%+2.6pp	-52.8%	N/A
Current Ratio	2.33+0.4x	1.97-0.8x	2.74-1.1x	3.80+2.4x	1.39-1.8x	3.17-0.3x	3.43-3.2x	6.68-1.0x	7.64+1.4x	6.25	N/A
Debt-to-Equity	0.190.0x	0.210.0x	0.20+0.1x	0.08	N/A	0.24+0.1x	0.13+0.1x	0.00-3.7x	3.71+0.1x	3.60	N/A
Asset Turnover	0.20-0.1x	0.280.0x	0.28-0.2x	0.53-0.7x	1.20+0.5x	0.70-0.1x	0.78+0.7x	0.100.0x	0.060.0x	0.04	N/A
FCF Margin	-127.5%	-98.4%-7.8pp	-90.6%-43.7pp	-46.9%-7.4pp	-39.6%-3.7pp	-35.9%-59.5pp	23.6%	-372.7%	-701.1%	-1098.6%	-3324.0%

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Net Margin	N/A	-233.3%	N/A	-124.5%	N/A	19.2%+112.5pp	N/A	-93.3%-40.5pp
Return on Equity	N/A	-66.2%-30.9pp	N/A	-35.3%-37.9pp	N/A	2.6%	N/A	N/A
Return on Assets	N/A	-19.9%-8.9pp	N/A	-11.0%-12.4pp	N/A	1.4%+22.1pp	N/A	-20.6%-8.4pp
Current Ratio	2.33+0.4x	1.48-0.2x	1.97-0.8x	1.65-1.6x	2.74-1.1x	3.23+1.6x	3.80+2.4x	1.61-0.6x
Debt-to-Equity	0.190.0x	2.33+0.1x	0.210.0x	2.21+1.4x	0.20+0.1x	0.84	0.08	N/A
Asset Turnover	N/A	0.090.0x	N/A	0.090.0x	N/A	0.07-0.1x	N/A	0.220.0x
FCF Margin	N/A	-119.2%	N/A	-131.1%	N/A	-132.3%	N/A	-115.5%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Mediwound MDWD	FY2025	$17.0M	-$23.9M	N/A	$170.5M	—
Heron Therapeutics Inc HRTX	FY2025	$154.9M	-$20.0M	-12.9%	$59.8M	46/100
Tiziana Life Sciences Ltd Com TLSA	FY2025	N/A	-$18.4M	N/A	$118.5M	—
Tenaya Therapeutics, Inc. TNYA	FY2025	N/A	-$90.6M	N/A	$156.8M	—
Entrada Therapeutics, Inc. TRDA	FY2025	$25.4M	-$143.8M	N/A	$284.2M	41/100
NeOnc Technologies Holdings Inc NTHI	FY2025	$40K	N/A	N/A	$128.6M	—

Where Mediwound Ranks

Frequently Asked Questions

What is Mediwound's annual revenue?

Mediwound (MDWD) reported $17.0M in total revenue for fiscal year 2025. This represents a -16.1% 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 Mediwound's revenue growing?

Mediwound (MDWD) revenue declined by 16.1% year-over-year, from $20.2M to $17.0M in fiscal year 2025.

Is Mediwound profitable?

No, Mediwound (MDWD) reported a net income of -$23.9M in fiscal year 2025.

How much debt does Mediwound have?

As of fiscal year 2025, Mediwound (MDWD) had $4.8M in cash and equivalents against $8.2M in long-term debt.

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

Mediwound (MDWD) has a return on equity of -54.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mediwound's free cash flow?

Mediwound (MDWD) recorded an outflow of $21.6M in free cash flow during fiscal year 2025. This represents a -8.7% 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 Mediwound's operating cash flow?

Mediwound (MDWD) recorded an outflow of $16.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Mediwound's total assets?

Mediwound (MDWD) had $86.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mediwound's capital expenditures?

Mediwound (MDWD) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Mediwound have outstanding?

Mediwound (MDWD) had 13M shares outstanding as of fiscal year 2025.

What is Mediwound's current ratio?

Mediwound (MDWD) had a current ratio of 2.33 as of fiscal year 2025, which is generally considered healthy.

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

Mediwound (MDWD) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Mediwound (MDWD) had a return on assets of -27.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mediwound's P/E ratio?

Mediwound (MDWD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $170.5M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mediwound's price-to-sales ratio?

Mediwound (MDWD) trades at 10.1x sales, its market capitalization divided by revenue of $17.0M revenue, FY2025. The market capitalization is $170.5M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mediwound's Piotroski F-Score?

Mediwound (MDWD) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Mediwound's earnings high quality?

Mediwound (MDWD) reported a net loss of $23.9M while operations used $16.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.