Mediwound Financials

MDWD

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Mediwound (MDWD) financial statements, including the 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 2026-04-22

Repeated external funding is carrying a cash-consuming business whose sales base still is not absorbing operating and investment needs.

From FY2023 to FY2025, revenue drifted down from $18.7M to $17.0M, so the company did not gain the scale needed to absorb its operating cost base. With free cash burn at -$21.6M and cash ending at just $4.8M despite positive financing inflows, the larger asset base is being built with external capital rather than internal cash generation.

The current ratio of 2.3x suggests near-term obligations are covered on paper. But cash on hand was only $4.8M against current liabilities of $25.7M, so liquidity depends on non-cash current assets, not cash alone; that is a thinner cushion than the headline ratio implies.

The balance sheet remains lightly levered, with debt-to-equity at 0.2x, so funding pressure has not been pushed mainly into borrowing. Instead, shares outstanding rose from 9.2M in FY2023 to 12.8M in FY2025, pointing to equity issuance as a major financing tool and helping explain why leverage stayed controlled even while cash burn persisted.

Financial Health Signals

Financial Health Score 24/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Mediwound'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.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

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 Low Quality

0.68x

For every $1 of reported earnings, Mediwound generates $0.68 in operating cash flow (-$16.1M OCF vs -$23.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$17.0M

YoY-16.1%

5Y CAGR-4.9%

10Y CAGR+39.7%

Mediwound generated $17.0M in revenue in fiscal year 2025. This represents a decrease of 16.1% from the prior year.

EBITDA

N/A

Net Income

-$23.9M

YoY+21.0%

Mediwound reported -$23.9M in net income in fiscal year 2025. This represents an increase of 21.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$21.6M

YoY-8.7%

Mediwound generated -$21.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.7% from the prior year.

Cash & Debt

$4.8M

YoY-47.6%

5Y CAGR-22.7%

10Y CAGR-19.6%

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

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+18.9%

Mediwound had 13M shares outstanding in fiscal year 2025. This represents an increase of 18.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-140.8%

YoY+8.7pp

5Y CAGR-98.5pp

10Y CAGR+3534.4pp

Mediwound's net profit margin was -140.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.7 percentage points from the prior year.

Return on Equity

-54.7%

YoY+42.3pp

5Y CAGR+71.7pp

10Y CAGR+39.4pp

Mediwound's ROE was -54.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 42.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.5M

YoY-12.2%

5Y CAGR+42.9%

10Y CAGR+30.8%

Mediwound invested $5.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.2% from the prior year.

MDWD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$17.0M-16.1%	$20.2M+8.2%	$18.7M-29.5%	$26.5M+11.5%	$23.8M+9.2%	$21.8M
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	$625K+18.6%	$527K+92.3%	$274K+168.6%	$102K-15.0%	$120K-16.7%	$144K
Income Tax	$169K+177.0%	$61K-67.0%	$185K+137.2%	$78K+188.9%	$27K	$0
Net Income	-$23.9M+21.0%	-$30.2M-350.0%	-$6.7M+65.7%	-$19.6M-44.6%	-$13.6M-47.4%	-$9.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$5.7M	N/A	$5.1M	N/A	$4.8M	N/A	$4.7M
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	$38K	N/A	-$2K	N/A	$12K	N/A	$4K
Net Income	N/A	-$13.3M	N/A	-$6.3M	N/A	$916K	N/A	-$4.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MDWD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$86.3M+17.4%	$73.5M+10.6%	$66.5M+32.9%	$50.0M+153.3%	$19.7M-36.5%	$31.1M
Current Assets	$60.0M+15.0%	$52.2M+5.0%	$49.7M+8.4%	$45.8M+206.6%	$15.0M-42.9%	$26.2M
Cash & Equivalents	$4.8M-47.6%	$9.2M-22.8%	$11.9M-65.0%	$33.9M+206.9%	$11.0M-36.4%	$17.4M
Inventory	$4.1M+52.0%	$2.7M-5.4%	$2.8M+45.0%	$2.0M+63.6%	$1.2M-13.0%	$1.4M
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	$42.6M+0.7%	$42.3M+21.5%	$34.9M-10.8%	$39.1M+60.7%	$24.3M+2.2%	$23.8M
Current Liabilities	$25.7M-3.1%	$26.5M+46.4%	$18.1M+50.3%	$12.1M+12.5%	$10.7M+29.7%	$8.3M
Long-Term Debt	$8.2M+25.2%	$6.5M+2.6%	$6.3M+650.6%	$846K-39.2%	$1.4M-20.1%	$1.7M
Total Equity	$43.6M+40.1%	$31.2M-1.4%	$31.6M+189.5%	$10.9M+338.2%	-$4.6M-163.0%	$7.3M
Retained Earnings	-$228.9M-11.6%	-$205.0M-17.3%	-$174.8M-4.0%	-$168.1M-13.2%	-$148.5M-10.0%	-$135.0M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$86.3M+28.7%	$67.0M-8.8%	$73.5M+28.3%	$57.3M-13.8%	$66.5M+3.3%	$64.4M+28.7%	$50.0M+137.0%	$21.1M
Current Assets	$60.0M+39.2%	$43.1M-17.4%	$52.2M+39.8%	$37.3M-24.9%	$49.7M-14.4%	$58.1M+26.6%	$45.8M+172.7%	$16.8M
Cash & Equivalents	$4.8M+353.2%	$1.1M-88.4%	$9.2M+141.6%	$3.8M-68.1%	$11.9M-38.1%	$19.2M-43.5%	$33.9M+338.5%	$7.7M
Inventory	$4.1M+6.5%	$3.8M+42.8%	$2.7M-16.1%	$3.2M+12.8%	$2.8M-8.6%	$3.1M+58.6%	$2.0M-1.4%	$2.0M
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	$42.6M-9.1%	$46.9M+10.7%	$42.3M+7.4%	$39.4M+13.1%	$34.9M+18.4%	$29.4M-24.7%	$39.1M+67.5%	$23.3M
Current Liabilities	$25.7M-11.6%	$29.1M+9.5%	$26.5M+17.4%	$22.6M+24.8%	$18.1M+0.7%	$18.0M+49.2%	$12.1M+15.8%	$10.4M
Long-Term Debt	$8.2M	N/A	$6.5M	N/A	$6.3M	N/A	$846K	N/A
Total Equity	$43.6M+116.9%	$20.1M-35.4%	$31.2M+74.3%	$17.9M-43.4%	$31.6M-9.5%	$34.9M+220.0%	$10.9M+588.3%	-$2.2M
Retained Earnings	-$228.9M-4.5%	-$219.1M-6.8%	-$205.0M-7.4%	-$190.9M-9.2%	-$174.8M-2.3%	-$170.9M-1.7%	-$168.1M-7.5%	-$156.4M

MDWD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$5.5M-12.2%	$6.3M-3.0%	$6.5M+1064.7%	$555K+13.5%	$489K-47.0%	$923K
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
Investing Cash Flow	-$17.9M-113.8%	-$8.4M+75.5%	-$34.3M-7035.3%	-$481K-113.6%	$3.5M-79.6%	$17.4M
Financing Cash Flow	$29.6M+52.7%	$19.4M-15.4%	$22.9M-35.9%	$35.8M+3506.1%	-$1.1M-66.9%	-$629K
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	-$5.8M	N/A	-$3.6M	N/A	-$5.3M	N/A	-$5.3M
Capital Expenditures	N/A	$1.0M	N/A	$3.0M	N/A	$1.1M	N/A	$138K
Free Cash Flow	N/A	-$6.8M	N/A	-$6.6M	N/A	-$6.3M	N/A	-$5.4M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	$549K	N/A	-$103K	N/A	-$405K	N/A	-$728K
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

MDWD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	-140.8%+8.7pp	-149.5%-113.5pp	-35.9%+38.0pp	-74.0%-16.9pp	-57.0%-14.8pp	-42.3%
Return on Equity	-54.7%+42.3pp	-97.0%-75.8pp	-21.3%+158.3pp	-179.6%	N/A	-126.5%
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%
Current Ratio	2.33+0.4	1.97-0.8	2.74-1.1	3.80+2.4	1.39-1.8	3.17
Debt-to-Equity	0.19-0.0	0.210.0	0.20+0.1	0.08+0.4	-0.30-0.5	0.24
FCF Margin	-127.5%-29.1pp	-98.4%-7.8pp	-90.6%-43.7pp	-46.9%-7.4pp	-39.6%-3.7pp	-35.9%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	-233.3%	N/A	-124.5%	N/A	19.2%	N/A	-93.3%
Return on Equity	N/A	-66.2%	N/A	-35.3%	N/A	2.6%	N/A	N/A
Return on Assets	N/A	-19.9%	N/A	-11.0%	N/A	1.4%	N/A	-20.6%
Current Ratio	2.33+0.9	1.48-0.5	1.97+0.3	1.65-1.1	2.74-0.5	3.23-0.6	3.80+2.2	1.61
Debt-to-Equity	0.19-2.1	2.33+2.1	0.21-2.0	2.21+2.0	0.20-0.6	0.84+0.8	0.08+10.5	-10.44
FCF Margin	N/A	-119.2%	N/A	-131.1%	N/A	-132.3%	N/A	-115.5%

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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, with a net profit margin of -140.8%.

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 net profit margin?

Mediwound (MDWD) had a net profit margin of -140.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$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) generated -$16.1M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?

Based on fiscal year 2025 data, Mediwound (MDWD) had $4.8M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 4 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.

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) has an earnings quality ratio of 0.68x, 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.

How financially healthy is Mediwound?

Mediwound (MDWD) scores 24 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.