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

Nuwellis Inc (NUWE) reported diluted earnings per share of $-25.39 for fiscal year 2025. 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.

Nuwellis Inc Financials

NUWE

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

This page shows Nuwellis Inc (NUWE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Financial Health Signals

Financial Profile 22/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Nuwellis Inc has an operating margin of -134.3%, meaning the company retains $-134 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 -125.7% the prior year.

Growth

Nuwellis Inc's revenue declined 5.4% year-over-year, from $8.7M to $8.3M. This contraction results in a growth score of 24/100.

Leverage

Nuwellis Inc carries a low D/E ratio of 1.33, meaning only $1.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Nuwellis Inc's current ratio of 1.71 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Nuwellis Inc generated -$10.8M in operating cash flow, capex of $90K consumed most of it, leaving -$10.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Nuwellis Inc generates a -667.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -171.0% the prior year.

Piotroski F-Score Weak

2/9

Nuwellis 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

0.62x

For every $1 of reported earnings, Nuwellis Inc generates $0.62 in operating cash flow (-$10.8M OCF vs -$17.5M 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

$8.3M

YoY-5.4%

5Y CAGR+2.1%

10Y CAGR+63.9%

Nuwellis Inc generated $8.3M in revenue in fiscal year 2025. This represents a decrease of 5.4% from the prior year.

EBITDA

-$10.9M

YoY-2.1%

Nuwellis Inc's EBITDA was -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.1% from the prior year.

Net Income

-$17.5M

YoY-56.9%

Nuwellis Inc reported -$17.5M in net income in fiscal year 2025. This represents a decrease of 56.9% from the prior year.

EPS (Diluted)

$-25.39

Nuwellis Inc earned $-25.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 92.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$10.9M

YoY-12.9%

Nuwellis Inc generated -$10.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.9% from the prior year.

Cash & Debt

$1.1M

YoY-78.7%

5Y CAGR-40.4%

10Y CAGR-26.4%

Nuwellis Inc held $1.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Nuwellis Inc had 2M shares outstanding in fiscal year 2025. This represents an increase of 1519.2% from the prior year.

Margins & Returns

Gross Margin

62.0%

YoY-3.0pp

5Y CAGR+7.4pp

Nuwellis Inc's gross margin was 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.0 percentage points from the prior year.

Operating Margin

-134.3%

YoY-8.6pp

5Y CAGR+94.6pp

10Y CAGR+43862.3pp

Nuwellis Inc's operating margin was -134.3% in fiscal year 2025, reflecting core business profitability. This is down 8.6 percentage points from the prior year.

Net Margin

-211.9%

YoY-84.1pp

5Y CAGR+1.0pp

10Y CAGR+44844.1pp

Nuwellis Inc's net profit margin was -211.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 84.1 percentage points from the prior year.

Return on Equity

-667.7%

YoY-496.7pp

5Y CAGR-570.7pp

10Y CAGR-449.3pp

Nuwellis Inc's ROE was -667.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 496.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.7M

YoY-15.5%

5Y CAGR-5.9%

10Y CAGR-17.1%

Nuwellis Inc invested $2.7M in research and development in fiscal year 2025. This represents a decrease of 15.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$90K

YoY+50.0%

5Y CAGR-21.3%

10Y CAGR-7.6%

Nuwellis Inc invested $90K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 50.0% from the prior year.

NUWE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.3M-5.4%	$8.7M-1.4%	$8.9M+3.8%	$8.5M+7.9%	$7.9M+6.5%	$7.4M
Cost of Revenue	$3.1M+2.7%	$3.1M-21.1%	$3.9M+2.5%	$3.8M+10.4%	$3.4M+1.4%	$3.4M
Gross Profit	$5.1M-9.7%	$5.7M+13.9%	$5.0M+4.8%	$4.8M+5.9%	$4.5M+10.7%	$4.1M
R&D Expenses	$2.7M-15.5%	$3.2M-40.8%	$5.4M+24.9%	$4.3M-12.8%	$5.0M+35.7%	$3.7M
SG&A Expenses	$13.5M+0.5%	$13.5M-21.7%	$17.2M-2.2%	$17.6M-7.6%	$19.0M+9.3%	$17.4M
Operating Income	-$11.1M-1.1%	-$11.0M+37.7%	-$17.6M-2.7%	-$17.2M+12.1%	-$19.5M-14.7%	-$17.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$5K0.0%	$5K-37.5%	$8K-11.1%	$9K0.0%	$9K0.0%	$9K
Net Income	-$17.5M-56.9%	-$11.2M+44.8%	-$20.2M-39.1%	-$14.5M+25.7%	-$19.6M-23.5%	-$15.8M
EPS (Diluted)	$-25.39	$-353.30+1.9%	$-360.06	$-83.55	$-285.36	$-10.67

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.4M+9.3%	$2.2M+28.5%	$1.7M-9.4%	$1.9M-18.0%	$2.3M-1.9%	$2.4M+7.9%	$2.2M+18.1%	$1.9M
Cost of Revenue	$770K-0.3%	$772K+0.7%	$767K-8.4%	$837K-13.4%	$967K+36.0%	$711K-1.3%	$720K+8.1%	$666K
Gross Profit	$1.7M+14.5%	$1.4M+50.8%	$958K-10.2%	$1.1M-21.3%	$1.4M-18.2%	$1.7M+12.3%	$1.5M+23.8%	$1.2M
R&D Expenses	$884K+46.6%	$603K-10.7%	$675K+22.7%	$550K-33.8%	$831K+71.0%	$486K-12.9%	$558K-58.2%	$1.3M
SG&A Expenses	$3.2M-9.2%	$3.5M+11.0%	$3.2M-10.8%	$3.6M+22.9%	$2.9M+7.7%	$2.7M-16.5%	$3.2M-29.7%	$4.6M
Operating Income	-$2.4M+9.4%	-$2.7M+7.2%	-$2.9M+5.0%	-$3.1M-28.2%	-$2.4M-55.8%	-$1.5M+34.0%	-$2.3M+51.1%	-$4.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0-100.0%	$4K+300.0%	$1K0.0%	$1K	$0-100.0%	$2K0.0%	$2K
Net Income	-$2.4M-617.5%	$468K+103.7%	-$12.6M-316.5%	-$3.0M-105.3%	-$1.5M-162.3%	$2.4M+130.5%	-$7.7M-78.4%	-$4.3M
EPS (Diluted)	N/A	$0.56+100.9%	$-60.99	$-0.69	N/A	$73.23	$-791.82	$-24.11

NUWE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.1M-38.0%	$9.9M+1.0%	$9.8M-60.4%	$24.7M-18.9%	$30.4M+52.0%	$20.0M
Current Assets	$5.2M-41.4%	$8.9M+7.9%	$8.2M-63.9%	$22.8M-19.0%	$28.1M+51.7%	$18.5M
Cash & Equivalents	$1.1M-78.7%	$5.1M+34.1%	$3.8M-78.6%	$17.7M+102.9%	$8.7M-39.4%	$14.4M
Inventory	$1.9M+11.2%	$1.7M-14.0%	$2.0M-25.0%	$2.7M-6.4%	$2.8M-3.9%	$3.0M
Accounts Receivable	$1.5M-13.5%	$1.7M-11.5%	$2.0M+38.8%	$1.4M+87.5%	$750K-17.1%	$905K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.5M+4.6%	$3.3M-49.2%	$6.6M-46.7%	$12.3M+175.5%	$4.5M+21.0%	$3.7M
Current Liabilities	$3.0M+18.5%	$2.6M-19.3%	$3.2M-32.3%	$4.7M+41.8%	$3.3M-7.8%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.6M-59.8%	$6.5M+118.3%	$3.0M-75.8%	$12.4M-52.4%	$25.9M+59.0%	$16.3M
Retained Earnings	-$316.3M-5.9%	-$298.8M-3.9%	-$287.6M-7.6%	-$267.4M-5.7%	-$252.9M-8.4%	-$233.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.1M-23.4%	$8.0M-13.2%	$9.2M+31.3%	$7.0M-29.0%	$9.9M+46.6%	$6.7M+8.7%	$6.2M-7.1%	$6.7M
Current Assets	$5.2M-28.0%	$7.2M-14.4%	$8.4M+37.4%	$6.1M-30.9%	$8.9M+61.2%	$5.5M+13.8%	$4.8M-7.1%	$5.2M
Cash & Equivalents	$1.1M-64.9%	$3.1M-30.5%	$4.5M+74.0%	$2.6M-49.8%	$5.1M+167.2%	$1.9M+86.4%	$1.0M-26.9%	$1.4M
Inventory	$1.9M-12.7%	$2.2M+7.9%	$2.0M+15.8%	$1.8M+2.0%	$1.7M-7.8%	$1.9M-5.2%	$2.0M-7.7%	$2.1M
Accounts Receivable	$1.5M+30.9%	$1.1M-4.4%	$1.2M-22.5%	$1.5M-10.8%	$1.7M+33.6%	$1.3M+0.1%	$1.3M+5.4%	$1.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.5M-14.3%	$4.1M-77.6%	$18.2M+430.2%	$3.4M+2.7%	$3.3M-6.1%	$3.5M-72.7%	$13.0M+125.5%	$5.8M
Current Liabilities	$3.0M-13.9%	$3.5M-9.5%	$3.9M+41.6%	$2.7M+7.4%	$2.6M-5.3%	$2.7M-32.7%	$4.0M-7.1%	$4.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.6M-32.9%	$3.9M+143.6%	-$9.0M-350.4%	$3.6M-45.2%	$6.5M+105.5%	$3.2M+146.5%	-$6.8M-872.4%	$885K
Retained Earnings	-$316.3M-0.8%	-$313.9M+0.1%	-$314.4M-4.2%	-$301.8M-1.0%	-$298.8M-0.5%	-$297.3M+0.8%	-$299.7M-2.6%	-$292.0M

NUWE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.8M-12.7%	-$9.6M+46.5%	-$17.9M-18.4%	-$15.1M+15.1%	-$17.8M-7.7%	-$16.6M
Capital Expenditures	$90K+50.0%	$60K-59.7%	$149K+22.1%	$122K-44.3%	$219K-26.5%	$298K
Free Cash Flow	-$10.9M-12.9%	-$9.7M+46.6%	-$18.1M-18.4%	-$15.3M+15.5%	-$18.1M-7.1%	-$16.9M
Investing Cash Flow	-$90K-50.0%	-$60K-118.2%	$330K-97.8%	$14.7M+193.7%	-$15.7M-5787.3%	-$267K
Financing Cash Flow	$6.9M-36.7%	$11.0M+197.6%	$3.7M-60.9%	$9.4M-66.2%	$27.9M-7.1%	$30.0M
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	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$3.0M+3.7%	-$3.1M-50.1%	-$2.1M+17.3%	-$2.5M-68.6%	-$1.5M+39.1%	-$2.5M+10.3%	-$2.8M+3.8%	-$2.9M
Capital Expenditures	-$12K-112.2%	$98K+2350.0%	$4K	$0-100.0%	$23K+243.8%	-$16K-166.7%	$24K-17.2%	$29K
Free Cash Flow	-$3.0M+6.3%	-$3.2M-54.5%	-$2.1M+17.2%	-$2.5M-66.1%	-$1.5M+38.6%	-$2.5M+10.5%	-$2.8M+3.9%	-$2.9M
Investing Cash Flow	$12K+112.2%	-$98K-2350.0%	-$4K	$0+100.0%	-$23K-243.8%	$16K+166.7%	-$24K+17.2%	-$29K
Financing Cash Flow	$1.1M-44.3%	$1.9M-52.8%	$4.0M	$0-100.0%	$4.7M+41.1%	$3.3M+39.1%	$2.4M+380.6%	$500K
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

NUWE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	62.0%-3.0pp	64.9%+8.7pp	56.2%+0.6pp	55.7%-1.0pp	56.7%+2.2pp	54.5%
Operating Margin	-134.3%-8.6pp	-125.7%+73.2pp	-198.9%+2.1pp	-201.0%+45.5pp	-246.5%-17.7pp	-228.8%
Net Margin	-211.9%-84.1pp	-127.8%+100.2pp	-228.0%-58.0pp	-170.0%+76.8pp	-246.9%-34.0pp	-212.8%
Return on Equity	-667.7%-496.7pp	-171.0%+504.9pp	-675.9%-558.4pp	-117.5%-42.2pp	-75.4%+21.7pp	-97.0%
Return on Assets	-286.4%-173.2pp	-113.2%+93.7pp	-206.8%-148.0pp	-58.9%+5.4pp	-64.3%+14.8pp	-79.1%
Current Ratio	1.71-1.7	3.46+0.9	2.59-2.3	4.86-3.6	8.51+3.3	5.17
Debt-to-Equity	1.33+0.8	0.51-1.7	2.19+1.2	1.00+0.8	0.17-0.1	0.23
FCF Margin	-131.8%-21.4pp	-110.4%+93.6pp	-204.0%-25.3pp	-178.8%+49.3pp	-228.0%-1.3pp	-226.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	68.2%+3.0pp	65.2%+9.6pp	55.5%-0.5pp	56.0%-2.3pp	58.4%-11.6pp	70.0%+2.8pp	67.2%+3.0pp	64.1%
Operating Margin	-100.8%+20.9pp	-121.6%+46.8pp	-168.5%-7.8pp	-160.7%-57.9pp	-102.8%-38.1pp	-64.7%+41.0pp	-105.7%+150.0pp	-255.7%
Net Margin	-99.9%-121.0pp	21.1%+748.8pp	-727.7%-569.4pp	-158.3%-95.1pp	-63.2%-162.8pp	99.6%+451.7pp	-352.1%-118.9pp	-233.2%
Return on Equity	-92.3%-104.3pp	12.0%	N/A	-84.2%-61.8pp	-22.5%-96.7pp	74.2%	N/A	-489.3%
Return on Assets	-39.6%-45.4pp	5.9%+142.3pp	-136.5%-93.4pp	-43.0%-28.1pp	-14.9%-49.9pp	35.0%+159.9pp	-124.8%-59.8pp	-65.0%
Current Ratio	1.71-0.3	2.04-0.1	2.16-0.1	2.23-1.2	3.46+1.4	2.03+0.8	1.200.0	1.20
Debt-to-Equity	1.33+0.3	1.04+3.1	-2.03-3.0	0.96+0.4	0.51-0.6	1.12+3.0	-1.91-8.4	6.53
FCF Margin	-125.5%+20.9pp	-146.4%-24.6pp	-121.8%+11.4pp	-133.2%-67.4pp	-65.8%+39.3pp	-105.1%+21.6pp	-126.6%+29.1pp	-155.7%

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Frequently Asked Questions

What is Nuwellis Inc's annual revenue?

Nuwellis Inc (NUWE) reported $8.3M in total revenue for fiscal year 2025. This represents a -5.4% 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 Nuwellis Inc's revenue growing?

Nuwellis Inc (NUWE) revenue declined by 5.4% year-over-year, from $8.7M to $8.3M in fiscal year 2025.

Is Nuwellis Inc profitable?

No, Nuwellis Inc (NUWE) reported a net income of -$17.5M in fiscal year 2025, with a net profit margin of -211.9%.

What is Nuwellis Inc's EBITDA?

Nuwellis Inc (NUWE) had EBITDA of -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Nuwellis Inc's gross margin?

Nuwellis Inc (NUWE) had a gross margin of 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nuwellis Inc's operating margin?

Nuwellis Inc (NUWE) had an operating margin of -134.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nuwellis Inc's net profit margin?

Nuwellis Inc (NUWE) had a net profit margin of -211.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nuwellis Inc's return on equity (ROE)?

Nuwellis Inc (NUWE) has a return on equity of -667.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nuwellis Inc's free cash flow?

Nuwellis Inc (NUWE) generated -$10.9M in free cash flow during fiscal year 2025. This represents a -12.9% 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 Nuwellis Inc's operating cash flow?

Nuwellis Inc (NUWE) generated -$10.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nuwellis Inc's total assets?

Nuwellis Inc (NUWE) had $6.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nuwellis Inc's capital expenditures?

Nuwellis Inc (NUWE) invested $90K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nuwellis Inc spend on research and development?

Nuwellis Inc (NUWE) invested $2.7M in research and development during fiscal year 2025.

How many shares does Nuwellis Inc have outstanding?

Nuwellis Inc (NUWE) had 2M shares outstanding as of fiscal year 2025.

What is Nuwellis Inc's current ratio?

Nuwellis Inc (NUWE) had a current ratio of 1.71 as of fiscal year 2025, which is generally considered healthy.

What is Nuwellis Inc's debt-to-equity ratio?

Nuwellis Inc (NUWE) had a debt-to-equity ratio of 1.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Nuwellis Inc (NUWE) had a return on assets of -286.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nuwellis Inc's cash runway?

Based on fiscal year 2025 data, Nuwellis Inc (NUWE) had $1.1M in cash against an annual operating cash burn of $10.8M. This gives an estimated cash runway of approximately 1 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 Nuwellis Inc's Piotroski F-Score?

Nuwellis Inc (NUWE) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nuwellis Inc's earnings high quality?

Nuwellis Inc (NUWE) has an earnings quality ratio of 0.62x, 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 Nuwellis Inc?

Nuwellis Inc (NUWE) scores 22 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.