What is Sanuwave Health's earnings per share (EPS)?

Sanuwave Health (SNWV) reported diluted earnings per share of $0.41 for fiscal year 2025. This represents a 105.8% 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.

Sanuwave Health Financials

SNWV

Source SEC Filings (10-K/10-Q) Updated Mar 26, 2026 Currency USD FYE March

This page shows Sanuwave Health (SNWV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 50/100

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

Profitability

Sanuwave Health has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 16.6% the prior year.

Growth

Sanuwave Health's revenue surged 35.0% year-over-year to $44.1M, reflecting rapid business expansion. This strong growth earns a score of 92/100.

Leverage

Sanuwave Health has elevated debt relative to equity (D/E of 9.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Sanuwave Health's current ratio of 1.38 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow

Sanuwave Health has a free cash flow margin of 4.4%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

100

Sanuwave Health earns a strong 729.6% return on equity (ROE), meaning it generates $730 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.

Altman Z-Score Distress

-4.82

Sanuwave Health scores -4.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($145.2M) relative to total liabilities ($35.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Sanuwave Health passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.33x

For every $1 of reported earnings, Sanuwave Health generates $0.33 in operating cash flow ($3.9M OCF vs $11.8M 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

0.8x

Sanuwave Health earns $0.8 in operating income for every $1 of interest expense ($4.9M vs $6.2M). 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

$44.1M

YoY+35.0%

5Y CAGR+61.1%

10Y CAGR+46.5%

Sanuwave Health generated $44.1M in revenue in fiscal year 2025. This represents an increase of 35.0% from the prior year.

EBITDA

$5.9M

YoY-9.8%

Sanuwave Health's EBITDA was $5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.8% from the prior year.

Net Income

$11.8M

YoY+137.7%

Sanuwave Health reported $11.8M in net income in fiscal year 2025. This represents an increase of 137.7% from the prior year.

EPS (Diluted)

$0.41

YoY+105.8%

Sanuwave Health earned $0.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 105.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.9M

YoY-1.6%

Sanuwave Health generated $1.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1.6% from the prior year.

Cash & Debt

$12.0M

YoY+16.8%

5Y CAGR+37.5%

10Y CAGR+54.6%

Sanuwave Health held $12.0M in cash against $16.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.6%

Sanuwave Health had 9M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

77.1%

YoY+1.9pp

5Y CAGR+5.8pp

10Y CAGR+6.6pp

Sanuwave Health's gross margin was 77.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.

Operating Margin

11.2%

YoY-5.4pp

5Y CAGR+632.4pp

10Y CAGR+470.9pp

Sanuwave Health's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 5.4 percentage points from the prior year.

Net Margin

26.8%

YoY+123.0pp

5Y CAGR+789.4pp

10Y CAGR+525.0pp

Sanuwave Health's net profit margin was 26.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 123.0 percentage points from the prior year.

Return on Equity

729.6%

Sanuwave Health's ROE was 729.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$1.4M

YoY+101.0%

5Y CAGR+1.7%

10Y CAGR-4.6%

Sanuwave Health invested $1.4M in research and development in fiscal year 2025. This represents an increase of 101.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.9M

YoY+296.3%

5Y CAGR+105.5%

Sanuwave Health invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 296.3% from the prior year.

SNWV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$44.1M+35.0%	$32.6M+60.0%	$20.4M+21.8%	$16.7M+28.7%	$13.0M+220.7%	$4.1M
Cost of Revenue	$10.1M+24.7%	$8.1M+34.0%	$6.0M+39.3%	$4.3M-13.1%	$5.0M+329.1%	$1.2M
Gross Profit	$34.0M+38.4%	$24.6M+70.9%	$14.4M+15.7%	$12.4M+54.7%	$8.0M+177.2%	$2.9M
R&D Expenses	$1.4M+101.0%	$673K+16.2%	$579K+2.1%	$567K-48.5%	$1.1M-11.6%	$1.2M
SG&A Expenses	$19.4M+70.7%	$11.3M+30.8%	$8.7M-30.9%	$12.6M+7.4%	$11.7M-14.8%	$13.7M
Operating Income	$4.9M-8.7%	$5.4M+1103.1%	-$540K+94.0%	-$9.0M+36.7%	-$14.1M+43.9%	-$25.2M
Interest Expense	$6.2M	N/A	N/A	$12.8M+85.5%	$6.9M+239.9%	$2.0M
Income Tax	$86K+218.5%	$27K+575.0%	$4K+100.0%	$2K-92.9%	$28K	$0
Net Income	$11.8M+137.7%	-$31.4M-21.6%	-$25.8M-150.7%	-$10.3M+62.2%	-$27.3M+11.9%	-$30.9M
EPS (Diluted)	$0.41+105.8%	$-7.03+42.3%	$-12.19	$-0.02+60.0%	$-0.05+37.5%	$-0.08

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$11.5M+12.7%	$10.2M+8.8%	$9.3M-9.5%	$10.3M+10.3%	$9.4M+30.7%	$7.2M+23.8%	$5.8M-17.3%	$7.0M
Cost of Revenue	$2.5M+14.5%	$2.2M+12.7%	$2.0M-14.3%	$2.3M-0.3%	$2.3M+19.3%	$1.9M+21.3%	$1.6M-26.6%	$2.2M
Gross Profit	$8.9M+12.2%	$8.0M+7.8%	$7.4M-8.2%	$8.0M+13.8%	$7.1M+34.9%	$5.2M+24.7%	$4.2M-13.1%	$4.8M
R&D Expenses	$345K+77.8%	$194K-6.7%	$208K+35.1%	$154K-4.3%	$161K-17.4%	$195K+19.6%	$163K+13.2%	$144K
SG&A Expenses	$4.8M+19.1%	$4.0M-9.6%	$4.5M+35.8%	$3.3M+29.2%	$2.5M+38.4%	$1.8M-50.0%	$3.7M+84.1%	$2.0M
Operating Income	$1.5M-21.8%	$1.9M+90.4%	$986K-60.9%	$2.5M+29.1%	$2.0M-2.0%	$2.0M+289.7%	-$1.1M-201.2%	$1.0M
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	$4K
Net Income	$10.3M+878.7%	$1.1M+118.6%	-$5.7M+55.5%	-$12.7M+38.3%	-$20.7M-414.8%	$6.6M+244.9%	-$4.5M-124.8%	$18.2M
EPS (Diluted)	$0.46+4500.0%	$0.01+101.5%	$-0.66	N/A	$-6.49	$1.77+221.2%	$-1.46	N/A

SNWV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$37.3M+24.0%	$30.1M+34.4%	$22.4M+12.8%	$19.9M+6.7%	$18.6M-19.1%	$23.0M
Current Assets	$24.6M+33.9%	$18.4M+88.0%	$9.8M+47.8%	$6.6M+50.5%	$4.4M-44.5%	$7.9M
Cash & Equivalents	$12.0M+16.8%	$10.2M+469.7%	$1.8M+55.9%	$1.2M+86.3%	$619K-74.6%	$2.4M
Inventory	$5.9M+43.0%	$4.1M+40.6%	$3.0M+240.0%	$868K-16.5%	$1.0M-64.8%	$3.0M
Accounts Receivable	$5.4M+62.9%	$3.3M+0.5%	$3.3M-17.7%	$4.0M+66.8%	$2.4M+2.5%	$2.4M
Goodwill	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M
Total Liabilities	$35.7M-16.6%	$42.8M-34.7%	$65.6M+7.7%	$60.9M+5.7%	$57.6M+56.7%	$36.7M
Current Liabilities	$17.8M-57.9%	$42.3M-34.6%	$64.8M+7.5%	$60.2M+7.0%	$56.3M+55.5%	$36.2M
Long-Term Debt	$16.1M	N/A	N/A	N/A	$875K+511.9%	$143K
Total Equity	$1.6M+112.7%	-$12.7M+70.5%	-$43.2M-5.3%	-$41.0M-5.3%	-$39.0M-184.0%	-$13.7M
Retained Earnings	-$242.7M+3.5%	-$251.4M-14.3%	-$220.0M-13.3%	-$194.2M-5.6%	-$183.9M-17.4%	-$156.7M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$35.6M+7.7%	$33.0M+7.1%	$30.9M+2.4%	$30.1M+37.9%	$21.8M+4.0%	$21.0M-9.9%	$23.3M+4.1%	$22.4M
Current Assets	$22.6M+12.2%	$20.2M+7.1%	$18.8M+2.4%	$18.4M+85.8%	$9.9M+13.5%	$8.7M-19.5%	$10.8M+10.7%	$9.8M
Cash & Equivalents	$9.6M+13.0%	$8.5M-0.1%	$8.5M-17.0%	$10.2M+214.1%	$3.3M+32.5%	$2.5M-16.2%	$2.9M+63.4%	$1.8M
Inventory	$6.8M+15.3%	$5.9M+8.3%	$5.5M+31.5%	$4.1M+20.9%	$3.4M+25.6%	$2.7M+11.0%	$2.5M-16.6%	$3.0M
Accounts Receivable	$4.6M+20.1%	$3.8M-0.5%	$3.9M+16.1%	$3.3M+17.4%	$2.8M-10.1%	$3.2M+4.9%	$3.0M-9.2%	$3.3M
Goodwill	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M0.0%	$7.3M
Total Liabilities	$38.5M-19.4%	$47.8M-0.7%	$48.1M+12.4%	$42.8M-47.8%	$82.1M+35.4%	$60.6M-14.5%	$70.9M+8.1%	$65.6M
Current Liabilities	$19.6M-57.9%	$46.5M-1.6%	$47.3M+11.6%	$42.3M-48.1%	$81.5M+35.9%	$60.0M-14.6%	$70.2M+8.4%	$64.8M
Long-Term Debt	$17.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$2.9M+80.2%	-$14.8M+14.6%	-$17.3M-36.0%	-$12.7M+78.9%	-$60.3M-52.2%	-$39.6M+16.8%	-$47.6M-10.2%	-$43.2M
Retained Earnings	-$245.7M+4.0%	-$256.0M+0.4%	-$257.1M-2.3%	-$251.4M-5.3%	-$238.7M-9.5%	-$218.0M+2.9%	-$224.6M-2.1%	-$220.0M

SNWV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.9M+57.9%	$2.5M+154.1%	-$4.5M+73.6%	-$17.2M-167.9%	-$6.4M+49.6%	-$12.7M
Capital Expenditures	$1.9M+296.3%	$490K	$0	N/A	$529K+898.1%	$53K
Free Cash Flow	$1.9M-1.6%	$2.0M+143.3%	-$4.5M	N/A	-$6.9M+45.7%	-$12.8M
Investing Cash Flow	$3.4M+800.6%	-$490K-2433.3%	$21K-93.7%	$332K+162.8%	-$529K+97.4%	-$20.1M
Financing Cash Flow	-$5.6M-187.9%	$6.4M+21.9%	$5.2M-70.0%	$17.4M+239.5%	$5.1M-84.7%	$33.4M
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$1.1M+8.9%	$993K+165.5%	-$1.5M-304.7%	$741K-42.2%	$1.3M+291.9%	-$668K-160.7%	$1.1M+185.6%	-$1.3M
Capital Expenditures	$525K-54.7%	$1.2M+615.4%	$162K-31.4%	$236K+391.7%	$48K-47.8%	$92K-19.3%	$114K+167.5%	-$169K
Free Cash Flow	$556K+434.9%	-$166K+90.1%	-$1.7M-432.5%	$505K-59.1%	$1.2M+262.4%	-$760K-177.1%	$986K+167.8%	-$1.5M
Investing Cash Flow	$4.5M+486.1%	-$1.2M-615.4%	-$162K+31.4%	-$236K-391.7%	-$48K+47.8%	-$92K+19.3%	-$114K-164.4%	$177K
Financing Cash Flow	-$4.5M-2864.0%	$161K+382.5%	-$57K-100.9%	$6.5M+1588.0%	-$435K-258.8%	$274K+552.4%	$42K-97.7%	$1.9M
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

SNWV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	77.1%+1.9pp	75.2%+4.8pp	70.4%-3.7pp	74.1%+12.4pp	61.7%-9.7pp	71.4%
Operating Margin	11.2%-5.4pp	16.6%+19.3pp	-2.6%+50.8pp	-53.5%+55.2pp	-108.7%+512.5pp	-621.1%
Net Margin	26.8%+123.0pp	-96.1%+30.4pp	-126.5%-65.0pp	-61.5%+148.0pp	-209.5%+553.0pp	-762.6%
Return on Equity	729.6%	N/A	N/A	N/A	N/A	N/A
Return on Assets	31.6%+135.8pp	-104.2%+11.0pp	-115.1%-63.3pp	-51.8%+94.6pp	-146.4%-12.1pp	-134.3%
Current Ratio	1.38+0.9	0.43+0.3	0.15+0.0	0.11+0.0	0.08-0.1	0.22
Debt-to-Equity	9.97+13.3	-3.37-1.8	-1.52-0.0	-1.48-1.5	-0.02-0.0	-0.01
FCF Margin	4.4%-1.6pp	6.0%+28.3pp	-22.3%	N/A	-53.3%+261.5pp	-314.8%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	77.9%-0.4pp	78.3%-0.7pp	79.0%+1.2pp	77.9%+2.4pp	75.5%+2.3pp	73.2%+0.5pp	72.6%+3.5pp	69.1%
Operating Margin	12.8%-5.7pp	18.5%+7.9pp	10.5%-13.9pp	24.4%+3.6pp	20.9%-6.9pp	27.8%+46.0pp	-18.1%-33.0pp	14.8%
Net Margin	90.2%+79.8pp	10.4%+71.1pp	-60.8%+62.7pp	-123.5%+97.2pp	-220.7%-312.3pp	91.6%+169.9pp	-78.3%-338.9pp	260.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	29.0%+25.8pp	3.2%+21.6pp	-18.4%+23.9pp	-42.3%+52.2pp	-94.6%-125.8pp	31.2%+50.6pp	-19.4%-100.8pp	81.3%
Current Ratio	1.16+0.7	0.43+0.0	0.40-0.0	0.43+0.3	0.12-0.0	0.150.0	0.150.0	0.15
Debt-to-Equity	-5.98-2.7	-3.24-0.5	-2.78+0.6	-3.37-2.0	-1.36+0.2	-1.53-0.0	-1.49+0.0	-1.52
FCF Margin	4.9%+6.5pp	-1.6%+16.3pp	-18.0%-22.9pp	4.9%-8.3pp	13.2%+23.8pp	-10.6%-27.6pp	17.0%+37.8pp	-20.8%

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Frequently Asked Questions

What is Sanuwave Health's annual revenue?

Sanuwave Health (SNWV) reported $44.1M in total revenue for fiscal year 2025. This represents a 35.0% 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 Sanuwave Health's revenue growing?

Sanuwave Health (SNWV) revenue grew by 35% year-over-year, from $32.6M to $44.1M in fiscal year 2025.

Is Sanuwave Health profitable?

Yes, Sanuwave Health (SNWV) reported a net income of $11.8M in fiscal year 2025, with a net profit margin of 26.8%.

What is Sanuwave Health's EBITDA?

Sanuwave Health (SNWV) had EBITDA of $5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Sanuwave Health have?

As of fiscal year 2025, Sanuwave Health (SNWV) had $12.0M in cash and equivalents against $16.1M in long-term debt.

What is Sanuwave Health's gross margin?

Sanuwave Health (SNWV) had a gross margin of 77.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Sanuwave Health's operating margin?

Sanuwave Health (SNWV) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Sanuwave Health's net profit margin?

Sanuwave Health (SNWV) had a net profit margin of 26.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Sanuwave Health's return on equity (ROE)?

Sanuwave Health (SNWV) has a return on equity of 729.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sanuwave Health's free cash flow?

Sanuwave Health (SNWV) generated $1.9M in free cash flow during fiscal year 2025. This represents a -1.6% 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 Sanuwave Health's operating cash flow?

Sanuwave Health (SNWV) generated $3.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sanuwave Health's total assets?

Sanuwave Health (SNWV) had $37.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Sanuwave Health's capital expenditures?

Sanuwave Health (SNWV) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Sanuwave Health spend on research and development?

Sanuwave Health (SNWV) invested $1.4M in research and development during fiscal year 2025.

How many shares does Sanuwave Health have outstanding?

Sanuwave Health (SNWV) had 9M shares outstanding as of fiscal year 2025.

What is Sanuwave Health's current ratio?

Sanuwave Health (SNWV) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.

What is Sanuwave Health's debt-to-equity ratio?

Sanuwave Health (SNWV) had a debt-to-equity ratio of 9.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sanuwave Health's return on assets (ROA)?

Sanuwave Health (SNWV) had a return on assets of 31.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sanuwave Health's Altman Z-Score?

Sanuwave Health (SNWV) has an Altman Z-Score of -4.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Sanuwave Health's Piotroski F-Score?

Sanuwave Health (SNWV) has a Piotroski F-Score of 6 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sanuwave Health's earnings high quality?

Sanuwave Health (SNWV) has an earnings quality ratio of 0.33x, 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 Sanuwave Health cover its interest payments?

Sanuwave Health (SNWV) has an interest coverage ratio of 0.8x, 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 Sanuwave Health?

Sanuwave Health (SNWV) scores 50 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.