Sanuwave Health Financials
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).
High gross margins and rising volume finally covered overhead, turning a multi-year turnaround into positive operations.
FY2025’s headline profit overstates the cash step-up: net income reached$11.8M , but operating cash flow was only$3.9M . With free cash flow margin at4.4% versus net margin at26.8% , the turnaround is clearly visible in earnings, yet only part of that improvement was available as spendable cash.
Gross margin stayed above
The balance sheet changed category, not just degree: assets rose to
Financial Health Signals
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 Sanuwave Health'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.
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 41/100, indicating healthy but not exceptional operating efficiency. This is down from 11.8% the prior year.
Sanuwave Health's revenue surged 35.0% year-over-year to $44.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
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.
Sanuwave Health's current ratio of 1.38 is below the typical benchmark, resulting in a score of 23/100. However, the company holds substantial cash reserves (67% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Sanuwave Health's free cash flow margin of 4.4% results in a low score of 24/100. Capital expenditures of $1.9M absorb a large share of operating cash flow.
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.
Sanuwave Health scores -4.81, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($146.2M) relative to total liabilities ($35.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
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.
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.
Key Financial Metrics
Earnings & Revenue
Sanuwave Health generated $44.1M in revenue in fiscal year 2025. This represents an increase of 35.0% from the prior year.
Sanuwave Health's EBITDA was $5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.7% from the prior year.
Sanuwave Health reported $11.8M in net income in fiscal year 2025. This represents an increase of 135.7% from the prior year.
Sanuwave Health earned $0.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 105.5% from the prior year.
Cash & Balance Sheet
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.
Sanuwave Health held $12.0M in cash against $16.1M in long-term debt as of fiscal year 2025.
Sanuwave Health had 9M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Margins & Returns
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.
Sanuwave Health's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 0.6 percentage points from the prior year.
Sanuwave Health's net profit margin was 26.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 128.2 percentage points from the prior year.
Sanuwave Health's ROE was 729.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Sanuwave Health invested $1.4M in research and development in fiscal year 2025. This represents an increase of 101.0% from the prior year.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.6M-28.2% | $13.4M+18.8% | $11.3M+12.1% | $10.1M+7.7% | $9.3M-9.6% | $10.3M+10.3% | $9.4M+30.7% | $7.2M |
| Cost of Revenue | $2.2M-35.5% | $3.4M+34.3% | $2.5M+14.5% | $2.2M+12.7% | $2.0M-14.3% | $2.3M-0.3% | $2.3M+19.3% | $1.9M |
| Gross Profit | $7.4M-25.7% | $10.0M+14.4% | $8.7M+11.4% | $7.8M+6.4% | $7.4M-8.3% | $8.0M+13.8% | $7.1M+34.9% | $5.2M |
| R&D Expenses | $660K+8.9% | $606K+75.7% | $345K+77.8% | $194K-6.7% | $208K+35.1% | $154K-4.3% | $161K-17.4% | $195K |
| SG&A Expenses | $5.3M+5.7% | $5.0M-4.3% | $5.2M+18.9% | $4.4M-9.8% | $4.8M+27.5% | $3.8M+26.0% | $3.0M+38.0% | $2.2M |
| Operating Income | -$1.1M-156.1% | $2.0M+121.8% | $903K-37.2% | $1.4M+139.3% | $601K-70.1% | $2.0M+35.7% | $1.5M-10.0% | $1.6M |
| Interest Expense | $546K | N/A | $1.8M-7.4% | $1.9M+1.6% | $1.9M-24.3% | $2.5M-24.8% | $3.4M-2.1% | $3.4M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.4M-118.7% | $7.7M-20.6% | $9.7M+1658.3% | $551K+109.0% | -$6.1M+54.0% | -$13.3M+37.1% | -$21.2M-442.1% | $6.2M |
| EPS (Diluted) | $-0.17 | N/A | $0.39+1075.0% | $-0.04+94.4% | $-0.72 | N/A | $-6.65 | $0.00 |
SNWV Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $37.1M-0.7% | $37.3M+4.9% | $35.6M+7.7% | $33.0M+7.1% | $30.9M+2.4% | $30.1M+37.9% | $21.8M+4.0% | $21.0M |
| Current Assets | $24.0M-2.7% | $24.6M+8.8% | $22.6M+12.2% | $20.2M+7.1% | $18.8M+2.4% | $18.4M+85.8% | $9.9M+13.5% | $8.7M |
| Cash & Equivalents | $10.8M-9.9% | $12.0M+24.5% | $9.6M+13.0% | $8.5M-0.1% | $8.5M-17.0% | $10.2M+214.1% | $3.3M+32.5% | $2.5M |
| Inventory | $5.9M-0.5% | $5.9M-12.9% | $6.8M+15.3% | $5.9M+8.3% | $5.5M+31.5% | $4.1M+20.9% | $3.4M+25.6% | $2.7M |
| Accounts Receivable | $6.0M+10.7% | $5.4M+17.4% | $4.6M+20.1% | $3.8M-0.5% | $3.9M+16.1% | $3.3M+17.4% | $2.8M-10.1% | $3.2M |
| 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 | $35.3M-1.3% | $35.7M-17.3% | $43.2M-16.7% | $51.8M+0.3% | $51.7M+12.5% | $45.9M-44.1% | $82.1M+35.4% | $60.6M |
| Current Liabilities | $18.3M+2.6% | $17.8M-25.6% | $24.0M-52.4% | $50.4M-0.7% | $50.8M+11.8% | $45.4M-44.3% | $81.5M+35.9% | $60.0M |
| Long-Term Debt | $14.8M-8.5% | $16.1M-7.9% | $17.5M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.8M+13.5% | $1.6M+121.3% | -$7.6M+59.6% | -$18.8M+9.7% | -$20.8M-31.8% | -$15.8M+73.8% | -$60.3M-52.2% | -$39.6M |
| Retained Earnings | -$244.1M-0.6% | -$242.7M+3.1% | -$250.4M+3.7% | -$260.1M+0.2% | -$260.6M-2.4% | -$254.5M-6.6% | -$238.7M-9.5% | -$218.0M |
SNWV Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $397K-88.0% | $3.3M+207.0% | $1.1M+8.9% | $993K+165.5% | -$1.5M-304.7% | $741K-42.2% | $1.3M+291.9% | -$668K |
| Capital Expenditures | $23K-76.0% | $96K-81.7% | $525K-54.7% | $1.2M+615.4% | $162K-31.4% | $236K+391.7% | $48K-47.8% | $92K |
| Free Cash Flow | $374K-88.4% | $3.2M+479.7% | $556K+434.9% | -$166K+90.1% | -$1.7M-432.5% | $505K-59.1% | $1.2M+262.4% | -$760K |
| Investing Cash Flow | -$158K-156.6% | $279K-93.8% | $4.5M+486.1% | -$1.2M-615.4% | -$162K+31.4% | -$236K-391.7% | -$48K+47.8% | -$92K |
| Financing Cash Flow | -$1.4M-14.3% | -$1.2M+72.1% | -$4.5M-2864.0% | $161K+382.5% | -$57K-100.9% | $6.5M+1588.0% | -$435K-258.8% | $274K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.3%+2.6pp | 74.7%-2.9pp | 77.6%-0.5pp | 78.1%-1.0pp | 79.0%+1.2pp | 77.9%+2.4pp | 75.5%+2.3pp | 73.2% |
| Operating Margin | -11.7%-26.6pp | 14.9%+6.9pp | 8.0%-6.3pp | 14.3%+7.9pp | 6.4%-13.0pp | 19.5%+3.6pp | 15.8%-7.2pp | 23.0% |
| Net Margin | -15.0%-72.4pp | 57.4%-28.5pp | 86.0%+80.5pp | 5.5%+71.0pp | -65.5%+63.3pp | -128.9%+97.3pp | -226.1%-312.5pp | 86.4% |
| Return on Equity | -78.3%-553.4pp | 475.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -3.9%-24.5pp | 20.6%-6.6pp | 27.2%+25.5pp | 1.7%+21.5pp | -19.8%+24.4pp | -44.2%+52.7pp | -96.9%-126.3pp | 29.4% |
| Current Ratio | 1.31-0.1 | 1.38+0.4 | 0.94+0.5 | 0.40+0.0 | 0.37-0.0 | 0.41+0.3 | 0.12-0.0 | 0.15 |
| Debt-to-Equity | 8.03-1.9 | 9.97+12.3 | -2.31+0.4 | -2.76-0.3 | -2.48+0.4 | -2.91-1.5 | -1.36+0.2 | -1.53 |
| FCF Margin | 3.9%-20.2pp | 24.1%+19.1pp | 4.9%+6.6pp | -1.7%+16.3pp | -18.0%-22.9pp | 4.9%-8.3pp | 13.2%+23.8pp | -10.6% |
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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.
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 -4.81, 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 to 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.
How financially healthy is Sanuwave Health?
Sanuwave Health (SNWV) scores 48 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.