stockrowBrainsway Ltd. Sponsored ADR
BWAY Healthcare Medical Devices
Brainsway Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $52.2 million, up 27.3% from fiscal 2024.
- Revenue
- +35.4%
- EPS
- +40.0%
- Free cash flow
- −51.7%
Quarter to June 2026, against a year earlier
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Brainsway Ltd. Sponsored ADR (BWAY) Altman Z-score
Brainsway Ltd. Sponsored ADR's Altman Z-score for fiscal 2025 is 2.82, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.82 | (0.02) |
| FY2024 | 2.84 | 0.97 |
| FY2023 | 1.88 | 2.00 |
| FY2022 | −0.13 | (3.55) |
| FY2021 | 3.43 | 2.28 |
| FY2020 | 1.15 | (0.94) |
| FY2019 | 2.09 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | (0.80) | — | −1.12 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 4.51 | — | 2.71 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Grey zone | 2.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.11 | ||
Z and Z″ put Brainsway Ltd. Sponsored ADR in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SSII SS Innovations International, Inc. compare | 17.5× |
| BWAY Brainsway Ltd. Sponsored ADR | 2.8× |
| SI Shoulder Innovations, Inc. compare | 2.5× |
| OFIX ORTHOFIX MEDICAL INC. compare | 1.3× |
| MASS 908 Devices Inc. compare | 1.1× |
| NPCE NeuroPace, Inc. compare | −2.5× |
| CERS Cerus Corporation compare | −4.0× |
| SENS Senseonics Holdings, Inc. compare | −9.8× |
| RCEL Avita Medical Inc. compare | −11.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets