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Friday 6 November 2026
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Nyxoah SA
NYXH Healthcare Medical Devices
Nyxoah SA’s revenue for fiscal 2025 (year ended December 2025) was $11.3 million, up 131.7% from fiscal 2024.
- Revenue
- +486.6%
- EPS
- −6.35%
- Free cash flow
- +4.01%
- Total debt
- +185.4%
Quarter to June 2026, against a year earlier
0.81
0.00
0.00%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 0 | 1 | 3 | 5 | 5 | 11 | 25 | +170.1% | 39 | 77 | 121 | +120.2% | |
| Gross margin, % | — | 0.00 | 0.00 | 0.00 | 56.47 | 64.43 | 62.71 | 61.92 | 65.67 | 63.13 | 60.16 | +63.1 pt | ||||||
| EBT | — | (12) | (10) | (9) | (14) | (29) | (32) | (48) | (61) | (101) | (110) | +29.9% | ||||||
| EBT margin, % | — | 0.00 | 0.00 | 0.00 | (17,615.74) | (2,891.90) | (974.58) | (1,027.08) | (1,248.21) | (888.98) | (439.58) | (889.0) pt | ||||||
| Net income | — | 0 | (10) | (9) | (14) | (29) | (32) | (48) | (61) | (101) | (108) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.13 | 0.17 | 0.15 | 0.30 | 0.44 | n/m | |||||
| Earnings | — | (0.58) | (0.48) | (0.44) | (0.77) | (1.37) | (1.27) | (1.67) | (1.96) | (2.67) | (2.52) | +21.1% | ||||||
| Cash flow | — | (0.47) | (0.44) | (0.31) | (0.44) | (1.26) | (1.17) | (1.73) | (1.63) | (2.05) | (1.44) | +20.3% | ||||||
| Capex | — | 0.00 | 0.00 | 0.00 | (0.67) | (0.59) | (0.67) | (0.42) | (0.20) | (0.11) | (0.07) | n/m | ||||||
| Free cash flow | — | (0.47) | (0.44) | (0.31) | (1.12) | (1.85) | (1.84) | (2.16) | (1.83) | (2.16) | (1.52) | +21.1% | ||||||
| Book value | — | 0.25 | 0.56 | 0.12 | 6.13 | 7.39 | 4.91 | 3.79 | 3.74 | 1.46 | 1.69 | +24.4% | ||||||
| Shares, m | — | 21 | 21 | 21 | 18 | 24 | 26 | 28 | 33 | 38 | 44 | +7.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 0.00 | 0.00 | 42.03 | 28.11 | 53.54 | 15.46 | 1.84 | 23.2 | ||||||
| P/B | — | — | — | — | 4.81 | 5.65 | 1.08 | 1.25 | 2.14 | 3.15 | 0.48 | 3.0 | ||||||
| EV/Sales | — | — | — | — | 0.00 | 0.00 | 14.90 | 17.56 | 39.38 | 14.79 | 0.06 | 14.4 | ||||||
| EV/FCF | — | — | — | — | 0.00 | (16.95) | (1.02) | (1.37) | (3.22) | (2.04) | (0.02) | (4.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (10) | (9) | (7) | (8) | (30) | (30) | (48) | (53) | (78) | (82) | +29.3% | |||||
| Capex | — | 0 | 0 | (6) | (12) | (14) | (17) | (12) | (7) | (4) | (4) | +58.0% | ||||||
| Free cash flow | — | (10) | (9) | (7) | (20) | (44) | (48) | (60) | (60) | (82) | (87) | +30.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 11 | 18 | 4 | 100 | 152 | 90 | 58 | 83 | 14 | 76 | +3.2% | |||||
| Net debt | — | (6) | (13) | 3 | (93) | (147) | (88) | (50) | (69) | (8) | (45) | +3.3% | ||||||
| Shareholders’ equity | — | 5 | 12 | 3 | 111 | 176 | 127 | 106 | 123 | 56 | 97 | +33.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (73.30) | (101.00) | (50.34) | (18.98) | (19.66) | (18.48) | (32.45) | (41.92) | (66.74) | (68.23) | +6.6 pt | |||||
| ROIC | — | 0.00 | 0.00 | 0.00 | (43.96) | (67.76) | (55.45) | (54.08) | (74.65) | (122.99) | (117.82) | (123.0) pt | ||||||
| ROE | — | (143.04) | (119.47) | (129.51) | (24.61) | (22.78) | (21.74) | (40.17) | (56.07) | (114.43) | (124.41) | +28.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 78 | 103 | 138 | 147 | 184 | 154 | — | +14.6% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.01 | 0.02 | 0.03 | 0.03 | 0.07 | — | +135.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Nyxoah SA vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ZOMDF Zomedica Corp. | $95.4M | — (loss-making) | — (loss-making) | +22.29% (above 0%: growing) | n/m | +32.51% (above 0%: growing) | 61.06% | (34.60%) | Compare |
| CATX Perspective Therapeutics, Inc. | $90.0M | — (loss-making) | — (loss-making) | −72.07% (below 0%: shrinking) | n/m | −66.09% (below 0%: shrinking) | 100.00% | (36,120.99%) | Compare |
| NYXH Nyxoah SA | $82.6M | — (loss-making) | — (loss-making) | +486.62% (above 0%: growing) | n/m | +4.01% (above 0%: growing) | 59.73% | (268.25%) | |
| SERA Sera Prognostics, Inc. | $82.1M | — (loss-making) | — (loss-making) | +162.50% (above 0%: growing) | n/m | −12.79% (below 0%: shrinking) | 0.00% | (21,159.52%) | Compare |
| ECOR electroCore, Inc. | $79.3M | — (loss-making) | — (loss-making) | +11.52% (above 0%: growing) | n/m | −69.10% (below 0%: shrinking) | 88.47% | (16.06%) | Compare |
| LUCD Lucid Diagnostics Inc. | $79.3M | — (loss-making) | — (loss-making) | +26.74% (above 0%: growing) | n/m | −7.04% (below 0%: shrinking) | 1.97% | (868.45%) | Compare |
| OM Outset Medical, Inc. | $77.0M | — (loss-making) | — (loss-making) | +14.15% (above 0%: growing) | n/m | −61.85% (below 0%: shrinking) | 40.69% | (36.52%) | Compare |
| HYPR Hyperfine, Inc. | $72.7M | — (loss-making) | — (loss-making) | +44.81% (above 0%: growing) | n/m | +13.43% (above 0%: growing) | 50.72% | (216.93%) | Compare |
| MBOT Microbot Medical Inc. | $71.9M | — (loss-making) | — | +1,047.62% (above 0%: growing) | n/m | −98.72% (below 0%: shrinking) | (266.80%) | (2,567.63%) | Compare |
| Median of peers | $79.3M | — | — | +24.52% | — | −37.32% | 45.70% | (542.69%) |