stockrowNyxoah 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
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Nyxoah SA (NYXH) Altman Z-score
Nyxoah SA's Altman Z-score for fiscal 2025 is −4.39, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.39 | (5.07) |
| FY2024 | 0.68 | 0.38 |
| FY2023 | 0.30 | (1.41) |
| FY2022 | 1.70 | (10.48) |
| FY2021 | 12.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | (2.58) | — | −3.62 | |
| EBIT / total assets | (0.70) | — | −2.33 | |
| Market value of equity / total liabilities | 2.23 | — | 1.34 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | −4.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.73 | ||
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 |
|---|---|
| ZOMDF Zomedica Corp. compare | 0.4× |
| CATX Perspective Therapeutics, Inc. compare | −0.6× |
| SERA Sera Prognostics, Inc. compare | −2.1× |
| NYXH Nyxoah SA | −4.4× |
| OM Outset Medical, Inc. compare | −5.4× |
| HYPR Hyperfine, Inc. compare | −6.1× |
| LUCD Lucid Diagnostics Inc. compare | −10.9× |
| ECOR electroCore, Inc. compare | −13.5× |
| MBOT Microbot Medical Inc. compare | −19.4× |
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