Saturday 17 October 2026 Export SNWV’s income statement to Excel — free account

Sanuwave Health Inc.

Sanuwave Health Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.1 million, up 35.0% from fiscal 2024. In the quarter to June 2026, revenue fell 3.13%, EPS fell 224.2%, free cash flow grew 86.8% and total debt fell 28.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

4.96 0.21 −4.06%

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Market cap: $44.5M
P/E: 3.0×
Fwd P/E: −211×
Dividend yield: —
F-score: 6/9
Altman Z: −2.97
Beneish M: −0.90
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 7.20

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	2	—	—	—	3	—	—	—	—	—	—

Insider Ownership 5.36%

Capital & Financial Ratios $m

Market Cap 44.48

Revenue 44.02

Net Income 15.26

Free Cash Flow 9.37

Net Debt 9.80

Current Ratio 1.28

Debt/Equity 6.88

P/E ratio 2.99

Fwd P/E (211.00)

P/S ratio 0.97

P/B ratio 15.31

Past 5Y EPS Growth —

This Y EPS Growth (119.51%)

Next Y EPS Growth 562.50%

Next Y revenue growth 16.57%

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2	10	12	9
Receivables	3	3	5	6
Inventory	3	4	6	7
Other	—	—	—	—
	10	18	25	23

	2023	2024	2025	Q'26
Payables	6	4	3	3
ST’ Debt	23	25	6	6
Other	24	8	0	1
	65	45	18	18

Compound Annual Growth %

	10y	5y	3y
Sales	46.53%	61.12%	38.05%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	10	10	—	—	—
’25	9	10	11	13	44
’24	6	7	9	10	33
’23	4	5	5	7	20
’22	3	4	4	5	17
’21	2	3	4	4	13
’20	0	0	1	2	4

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	0	0	—	—	—
’25	(2)	1	1	3	4
’24	1	(1)	1	1	2
’23	0	(1)	(2)	(1)	(5)
’22	(3)	(2)	(8)	(4)	(17)
’21	(3)	(2)	(1)	0	(6)
’20	(3)	(2)	(5)	(3)	(13)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	0	0	—	—	—
’25	(2)	0	6	4	7
’24	1	(1)	1	1	2
’23	0	(1)	(2)	(1)	(5)
’22	(3)	(1)	(8)	(5)	(17)
’21	(3)	(2)	(1)	0	(7)
’20	(3)	(3)	(4)	(3)	(13)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.17)	(0.08)	—	—	—
’25	(0.66)	0.06	1.13	0.83	1.30
’24	(1.46)	1.77	(6.49)	(1.11)	(7.03)
’23	(7.41)	(3.70)	(11.11)	11.11	(11.11)
’22	(3.70)	0.70	(0.75)	(3.70)	(7.41)
’21	(3.53)	(6.16)	(3.04)	(6.76)	(19.48)
’20	(3.70)	(3.70)	(12.17)	(9.88)	(30.30)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	—	—	—	10.00	22.00	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	—	—	—	24.00	46.59
People
People	Employees	6	8	16	23	43	40	38	31	46	55
	Revenue/emp, $m	0.23	0.09	0.12	0.04	0.09	0.33	0.44	0.66	0.71	0.80
Income, $m
Income, $m	Revenue	1	1	2	1	4	13	17	20	33	44
	Gross margin, %	58.93	67.24	62.50	47.61	71.36	61.68	74.13	70.41	75.23	77.11
	EBT	(6)	(6)	(12)	(10)	(31)	(27)	(10)	(26)	(33)	12
	EBT margin, %	(465.63)	(749.88)	(628.69)	(1,013.88)	(762.56)	(209.31)	(61.47)	(126.50)	(101.29)	27.01
	Net income	(6)	(6)	(12)	(10)	(31)	(27)	(10)	(26)	(33)	12
	Depreciation	1	1	3	0	1	4	6	8	7	3
Per share, $
Per share, $	Revenue	4.74	1.97	4.58	1.87	3.97	9.30	11.28	9.64	7.31	5.14
	Earnings	(22.22)	(14.81)	(29.63)	(18.52)	(29.81)	(20.96)	(7.41)	(11.11)	(7.03)	1.38
	Cash flow	(11.01)	(4.08)	(8.97)	(11.66)	(12.46)	(4.58)	(11.57)	(2.14)	0.55	0.45
	Capex	(0.03)	0.00	(0.11)	(0.10)	(0.05)	(0.38)	0.22	0.01	(0.11)	0.40
	Free cash flow	(11.04)	(4.08)	(9.07)	(11.76)	(12.51)	(4.96)	(11.35)	(2.13)	0.44	0.85
	Book value	(23.78)	(26.36)	(38.03)	(18.31)	(13.44)	(27.84)	(27.64)	(20.40)	(3.54)	0.19
	Shares, m	0	0	0	1	1	1	1	2	4	9
Valuation, ×
Valuation, ×	P/E	2.49	2.49	2.49	2.49	2.49	2.49	2.49	2.49	0.00	22.70
	P/S	1.42	1.42	1.42	1.42	1.42	1.42	1.42	1.42	3.15	5.80
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	157.84
	EV/Sales	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	3.61	6.03
	EV/FCF	180.56	180.56	180.56	180.56	180.56	180.56	180.56	180.56	59.94	36.33
Cash, $m
Cash, $m	Operating cash flow	(3)	(2)	(4)	(6)	(13)	(6)	(17)	(5)	2	4
	Capex	0	—	0	0	0	(1)	0	0	0	3
	Free cash flow	(3)	(2)	(4)	(6)	(13)	(7)	(17)	(5)	2	7
Balance, $m
Balance, $m	Working capital	(7)	(10)	(15)	(10)	(28)	(52)	(54)	(55)	(27)	7
	Total debt	0	1	5	1	4	13	14	23	25	22
	Net debt	0	0	5	(1)	2	12	13	21	15	10
	Shareholders’ equity	(7)	(10)	(15)	(10)	(14)	(39)	(41)	(43)	(16)	2
Returns, %
Returns, %	ROA	(655.94)	(484.99)	(946.99)	(457.48)	(234.29)	(130.91)	(53.48)	(122.05)	(125.95)	35.02
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.60
	ROE	100.69	65.96	92.18	82.06	260.18	103.50	25.74	61.31	112.20	(166.66)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
COCH Envoy Medical, Inc.	$49.9M	— (loss-making)	— (loss-making)	−34.62% (below 0%: shrinking)	n/m	−22.44% (below 0%: shrinking)	(445.10%)	(10,919.61%)	Compare
MDAI Spectral AI, Inc.	$49.6M	— (loss-making)	— (loss-making)	−30.42% (below 0%: shrinking)	n/m	−21.86% (below 0%: shrinking)	31.58%	(122.70%)	Compare
TLIS Talis Biomedical Corporation	$46.3M	— (loss-making)	— (loss-making)	−94.01% (below 0%: shrinking)	n/m	+23.80% (above 0%: growing)	91.78%	0.00%	Compare
SRTS Sensus Healthcare, Inc.	$45.6M	— (loss-making)	— (loss-making)	−68.69% (below 0%: shrinking)	n/m	−201.65% (below 0%: shrinking)	33.58%	(138.86%)	Compare
TELA TELA Bio, Inc.	$45.6M	— (loss-making)	— (loss-making)	−4.49% (below 0%: shrinking)	n/m	−17.72% (below 0%: shrinking)	72.77%	(48.12%)	Compare
SNWV Sanuwave Health Inc.	$44.5M	3.0×	— (loss-making)	−3.13% (below 0%: shrinking)	n/m	+86.75% (above 0%: growing)	76.23%	(2.88%)
XTNT Xtant Medical Holdings, Inc.	$42.5M	— (loss-making)	— (loss-making)	−34.96% (below 0%: shrinking)	n/m	−881.96% (below 0%: shrinking)	57.88%	(39.81%)	Compare
RPID Rapid Micro Biosystems, Inc.	$42.4M	— (loss-making)	— (loss-making)	+10.91% (above 0%: growing)	n/m	−23.97% (below 0%: shrinking)	15.05%	(152.99%)	Compare
NNOX Nano-X Imaging Ltd.	$38.6M	— (loss-making)	— (loss-making)	+36.71% (above 0%: growing)	n/m	−21.37% (below 0%: shrinking)	(1,050.87%)	(1,334.91%)	Compare
Median of peers	$45.6M	—	—	−32.52%	—	−22.15%	32.58%	(130.78%)

All 149 Medical Devices stocks →

Sanuwave Health Inc. (SNWV) key facts

Strength: Sanuwave Health Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.1 million, up 35.0% from fiscal 2024.
Sanuwave Health Inc. (SNWV) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, SNWV traded at $4.96, a market capitalization of $44.5 million.
Return on equity was −166.7% and debt-to-equity 6.88.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is −2.97 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.