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Sanuwave Health Inc.

SNWV Healthcare Medical Devices

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%
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 (above 2: weak)
P/E ratio 2.99
Fwd P/E (211.00) (negative: loss-making)
P/S ratio 0.97
P/B ratio 15.31 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (119.51%) (below 0%: weak)
Next Y EPS Growth 562.50% (at or above 15%: strong)
Next Y revenue growth 16.57% (at or above 10%: strong)
Next 5Y EPS Growth —

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 4.3×; over the ten years it ranged from 1.1× in 2026 to 9.6× in 2025.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Sanuwave Health Inc. 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
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.

Sanuwave Health Inc. (SNWV) Latest News

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stockrow.com/SNWV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com