NASDAQ : BWAY
BrainsWay Ltd. — Financial statements
Healthcare · Medical Devices · Israel
Last price 11.93 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 496.39M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
BrainsWay Ltd. (BWAY) reported revenue of 60.70M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 60.70M | 52.23M | 41.02M | 31.79M | 27.18M | 29.66M |
| Cost of Revenue | 14.98M | 12.84M | 10.44M | 8.31M | 7.13M | 6.60M |
| Gross Profit | 45.72M | 39.39M | 30.58M | 23.48M | 20.05M | 23.06M |
| Selling, General & Admin | 27.13M | 25.46M | 22.00M | 21.77M | 25.05M | 21.66M |
| Research & Development | 11.03M | 9.60M | 7.19M | 6.67M | 7.68M | 6.39M |
| Operating Expenses | 38.15M | 35.06M | 29.19M | 28.44M | 32.73M | 28.06M |
| Operating Income | 7.57M | 4.32M | 1.39M | -4.96M | -12.68M | -5.00M |
| Interest Expense | -1.55M | -1.56M | -1.25M | -847.00K | -1.19M | -1.23M |
| Interest & Investment Income | 1.72M | 3.01M | 2.48M | 2.17M | 1.11M | 225.00K |
| Currency Exchange Gain (Loss) | -573.00K | -573.00K | -160.00K | -61.00K | -252.00K | -363.00K |
| Other Non Operating Income (Expenses) | 2.52M | 2.52M | 997.00K | -250.00K | -14.00K | -51.00K |
| EBT Excluding Unusual Items | 9.68M | 7.71M | 3.46M | -3.95M | -13.03M | -6.42M |
| Pretax Income | 9.68M | 7.71M | 3.46M | -3.95M | -13.03M | -6.42M |
| Income Tax Expense | 236.00K | 135.00K | 538.00K | 251.00K | 315.00K | 43.00K |
| Net Income | 9.44M | 7.58M | 2.92M | -4.20M | -13.35M | -6.46M |
| Net Income to Common | 9.44M | 7.58M | 2.92M | -4.20M | -13.35M | -6.46M |
| Shares Outstanding (Basic) | 38.84M | 38.01M | 33.97M | 33.16M | 32.98M | 31.15M |
| Shares Outstanding (Diluted) | 40.57M | 39.61M | 34.77M | 33.16M | 32.98M | 31.15M |
| EPS (Basic) | 0.24 | 0.20 | 0.09 | -0.13 | -0.40 | -0.21 |
| EPS (Diluted) | 0.23 | 0.18 | 0.06 | -0.13 | -0.40 | -0.21 |
| Free Cash Flow | 5.79M | 15.15M | 6.50M | -1.10M | -9.76M | -1.35M |
| Free Cash Flow Per Share | 0.14 | 0.38 | 0.19 | -0.03 | -0.30 | -0.04 |
| Gross Margin | 75.32% | 75.42% | 74.56% | 73.86% | 73.77% | 77.75% |
| Operating Margin | 12.46% | 8.28% | 3.39% | -15.60% | -46.67% | -16.86% |
| Profit Margin | 15.55% | 14.51% | 7.12% | -13.20% | -49.12% | -21.79% |
| Free Cash Flow Margin | 9.53% | 29.00% | 15.86% | -3.47% | -35.91% | -4.57% |
| EBITDA | 8.48M | 5.12M | 2.68M | -3.62M | -11.15M | -3.31M |
| EBITDA Margin | 13.98% | 9.80% | 6.53% | -11.39% | -41.02% | -11.17% |
| D&A For EBITDA | 918.00K | 793.00K | 1.29M | 1.34M | 1.53M | 1.69M |
| EBIT | 7.57M | 4.32M | 1.39M | -4.96M | -12.68M | -5.00M |
| EBIT Margin | 12.46% | 8.28% | 3.39% | -15.60% | -46.67% | -16.86% |
| Effective Tax Rate | 2.44% | 1.75% | 15.55% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 62.11M | 67.70M | 69.34M | 10.52M | 47.58M | 16.92M |
| Short-Term Investments | 35.47M | 40.43M | ||||
| Cash & Short-Term Investments | 62.11M | 67.70M | 69.34M | 45.98M | 47.58M | 57.35M |
| Accounts Receivable | 7.03M | 4.11M | 4.60M | 3.78M | 4.84M | 6.33M |
| Other Receivables | 760.00K | 454.00K | 420.00K | 606.00K | 588.00K | |
| Receivables | 7.03M | 4.87M | 5.05M | 4.20M | 5.45M | 6.92M |
| Inventory | 7.31M | 6.52M | 4.43M | 3.72M | 3.84M | |
| Prepaid Expenses | 1.30M | 578.00K | 1.29M | 950.00K | 1.18M | |
| Restricted Cash | 251.00K | 251.00K | 271.00K | 271.00K | 271.00K | |
| Other Current Assets | 4.72M | 3.18M | ||||
| Total Current Assets | 81.42M | 83.82M | 79.67M | 55.47M | 58.09M | 65.45M |
| Property, Plant & Equipment | 13.39M | 12.78M | 11.95M | 5.79M | 5.35M | 9.33M |
| Long-Term Investments | 25.00M | 14.66M | ||||
| Long-Term Deferred Tax Assets | 408.00K | 1.06M | 828.00K | 276.00K | ||
| Other Long-Term Assets | 2.16M | 1.52M | 1.64M | 889.00K | 766.00K | 954.00K |
| Total Assets | 121.97M | 113.19M | 94.32M | 62.97M | 64.48M | 75.73M |
| Accounts Payable | 2.50M | 2.43M | 2.87M | 758.00K | 1.12M | 1.10M |
| Accrued Expenses | 6.63M | 5.55M | 4.70M | 4.18M | 4.04M | |
| Current Portion of Leases | 1.24M | 1.07M | 824.00K | 232.00K | 234.00K | 500.00K |
| Current Income Taxes Payable | 13.00K | 268.00K | 504.00K | 18.00K | ||
| Current Unearned Revenue | 12.09M | 12.23M | 5.73M | 3.51M | 2.53M | 3.17M |
| Other Current Liabilities | 6.84M | 122.00K | 109.00K | 57.00K | 80.00K | 236.00K |
| Total Current Liabilities | 22.67M | 22.50M | 15.35M | 9.76M | 8.14M | 9.07M |
| Long-Term Leases | 5.89M | 5.74M | 4.80M | 239.00K | 254.00K | 254.00K |
| Long-Term Unearned Revenue | 14.22M | 11.79M | 9.43M | 11.39M | 10.69M | 9.08M |
| Other Long-Term Liabilities | 2.43M | 8.00K | ||||
| Total Liabilities | 42.79M | 40.03M | 32.00M | 21.39M | 19.08M | 18.41M |
| Common Stock | 440.00K | 430.00K | 413.00K | 367.00K | 364.00K | 363.00K |
| Additional Paid-In Capital | 164.19M | 162.22M | 157.60M | 140.34M | 138.15M | 137.57M |
| Retained Earnings | -85.81M | -90.81M | -98.38M | -101.30M | -97.11M | -83.76M |
| Comprehensive Income & Other | 368.00K | 1.32M | 2.68M | 2.17M | 3.99M | 3.15M |
| Shareholders' Equity | 79.19M | 73.16M | 62.31M | 41.58M | 45.40M | 57.33M |
| Total Liabilities & Equity | 121.97M | 113.19M | 94.32M | 62.97M | 64.48M | 75.73M |
| Total Debt | 7.13M | 6.82M | 5.62M | 471.00K | 488.00K | 754.00K |
| Net Cash (Debt) | 54.98M | 60.88M | 63.72M | 45.51M | 47.09M | 56.59M |
| Net Cash Per Share | 1.35 | 1.54 | 1.83 | 1.37 | 1.43 | 1.82 |
| Filing Date Shares Outstanding | 40.13M | 40.03M | 37.74M | 33.27M | 33.08M | 32.96M |
| Total Common Shares Outstanding | 40.13M | 39.17M | 37.63M | 33.24M | 33.05M | 32.91M |
| Working Capital | 58.75M | 61.33M | 64.32M | 45.70M | 49.95M | 56.38M |
| Book Value Per Share | 1.97 | 1.87 | 1.66 | 1.25 | 1.37 | 1.74 |
| Tangible Book Value | 79.19M | 73.16M | 62.31M | 41.58M | 45.40M | 57.33M |
| Tangible Book Value Per Share | 1.97 | 1.87 | 1.66 | 1.25 | 1.37 | 1.74 |
| Machinery | 12.25M | 11.63M | 11.21M | 9.95M | 13.23M | |
| Leasehold Improvements | 359.00K | 394.00K | 102.00K | 81.00K | 69.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 9.44M | 7.58M | 2.92M | -4.20M | -13.35M | -6.46M |
| Depreciation & Amortization | 1.66M | 1.54M | 1.77M | 1.34M | 1.53M | 1.69M |
| Asset Writedown & Restructuring Costs | -325.00K | 40.00K | 1.52M | 1.45M | 816.00K | 1.29M |
| Stock-Based Compensation | 1.65M | 1.20M | 1.44M | 381.00K | 1.47M | 1.89M |
| Other Operating Activities | 193.00K | -1.02M | 259.00K | 681.00K | 1.22M | 1.40M |
| Change in Accounts Receivable | -3.14M | 607.00K | -867.00K | 1.09M | 1.46M | -849.00K |
| Change in Inventory | -2.06M | -1.40M | -920.00K | -506.00K | -3.60M | |
| Change in Accounts Payable | 1.29M | -476.00K | 2.12M | -327.00K | 289.00K | |
| Change in Unearned Revenue | -2.69M | 9.25M | 277.00K | 1.63M | 790.00K | 2.04M |
| Change in Other Net Operating Assets | 1.55M | 172.00K | 1.78M | -250.00K | -105.00K | -411.00K |
| Operating Cash Flow | 7.57M | 17.49M | 10.30M | 1.28M | -9.76M | 884.00K |
| Capital Expenditures | -1.78M | -2.34M | -3.79M | -2.39M | -2.24M | |
| Sale of Property, Plant & Equipment | 1.94M | |||||
| Investment in Securities | -10.30M | -15.17M | 34.03M | -35.02M | 40.23M | -40.00M |
| Other Investing Activities | 473.00K | 40.00K | 76.00K | 22.00K | ||
| Investing Cash Flow | -11.61M | -17.47M | 30.31M | -37.41M | 42.17M | -42.22M |
| Long-Term Debt Repaid | -832.00K | -424.00K | -271.00K | -533.00K | -475.00K | |
| Lease Payments | -780.00K | -832.00K | -424.00K | -271.00K | -533.00K | -475.00K |
| Net Debt Issued (Repaid) | -780.00K | -832.00K | -424.00K | -271.00K | -533.00K | -475.00K |
| Issuance of Common Stock | 16.37M | 42.26M | ||||
| Other Financing Activities | -966.00K | -877.00K | 2.32M | -755.00K | -1.01M | -269.00K |
| Financing Cash Flow | -1.75M | -1.71M | 18.26M | -1.03M | -1.55M | 41.52M |
| Foreign Exchange Rate Adjustments | -16.00K | 42.00K | -47.00K | 90.00K | -202.00K | -224.00K |
| Net Cash Flow | -5.80M | -1.65M | 58.83M | -37.06M | 30.66M | -40.00K |
| Free Cash Flow | 5.79M | 15.15M | 6.50M | -1.10M | -9.76M | -1.35M |
| Free Cash Flow Margin | 9.53% | 29.00% | 15.86% | -3.47% | -35.91% | -4.57% |
| Free Cash Flow Per Share | 0.14 | 0.38 | 0.19 | -0.03 | -0.30 | -0.04 |
| Levered Free Cash Flow | -6.16M | 3.22M | 3.66M | -1.65M | -8.74M | -1.34M |
| Unlevered Free Cash Flow | -5.19M | 4.20M | 4.44M | -1.12M | -7.99M | -569.38K |
| Free Cash Flow After Leases | 5.01M | 14.32M | 6.08M | -1.37M | -10.29M | -1.83M |
| Cash Interest Paid | 594.00K | 298.00K | 124.00K | 253.00K | 46.00K | 62.00K |
| Cash Income Tax Paid | 129.00K | 638.00K | 1.01M | 11.00K | 443.00K | 14.00K |
| Change in Working Capital | -5.05M | 8.16M | 2.39M | 1.64M | -1.45M | 1.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 478.05M | 383.87M | 180.37M | 105.55M | 33.40M | 127.90M |
| Enterprise Value | 425.94M | 317.70M | 131.25M | 58.78M | -16.86M | 70.49M |
| Last Close Price | 11.36 | 9.51 | 4.71 | 3.24 | 1.24 | 3.85 |
| PE Ratio | 52.04 | 50.67 | 61.75 | |||
| PS Ratio | 7.88 | 7.35 | 4.40 | 3.32 | 1.23 | 4.31 |
| PB Ratio | 6.04 | 5.25 | 2.90 | 2.54 | 0.74 | 2.23 |
| P/TBV Ratio | 6.04 | 5.25 | 2.90 | 2.54 | 0.74 | 2.23 |
| P/FCF Ratio | 82.62 | 25.34 | 27.73 | |||
| P/OCF Ratio | 63.15 | 21.95 | 17.52 | 82.20 | 144.68 | |
| EV/Sales Ratio | 7.02 | 6.08 | 3.20 | 1.85 | 2.38 | |
| EV/EBITDA Ratio | 50.21 | 62.10 | 48.99 | |||
| EV/EBIT Ratio | 56.30 | 73.49 | 94.36 | |||
| EV/FCF Ratio | 73.62 | 20.97 | 20.18 | |||
| Debt / Equity Ratio | 0.09 | 0.09 | 0.09 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA Ratio | 0.77 | 1.16 | 1.78 | |||
| Debt / FCF Ratio | 1.23 | 0.45 | 0.86 | |||
| Net Debt / Equity Ratio | -0.69 | -0.83 | -1.02 | -1.09 | -1.04 | -0.99 |
| Net Debt / EBITDA Ratio | -6.48 | -11.90 | -23.79 | 12.57 | 4.22 | 17.08 |
| Net Debt / FCF Ratio | -9.50 | -4.02 | -9.80 | 41.26 | 4.83 | 41.80 |
| Asset Turnover | 0.52 | 0.50 | 0.52 | 0.50 | 0.39 | 0.54 |
| Inventory Turnover | 2.60 | 2.35 | 2.56 | 2.20 | ||
| Quick Ratio | 3.05 | 3.23 | 4.85 | 5.14 | 6.51 | 7.09 |
| Current Ratio | 3.59 | 3.73 | 5.19 | 5.68 | 7.13 | 7.22 |
| Return on Equity (ROE) | 12.82% | 11.18% | 5.62% | -9.65% | -25.99% | -16.79% |
| Return on Assets (ROA) | 4.05% | 2.60% | 1.10% | -4.86% | -11.31% | -5.69% |
| Return on Invested Capital (ROIC) | 30.70% | 34.59% | ||||
| Return on Capital Employed (ROCE) | 7.60% | 4.80% | 1.80% | -9.30% | -22.50% | -7.50% |
| Earnings Yield | 1.92% | 1.97% | 1.62% | -3.98% | -39.97% | -5.05% |
| FCF Yield | 1.21% | 3.95% | 3.61% | -1.04% | -29.22% | -1.06% |
| Buyback Yield / Dilution | -8.77% | -13.91% | -4.87% | -0.53% | -5.86% | -38.75% |