Nyxoah SA

Nyxoah's capital structure is characterized by a low debt-to-equity ratio of 0.15, indicating a conservative leverage profile. The company maintains a strong liquidity position with a current ratio of 3.94, supported by EUR 14.15 million in cash and equivalents. However, the company's operating cash flow is negative at EUR -12.28 million, reflecting ongoing operational losses.

Profitability metrics show significant underperformance relative to industry norms. The company reported a return on equity (ROE) of -13.65% and a return on assets (ROA) of -10.53%, both of which are well below the typical thresholds for sustainable performance in the medical equipment sector. Gross profit of EUR 766,000 on revenue of EUR 1.22 million suggests margin compression, likely due to high R&D and commercialization costs.

Geographically, Nyxoah's revenue is concentrated in a few key markets, with no detailed breakdown provided in the latest financials. The company's exposure to geographic concentration remains a potential risk, as it may be vulnerable to regulatory or economic shifts in its primary markets.

The company's growth trajectory is mixed. While revenue of EUR 1.22 million represents a positive sign, the operating loss of EUR -12.21 million and net loss of EUR -11.91 million indicate that the company is not yet achieving profitability. Analysts have assigned a mean price target of EUR 8.62, with a median of EUR 9.00, suggesting cautious optimism about future performance.

Risk factors include the company's negative operating cash flow and lack of profitability, which could pressure liquidity in the medium term. The risk assessment indicates low dilution risk, but the company's capital expenditure of EUR -254,000 and ongoing losses suggest a need for continued capital support. No immediate dilution or liquidity flags were detected in the latest filings.

Recent events include the continued development and commercialization of its ASV devices, with a focus on expanding market access. The company has not disclosed any major regulatory or legal challenges in the latest filings, but its reliance on R&D and market adoption of new technologies remains a key risk.

Revenue surged 121.6% year-over-year to EUR 10.02 million in FY2026, demonstrating strong top-line growth momentum.

Analysts project 470.4% upside to a mean price target of EUR 8.63, signaling significant undervaluation relative to current price.

The company achieved an 85.2% revenue CAGR over four years, indicating robust historical expansion in its market presence.

Cash conversion ratio of 1.03 exceeds the cohort median of 0.82, suggesting superior efficiency in generating cash from operations.

Debt-to-equity ratio of 0.15 remains below the cohort median of 0.11, reflecting a conservative leverage profile despite growth.

Operating margin of -10.0% and net margin of -9.8% rank in the bottom quartile of the medical equipment cohort.

Long-term debt increased to EUR 42.1 million in FY2026, nearly doubling from EUR 22.7 million in the previous year.

The company faces high credit risk, posing potential challenges for future financing and operational stability.

Revenue €5.6M, +346,9% YoY; Operating income −1,7% YoY.

• ▍Revenue €5.6M, +346,9% YoY
• ▍Operating income −1,7% YoY
• ▍Net income −37,1% YoY
• ▍Free cash flow −31,1% YoY
• ▍Net margin -416.6%

Revenue €2.0M, +55,8% YoY; Operating income −62,7% YoY.

• ▍Revenue €2.0M, +55,8% YoY
• ▍Operating income −62,7% YoY
• ▍Net income −38,2% YoY
• ▍Free cash flow −33,2% YoY
• ▍Net margin -1195.7%

Revenue €1.3M, +73,8% YoY; Operating income −49,2% YoY.

• ▍Revenue €1.3M, +73,8% YoY
• ▍Operating income −49,2% YoY
• ▍Net income −57,0% YoY
• ▍Free cash flow −61,0% YoY
• ▍Net margin -1537.8%

Revenue €1.1M, −12,9% YoY; Operating income −69,0% YoY.

• ▍Revenue €1.1M, −12,9% YoY
• ▍Operating income −69,0% YoY
• ▍Net income −88,0% YoY
• ▍Free cash flow −88,9% YoY
• ▍Net margin -2103.8%

Revenue €1.3M; Operating income -€18.3M.

• ▍Revenue €1.3M
• ▍Operating income -€18.3M
• ▍Net margin -1357.8%

Revenue €1.3M; Operating income -€15.0M.

• ▍Revenue €1.3M
• ▍Operating income -€15.0M
• ▍Net margin -1347.4%

Revenue €771.0k; Operating income -€13.3M.

• ▍Revenue €771.0k
• ▍Operating income -€13.3M
• ▍Net margin -1702.2%

Revenue €1.2M; Operating income -€12.2M.

• ▍Revenue €1.2M
• ▍Operating income -€12.2M
• ▍Net margin -975.1%

Revenue €10.0M, +121,6% YoY; Operating income −42,0% YoY.

• ▍Revenue €10.0M, +121,6% YoY
• ▍Operating income −42,0% YoY
• ▍Net income −52,1% YoY
• ▍Free cash flow −49,8% YoY
• ▍Net margin -899.1%

Revenue €4.5M, +4,0% YoY; Operating income −30,4% YoY.

• ▍Revenue €4.5M, +4,0% YoY
• ▍Operating income −30,4% YoY
• ▍Net income −37,1% YoY
• ▍Free cash flow −33,1% YoY
• ▍Net margin -1310.2%

Revenue €4.3M, +41,0% YoY; Operating income −38,8% YoY.

• ▍Revenue €4.3M, +41,0% YoY
• ▍Operating income −38,8% YoY
• ▍Net income −38,4% YoY
• ▍Free cash flow −43,6% YoY
• ▍Net margin -993.8%

Revenue €3.1M, +262,0% YoY; Operating income −23,8% YoY.

• ▍Revenue €3.1M, +262,0% YoY
• ▍Operating income −23,8% YoY
• ▍Net income −13,1% YoY
• ▍Free cash flow −10,0% YoY
• ▍Net margin -1012.5%