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Data is in US dollars, converted at the ECB reference rate of Oct 23, 2026.

Nyxoah SA

NYXH Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2019โ€“FY2025

Revenue Total sales reported in the income statement.
โ€”
vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
โˆ’$102M
Free cash flow Cash from operations minus capital spending.
โˆ’$78.7M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$2.67 EPS (TTM)

What Nyxoah SA does

No business description yet.

Legal name
Nyxoah SA
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Mar 26, 2026
Accession ยท CIK
0001104659-26-035161
0001857190

Revenue and margins

Nyxoah SA had โ€” of revenue in fiscal 2025.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$78.7M in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Nyxoah SA returned โ€” to shareholders in fiscal 2025. The diluted share count rose 16.4%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Nyxoah SA can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $153M$19.1M$23.9M$35.5M$35.3M
Interest coverage โˆ’12.7xโˆ’7.5xโˆ’12.1xโˆ’11.6xโˆ’7.2x
Current ratio 12.1x6.7x4.7x4.6x1.3x
Quick ratio 12.1x6.7x4.5x4.3x1.2x
Total assets $193M$156M$137M$165M$139M
Total liabilities $25.2M$27.5M$28.9M$46.9M$81.5M
Shareholders' equity $168M$128M$108M$118M$57.7M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โ€” โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โ€” โœ• โœ• โœ• โœ•
Cash from operations exceeds net income โ€” โœ“ โœ“ โœ“ โœ• โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โ€” โ€” โœ• โœ• โœ• โœ•
Share count didn't rise โ€” โ€” โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
F-score โ€” / 1โ€” / 3โ€” / 4โ€” / 6โ€” / 6โ€” / 6โ€” / 6
Accruals ratio โ€”โ€”โˆ’1.4%โˆ’1.5%1.2%โˆ’7.2%โˆ’15.7%
Altman Z'' โ€”โ€”9.224.630.17โˆ’1.27โˆ’11.54

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Gross profit โ€” $0.0M $0.6M $2.0M $2.9M $3.2M $7.1M
Research and development โ€” $2.7M $14.6M $16.7M $28.8M $37.1M $48.3M
Operating income โ€” โˆ’$12.8M โˆ’$31.0M โˆ’$34.2M โˆ’$48.8M โˆ’$63.6M โˆ’$94.1M
Interest expense โ€” $1.1M $2.5M $4.5M $4.0M $5.5M $13.0M
Pretax income โˆ’$9.4M โˆ’$13.9M โˆ’$29.1M โˆ’$31.6M โˆ’$48.3M โˆ’$61.0M โˆ’$100M
Income tax โ€” $0.1M $3.5M $1.2M โˆ’$1.6M $3.0M $1.1M
Net income โ€” โˆ’$14.0M โˆ’$32.7M โˆ’$32.8M โˆ’$46.7M โˆ’$64.1M โˆ’$102M
Net income to common โ€” โˆ’$14.0M โˆ’$32.7M โˆ’$32.8M โˆ’$46.7M โˆ’$64.1M โˆ’$102M
Diluted EPS โ€” โˆ’$0.77 โˆ’$1.37 โˆ’$1.27 โˆ’$1.67 โˆ’$1.96 โˆ’$2.67
Diluted shares โ€” 0.02B 0.02B 0.03B 0.03B 0.03B 0.04B
Cash flow
Cash from operations โˆ’$6.6M โˆ’$7.8M โˆ’$30.0M โˆ’$30.2M โˆ’$48.4M โˆ’$53.3M โˆ’$77.8M
Capital expenditure $0.1M $0.6M $1.7M $0.9M $2.7M $1.3M $0.9M
Free cash flow โˆ’$6.7M โˆ’$8.5M โˆ’$31.7M โˆ’$31.2M โˆ’$51.1M โˆ’$54.5M โˆ’$78.7M
Stock-based compensation $0.4M $2.9M $1.5M $2.8M $2.8M $4.3M $5.5M
Balance sheet
Cash and short-term investments $6.6M $113M $153M $19.1M $23.9M $35.5M $35.3M
Current assets โ€” โ€” $159M $107M $75.5M $102M $71.9M
Current liabilities โ€” โ€” $13.1M $15.9M $16.0M $22.4M $57.5M
Inventory โ€” โ€” $0.4M $0.9M $3.7M $4.9M $5.5M
Property and equipment, net โ€” โ€” $2.3M $2.6M $4.6M $4.9M $4.8M
Intangible assets โ€” โ€” $28.7M $42.6M $51.5M $52.3M $58.9M
Total assets โ€” โ€” $193M $156M $137M $165M $139M
Total liabilities โ€” โ€” $25.2M $27.5M $28.9M $46.9M $81.5M
Shareholders' equity โ€” โ€” $168M $128M $108M $118M $57.7M
Returns
Return on capital employed โ€” โ€” โˆ’17.2% โˆ’24.4% โˆ’40.2% โˆ’44.7% โˆ’115.3%
Return on equity โ€” โ€” โˆ’19.4% โˆ’22.1% โˆ’39.5% โˆ’56.7% โˆ’115.8%
Return on assets โ€” โ€” โˆ’16.9% โˆ’18.8% โˆ’31.9% โˆ’42.5% โˆ’66.9%
Return on tangible equity โ€” โ€” โˆ’23.4% โˆ’38.3% โˆ’82.3% โˆ’98.1% โ€”
Growth
Share count change โ€” โ€” 31.5% 8.5% 8.3% 17.1% 16.4%
Financial health
Interest coverage โ€” โˆ’11.3x โˆ’12.7x โˆ’7.5x โˆ’12.1x โˆ’11.6x โˆ’7.2x
Current ratio โ€” โ€” 12.1x 6.7x 4.7x 4.6x 1.3x
Quick ratio โ€” โ€” 12.1x 6.7x 4.5x 4.3x 1.2x
Quality scores
Altman Z'' โ€” โ€” 9.2 4.6 0.2 โˆ’1.3 โˆ’11.5
Accruals ratio โ€” โ€” โˆ’1.4% โˆ’1.5% 1.2% โˆ’7.2% โˆ’15.7%

Source: SEC EDGAR XBRL filings (CIK 0001857190). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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