Brainsway Ltd. key statistics and ratios

In fiscal 2025, Brainsway Ltd. had return on equity of 11.2%, an operating margin of 8.3%, debt equal to 0.0% of equity and a current ratio of 3.73. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Brainsway Ltd.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	76.7%	78.1%	77.8%	77.1%	77.7%	73.8%	73.9%	74.6%	75.4%
Operating margin	−59.3%	−31.2%	−36.7%	−21.9%	−16.9%	−46.7%	−15.6%	3.4%	8.3%
Net margin	−63.3%	−39.5%	−44.7%	−24.4%	−21.8%	−49.1%	−13.2%	7.1%	14.5%
Free-cash-flow margin	−39.9%	−35.0%	−45.7%	−17.7%	−4.6%	−35.9%	4.0%	25.1%	33.5%
Return on equity	−55.5%	−65.9%	−66.3%	−24.6%	−16.8%	−26.0%	−9.7%	5.6%	11.2%
Return on assets	—	−27.5%	−33.1%	−14.8%	−11.8%	−19.0%	−6.6%	3.7%	7.3%
Asset turnover	—	0.69	0.74	0.61	0.54	0.39	0.50	0.52	0.50
Current ratio	—	1.62	4.29	3.57	7.22	7.14	5.68	5.19	3.73
Debt to equity	0.0%	40.8%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	11.0x	7.4x
Effective tax rate	—	—	—	—	—	—	—	15.6%	1.8%
R&D as % of revenue	47.9%	37.5%	34.1%	26.4%	21.6%	28.3%	21.0%	17.5%	18.4%
Capital spending as % of revenue	8.8%	12.0%	14.3%	11.2%	7.5%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	—	—	—	—	352.6%	230.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · December 31, 2025

What it owns · $113m

Short-term assets $84mLonger-term assets $29m

What it owes, and who funded it · $96m

Short-term liabilities $22mShareholders' equity $73m

Short-term assets cover short-term liabilities $84m of assets due within a year against $22m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $4m against $581,000 of interest.

From Brainsway Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Brainsway Ltd.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Brainsway Ltd.