Envoy Medical, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Envoy Medical, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Envoy Medical, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Envoy Medical has little or no product revenue yet; it used $22m of cash in the twelve months to June 2026. The diluted share count is up 176.8% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks.
Our model value for Envoy Medical is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Envoy Medical, Inc.'s trailing-twelve-month revenue fell 6.8% year on year, with a free-cash-flow margin of -10402.4%.
Current signal Balance sheet growing far ahead of sales: Total assets grew 142% year over year while revenue fell 7% — the balance sheet is expanding 149 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|
| Share price | $100.20 | $18.11 | $14.30 | $6.61 | $6.65 |
| Market value | $1.0bn | $223m | $269m | $154m | $371m |
| + Net debt (− = net cash) | $34m | −$4m | −$5m | −$4m | −$20m |
| Enterprise value | $1.0bn | $218m | $263m | $150m | $352m |
| Multiples | |||||
| Price / sales | n/m | n/m | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.87 | +77% | $233330 | −3% |
| Next | −$2.35 | +18% | $273330 | +17% |
The consensus EPS forecast for the current fiscal year is −4.3% on 90 days ago. In the last 30 days, 1 analyst raised Envoy Medical, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$3.00 | −$2.25 |
| 60 days ago | −$2.95 | −$2.20 |
| 30 days ago | −$2.95 | −$2.20 |
| 7 days ago | −$2.87 | −$2.37 |
| Now | −$2.87 | −$2.35 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.80 | −$0.70 | +12.5% |
| Mar 2026 | −$1.40 | −$0.80 | +42.9% |
| Sept 2025 | −$2.87 | −$3.50 | −22.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| COCH | +3% | −82% | −21% | −54% | +1% |
| Industry peers (median) | −37% | −8% | −19% | −16% | −15% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| COCH | 75% | 58% | 33% | 50% | 55% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| COCH | −1% | −91% | −86% | −62% | −45% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since April 29, 2021: 96% from September 21, 2023 to February 10, 2026. Getting back needed a 2592% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 10, 2026 | +14.8% | −0.3% | +9.5% | +2.8% |
| May 11, 2026 | +5.3% | +0.1% | +10.5% | +1.4% |
| March 27, 2026 | −7.2% | −2.0% | +1.7% | −8.5% |
| November 10, 2025 | 0.0% | +1.8% | −7.1% | +20.8% |
| July 31, 2025 | −7.2% | −2.0% | −5.6% | −21.0% |
| May 1, 2025 | −4.9% | +2.2% | +7.0% | +5.6% |
| March 31, 2025 | −3.7% | +1.0% | −6.6% | +4.4% |
| November 14, 2024 | +9.2% | −1.9% | +12.2% | −10.2% |
| August 12, 2024 | +14.2% | +1.7% | +23.9% | +40.7% |
| May 15, 2024 | −0.7% | +1.0% | −0.3% | −13.8% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $241K |
| FY23 Q4 | $316K |
| FY24 Q1 | $297K |
| FY24 Q2 | $302K |
| FY24 Q3 | $278K |
| FY24 Q4 | $225K |
| FY25 Q1 | $212K |
| FY25 Q2 | $222K |
| FY25 Q3 | $208K |
| FY25 Q4 | $241K |
| FY26 Q1 | $234K |
| FY26 Q2 | $207K |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | 38.5% |
| FY24 Q3 | 15.4% |
| FY24 Q4 | -28.8% |
| FY25 Q1 | -28.6% |
| FY25 Q2 | -26.5% |
| FY25 Q3 | -25.2% |
| FY25 Q4 | 7.1% |
| FY26 Q1 | 10.4% |
| FY26 Q2 | -6.8% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -6034.0% |
| FY23 Q4 | -5809.8% |
| FY24 Q1 | -6556.2% |
| FY24 Q2 | -6570.9% |
| FY24 Q3 | -7709.0% |
| FY24 Q4 | -8558.7% |
| FY25 Q1 | -9188.7% |
| FY25 Q2 | -8873.0% |
| FY25 Q3 | -9824.0% |
| FY25 Q4 | -9240.7% |
| FY26 Q1 | -9881.2% |
| FY26 Q2 | -11411.1% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -3526.1% |
| FY23 Q4 | -5457.0% |
| FY24 Q1 | -6690.9% |
| FY24 Q2 | -6861.3% |
| FY24 Q3 | -9186.3% |
| FY24 Q4 | -8412.9% |
| FY25 Q1 | -8000.9% |
| FY25 Q2 | -7445.5% |
| FY25 Q3 | -8211.5% |
| FY25 Q4 | -7626.6% |
| FY26 Q1 | -8776.5% |
| FY26 Q2 | -10402.4% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Gross profit | −0 | −0 | −1 | −1 | −1 |
| EBITDA | −9 | −18 | −19 | −22 | −23 |
| Operating income | −9 | −18 | −19 | −22 | −24 |
| Net income | −16 | −30 | −21 | −24 | −23 |
| Diluted EPS | −$1.57 | −$2.54 | −$1.49 | −$1.23 | −$0.42 |
| Growth (year on year) | |||||
| Revenue | — | +33.3% | −28.8% | +7.1% | −6.8% |
| Margins | |||||
| Gross margin | −110.1% | −149.7% | −229.8% | −262.7% | −385.5% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | |||||
| Cash from operations | −9 | −17 | −18 | −18 | −22 |
| Capital spending | 0 | 0 | 1 | 0 | 0 |
| Free cash flow | −9 | −17 | −19 | −18 | −22 |
| Stock-based pay | 0 | 2 | 1 | 1 | 1 |
| Free cash flow after stock pay | −9 | −19 | −19 | −19 | −22 |
| Balance sheet | |||||
| Cash | 0 | 4 | 5 | 4 | 20 |
| Total debt | 34 | — | 0 | 0 | 0 |
| Net debt (negative = net cash) | 34 | −4 | −5 | −4 | −20 |
| Diluted shares | 10m | 12m | 19m | 23m | 56m |
| Returned to shareholders | |||||
| Dividends | — | — | 2 | 2 | — |
| Total returned | — | — | 2 | 2 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 56 | 42 | 46 | 78 | 42 | 75 | 39 | 51 |
| Gross profit | −131 | −115 | −180 | −156 | −161 | −136 | −274 | −227 |
| EBITDA | −4,923 | −4,501 | −5,046 | −4,985 | −5,632 | −6,305 | −5,886 | −5,495 |
| Operating income | −4,972 | −4,549 | −5,107 | −5,070 | −5,708 | −6,385 | −5,959 | −5,569 |
| Net income | −5,960 | −4,618 | −4,998 | −5,690 | −6,482 | −6,586 | −4,351 | −5,982 |
| Diluted EPS | −$0.39 | −$0.40 | −$0.29 | −$0.32 | −$0.35 | −$0.26 | −$0.08 | −$0.07 |
| Growth (year on year) | ||||||||
| Revenue | −30.0% | −55.8% | −22.0% | +14.7% | −25.0% | +78.6% | −15.2% | −34.6% |
| Net income | −481.3% | — | — | — | — | — | — | — |
| Diluted EPS | −400.0% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | −233.9% | −273.8% | −391.3% | −200.0% | −383.3% | −181.3% | −702.6% | −445.1% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | — | <−999% |
| Cash flow | ||||||||
| Cash from operations | −2,623 | −5,091 | −3,725 | −4,460 | −4,331 | −5,685 | −6,061 | −5,456 |
| Capital spending | 1,157 | −534 | 6 | 1 | 0 | 172 | — | 0 |
| Free cash flow | −3,780 | −4,557 | −3,731 | −4,461 | −4,331 | −5,857 | — | −5,456 |
| Stock-based pay | 144 | 153 | 160 | 146 | 172 | 179 | 239 | 214 |
| Free cash flow after stock pay | −3,924 | −4,710 | −3,891 | −4,607 | −4,503 | −6,036 | — | −5,670 |
| Last 12 months unless stated | COCH | NXL | QTEX | PAVM | POAS | ITOC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $207000 | $217155 | $289000 | $112000 | $102806 | $523031 | $95m |
| Revenue growth, last 12 months | −6.8% | 24.2% | — | −89.0% | −18.2% | 16.7% | 9.1% |
| Revenue growth, 3-year average | −1.7% | −30.6% | — | −49.6% | — | — | 13.0% |
| Revenue growth, latest quarter | −34.6% | −82.8% | — | 450.0% | — | — | 9.9% |
| Gross margin | −385.5% | 86.2% | 0.7% | −220.5% | 13.1% | 62.6% | 61.1% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | −991.7% | −8.7% |
| Operating margin, 3-year average | <−999% | <−999% | — | <−999% | — | — | −17.9% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | −974.7% | −12.1% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | <−999% | <−999% | −617.8% | −2.1% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | −618.6% | −4.0% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | — | <−999% | — | — | −7.7% |
| Stock pay / revenue | 388.4% | >999% | >999% | >999% | — | 563.2% | 6.3% |
| Change in share count | 176.8% | 52.1% | 60.0% | 14.0% | 19.7% | 26.1% | 4.0% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Nantahala Capital Management, LLC | $11.9M | 15.3M | 60.0% | ▲ 100.0% |
| Bleichroeder LP | $5M | 6.3M | 24.9% | 0.0% |
| Vanguard Capital Management LLC | $697,129 | 880K | 3.5% | ▼ 0.2% |
| Dsg Capital Advisors, LLC | $474,188 | 625K | 2.4% | 0.0% |
| Geode Capital Management, LLC | $429,073 | 542K | 2.2% | ▲ 3.8% |
| Focus Partners Wealth | $336,846 | 425K | 1.7% | ▲ 100.0% |
| Vanguard Fiduciary Trust Co | $234,970 | 297K | 1.2% | ▲ 0.7% |
| UBS Group AG | $151,144 | 191K | 0.8% | ▲ 170.8% |
| Arcus Capital Partners, LLC | $148,558 | 188K | 0.7% | 0.0% |
| Exoduspoint Capital Management, LP | $144,424 | 182K | 0.7% | New |
| Northern Trust Corp | $86,697 | 109K | 0.4% | ▼ 1.4% |
| Morgan Stanley | $72,010 | 91K | 0.4% | ▲ 23.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Envoy Medical, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Taylor Glen A 10% owner | February 12, 2026 | Buy | 18,750,000 | $0.40 | $7.5M |
| Lucas Brent T. Chief Executive Officer | February 12, 2026 | Buy | 62,500 | $0.40 | $25,000 |
| Brynelsen Charles Director | February 12, 2026 | Buy | 1,000,000 | $0.40 | $400,000 |
| Kantor Susan Director | February 12, 2026 | Buy | 96,150 | $0.40 | $38,460 |
| Potashnick Robert Interim CFO | February 12, 2026 | Buy | 212,500 | $0.40 | $85,000 |
| Patel Mona Chetan Director | February 12, 2026 | Buy | 312,500 | $0.40 | $125,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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