Mdxhealth SA key statistics and ratios

In fiscal 2025, Mdxhealth SA had an operating margin of -13.4% and a current ratio of 1.08. 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.

Mdxhealth SA: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	0.3%	43.6%	47.5%	51.9%	62.6%	61.2%	64.5%
Operating margin	−366.3%	−146.9%	−120.7%	−102.3%	−38.9%	−27.5%	−13.4%
Net margin	−365.7%	−155.3%	−130.4%	−118.9%	−61.4%	−42.3%	−31.1%
Free-cash-flow margin	−189.7%	−112.6%	−105.4%	−99.6%	−34.5%	−21.9%	−3.1%
Return on equity	—	—	−110.0%	−156.7%	—	—	—
Return on assets	—	−90.0%	−54.2%	−45.4%	−34.7%	−26.6%	−22.0%
Asset turnover	—	0.58	0.42	0.38	0.57	0.63	0.71
Current ratio	—	1.77	4.05	1.59	1.95	1.57	1.08
Debt to equity	—	48.2%	9.5%	374.8%	502.3%	345.6%	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	76.3%	24.6%	25.1%	14.8%	9.1%	11.7%	9.6%
Capital spending as % of revenue	0.6%	2.9%	4.0%	7.5%	3.9%	1.3%	1.1%

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

1 of 5 checks passed · December 31, 2025

What it owns · $148m

Short-term assets $53mLonger-term assets $95m

What it owes, and who funded it · $160m

Short-term liabilities $50mLonger-term liabilities $111mShareholders' equity $-12m

Short-term assets cover short-term liabilities $53m of assets due within a year against $50m of liabilities due within a year.
Short-term assets cover long-term liabilities $53m short-term assets against $111m of longer-dated liabilities.
More cash than debt $29m of cash against $76m of debt.
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 −$2m of operating cash flow against $76m of debt.
Operating profit covers interest at least five times over Operating income of −$14m against $786,000 of interest.

From Mdxhealth SA'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: Medium.

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 Mdxhealth SA's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Mdxhealth SA.