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Nyxoah SA (NYXH) stock

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NASDAQ: NYXH Nasdaq Health Care Equipment Next results ~November 5, 2026

Nyxoah SA is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Nyxoah SA valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds24 adding, 11 cuttingOf 7 active managers that changed their stake, 4 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nyxoah SA files

Where Nyxoah SA stands after its latest Filing

Revenue for the twelve months was $11m, up 131.6% on a year earlier, faster than the 4.0% growth a quarter earlier. Free-cash-flow margin rose to -696.4% from -3146.1% a year earlier. Operating margin widened to -833.2% from -3080.0%. The diluted share count is up 16.4% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks.

Our model value for Nyxoah SA is under review, so past values are not shown until it is resolved.

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.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Nyxoah SA's trailing-twelve-month revenue grew 131.6% year on year, with a free-cash-flow margin of -696.4%.

Current signal Revenue growth accelerating: TTM revenue growth rose to 131.6% (+127.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 131.6% over the last 12 months.
  • Growth speeding up. The growth rate is 127.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 467.6 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -833.2%: costs exceed revenue.
  • Burning cash. Free cash flow was -696.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 48.8% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 16.4% in a year.
  • Gross margin slipping. Gross margin is down 2.5 points on a year ago.

Latest results

Earnings per share
-$0.58 against an average estimate of -$0.40: missed by 42.9%
Next report
November 5, 2026

Nyxoah SA's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week+2.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.3M
Operating margin
-833.2%
Net margin
-899.1%
EPS (TTM, diluted)
$-2.67

Growth

Revenue growth
+131.6%
Change in growth rate
+127.6 pts
Share count change
+16.4%

Cash

Free cash flow (TTM)
-$78.9M
FCF margin
-696.4%
Stock pay % of revenue
48.8%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for NYXH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nyxoah SA valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Nyxoah SA as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.3 ~$0.3–$1.3 Included, half weight
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nyxoah SA with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

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.

Forecasts and guidance

Next results: November 5, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Nyxoah SA: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.40 −$0.58 −42.9%
Dec 2025 −$0.55 −$0.59 −6.6%
Sept 2025 −$0.56 −$0.63 −11.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Nov 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Nov 2026224
  2. Oct 2026224
  3. Sep 2026224

Counts of recommendations published by analysts covering Nyxoah SA, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
1.36
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
31%
of shares
Held by insiders
33.2%
of shares
Employees
153
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Fundamentals

Revenue (TTM) Nyxoah SA
$0 $5M $10M $15M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $78.7K Revenue (TTM), FY21 Q4: $1M Revenue (TTM), FY22 Q4: $3.2M Revenue (TTM), FY23 Q4: $4.7M Revenue (TTM), FY24 Q4: $4.9M Revenue (TTM), FY25 Q4: $11.3M $11.3M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $78.7K
FY21 Q4 $1M
FY22 Q4 $3.2M
FY23 Q4 $4.7M
FY24 Q4 $4.9M
FY25 Q4 $11.3M
Revenue growth, TTM YoY Nyxoah SA
0% 500% 1000% 1500% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 1180.2% Revenue growth, TTM YoY, FY22 Q4: 222.3% Revenue growth, TTM YoY, FY23 Q4: 44.8% Revenue growth, TTM YoY, FY24 Q4: 4.0% Revenue growth, TTM YoY, FY25 Q4: 131.6% 131.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 1180.2%
FY22 Q4 222.3%
FY23 Q4 44.8%
FY24 Q4 4.0%
FY25 Q4 131.6%
Operating margin (TTM) Nyxoah SA
-20000% -15000% -10000% -5000% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -16266.7% Operating margin (TTM), FY21 Q4: -3080.0% Operating margin (TTM), FY22 Q4: -1053.8% Operating margin (TTM), FY23 Q4: -1037.3% Operating margin (TTM), FY24 Q4: -1300.8% Operating margin (TTM), FY25 Q4: -833.2% -833.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 -16266.7%
FY21 Q4 -3080.0%
FY22 Q4 -1053.8%
FY23 Q4 -1037.3%
FY24 Q4 -1300.8%
FY25 Q4 -833.2%
FCF margin (TTM) Nyxoah SA
-15000% -10000% -5000% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -10762.3% FCF margin (TTM), FY21 Q4: -3146.1% FCF margin (TTM), FY22 Q4: -961.2% FCF margin (TTM), FY23 Q4: -1087.4% FCF margin (TTM), FY24 Q4: -1114.6% FCF margin (TTM), FY25 Q4: -696.4% -696.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -10762.3%
FY21 Q4 -3146.1%
FY22 Q4 -961.2%
FY23 Q4 -1087.4%
FY24 Q4 -1114.6%
FY25 Q4 -696.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 0 1 3 5 5 11
Gross profit 0 1 2 3 3 7
Operating income −13 −31 −34 −49 −64 −94
Net income −14 −33 −33 −47 −64 −102
Diluted EPS −$0.77 −$1.37 −$1.27 −$1.67 −$1.96 −$2.67
Growth (year on year)
Revenue — +>999% +222.3% +44.8% +4.0% +131.6%
Margins
Gross margin 56.5% 64.4% 62.7% 61.9% 65.7% 63.1%
Operating margin <−999% <−999% <−999% <−999% <−999% −833.2%
Net margin <−999% <−999% <−999% −993.8% <−999% −899.1%
Free-cash-flow margin <−999% <−999% −961.2% <−999% <−999% −696.4%
Cash flow
Cash from operations −8 −30 −30 −48 −53 −78
Capital spending 1 2 1 3 1 1
Free cash flow −8 −32 −31 −51 −55 −79
Stock-based pay 3 2 3 3 4 6
Free cash flow after stock pay −11 −33 −34 −54 −59 −84
Balance sheet
Cash 113 153 19 24 35 35
Total debt 0 0 0 0 0 0
Net debt (negative = net cash) −113 −153 −19 −24 −35 −35
Diluted shares 18m 24m 26m 28m 33m 38m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · December 31, 2025
What it owns · $139m
Short-term assets $72mLonger-term assets $67m
What it owes, and who funded it · $139m
Short-term liabilities $57mLonger-term liabilities $24mShareholders' equity $58m
  • Short-term assets cover short-term liabilities $72m of assets due within a year against $57m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $72m short-term assets against $24m of longer-dated liabilities.
  • 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 −$94m against $136,805 of interest.

From Nyxoah 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.

Dividends, buybacks and capital spending

Diluted share count
+16.4%
year over year
R&D spending
427.4%
of revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated NYXH NSPR HSDT NNOX WOK NMTC Median
Revenue, last 12 months $11m $11m $12m $13m $10m $9m $95m
Revenue growth, last 12 months 131.6% 53.4% >999% 15.4% −14.4% 42.8% 9.3%
Revenue growth, 3-year average — 26.6% 142.6% — — 94.9% 13.5%
Revenue growth, latest quarter — −0.4% >999% — — 16.3% 10.2%
Gross margin 63.1% 18.1% 95.5% −98.2% 23.8% 55.6% 61.3%
Operating margin −833.2% −494.0% <−999% −600.8% — −83.4% −8.7%
Operating margin, 3-year average — −501.9% <−999% — — −160.3% −17.9%
Net margin −899.1% −484.1% <−999% −576.1% −10.9% −78.6% −12.1%
Cash from operations / revenue −688.4% −380.1% −223.2% −313.3% 63.4% −74.5% −2.1%
Free-cash-flow margin −696.4% −391.7% −223.2% −345.6% 49.9% −75.6% −4.0%
Free-cash-flow margin, 3-year average — −372.4% <−999% — — −142.5% −7.0%
Stock pay / revenue 48.8% 98.8% 69.3% 32.2% — 14.9% 6.3%
Change in share count 16.4% 63.5% >999% 10.4% 128.1% 41.1% 4.0%

Median of all 135 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

Funds buying and selling
Reported value
$37.5M
Institutions reporting
45
Shares held vs prior quarter
▲ 514.8%
Positions opened / closed
18 / 8

Top buyers and sellers, Q2 2026: 24 institutions bought and 11 sold ; the biggest buyer was Aigh Capital Management LLC (+14.5M shares) and the biggest seller Blackrock, Inc (−388K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Aigh Capital Management LLC $24.6M 14.5M 65.6% New
BNP Paribas Asset Management Holding S.A. $1.7M 963K 4.4% ▲ 27.6%
Axxion S.A. $1.6M 905K 4.2% —
Blackstone Inc. $1.6M 922K 4.2% —
Vestal Point Capital, LP $1.4M 843K 3.8% ▼ 2.9%
Heights Capital Management, Inc $1.4M 829K 3.7% ▲ 168.7%
Hudson Bay Capital Management LP $1.2M 718K 3.2% New
Pentwater Capital Management LP $1M 600K 2.7% New
Andera Partners $882,276 522K 2.4% 0.0%
Readystate Asset Management LP $350,626 207K 0.9% New
Rossmore Private Capital $229,454 133K 0.6% 0.0%
Blackrock, Inc. $204,840 121K 0.5% ▼ 76.2%

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 Nyxoah SA's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

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

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.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Nyxoah SA was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nyxoah SA in brief

What does Nyxoah SA do?
Nyxoah SA is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Nyxoah SA's stock ticker?
Nyxoah SA trades under the ticker NYXH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nyxoah SA's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nyxoah SA reported revenue of $11.3M, 131.6% higher than a year earlier, according to its SEC filings.
What is Nyxoah SA's free cash flow?
Nyxoah SA's free-cash-flow margin is -696.4% of revenue over the trailing twelve months.
Who are Nyxoah SA's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Aigh Capital Management LLC, BNP Paribas Asset Management Holding S.A. and Axxion S.A. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Nyxoah SA's competitors?
In our Health Care Equipment peer group, the companies closest to Nyxoah SA are Inspiremd, Inc., Solana Co, Nano-x Imaging Ltd., Work Medical Technology Group LTD and Neuroone Medical Technologies Corp. The side-by-side comparison below sets their revenue, margins and growth against Nyxoah SA's.
When is Nyxoah SA's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nyxoah SA announces its own schedule.