Nyxoah SA key statistics and ratios

In fiscal 2025, Nyxoah SA had return on equity of -116.5%, an operating margin of -833.2%, debt equal to 0.0% of equity and a current ratio of 1.25. 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.

Nyxoah SA: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	—	−19.4%	−22.2%	−39.4%	−56.8%	−116.5%
Return on assets	—	−16.9%	−18.8%	−31.8%	−42.5%	−67.2%
Asset turnover	—	0.01	0.02	0.03	0.03	0.07
Current ratio	—	12.10	6.72	4.73	4.56	1.25
Debt to equity	—	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	514.3%	612.9%	759.2%	427.4%
Capital spending as % of revenue	814.5%	172.4%	28.7%	57.5%	25.8%	8.0%

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 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.

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 Nyxoah 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 Nyxoah SA.