Latest Ratios: P/E Ratio 41.6x · EV/EBITDA 89.9x · ROE 11.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $588M | $202M | $164M | $107M | $41M | $120M | $85M | $100M | — | — | — |
| Enterprise Value | $527M | $141M | $100M | $97M | $-6196565 | $104M | $68M | $79M | — | — | — |
| P/E Ratio → | 41.61 | 26.42 | 52.44 | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.25 | 3.86 | 4.00 | 3.38 | 1.50 | 4.04 | 3.84 | 4.33 | — | — | — |
| P/B Ratio | 4.34 | 2.75 | 2.63 | 2.58 | 0.90 | 2.09 | 4.31 | 4.13 | — | — | — |
| P/FCF | 35.82 | 12.30 | 25.23 | — | — | — | — | — | — | — | — |
| P/OCF | 32.35 | 11.10 | 15.94 | 83.66 | — | 135.68 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.70 | 2.45 | 3.06 | -0.23 | 3.50 | 3.10 | 3.41 | — | — | — |
| EV / EBITDA | 89.86 | 24.02 | 31.75 | — | — | — | — | — | — | — | — |
| EV / EBIT | 121.83 | 14.19 | 27.99 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.58 | 15.43 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.4% | 75.4% | 74.6% | 73.9% | 73.8% | 77.7% | 77.1% | 77.8% | 78.1% | 76.7% | 78.9% |
| Operating Margin | 8.3% | 8.3% | 3.4% | -15.6% | -46.7% | -16.9% | -21.9% | -36.7% | -31.2% | -59.3% | -18.0% |
| Net Profit Margin | 14.6% | 14.6% | 7.1% | -13.2% | -49.1% | -21.8% | -24.4% | -44.7% | -39.5% | -63.3% | -20.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 5.6% | -9.7% | -26.0% | -16.8% | -24.6% | -66.3% | -65.9% | -61.3% | -20.7% |
| ROA | 7.4% | 7.4% | 3.7% | -6.6% | -19.0% | -11.8% | -14.8% | -33.1% | -25.6% | -30.0% | -11.4% |
| ROIC | 59.3% | 59.3% | 6.9% | -24.9% | -48.2% | -16.8% | -114.9% | -336.6% | -436.8% | -346.5% | -86.4% |
| ROCE | 5.1% | 5.1% | 2.1% | -9.1% | -20.6% | -10.7% | -16.3% | -35.9% | -28.3% | -36.3% | -12.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.09 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.41 | 0.21 | 0.08 |
| Debt / EBITDA | 1.16 | 1.16 | 1.78 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.83 | -1.02 | -0.24 | -1.04 | -0.28 | -0.83 | -0.88 | -0.88 | -0.93 | -0.81 |
| Net Debt / EBITDA | -10.39 | -10.39 | -20.15 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -3.71 | -9.80 | — | — | — | — | — | — | — | — |
| Interest Coverage | 4.45 | 4.45 | 2.64 | -13.08 | -191.00 | -45.10 | -47.94 | -18.79 | -14.98 | -50.73 | -32.67 |
Net cash position: cash ($68M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.83 | 3.83 | 5.19 | 5.68 | 7.14 | 7.22 | 3.57 | 4.29 | 1.62 | 2.92 | 2.98 |
| Quick Ratio | 3.51 | 3.51 | 4.90 | 5.30 | 6.66 | 7.20 | 3.51 | 4.25 | 1.61 | 2.87 | 2.85 |
| Cash Ratio | 3.12 | 3.12 | 4.52 | 4.71 | 5.84 | 6.33 | 2.53 | 3.26 | 1.08 | 2.37 | 2.09 |
| Asset Turnover | — | 0.46 | 0.43 | 0.50 | 0.42 | 0.39 | 0.65 | 0.60 | 0.69 | 0.41 | 0.58 |
| Inventory Turnover | 1.80 | 1.80 | 2.36 | 2.24 | 1.86 | 32.99 | 11.44 | 16.76 | 39.44 | 9.58 | 4.15 |
| Days Sales Outstanding | — | 28.73 | 40.90 | 43.41 | 65.06 | 77.93 | 95.81 | 94.11 | 88.46 | 95.83 | 92.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.8% | 1.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 2.8% | 8.1% | 4.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $21M | $35M | $33M | $33M | $31M | $22M | $21M | $17M | $15M | $15M |
Geopolitical and reimbursement concentration
Based on recent market data, BrainsWay trades at a P/S multiple of 10.88, which appears to price in significant future expansion relative to the broader medical device sector, though this valuation remains sensitive to the company's ability to maintain its current 27.3% year-over-year revenue growth trajectory.
The current P/E of 40.22 suggests that investors are paying a premium for the company's unique regulatory clearances in OCD and smoking cessation. This valuation implies that the market expects BrainsWay to successfully displace incumbents in existing clinics, though the high EV/EBITDA of 86.52 warrants caution regarding the sustainability of such high multiples if growth rates normalize.
As reported in financial statements, BrainsWay's ROIC has fluctuated significantly, reaching 8.3% in 2026Q1, which suggests that the company is still in the early stages of optimizing its capital deployment as it scales its proprietary H-coil technology across the competitive U.S. psychiatric market.
The inconsistency in ROIC, which peaked at 52.5% in 2023Q4 before moderating, indicates that the company's returns are highly sensitive to the timing of capital equipment sales and the associated working capital requirements. Investors should monitor whether management can stabilize these returns as the recurring revenue base matures and becomes a larger share of the total mix.
According to quarterly filings, BrainsWay's cash conversion cycle has remained elevated, averaging over 100 days, which reflects the inherent challenges of managing inventory and receivables in a business model that balances high-value capital equipment sales with recurring service-based revenue streams across a fragmented customer base.
The high days inventory outstanding (DIO) of 166 days in 2026Q1 suggests that the company maintains significant hardware stock to support rapid deployment, which may be necessary but ties up capital. Improving the efficiency of this cycle is critical for the company to translate its strong gross margins into more consistent free cash flow.
Based on the company's reported figures, BrainsWay maintains a negligible debt-to-equity ratio of 0.09, providing a substantial financial buffer that distinguishes it from highly leveraged peers like Neuronetics and insulates the firm from the rising interest rate environment that currently pressures private psychiatric clinic capital budgets.
This fortress-like balance sheet allows the company to prioritize R&D and market expansion without the burden of debt service, which is a significant competitive advantage. The lack of leverage suggests that the company is well-positioned to weather potential macroeconomic volatility or regional disruptions in its Jerusalem-based operations.
As noted in recent analysis, the P/E ratio is frequently misapplied to BrainsWay, as it obscures the company's heavy reinvestment in SG&A and the distorting impact of interest income on net margins, which together mask the underlying operational earning power of the core neurostimulation business model.
Investors should instead focus on EV/Sales or adjusted operating margins to better understand the company's true performance, as the current P/E is heavily influenced by non-core interest income from the cash pile. Relying on P/E ignores the significant growth-related expenses that are currently suppressing the bottom line but building long-term market share.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BWAY stock.
BrainsWay Ltd.'s current P/E ratio is 41.6x. The historical average is 39.4x. This places it at the 50th percentile of its historical range.
BrainsWay Ltd.'s current EV/EBITDA is 89.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.9x.
BrainsWay Ltd.'s return on equity (ROE) is 11.3%. The historical average is -42.3%.
Based on historical data, BrainsWay Ltd. is trading at a P/E of 41.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BrainsWay Ltd. has 75.4% gross margin and 8.3% operating margin.
BrainsWay Ltd.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.