The company has achieved significant operational scaling, with operating margins expanding from 1.0% in 2024Q1 to 12.9% in 2026Q1, supported by a consistent 75% gross margin profile.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 56.22M | 52.23M | 41.02M | 31.79M | 27.18M | 29.66M | 22.06M | 23.1M | 16.4M | 11.14M | 11.52M | 6.8M | 3.38M | 1.19M | 364.25K |
| Revenue Growth % | 29.37% | 27.33% | 29.04% | 16.96% | -8.36% | 34.46% | -4.52% | 40.89% | 47.12% | -3.29% | 69.47% | 101.18% | 184.27% | 226.43% | - |
| Cost of Goods Sold | 13.77M | 12.84M | 10.44M | 8.31M | 7.13M | 6.6M | 5.06M | 5.13M | 3.59M | 2.6M | 2.43M | 1.47M | 656K | 199K | 46.07K |
| COGS % of Revenue | - | 24.58% | 25.44% | 26.14% | 26.23% | 22.25% | 22.93% | 22.2% | 21.89% | 23.28% | 21.06% | 21.56% | 19.41% | 16.74% | 12.65% |
| Gross Profit | 42.45M | 39.39M | 30.58M | 23.48M | 20.05M | 23.06M | 17M | 17.97M | 12.81M | 8.55M | 9.1M | 5.33M | 2.72M | 990K | 318.18K |
| Gross Margin % | 75.51% | 75.42% | 74.56% | 73.86% | 73.77% | 77.75% | 77.07% | 77.8% | 78.11% | 76.72% | 78.94% | 78.44% | 80.59% | 83.26% | 87.35% |
| Gross Profit Growth % | - | 28.79% | 30.26% | 17.1% | -13.05% | 35.64% | -5.41% | 40.32% | 49.8% | -6.01% | 70.55% | 95.81% | 175.15% | 211.14% | - |
| Operating Expenses | 36.7M | 35.06M | 29.19M | 28.44M | 32.73M | 28.06M | 21.83M | 26.45M | 17.92M | 15.16M | 11.17M | 9.84M | 10M | 5.26M | 5.95M |
| OpEx % of Revenue | - | 67.14% | 71.17% | 89.46% | 120.44% | 94.6% | 98.96% | 114.49% | 109.3% | 136.03% | 96.89% | 144.69% | 295.89% | 442.14% | 1632.5% |
| Selling, General & Admin | 26.55M | 25.46M | 22M | 21.64M | 25.05M | 21.66M | 16M | 17.66M | 11.34M | 9.29M | 6.95M | 5.54M | 3.55M | 2.06M | 1.45M |
| SG&A % of Revenue | - | 48.75% | 53.64% | 68.08% | 92.18% | 73.05% | 72.56% | 76.43% | 69.15% | 83.4% | 60.29% | 81.41% | 105.09% | 173.42% | 396.84% |
| Research & Development | 10.15M | 9.6M | 7.19M | 6.67M | 7.68M | 6.39M | 5.82M | 7.88M | 6.16M | 5.34M | 3.79M | 4.1M | 6.44M | 3.69M | 5.97M |
| R&D % of Revenue | - | 18.39% | 17.53% | 20.97% | 28.25% | 21.56% | 26.4% | 34.09% | 37.54% | 47.94% | 32.91% | 60.34% | 190.47% | 310.18% | 1639.49% |
| Other Operating Expenses | 0 | 0 | 0 | 133K | 0 | 0 | 0 | 916K | 427K | 523K | 426K | 200K | 11K | -504K | 0 |
| Operating Income | 5.75M | 4.32M | 1.39M | -4.96M | -12.68M | -5M | -4.83M | -8.48M | -5.11M | -6.61M | -2.07M | -4.5M | -7.28M | -4.27M | -5.68M |
| Operating Margin % | 10.23% | 8.28% | 3.39% | -15.6% | -46.67% | -16.86% | -21.89% | -36.69% | -31.19% | -59.32% | -17.95% | -66.25% | -215.3% | -358.87% | -1560.22% |
| Operating Income Growth % | - | 210.78% | 128.05% | 60.9% | -153.71% | -3.52% | 43.03% | -65.74% | 22.64% | -219.53% | 54.07% | 38.09% | -70.54% | 24.92% | - |
| EBITDA | 7.36M | 5.86M | 3.16M | -3.62M | -11.15M | -3.31M | -3.21M | -5.68M | -3.89M | -5.54M | -1.42M | -3.89M | -6.94M | -4.06M | -5.57M |
| EBITDA Margin % | 13.09% | 11.22% | 7.71% | -11.4% | -41.02% | -11.17% | -14.56% | -24.59% | -23.7% | -49.7% | -12.32% | -57.26% | -205.35% | -341.55% | -1530.22% |
| EBITDA Growth % | 97.77% | 85.36% | 187.3% | 67.51% | -236.52% | -3.18% | 43.48% | -46.19% | 29.84% | -290.07% | 63.53% | 43.9% | -70.92% | 27.14% | - |
| D&A (Non-Cash Add-back) | 1.61M | 1.54M | 1.77M | 1.34M | 1.53M | 1.69M | 1.62M | 2.79M | 1.23M | 1.07M | 649K | 611K | 336K | 206K | 109.28K |
| EBIT | 10.96M | 9.92M | 3.59M | -3.9M | -12.99M | -6.36M | -5.08M | -9.51M | -5.92M | -6.8M | -1.99M | -3.99M | -6.02M | -4.27M | -5.68M |
| Net Interest Income | 1.98M | 3.41M | 1.12M | 1.87M | 1.04M | 84K | -45K | -331K | -351K | -112K | -49K | -19K | -453K | 283K | 0 |
| Interest Income | 3.52M | 5.64M | 2.48M | 2.17M | 1.11M | 225K | 61K | 175K | 44K | 22K | 12K | 18K | 93K | 304K | 288.19K |
| Interest Expense | 1.54M | 2.23M | 1.36M | 298K | 68K | 141K | 106K | 506K | 395K | 134K | 61K | 37K | 525K | 283K | 0 |
| Other Income/Expense | 3.1M | 3.39M | 2.07M | 1.01M | -351K | -1.42M | -319K | -1.43M | -1.16M | -274K | -328K | 418K | 732K | -2.83M | -233.28K |
| Pretax Income | 8.86M | 7.71M | 3.46M | -3.95M | -13.03M | -6.42M | -5.15M | -9.91M | -6.27M | -6.88M | -2.4M | -4.09M | -6.54M | -7.09M | -5.92M |
| Pretax Margin % | 15.75% | 14.76% | 8.43% | -12.41% | -47.96% | -21.64% | -23.34% | -42.88% | -38.24% | -61.78% | -20.8% | -60.1% | -193.64% | -596.64% | -1624.27% |
| Income Tax | 40K | 77K | 538K | 251K | 315K | 43K | 237K | 422K | 209K | 169K | 0 | 0 | 0 | 28K | 0 |
| Effective Tax Rate % | 0.45% | 1% | 15.55% | -6.36% | -2.42% | -0.67% | -4.6% | -4.26% | -3.33% | -2.45% | 0% | 0% | 0% | -0.39% | 0% |
| Net Income | 8.82M | 7.63M | 2.92M | -4.2M | -13.35M | -6.46M | -5.38M | -10.33M | -6.48M | -7.05M | -2.4M | -4.09M | -6.54M | -7.12M | -5.92M |
| Net Margin % | 15.68% | 14.62% | 7.12% | -13.2% | -49.12% | -21.79% | -24.41% | -44.71% | -39.51% | -63.29% | -20.8% | -60.1% | -193.64% | -598.99% | -1624.27% |
| Net Income Growth % | 125.07% | 161.31% | 169.6% | 68.56% | -106.58% | -20% | 47.86% | -59.41% | 8.15% | -194.28% | 41.35% | 37.56% | 8.1% | -20.38% | - |
| Net Income (Continuing) | 8.82M | 7.63M | 2.92M | -4.2M | -13.35M | -6.46M | -5.38M | -10.33M | -6.48M | -7.05M | -2.4M | -4.09M | -6.54M | -7.12M | -5.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.46 | 0.36 | 0.09 | -0.13 | -0.43 | -0.21 | -0.24 | -0.50 | -0.39 | -0.48 | -0.17 | -0.28 | -0.46 | -0.55 | -0.49 |
| EPS Growth % | 188.78% | 300% | 169.23% | 69.77% | -104.76% | 12.5% | 52% | -28.21% | 18.75% | -182.35% | 39.29% | 39.13% | 16.36% | -12.24% | - |
| EPS (Basic) | - | 0.40 | 0.09 | -0.13 | -0.43 | -0.21 | -0.24 | -0.50 | -0.39 | -0.48 | -0.17 | -0.28 | -0.46 | -0.55 | -0.49 |
| Diluted Shares Outstanding | 19.08M | 21.21M | 34.77M | 33.16M | 32.98M | 31.15M | 22.45M | 20.51M | 16.64M | 14.77M | 14.51M | 14.46M | 14.26M | 12.87M | 12.17M |
| Basic Shares Outstanding | 19.08M | 19.08M | 33.97M | 33.16M | 32.98M | 31.15M | 22.45M | 20.51M | 16.64M | 14.77M | 14.51M | 14.46M | 14.16M | 12.87M | 12.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and reimbursement concentration
As reported in recent financial filings, BrainsWay achieved a 34.6% year-over-year revenue growth in 2026Q1, signaling that the company's dual-track strategy of capital equipment sales and recurring service revenue is successfully capturing market share within the competitive neurostimulation landscape despite broader macroeconomic headwinds affecting clinic capital budgets.
The consistent double-digit growth trajectory suggests that the company's proprietary H-coil technology is gaining traction as a premium clinical standard. Investors should monitor whether this acceleration is driven by new system placements or increased utilization of the existing installed base, as the latter would imply higher long-term revenue durability.
Based on the company's reported figures, BrainsWay maintains a robust gross margin profile of approximately 75%, which significantly outperforms direct peers like Neuronetics and suggests that the firm possesses substantial pricing power derived from its unique regulatory clearances for OCD and smoking cessation indications.
This high gross margin indicates that the manufacturing cost of the dTMS hardware is relatively low compared to the value captured through recurring service contracts. The stability of these margins suggests that the company has successfully insulated its core product costs from inflationary pressures in the medical device supply chain.
According to quarterly income statements, BrainsWay's operating margin has expanded from 1.0% in 2024Q1 to 12.9% in 2026Q1, indicating that the company is beginning to realize the benefits of scaling its revenue base against a relatively fixed corporate and R&D overhead structure.
While the improvement in operating income is encouraging, the persistent high level of SG&A spending suggests that the company remains in a heavy investment phase to support its sales force. Further margin expansion will likely depend on the company's ability to drive higher revenue per head without proportional increases in marketing and educational expenses.
Financial data reveals that BrainsWay's net margin of 14.62% in 2026Q1 consistently exceeds its operating margin of 12.9%, suggesting that a meaningful portion of the company's bottom-line performance is currently supported by interest income generated from its substantial cash reserves rather than core operational efficiency.
Investors should be cautious when evaluating net income as a proxy for operational health, as the current interest rate environment provides a non-recurring tailwind to earnings. The reliance on non-operating income warrants further investigation into the sustainability of these earnings should the company deploy its cash for strategic acquisitions or R&D expansion.
As noted in recent disclosures, the company's heavy reliance on the U.S. reimbursement landscape and its Jerusalem-based headquarters creates a dual-threat profile where potential changes in Medicare coverage or regional instability could disproportionately impact the firm's ability to maintain its current growth and operational continuity.
Short-term volatility may arise if the market perceives the company's valuation as overly dependent on its cash-rich balance sheet rather than its core business growth. Furthermore, the potential for supply chain disruptions or personnel availability issues in Israel remains a structural risk that could impede the company's ability to innovate at the current pace.
Quick answers to the most common questions about buying BWAY stock.
For fiscal year 2025, BrainsWay Ltd. (BWAY) reported total revenue of $52.2M. This represents a 14237.7% increase compared to $0.4M in 2012.
BrainsWay Ltd. (BWAY) is profitable, generating $7.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
BrainsWay Ltd. (BWAY) reported an operating income of $4.3M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BrainsWay Ltd. (BWAY) generated $39.4M in gross profit for the year, representing a gross profit margin of 75.4%. This demonstrates the company's core pricing power and production efficiency.