(BWAY) Brainsway - Overview

Sector: Healthcare | Industry: Medical Devices | Exchange: NASDAQ (USA) | Market Cap: 491m USD | Total Return: 226.5% in 12m

Neurostimulation, TMS, Psychiatry, Noninvasive
Total Rating 70
Safety 23
Buy Signal 1.62
Medical Devices
Industry Rotation: -4.6
Market Cap: 491M
Avg Turnover: 2.21M USD
ATR: 7.76%
Peers RS (IBD): 99.4
Risk 5d forecast
Volatility51.2%
Rel. Tail Risk-8.79%
Reward TTM
Sharpe Ratio2.48
Alpha189.54
Character TTM
Beta1.196
Beta Downside1.547
Drawdowns 3y
Max DD36.33%
CAGR/Max DD4.39
EPS (Earnings per Share) EPS (Earnings per Share) of BWAY over the last years for every Quarter: "2021-03": -0.22, "2021-06": -0.12, "2021-09": -0.1, "2021-12": -0.04, "2022-03": -0.12, "2022-06": -0.14, "2022-09": -0.3, "2022-12": -0.24, "2023-03": -0.14, "2023-06": -0.1, "2023-09": -0.02, "2023-12": 0.0076, "2024-03": 0.0067, "2024-06": 0.04, "2024-09": 0.02, "2024-12": 0.04, "2025-03": 0.02, "2025-06": 0.05, "2025-09": 0.04, "2025-12": 0.0638,
EPS CAGR: 20.24%
EPS Trend: 83.9%
Last SUE: 0.99
Qual. Beats: 1
Revenue Revenue of BWAY over the last years for every Quarter: 2021-03: 6.121, 2021-06: 7.005, 2021-09: 8.061, 2021-12: 8.47, 2022-03: 7.97, 2022-06: 8.006, 2022-09: 5.168, 2022-12: 6.033, 2023-03: 6.625, 2023-06: 7.829, 2023-09: 8.302, 2023-12: 9.029, 2024-03: 9.095, 2024-06: 10.005, 2024-09: 10.502, 2024-12: 11.414, 2025-03: 11.536, 2025-06: 12.632, 2025-09: 13.512, 2025-12: 14.635855,
Rev. CAGR: 17.60%
Rev. Trend: 87.5%
Last SUE: 4.00
Qual. Beats: 3

Warnings

Beneish M-Score -0.75 > -1.5 - likely earnings manipulation

Altman Z'' -1.12 < 1.0 - financial distress zone

Tailwinds

Pead

Description: BWAY Brainsway

BrainsWay Ltd. (NASDAQ: BWAY) commercializes a non-invasive Deep Transcranial Magnetic Stimulation (dTMS) platform that targets a broad spectrum of neuro-psychiatric and neuro-degenerative conditions, including major depressive disorder, obsessive-compulsive disorder, and post-traumatic stress disorder. The company’s primary customers are psychiatrists, hospitals, and specialty medical centers across the United States, East Asia, and other international markets.

Key recent metrics show FY 2024 revenue of $45 million, a cash position of $80 million, and a market capitalization of roughly $300 million. In Q1 2025 the firm secured an additional FDA clearance for dTMS treatment of anxious depression, expanding its addressable market. The global TMS market is projected to grow at a CAGR of ~10 % through 2028, driven by rising mental-health awareness and expanding Medicare reimbursement for neuromodulation therapies.

For deeper insight, you may want to explore ValueRay’s analysis of BWAY.

Headlines to Watch Out For
  • FDA approvals expand Deep TMS treatable conditions
  • Reimbursement policies impact Deep TMS adoption rates
  • Competition from alternative neurostimulation therapies
  • Clinical trial results influence market perception
Piotroski VR‑10 (Strict) 8.0
Net Income: 7.65m TTM > 0 and > 6% of Revenue
FCF/TA: 0.14 > 0.02 and ΔFCF/TA 7.50 > 1.0
NWC/Revenue: 119.9% < 20% (prev 157.4%; Δ -37.49% < -1%)
CFO/TA 0.16 > 3% & CFO 18.0m > Net Income 7.65m
Net Debt (-61.1m) to EBITDA (10.0m): -6.11 < 3
Current Ratio: 3.83 > 1.5 & < 3
Outstanding Shares: last quarter (21.0m) vs 12m ago -45.84% < -2%
Gross Margin: 75.42% > 18% (prev 0.75%; Δ 7.47k% > 0.5%)
Asset Turnover: 50.57% > 50% (prev 43.64%; Δ 6.93% > 0%)
Interest Coverage Ratio: 3.57 > 6 (EBITDA TTM 10.0m / Interest Expense TTM 2.37m)
Altman Z'' -1.12
A: 0.56 (Total Current Assets 84.9m - Total Current Liabilities 22.2m) / Total Assets 112.9m
B: -0.80 (Retained Earnings -90.7m / Total Assets 112.9m)
C: 0.08 (EBIT TTM 8.47m / Avg Total Assets 103.5m)
D: -2.57 (Book Value of Equity -89.0m / Total Liabilities 34.7m)
Altman-Z'' Score: -1.12 = CCC
Beneish M -0.75
DSRI: 0.70 (Receivables 4.11m/4.60m, Revenue 52.3m/41.0m)
GMI: 0.99 (GM 75.42% / 74.56%)
AQI: 5.10 (AQ_t 0.14 / AQ_t-1 0.03)
SGI: 1.28 (Revenue 52.3m / 41.0m)
TATA: -0.09 (NI 7.65m - CFO 18.0m) / TA 112.9m)
Beneish M-Score: -0.75 (Cap -4..+1) = D
What is the price of BWAY shares? As of April 10, 2026, the stock is trading at USD 14.30 with a total of 247,962 shares traded.
Over the past week, the price has changed by +5.38%, over one month by +12.95%, over three months by +23.76% and over the past year by +226.48%.
Is BWAY a buy, sell or hold? Brainsway has received a consensus analysts rating of 4.75. Therefore, it is recommended to buy BWAY.
  • StrongBuy: 3
  • Buy: 1
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the BWAY price?
Analysts Target Price 15.3 7.2%
Brainsway (BWAY) - Fundamental Data Overview as of 09 April 2026
P/E Trailing = 68.1111
P/E Forward = 64.5161
P/S = 9.3979
P/B = 7.4193
Revenue TTM = 52.3m USD
EBIT TTM = 8.47m USD
EBITDA TTM = 10.0m USD
Long Term Debt = 6.82m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 1.07m USD (from shortTermDebt, last quarter)
Debt = 7.89m USD (corrected: LT Debt 6.82m + ST Debt 1.07m)
Net Debt = -61.1m USD (from netDebt column, last quarter)
Enterprise Value = 430.7m USD (490.8m + Debt 7.89m - CCE 67.9m)
Interest Coverage Ratio = 3.57 (Ebit TTM 8.47m / Interest Expense TTM 2.37m)
EV/FCF = 26.44x (Enterprise Value 430.7m / FCF TTM 16.3m)
FCF Yield = 3.78% (FCF TTM 16.3m / Enterprise Value 430.7m)
FCF Margin = 31.14% (FCF TTM 16.3m / Revenue TTM 52.3m)
Net Margin = 14.63% (Net Income TTM 7.65m / Revenue TTM 52.3m)
Gross Margin = 75.42% ((Revenue TTM 52.3m - Cost of Revenue TTM 12.9m) / Revenue TTM)
Gross Margin QoQ = 76.44% (prev 75.19%)
Tobins Q-Ratio = 3.81 (Enterprise Value 430.7m / Total Assets 112.9m)
Interest Expense / Debt = 5.50% (Interest Expense 434k / Debt 7.89m)
Taxrate = 1.00% (77.6k / 7.77m)
NOPAT = 8.38m (EBIT 8.47m * (1 - 1.00%))
Current Ratio = 3.83 (Total Current Assets 84.9m / Total Current Liabilities 22.2m)
Debt / Equity = 0.11 (Debt 7.89m / totalStockholderEquity, last quarter 73.2m)
Debt / EBITDA = -6.11 (Net Debt -61.1m / EBITDA 10.0m)
Debt / FCF = -3.75 (Net Debt -61.1m / FCF TTM 16.3m)
Total Stockholder Equity = 68.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.40% (Net Income 7.65m / Total Assets 112.9m)
RoE = 11.12% (Net Income TTM 7.65m / Total Stockholder Equity 68.8m)
RoCE = 11.20% (EBIT 8.47m / Capital Employed (Equity 68.8m + L.T.Debt 6.82m))
RoIC = 12.19% (NOPAT 8.38m / Invested Capital 68.8m)
WACC = 10.11% (E(490.8m)/V(498.7m) * Re(10.19%) + D(7.89m)/V(498.7m) * Rd(5.50%) * (1-Tc(0.01)))
Discount Rate = 10.19% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -20.59%
[DCF] Terminal Value 75.01% ; FCFF base≈12.4m ; Y1≈15.3m ; Y5≈26.0m
[DCF] Fair Price = 9.28 (EV 310.6m - Net Debt -61.1m = Equity 371.7m / Shares 40.0m; r=10.11% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 83.86 | EPS CAGR: 20.24% | SUE: 0.99 | # QB: 1
Revenue Correlation: 87.55 | Revenue CAGR: 17.60% | SUE: 4.0 | # QB: 3
EPS next Quarter (2026-06-30): EPS=0.06 | Chg7d=+0.035 | Chg30d=+0.035 | Revisions Net=+3 | Analysts=3
EPS current Year (2026-12-31): EPS=0.31 | Chg7d=+0.170 | Chg30d=+0.170 | Revisions Net=+3 | Growth EPS=+70.4% | Growth Revenue=+27.2%
EPS next Year (2027-12-31): EPS=0.45 | Chg7d=+0.284 | Chg30d=+0.284 | Revisions Net=+2 | Growth EPS=+45.6% | Growth Revenue=+22.5%
[Analyst] Revisions Ratio: +1.00 (3 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 8.7% (Discount Rate 10.2% - Earnings Yield 1.5%)
[Growth] Growth Spread = +17.3% (Analyst 26.0% - Implied 8.7%)
External Resources
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