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SANUWAVE Health, Inc. (SNWV) stock analysis

SNWVNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 10, 2026Score 11/3036% below fair value
$1.58−0.20 (-11.24%)

Close on Nov 12, 2026Market cap $13.59MP/E –Yield –

StockData Score

Prices as of Nov 12, 2026How the score works

Value3Growth1Performance2Health5Dividend0

Mixed11 of 30 checks passed

SANUWAVE Health passes 11 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
1/6
Past performance
2/6
Financial health
5/6
Dividend
0/6

What stands out

  • Margin of safety over 20%

    The price is 36.0% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $1.58 is below our fair value estimate of $2.47.

  • No debt

    SANUWAVE Health has no borrowings on its latest balance sheet.

  • Revenue growing 10%+ a year

    Revenue grew 38.1% a year over the last three fiscal years.

What to watch

  • Return on capital under 10%

    Return on invested capital was -31.5%, below the 10% that usually covers the cost of capital.

  • Elevated bankruptcy risk

    The Altman Z-score is -8.99; above 3 is the safe zone and below 1.8 the distress zone.

  • P/B above the industry

    SANUWAVE Health's price-to-book of 4.77 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.41.

  • Growing slower than the industry

    Revenue grew 0.8% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.

Valuation3/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA below its 5-year median

    SANUWAVE Health's EV/EBITDA of 10.2 is below its 5-year median of 36.0.

  • P/B above the industry

    SANUWAVE Health's price-to-book of 4.77 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.41.

  • Trading below fair value

    The share price of $1.58 is below our fair value estimate of $2.47.

  • Margin of safety over 20%

    The price is 36.0% below fair value, more than the 20% cushion we look for.

Growth1/6

  • Revenue growing 10%+ a year

    Revenue grew 38.1% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 0.8% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.

  • Guidance issued

    The latest outlook (full year 2026 revenue guidance, May 12, 2026) was issued for the first time, so it neither adds nor takes away points.

  • Gross margin slipping

    Gross margin was 76.2% over the last twelve months, against 78.1% a year earlier.

Past performance2/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital under 10%

    Return on invested capital was -31.5%, below the 10% that usually covers the cost of capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 10.1% over the last twelve months, against a 5-year average of -94.4%.

  • Net margin above the industry

    SANUWAVE Health's net margin of 10.1% is above the Surgical, Medical, and Dental Instruments and Supplies median of -13.5%.

Financial health5/6

  • No debt

    SANUWAVE Health has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 1.18 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -8.99; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    SANUWAVE Health has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$2.47

The share price is 36% below this estimate.

20%+ below
Near fair value
20%+ above
$1.58Price$2.47Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
EV/EBITDA26.2×36.0×16.2×$2.8578%
P/B3.4×–3.4×$1.1322%
Earnings powerleft out, too far from the others10.0% cost of equity––$0.13–
Fair value$2.47100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Own 5-year median 36.0
  • Surgical, Medical, and Dental Instruments and Supplies median 16.2

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$322.24K
Value traded per 1% price move
$58.30K

Downside

High risk

Typical loss in a bad month
59.2%
Volatility (annualized)
108%
Sharpe ratio, 1 year
-0.93
Beta to the S&P 500 (5Y)
–

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

77.1%+5.8 pts over 5 years

Operating margin

11.2%+632.4 pts over 5 years

Net margin

26.8%+789.4 pts over 5 years

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