BWAY

MKT CAP:$643M

BrainsWay Ltd.

Market Cap

$643M

Healthcare·Medical - Devices·🇮🇱 Israel·NASDAQ

Healthcare·Medical - Devices·🇮🇱·NASDAQ

Stock Price

$15.52+$5.87 (+60.87%)

Apr 17, 2026

Company Details

Brainsway Ltd. develops and sells noninvasive neurostimulation treatments for mental health disorders in the United States, Europe, Israel, and internationally. It offers Deep Transcranial Magnetic Stimulation platform technology for the tr...

CEO

Hadar Levy

IPO Date

Apr 17, 2019

Website

www.brainsway.com

Key Metrics TTM

Revenue

$52M

+27.5% YoY

Net Income

$8M

EPS (Diluted)

$0.25

Free Cash Flow

$16M

Revenue / Share

$2.50

Gross Margin

75.4%

Operating Margin

8.3%

Net Margin

14.6%

FCF Margin

31.1%

P/S

12.3x

P/E

84.1x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Dec 30, 2025

$53M+28.3%EPS $0.36

Q4 2025

Mar 11, 2026

$15M+28.2%EPS $0.14

Q3 2025

Nov 12, 2025

$14M+28.7%EPS $0.04

Q2 2025

Sep 30, 2025

$13M+26.3%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$8M	$6M	-$1M
Q2 22	$8M	$6M	-$2M
Q3 22	$5M	$4M	-$5M
Q4 22	$6M	$4M	-$4M
Q1 23	$7M	$5M	-$4M
Q2 23	$8M	$6M	-$1M
Q3 23	$8M	$6M	-$133.0K
Q4 23	$9M	$7M	$10M
Q1 24	$9M	$7M	$93.0K
Q2 24	$10M	$8M	$586.0K
Q3 24	$11M	$8M	$281.0K
Q4 24	$11M	$9M	$431.0K
Q1 25	$12M	$9M	$576.0K
Q2 25	$13M	$9M	$578.0K
Q3 25	$14M	$10M	$1M
Q4 25	$15M	$11M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	20.4x	—
Q2 22	19.8x	—
Q3 22	21.7x	—
Q4 22	23.7x	—
Q1 23	24.9x	—
Q2 23	25.1x	—
Q3 23	22.3x	—
Q4 23	20.2x	—
Q1 24	18.8x	—
Q2 24	17.7x	1058.0x
Q3 24	16.7x	428.8x
Q4 24	15.7x	220.2x
Q1 25	14.8x	164.2x
Q2 25	14.0x	120.4x
Q3 25	13.1x	103.0x
Q4 25	12.3x	84.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$3M	-$3M
Q2 22	-$2M	-$2M
Q3 22	-$2M	-$2M
Q4 22	-$2M	-$2M
Q1 23	-$4M	-$4M
Q2 23	$995.0K	-$502.0K
Q3 23	$1M	$842.0K
Q4 23	$2M	$2M
Q1 24	$3M	$2M
Q2 24	$1M	$501.0K
Q3 24	$2M	$978.0K
Q4 24	$3M	$3M
Q1 25	$5M	$4M
Q2 25	$12M	$11M
Q3 25	$1M	$586.0K
Q4 25	-$751.0K	$518.8K

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$1M
Q3 23	$514.0K
Q4 23	$442.0K
Q1 24	$724.0K
Q2 24	$847.0K
Q3 24	$1M
Q4 24	$923.0K
Q1 25	$1M
Q2 25	$1M
Q3 25	$800.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+30.2%	+36.6%
Q2 22	+14.3%	+17.6%
Q3 22	-35.9%	+8.0%
Q4 22	-28.8%	+4.4%
Q1 23	-16.9%	+8.9%
Q2 23	-2.2%	-8.4%
Q3 23	+60.6%	-16.0%
Q4 23	+49.7%	-110.4%
Q1 24	+37.3%	-12.5%
Q2 24	+27.8%	+2.7%
Q3 24	+26.5%	+21.2%
Q4 24	+26.4%	+1123.6%
Q1 25	+26.8%	+21.8%
Q2 25	+26.3%	+28.0%
Q3 25	+28.7%	+19.9%
Q4 25	+28.2%	+15.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$374.0K	4.7%
Q2 22	$408.0K	5.1%
Q3 22	$339.0K	6.6%
Q4 22	$353.0K	5.9%
Q1 23	-$51.0K	-0.8%
Q2 23	$103.0K	1.3%
Q3 23	$95.0K	1.1%
Q4 23	$234.0K	2.6%
Q1 24	$305.0K	3.4%
Q2 24	$364.0K	3.6%
Q3 24	$388.0K	3.7%
Q4 24	$363.0K	3.2%
Q1 25	$325.0K	2.8%
Q2 25	$227.0K	1.8%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$2M	$2M	$4M	—
Q2 22	$2M	$2M	$5M	—
Q3 22	$2M	$2M	$5M	—
Q4 22	$2M	$2M	$5M	—
Q1 23	$2M	$2M	$5M	—
Q2 23	$2M	$1M	$4M	—
Q3 23	$2M	$1M	$4M	—
Q4 23	$1M	$12M	—	—
Q1 24	$2M	$1M	$4M	—
Q2 24	$2M	$1M	$4M	—
Q3 24	$2M	$2M	$4M	—
Q4 24	$2M	$2M	$4M	—
Q1 25	$2M	$2M	$4M	—
Q2 25	$2M	$2M	$5M	—
Q3 25	$2M	$2M	$5M	—
Q4 25	$3M	—	—	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$14M	$41M	$55M
Q2 22	$52M	$271.0K	$52M
Q3 22	$49M	$271.0K	$50M
Q4 22	$48M	$0	$48M
Q1 23	$44M	$271.0K	$44M
Q2 23	$43M	$271.0K	$43M
Q3 23	$44M	$271.0K	$44M
Q4 23	$11M	$35M	$46M
Q1 24	$12M	$35M	$48M
Q2 24	$48M	$0	$48M
Q3 24	$48M	$0	$48M
Q4 24	$69M	$0	$69M
Q1 25	$72M	$0	$72M
Q2 25	$68M	$10M	$78M
Q3 25	$70M	$0	$70M
Q4 25	$68M	$0	$68M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33M	+0.1%	+20.0%
Q2 22	33M	0.0%	+0.2%
Q3 22	33M	+0.2%	+0.3%
Q4 22	33M	+0.1%	+0.4%
Q1 23	33M	+0.2%	+0.5%
Q2 23	33M	+0.1%	+0.6%
Q3 23	33M	+0.1%	+0.5%
Q4 23	33M	+0.1%	+0.6%
Q1 24	33M	+0.1%	+0.5%
Q2 24	33M	+0.2%	+0.5%
Q3 24	33M	+0.1%	+0.5%
Q4 24	38M	+12.8%	+13.2%
Q1 25	37M	-1.9%	+10.9%
Q2 25	38M	+2.4%	+13.4%
Q3 25	38M	+0.6%	+13.9%
Q4 25	21M	-44.9%	-44.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$67.5K	118
Q2 22	$67.8K	118
Q3 22	$43.8K	118
Q4 22	$45.0K	134
Q1 23	$49.4K	134
Q2 23	$58.4K	134
Q3 23	$62.0K	134
Q4 23	$85.2K	106
Q1 24	$85.8K	106
Q2 24	$94.4K	106
Q3 24	$99.1K	106
Q4 24	$95.1K	120
Q1 25	$96.1K	120
Q2 25	$105.3K	120
Q3 25	$112.6K	120
Q4 25	$122.0K	120

Revenue / Employee