Sanuwave Health, Inc. (SNWV) intrinsic value & 10-year financials
Sanuwave Health, Inc. (SNWV) has a Graham intrinsic value of $13.62 per share. At $4.96 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 47.0% a year to $44.1M, with an average return on invested capital of 132.2%.
- Graham intrinsic value
- $13.62
- Share price (Oct 17, 2026)
- $4.96
- Price vs Graham value
- 64% below
- Market cap
- $45.0M
- Revenue (FY2025)
- $44.1M
- Revenue growth (10-yr CAGR)
- 47.0%
- ROIC (10-yr avg)
- 132.2%
- Free cash flow (FY2025)
- $1.9M
SNWV 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.1M | $11.8M | $0.41 | $1.9M | 11.2% | -86.6% |
| FY2024 | $32.3M | -$31.4M | -$3.52 | $2.0M | 16.8% | -23.7% |
| FY2023 | $19.3M | -$25.8M | -$0.01 | — | -2.8% | — |
| FY2022 | $15.5M | -$10.3M | -$0.01 | — | -57.7% | — |
| FY2021 | $11.4M | -$27.3M | -$0.03 | -$6.9M | -124.2% | 231.3% |
| FY2020 | $4.1M | -$30.9M | -$0.04 | -$12.8M | -621.1% | 541.4% |
| FY2019 | $1.0M | -$9.9M | -$0.03 | -$6.5M | -806.3% | 68.8% |
| FY2018 | $1.9M | -$11.6M | — | -$3.7M | -388.1% | 59.0% |
| FY2017 | $738.5K | -$5.5M | — | — | -517.8% | 63.1% |
| FY2016 | $1.4M | -$6.4M | — | -$3.2M | -241.0% | 204.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SANUWAVE Health, Inc. is a consistent compounder, expanding top-line revenue at 47.0% annually over the past decade.
SANUWAVE Health, Inc. returns on capital have been average, hovering around 11.3% ROIC over the decade.
Over the decade, SANUWAVE Health, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SANUWAVE Health, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.62 per share.