Skip to content
Forensic Analysis · Industrial & Scientific Instruments · as of Nov 9, 2026

Nuwellis, Inc. (NUWE)

A forensic read on Nuwellis, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk
Forensic grade
Distress
Financial health
-177.7
Distress distance
Clean
Earnings quality
2
Forensic signals
-382.9%
ROE
-5.4%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nuwellis, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -177.7, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-416.7%
FY2025
Return on invested capital. Return on invested capital is -416.7% in the latest fiscal year, against -497.8% in FY2023, having run between -497.8% and -346.7% across FY2023–FY2025 with no direction held. After-tax operating profit was ($14M) in FY2023 and ($9M) in FY2025, with operating income at -198.9% of revenue in FY2023, -125.7% in FY2024 and -134.3% in FY2025. The capital base behind it came down -25% across FY2023–FY2025, from $3M to $2M, so this return is struck on a smaller base than it started on.
1.5% of rev
FY2025
Stock-based comp load. Stock-based compensation ran 1.5% of revenue in FY2025 — about $0.18 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2083.9% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$8.3M
Revenue Growth YoY-5.4%
Revenue CAGR (2yr)-3.4%
Net Margin-211.9%
Free Cash Flow-$10.9M
Return on Equity-382.9%

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Nuwellis, Inc.'s actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.