Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 15, 2026
SANUWAVE Health, Inc. (SNWV)
A forensic read on SANUWAVE Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-19.1
Altman Z-score
Watch
Earnings quality
2
Forensic signals
SANUWAVE Health, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -19.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
11% of revStock-based comp load.Stock-based compensation ran 11% of revenue and 251% of free cash flow in FY2025 — about $0.53 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
n/m (sign flip)Accruals ratio.Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-26.0M to FY2025 $+11.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Key fundamentals
Net Margin26.8%
Free Cash Flow$4.0M
Latest Revenue$44.1M
Revenue CAGR (3yr)+38.1%
Revenue Growth YoY+35.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SANUWAVE Health, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SNWV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown