Revenue growth has accelerated to 37.8% year-over-year in 2026Q2, while operating income has scaled from $93K in 2024Q1 to $2.4M, demonstrating meaningful operating leverage as the operating margin expanded from 1.0% to 14.0%.
BrainsWay Ltd. (BWAY) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 60.99M | 52.23M | 41.02M | 31.79M | 27.18M | 29.66M | 22.06M | 23.1M | 16.4M | 11.14M | 11.52M | 6.8M | 3.38M | 1.19M | 364.25K |
| Revenue Growth % | 32.34% | 27.33% | 29.04% | 16.96% | -8.36% | 34.46% | -4.52% | 40.89% | 47.12% | -3.29% | 69.47% | 101.18% | 184.27% | 226.43% | - |
| Cost of Goods Sold | 15.05M | 12.84M | 10.44M | 8.31M | 7.13M | 6.6M | 5.06M | 5.13M | 3.59M | 2.6M | 2.43M | 1.47M | 656K | 199K | 46.07K |
| COGS % of Revenue | - | 24.58% | 25.44% | 26.14% | 26.23% | 22.25% | 22.93% | 22.2% | 21.89% | 23.28% | 21.06% | 21.56% | 19.41% | 16.74% | 12.65% |
| Gross Profit | 45.94M | 39.39M | 30.58M | 23.48M | 20.05M | 23.06M | 17M | 17.97M | 12.81M | 8.55M | 9.1M | 5.33M | 2.72M | 990K | 318.18K |
| Gross Margin % | 75.32% | 75.42% | 74.56% | 73.86% | 73.77% | 77.75% | 77.07% | 77.8% | 78.11% | 76.72% | 78.94% | 78.44% | 80.59% | 83.26% | 87.35% |
| Gross Profit Growth % | - | 28.79% | 30.26% | 17.1% | -13.05% | 35.64% | -5.41% | 40.32% | 49.8% | -6.01% | 70.55% | 95.81% | 175.15% | 211.14% | - |
| Operating Expenses | 38.33M | 35.06M | 29.19M | 28.44M | 32.73M | 28.06M | 21.83M | 26.45M | 17.92M | 15.16M | 11.17M | 9.84M | 10M | 5.26M | 5.95M |
| OpEx % of Revenue | - | 67.14% | 71.17% | 89.46% | 120.44% | 94.6% | 98.96% | 114.49% | 109.3% | 136.03% | 96.89% | 144.69% | 295.89% | 442.14% | 1632.5% |
| Selling, General & Admin | 27.25M | 25.46M | 22M | 21.64M | 25.05M | 21.66M | 16M | 17.66M | 11.34M | 9.29M | 6.95M | 5.54M | 3.55M | 2.06M | 1.45M |
| SG&A % of Revenue | - | 48.75% | 53.64% | 68.08% | 92.18% | 73.05% | 72.56% | 76.43% | 69.15% | 83.4% | 60.29% | 81.41% | 105.09% | 173.42% | 396.84% |
| Research & Development | 11.08M | 9.6M | 7.19M | 6.67M | 7.68M | 6.39M | 5.82M | 7.88M | 6.16M | 5.34M | 3.79M | 4.1M | 6.44M | 3.69M | 5.97M |
| R&D % of Revenue | - | 18.39% | 17.53% | 20.97% | 28.25% | 21.56% | 26.4% | 34.09% | 37.54% | 47.94% | 32.91% | 60.34% | 190.47% | 310.18% | 1639.49% |
| Other Operating Expenses | 0 | 0 | 0 | 133K | 0 | 0 | 0 | 916K | 427K | 523K | 426K | 200K | 11K | -504K | 0 |
| Operating Income | 7.61M | 4.32M | 1.39M | -4.96M | -12.68M | -5M | -4.83M | -8.48M | -5.11M | -6.61M | -2.07M | -4.5M | -7.28M | -4.27M | -5.68M |
| Operating Margin % | 12.47% | 8.28% | 3.39% | -15.6% | -46.67% | -16.86% | -21.89% | -36.69% | -31.19% | -59.32% | -17.95% | -66.25% | -215.3% | -358.87% | -1560.22% |
| Operating Income Growth % | - | 210.78% | 128.05% | 60.9% | -153.71% | -3.52% | 43.03% | -65.74% | 22.64% | -219.53% | 54.07% | 38.09% | -70.54% | 24.92% | - |
| EBITDA | 9.28M | 5.86M | 3.16M | -3.62M | -11.15M | -3.31M | -3.21M | -6.87M | -3.89M | -5.54M | -1.42M | -3.89M | -6.94M | -4.06M | -5.57M |
| EBITDA Margin % | 15.21% | 11.22% | 7.71% | -11.4% | -41.02% | -11.17% | -14.56% | -29.75% | -23.7% | -49.7% | -12.32% | -57.26% | -205.35% | -341.55% | -1530.22% |
| EBITDA Growth % | 143.87% | 85.36% | 187.3% | 67.51% | -236.52% | -3.18% | 53.27% | -76.84% | 29.84% | -290.07% | 63.53% | 43.9% | -70.92% | 27.14% | - |
| D&A (Non-Cash Add-back) | 1.67M | 1.54M | 1.77M | 1.34M | 1.53M | 1.69M | 1.62M | 1.6M | 1.23M | 1.07M | 649K | 611K | 336K | 206K | 109.28K |
| EBIT | 10.51M | 9.92M | 3.59M | -3.9M | -12.99M | -6.36M | -5.08M | -9.51M | -5.92M | -6.8M | -1.99M | -3.99M | -6.02M | -4.27M | -5.68M |
| Net Interest Income | 2.12M | 3.41M | 1.12M | 1.87M | 1.04M | 84K | -45K | -331K | -351K | -112K | -49K | -19K | -453K | 283K | 0 |
| Interest Income | 4.34M | 5.64M | 2.48M | 2.17M | 1.11M | 225K | 61K | 175K | 44K | 22K | 12K | 18K | 93K | 304K | 288.19K |
| Interest Expense | 2.22M | 2.23M | 1.36M | 298K | 68K | 141K | 106K | 506K | 395K | 134K | 61K | 37K | 525K | 283K | 0 |
| Other Income/Expense | 2.12M | 3.39M | 2.07M | 1.01M | -351K | -1.42M | -319K | -1.43M | -1.16M | -274K | -328K | 418K | 732K | -2.83M | -233.28K |
| Pretax Income | 9.73M | 7.71M | 3.46M | -3.95M | -13.03M | -6.42M | -5.15M | -9.91M | -6.27M | -6.88M | -2.4M | -4.09M | -6.54M | -7.09M | -5.92M |
| Pretax Margin % | 15.95% | 14.76% | 8.43% | -12.41% | -47.96% | -21.64% | -23.34% | -42.88% | -38.24% | -61.78% | -20.8% | -60.1% | -193.64% | -596.64% | -1624.27% |
| Income Tax | 181.57K | 77K | 538K | 251K | 315K | 43K | 237K | 422K | 209K | 169K | 0 | 0 | 0 | 28K | 0 |
| Effective Tax Rate % | 1.87% | 1% | 15.55% | -6.36% | -2.42% | -0.67% | -4.6% | -4.26% | -3.33% | -2.45% | 0% | 0% | 0% | -0.39% | 0% |
| Net Income | 9.55M | 7.63M | 2.92M | -4.2M | -13.35M | -6.46M | -5.38M | -10.33M | -6.48M | -7.05M | -2.4M | -4.09M | -6.54M | -7.12M | -5.92M |
| Net Margin % | 15.65% | 14.62% | 7.12% | -13.2% | -49.12% | -21.79% | -24.41% | -44.71% | -39.51% | -63.29% | -20.8% | -60.1% | -193.64% | -598.99% | -1624.27% |
| Net Income Growth % | 78.62% | 161.31% | 169.6% | 68.56% | -106.58% | -20% | 47.86% | -59.41% | 8.15% | -194.28% | 41.35% | 37.56% | 8.1% | -20.38% | - |
| Net Income (Continuing) | 9.55M | 7.63M | 2.92M | -4.2M | -13.35M | -6.46M | -5.38M | -10.33M | -6.48M | -7.05M | -2.4M | -4.09M | -6.54M | -7.12M | -5.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.48 | 0.36 | 0.09 | -0.13 | -0.43 | -0.21 | -0.24 | -0.50 | -0.39 | -0.48 | -0.17 | -0.28 | -0.46 | -0.55 | -0.49 |
| EPS Growth % | 191.01% | 300% | 169.23% | 69.77% | -104.76% | 12.5% | 52% | -28.21% | 18.75% | -182.35% | 39.29% | 39.13% | 16.36% | -12.24% | - |
| EPS (Basic) | - | 0.40 | 0.09 | -0.13 | -0.43 | -0.21 | -0.24 | -0.50 | -0.39 | -0.48 | -0.17 | -0.28 | -0.46 | -0.55 | -0.49 |
| Diluted Shares Outstanding | 20.06M | 21.21M | 34.77M | 33.16M | 32.98M | 31.15M | 22.45M | 20.51M | 16.64M | 14.77M | 14.51M | 14.46M | 14.26M | 12.87M | 12.17M |
| Basic Shares Outstanding | 20.06M | 19.08M | 33.97M | 33.16M | 32.98M | 31.15M | 22.45M | 20.51M | 16.64M | 14.77M | 14.51M | 14.46M | 14.16M | 12.87M | 12.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BWAY stock.
For fiscal year 2025, BrainsWay Ltd. (BWAY) reported total revenue of $52.2M. This represents a 14237.7% increase compared to $0.4M in 2012.
BrainsWay Ltd. (BWAY) is profitable, generating $7.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
BrainsWay Ltd. (BWAY) reported an operating income of $4.3M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BrainsWay Ltd. (BWAY) generated $39.4M in gross profit for the year, representing a gross profit margin of 75.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustainability of rapid revenue growth
Sustained Acceleration in Top-Line Growth
BrainsWay has demonstrated a consistent acceleration in revenue growth, with the most recent quarter, 2026Q2, posting a 37.8% year-over-year increase, building on a trend of growth rates consistently above 26% for the past eight quarters.
The company's revenue trajectory shows a clear acceleration, moving from the mid-20% range in early 2024 to the high-30% range by mid-2026. This suggests the commercial adoption of its neurostimulation devices is gaining meaningful momentum, potentially driven by expanded clinical evidence or market penetration. The durability of this growth rate will be a key factor in determining the company's long-term valuation.
High Gross Margins Provide a Strong Foundation
BrainsWay maintains a robust gross margin profile, consistently hovering around 75% over the last ten quarters, which is comparable to the peer Novocure and significantly higher than Neuronetics, indicating strong pricing power and a favorable cost structure for its medical devices.
The stability of the gross margin at approximately 75% suggests the company has established a defensible pricing position for its Deep TMS systems and consumables. This high margin provides a substantial buffer to fund the significant R&D and SG&A investments required for growth in the medical device sector. The consistency implies limited pricing pressure and efficient manufacturing or sourcing.
Operating Leverage Emerging as Scale Increases
Operating income has scaled from $93K in 2024Q1 to $2.4M in 2026Q2, demonstrating meaningful operating leverage as revenue growth outpaces the growth in operating expenses, with the operating margin expanding from 1.0% to 14.0% over the same period.
The company is exhibiting clear operating leverage, as the 92% increase in revenue from 2024Q1 to 2026Q2 has been accompanied by a more than 25-fold increase in operating income. This indicates that incremental revenue is flowing through to the bottom line at an attractive rate, as fixed overhead costs are spread over a larger revenue base. The trend suggests the business model is becoming more efficient as it scales.
Net Income Volatility Amidst Strong Operational Trends
While operational performance is strong, net income has shown volatility, with 2025Q4 net income of $2.9M significantly exceeding operating income of $1.9M, suggesting material non-operating items or tax benefits that warrant scrutiny for sustainability.
The quality of reported net income is mixed. In several quarters, such as 2025Q4 and 2025Q2, net income meaningfully exceeds operating income, implying the presence of non-operating gains, interest income, or favorable tax adjustments. Conversely, in 2025Q3, net income was lower than operating income. Investors should monitor the composition of non-operating items to assess the recurring nature of earnings.
R&D and SG&A Investment Scales with Revenue
Operating expenses are dominated by SG&A and R&D, which have grown in absolute terms but remained relatively stable as a percentage of revenue, with SG&A at approximately 42% and R&D at 19% of sales in the latest quarter.
The cost structure reflects a growth-stage medical device company investing heavily in commercialization and product development. While absolute SG&A and R&D costs have risen, their stability as a percentage of revenue indicates disciplined spending relative to top-line growth. The key question is whether this investment level is sufficient to sustain the current growth trajectory or if further scaling will require additional, disproportionate spending.
Growth Sustainability and Margin Durability Risks
The primary analytical challenge is whether the current high-teens operating margin can be sustained, as the 14.0% operating margin in 2026Q2 is heavily dependent on maintaining ~38% revenue growth to absorb the substantial fixed cost base in R&D and SG&A.
A short-seller would focus on the risk that the current growth rate is unsustainable, which could rapidly erode operating margins. The company's cost structure appears to have high fixed components; a deceleration in revenue growth to, for example, 20% could compress operating margins significantly. Furthermore, the peer Novocure, with similar gross margins, operates at a deep operating loss, highlighting the difficulty of achieving and maintaining profitability in this sector.