The company's liquidity position has deteriorated, with the current ratio falling to 0.90 in 2026Q1 from 2.64 in 2023Q4.
| 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 | Dec'11 |
|---|
| Total Current Assets | 6.2M | 7.27M | 3.33M | 6.49M | 5.61M | 8.34M | 7.97M | 1.84M | 1.23M | 4.52M | 221K | 1.78M | 165K | 224K | 185K | 943K |
| Cash & Short-Term Investments | 2.23M | 4.22M | 752K | 3.28M | 2.71M | 7.74M | 7.14M | 1.34M | 896K | 4.36M | 106K | 1.61M | 90K | 94K | 101K | 893K |
| Cash Only | 2.23M | 4.22M | 752K | 3.28M | 2.71M | 7.74M | 7.14M | 1.34M | 896K | 4.36M | 106K | 1.61M | 90K | 94K | 101K | 893K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.33M | 391K | 268K | 425K | 109K | 200K | 93K | 130K | 144K | 35K | 14K | 41K | 40K | 33K | 24K | 45K |
| Days Sales Outstanding | 87.53 | 55.9 | 38.24 | 67.95 | 52.91 | 43.07 | 54.49 | 89.53 | 165.28 | 53.45 | 22.31 | 101.8 | 71.92 | 57.09 | 52.77 | 174.73 |
| Inventory | 2.27M | 2.34M | 2.19M | 2.73M | 2.17M | 175K | 145K | 121K | 144K | 76K | 67K | 71K | 35K | 65K | 60K | 0 |
| Days Inventory Outstanding | 336.87 | 355.42 | 761.63 | 1.34K | 1.36K | 69.05 | 129.4 | 177.37 | 332.66 | 315.23 | 277.9 | 528.88 | 137.37 | 260.71 | 438 | - |
| Other Current Assets | 362K | 319K | 98K | 0 | 0 | 64K | 391K | 0 | 0 | 5K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 33.67M | 33.85M | 298K | 187K | 270K | 280K | 259K | 198K | 354K | 349K | 273K | 207K | 558K | 467K | 164K | 142K |
| Property, Plant & Equipment | 275K | 246K | 125K | 12K | 88K | 54K | 35K | 4K | 8K | 6K | 11K | 10K | 18K | 23K | 28K | 32K |
| Fixed Asset Turnover | 8.49x | 10.38x | 20.46x | 190.25x | 8.55x | 31.39x | 17.80x | 132.50x | 39.75x | 39.83x | 20.82x | 14.70x | 11.28x | 9.17x | 5.93x | 2.94x |
| Goodwill | 29.08M | 29.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.17M | 4.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 1K | 3K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 145K | 145K | 173K | 174K | 179K | 207K | 224K | 194K | 346K | 343K | 262K | 197K | 540K | 444K | 136K | 110K |
| Total Assets | 39.87M | 41.12M | 3.63M | 6.67M | 5.88M | 8.62M | 8.23M | 2.04M | 1.58M | 4.87M | 494K | 1.98M | 723K | 691K | 349K | 1.08M |
| Asset Turnover | 0.05x | 0.06x | 0.70x | 0.34x | 0.13x | 0.20x | 0.08x | 0.26x | 0.20x | 0.05x | 0.46x | 0.07x | 0.28x | 0.31x | 0.48x | 0.09x |
| Asset Growth % | 2888.97% | 1033.2% | -45.62% | 13.52% | -31.81% | 4.78% | 304.17% | 28.86% | -67.52% | 884.82% | -75.09% | 174.27% | 4.63% | 97.99% | -67.83% | - |
| Total Current Liabilities | 6.87M | 6.66M | 2.72M | 2.45M | 2.32M | 1.9M | 2.9M | 409K | 640K | 797K | 565K | 297K | 5.42M | 3.56M | 95K | 104K |
| Accounts Payable | 0 | 0 | 47K | 138K | 66K | 87K | 144K | 129K | 193K | 168K | 82K | 58K | 101K | 18K | 20K | 19K |
| Days Payables Outstanding | 28.36 | - | 16.34 | 67.52 | 41.18 | 34.33 | 128.51 | 189.1 | 445.85 | 696.82 | 340.11 | 432.04 | 396.4 | 72.2 | 146 | 239.14 |
| Short-Term Debt | 95K | 89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.62M | 3.11M | 0 | 0 |
| Deferred Revenue (Current) | 175K | 175K | 15K | 46K | 21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84K | 19K | 0 | 0 |
| Other Current Liabilities | 6.77M | 6.4M | 47K | 2.27M | 2.15M | 1.77M | 2.26M | 280K | 447K | 410K | 313K | 144K | 0 | 285K | 24K | 32K |
| Current Ratio | 0.90x | 1.09x | 1.22x | 2.64x | 2.42x | 4.38x | 2.75x | 4.49x | 1.92x | 5.67x | 0.39x | 5.98x | 0.03x | 0.06x | 1.95x | 9.07x |
| Quick Ratio | 0.57x | 0.74x | 0.42x | 1.53x | 1.48x | 4.29x | 2.70x | 4.20x | 1.69x | 5.57x | 0.27x | 5.74x | 0.02x | 0.04x | 1.32x | 9.07x |
| Cash Conversion Cycle | 396.03 | - | 783.54 | 1.34K | 1.37K | 77.79 | 55.38 | 77.8 | 52.09 | -328.14 | -39.9 | 198.64 | -187.11 | 245.6 | 344.77 | - |
| Total Non-Current Liabilities | 991K | 967K | 280K | 232K | 330K | 406K | 2.93M | 279K | 477K | 434K | 2.43M | 1.9M | 919K | 430K | 2.09M | 1.57M |
| Long-Term Debt | 35K | 28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.95M | 1.45M |
| Capital Lease Obligations | 84K | 0 | 64K | 0 | 0 | 0 | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 956K | 939K | 216K | 217K | 223K | 406K | 2.72M | 279K | 477K | 434K | 2.43M | 1.9M | 919K | 430K | 140K | 114K |
| Total Liabilities | 7.86M | 7.63M | 3M | 2.69M | 2.65M | 2.31M | 5.83M | 688K | 1.12M | 1.23M | 2.99M | 2.19M | 6.34M | 3.99M | 2.18M | 1.67M |
| Total Debt | 130K | 117K | 116K | 5K | 81K | 49K | 31K | 0 | 0 | 0 | 0 | 0 | 4.62M | 3.11M | 1.95M | 1.45M |
| Net Debt | -2.1M | -4.11M | -636K | -3.28M | -2.63M | -7.69M | -7.11M | -1.34M | -896K | -4.36M | -106K | -1.61M | 4.53M | 3.01M | 1.84M | 559K |
| Debt / Equity | 0.00x | 0.00x | 0.19x | 0.00x | 0.03x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -24.52x | - | -27.30x | -14.42x | -15.60x | - | -28.33x | -92.73x | -194.59x | -2.95x | -179.93x | -36.71x | -3.60x | -1.59x | -2.05x | -33.43x |
| Total Equity | 32.02M | 33.5M | 627K | 3.99M | 3.23M | 6.31M | 2.39M | 1.35M | 463K | 3.63M | -2.5M | -209K | -5.62M | -3.3M | -1.83M | -585K |
| Equity Growth % | 8725.29% | 5242.42% | -84.28% | 23.35% | -48.79% | 163.7% | 77.6% | 191.14% | -87.26% | 245.42% | -1095.69% | 96.28% | -70.34% | -79.97% | -213.16% | - |
| Book Value per Share | 9.73 | 53.29 | 2.32 | 22.79 | 22.77 | 50.18 | 46.49 | 38.85 | 14.36 | 146.41 | -109.16 | -11.82 | -430.13 | -252.52 | -140.31 | -44.80 |
| Total Shareholders' Equity | 32.02M | 33.5M | 627K | 3.99M | 3.23M | 6.31M | 2.39M | 1.35M | 463K | 3.63M | -2.5M | -209K | -5.62M | -3.3M | -1.83M | -585K |
| Common Stock | 4K | 1K | 3K | 2K | 2K | 1K | 22K | 5K | 4K | 4K | 2K | 2K | 734K | 1K | 1K | 1K |
| Retained Earnings | -112.14M | -90.48M | -69.8M | -66.1M | -62.38M | -56.94M | -42.66M | -38.33M | -32.54M | -28.38M | -22.58M | -19.73M | -16.85M | -14.2M | -12.21M | -10.94M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -80K | -80K | -80K | -67K | -18K | 60K | 66K | 0 | -50K | -45K | -40K | -100K | -91K | -82K | -72K | -63K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
As reported in recent financial statements, NanoVibronix has seen its retained earnings plummet to negative $112.1M by 2026Q1, signaling a persistent and accelerating erosion of shareholder equity that reflects the company's ongoing struggle to achieve a sustainable commercial scale for its medical device portfolio.
The consistent decline in retained earnings suggests that the company is failing to convert its R&D and operational investments into profitable growth. This trajectory implies that the business model remains fundamentally unproven, with the balance sheet serving primarily as a repository for accumulated losses rather than productive capital.
Based on the 2026Q1 balance sheet, goodwill accounts for $29.1M of the $39.9M total asset base, indicating that the company's valuation is heavily reliant on intangible assets rather than tangible manufacturing infrastructure or liquid resources that could support operations during a downturn.
The high concentration of goodwill warrants close monitoring, as it suggests that a significant portion of the asset base is tied to historical acquisitions rather than current operational utility. Investors should consider the risk of future impairment charges, which would further weaken an already strained equity position.
According to quarterly filings, the current ratio has compressed to 0.90 as of 2026Q1, down from 2.64 in 2023Q4, which indicates that the company's ability to cover short-term obligations is deteriorating rapidly as cash reserves are consumed by ongoing operating deficits.
The decline in the current ratio suggests that the company is approaching a liquidity inflection point where internal cash may no longer suffice for near-term obligations. This trend implies that management may be forced to seek external financing, potentially leading to further dilution for existing shareholders.
As indicated by the balance sheet data, the sudden appearance of $29.1M in goodwill in 2025Q3, which was previously absent, suggests that the company's asset profile is subject to significant accounting volatility that may mask the underlying lack of tangible growth in the core business.
This shift in asset composition appears to be a non-obvious risk factor, as it inflates the total asset base without providing a corresponding increase in operational cash flow. Analysts should be wary of relying on headline asset figures, as the reliance on intangibles may overstate the company's true financial health.
Quick answers to the most common questions about buying NAOV stock.
As of 2025, NanoVibronix, Inc. (NAOV) had total assets of $41.1M including $7.3M in current assets.
NanoVibronix, Inc. (NAOV) carries total debt of $0.1M, offset by $4.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NanoVibronix, Inc. (NAOV) has total shareholders' equity (book value) of $33.5M ($53.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NanoVibronix, Inc. (NAOV) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.