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Brainsway
(NASDAQ:BWAY)
Brainsway (BWAY) vs. SPDR S&P 500 ETF (SPY)
Brainsway Business Overview & Revenue Model
Brainsway Earnings Call Summary
Brainsway Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 52.64M | 41.02M | 31.79M | 27.18M | 29.66M |
| Gross Profit | 39.70M | 30.58M | 23.48M | 20.05M | 23.06M |
| EBITDA | 5.91M | 5.36M | -2.56M | -11.45M | -4.67M |
| Net Income | 7.69M | 2.92M | -4.20M | -13.35M | -6.46M |
Balance Sheet | |||||
| Total Assets | 112.92M | 94.32M | 62.97M | 64.48M | 75.73M |
| Cash, Cash Equivalents and Short-Term Investments | 67.95M | 69.34M | 45.98M | 47.58M | 57.35M |
| Total Debt | 6.82M | 5.62M | 471.00K | 488.00K | 754.00K |
| Total Liabilities | 34.67M | 32.00M | 21.39M | 19.08M | 18.41M |
| Stockholders Equity | 73.22M | 62.31M | 41.58M | 45.40M | 57.33M |
Cash Flow | |||||
| Free Cash Flow | 16.40M | 6.50M | -1.10M | -9.76M | -1.35M |
| Operating Cash Flow | 18.16M | 10.30M | 1.28M | -9.76M | 884.00K |
| Investing Cash Flow | -17.63M | 30.31M | -37.41M | 42.17M | -42.22M |
| Financing Cash Flow | -2.23M | 18.26M | -1.03M | -1.55M | 41.52M |
Brainsway Technical Analysis
Brainsway Risk Analysis
Brainsway Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $359.78M | 19.35 | 10.87% | ― | 18.90% | 29.22% | |
79 Outperform | $541.59M | 23.59 | 12.01% | ― | 27.37% | 269.84% | |
62 Neutral | $606.52M | 34.75 | 9.26% | ― | 9.28% | 21.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $236.03M | -6.74 | 137.18% | ― | 49.52% | 19.34% | |
47 Neutral | $456.52M | -23.54 | -105.67% | ― | 24.08% | 24.08% | |
42 Neutral | $180.70M | 7.78 | 59.05% | ― | 40.89% | -749.65% |
Brainsway Corporate Events
On March 11, 2026, BrainsWay reported strong fourth quarter and full‑year 2025 results, with Q4 revenue up 27% year over year to a record $14.5 million and operating income rising to $1.9 million. Full‑year 2025 revenue climbed 27% to $52.2 million, net income surged 161% to $7.6 million, and remaining performance obligations increased 43% to about $70 million, underscoring growing demand and the impact of its shift toward multi‑year lease agreements.
The company highlighted expanding operational scale, shipping a net 95 Deep TMS systems in the quarter and growing its installed base to roughly 1,700 systems while sustaining mid‑70s gross margins. Regulatory and clinical milestones included an FDA label expansion for adolescent major depressive disorder, a new trial for its Deep TMS 360 system in alcohol use disorder, initial insurer coverage for its accelerated SWIFT protocol, and FDA approval of Neurolief’s ProlivRx device, all of which position BrainsWay for continued growth under its 2026 guidance of $66–$68 million in revenue and sharply higher Adjusted EBITDA.
The most recent analyst rating on (BWAY) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On March 4, 2026, BrainsWay reported landmark clinical data validating its exclusive FDA-cleared SWIFT accelerated Deep TMS protocol for major depressive disorder, which cuts the acute treatment phase from 20 visits to six half days plus four weekly maintenance sessions. Two new peer-reviewed manuscripts in Brain Stimulation show the accelerated regimen delivers non-inferior efficacy to the standard protocol, posting an 87.8% response rate, 78.0% remission rate and a shorter median time to remission of 21 days versus 28 days.
The findings suggest SWIFT could materially change interventional psychiatry delivery by reducing treatment burden by about 70% in the acute phase, potentially improving patient retention and expanding access as demand for non-drug depression therapies grows. Patient-reported outcomes indicated substantial gains in quality of life and functioning, with roughly 60% returning to normal-range functioning, while recent moves by payers to ease administrative hurdles for Deep TMS underscore a favorable reimbursement backdrop that may strengthen BrainsWay’s competitive position and support broader clinical adoption.
The most recent analyst rating on (BWAY) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On February 19, 2026, BrainsWay announced a strategic equity financing agreement to take a minority stake in BrainStim Health Inc., a British Columbia-based interventional psychiatry provider serving a growing network of Canadian mental health clinics. BrainsWay will invest an initial $1 million, with the option to commit a further $1.5 million through milestone-based tranches, structured as a preferred, annually compounding security with a redemption mechanism.
The deal marks BrainsWay’s fifth minority-stake investment in growth-focused clinical service platforms as it seeks to expand access to and awareness of Deep TMS-based mental health treatments across North America. By deepening its long-standing partnership with BrainStim, which targets complex conditions in populations such as veterans and first responders, BrainsWay is reinforcing its strategic push into provider networks while keeping its core emphasis on scientific advancement and clinical support for its neurostimulation technology.
The most recent analyst rating on (BWAY) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On February 18, 2026, BrainsWay highlighted a policy change by Cigna Group’s Evernorth Behavioral Health, which will eliminate prior authorization requirements for transcranial magnetic stimulation coverage for contracted providers, effective March 6, 2026. The move applies to patients covered under Evernorth and Cigna Healthcare plans across 12 states.
BrainsWay’s leadership said the shift should expand timely access to Deep TMS for adolescents and adults with major depressive disorder and patients with obsessive-compulsive disorder who often have not responded to medications or psychotherapy. The company expects the streamlined reimbursement environment to reduce administrative barriers for providers, reinforcing BrainsWay’s competitive position in the U.S. TMS market and supporting broader utilization of its systems.
The most recent analyst rating on (BWAY) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On February 17, 2026, BrainsWay announced that its board approved a change in the ratio of its American Depositary Shares listed on Nasdaq to its ordinary shares traded in Tel Aviv, shifting from a 2‑to‑1 ordinary share‑to‑ADS structure to a 1‑to‑1 alignment effective March 3, 2026. The adjustment will function as a 2‑for‑1 forward split for ADS holders, leaving ordinary shares unchanged and expected to halve the ADS trading price while doubling the number of ADSs per holder.
The company says the move is intended to simplify comparisons between its U.S. and Israeli listings, streamline its capital structure, and give investors a clearer view of its valuation across markets. Management also expects the new ADS ratio to improve trading liquidity and accessibility for U.S. investors, potentially broadening the shareholder base and supporting BrainsWay’s positioning as a dual‑listed neurotechnology player.
The most recent analyst rating on (BWAY) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On January 21, 2026, BrainsWay announced that Highmark Blue Cross Blue Shield, which covers more than seven million members primarily in Pennsylvania, Delaware, West Virginia and parts of New York, has issued a draft medical policy to expand coverage for patients with major depressive disorder treated with BrainsWay’s accelerated Deep TMS protocol, including both adolescents and adults. The draft policy, expected to take effect in February 2026 following an open comment period, would cover the company’s accelerated SWIFT protocol—an intensive 38-session regimen delivered over six days of daily treatment followed by weekly maintenance—without requiring costly fMRI or neuronavigational equipment, potentially lowering operational barriers for clinics and broadening access. This development follows the FDA’s September 2025 clearance of BrainsWay’s accelerated depression protocol, supported by a multisite randomized non-inferiority trial showing response and remission rates comparable to standard Deep TMS, and signals growing payer acceptance that could materially strengthen BrainsWay’s market position in depression treatment and enhance reimbursement visibility for providers and patients in its core U.S. markets.
The most recent analyst rating on (BWAY) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On January 12, 2026, BrainsWay Ltd. reported that the U.S. Food and Drug Administration granted Premarket Approval for Neurolief’s Proliv Rx neuromodulation system, a Class III device indicated as an adjunctive treatment for adults with major depressive disorder who have not responded adequately to at least one prior antidepressant, for use both at home and in clinical settings. The approval, which makes Proliv Rx the first and only FDA-approved at-home neuromodulation device for treatment-refractory MDD, is presented by BrainsWay as an early validation of its strategic investment and option to acquire Neurolief, reinforcing its competitive position among transcranial magnetic stimulation manufacturers and potentially expanding its addressable market by extending brain-stimulation-based care into the home environment.
The most recent analyst rating on (BWAY) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On January 7, 2026, BrainsWay announced that Premera Blue Cross Blue Shield, which covers more than 2.8 million people in Alaska and Washington state, has adopted a final medical policy that for the first time extends insurance coverage to BrainsWay’s accelerated SWIFT Deep TMS protocol for treating moderate to severe major depressive disorder in patients aged 15 and older. The policy recognizes SWIFT as an alternative to the standard Deep TMS protocol, offering a condensed regimen of 38 sessions over several weeks without the need for costly neuronavigational imaging, and is backed by clinical and real-world data showing comparable response and remission outcomes; the move strengthens BrainsWay’s reimbursement footing, broadens access to its technology for both adolescent and adult depression patients, and underscores its efforts to entrench accelerated Deep TMS as a mainstream, insurer-backed option in the competitive neuromodulation market.
The most recent analyst rating on (BWAY) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On December 22, 2025, BrainsWay Ltd. reported that Optum Behavioral Health, part of UnitedHealth Group and covering more than 48 million lives, has expanded its medical policy to include insurance coverage for BrainsWay’s Deep TMS therapy for adolescents aged 15 and older diagnosed with major depressive disorder. The move aligns Optum with a growing roster of major insurers—including Evernorth, CVS/Aetna, Medi-Cal, TRICARE, multiple Blue Cross Blue Shield plans and others—that now collectively cover about 180 million lives for adolescent Deep TMS depression therapy, potentially broadening access to a non-drug, clinically validated treatment option for a large and underserved adolescent population facing major depression in the U.S.
The most recent analyst rating on (BWAY) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.