Nyxoah SA Ordinary Shares (NYXH)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor in the Buffett-Graham tradition, I want durable earnings, a strong balance sheet, and a price that offers a margin of safety. Nyxoah, at $1.28 on 2026-10-13 with a $133.2M market cap, is a medical device company commercializing Genio, a hypoglossal neurostimulation therapy for obstructive sleep apnea. The business is growing revenue quickly off a small base: in the second quarter of 2026, revenue was $7.7M. But it lost $33.0M that quarter, a -429.5% net margin. Trailing free cash flow was -$75.5M, and at the 2026-10-13 close the FCF yield was -56.7%, so the company consumes cash rapidly. The FairStock-calculated return metrics are deeply negative: ROE -122.68%, ROCE -36.87%, and debt/equity 0.72. The FairStock-calculated Altman Z-Score of -1.89 signals financial distress, while Piotroski F-Score 4/9 shows only middling accounting quality. At $1.28 on 2026-10-13, the FairStock-calculated price-to-book ratio is 1.32, not demanding, but book value can be eroded by losses. The 52-week range of $1.26-$6.08 puts the stock near its low, which may reflect skepticism or opportunity. A moat could emerge from clinical data, regulatory approval, and reimbursement for Genio, but at 153 employees and with no dividend, it is unproven. Growth is dramatic, yet profit growth is negative and cash burn is severe. Graham would ask for proven earning power; Buffett would ask for a durable franchise. Today, Nyxoah offers neither clearly. It is a speculative bet on future adoption, not a classic value investment. I would watch cash runway, reimbursement, and whether losses narrow before assigning a real intrinsic value.

In plain English: Nyxoah is a small medical device company that makes a nerve stimulation system for obstructive sleep apnea. It is growing revenue quickly but losing a lot of money: in the second quarter of 2026, revenue was $7.7M and net loss was $33.0M. At $1.28 a share on 2026-10-13, the price looks speculative rather than clearly cheap or fair versus the company's current numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer