MeritValue

Nyxoah SA

NYXHdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Nyxoah SA earns about -128% on invested capital, but has diluted owners by 67% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$27.6M1−$31.2M2−$43.2M3−$59.2M3−$90.1M3
Operating cash flow−$25.3M4−$28.8M5−$44.8M6−$49.2M6−$69M6
Capital expenditure$1.47M7$886,0008$2.5M9$1.17M9$805,0009
Free cash flow (derived)−$26.8M4−$29.6M5−$47.3M6−$50.4M6−$69.8M6
Total debt—————
Cash & equivalents$135.5M10$17.9M11$21.6M11$34.2M11$30M11
Diluted shares25.8M25.8M28.7M37.4M43.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$11.42
your share of equity
Profit it earned you last year
−$20.94
Free cash flow it threw off
−$16.22
Debt you’d be carrying
—

10 shares is a claim on $11.42 of net worth that earned you −$20.94 and generated −$16.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-128% avg · 5y
FY21 -148%FY22 -23%FY23 -46%FY24 -56%FY25 -368%

It earned an average -128% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+67% shares · 5y

Share count is up 67% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-24-036688 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000398 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-035161 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-036688 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000398 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-035161 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-036688 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000398 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-035161 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-25-000398 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-26-035161 (CashAndCashEquivalents)