MeritValue

SANUWAVE Health, Inc.

SNWVdata completeness 100%16 fiscal years on file
The thesis, from the filings

SANUWAVE Health, Inc. earns about 730% on equity, far above its ~9% cost of capital, and has bought back 98% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0.27 and $0.6 a share.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$11.4M1$15.5M2$19.3M3$32.3M3$44.1M4
Net income−$27.3M5−$10.3M6−$25.8M7−$33.1M8$11.8M8
Operating cash flow−$6.41M9−$17.2M10−$4.54M11$2.46M12$3.88M12
Capital expenditure$529,00013—$014$490,00015$1.94M15
Free cash flow (derived)−$6.94M9—−$4.54M11$1.97M12$1.93M12
Total debt$52.5M16———$43.8M17
Cash & equivalents$619,00018$1.15M19$1.8M20$10.2M21$12M21
Diluted shares518.4M549.5M2.1M4.5M9.1M

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
$1.78
your share of equity
Profit it earned you last year
$13.01
Free cash flow it threw off
$2.13
Debt you’d be carrying
$48.21

10 shares is a claim on $1.78 of net worth that earned you $13.01 and generated $2.13 of cash last year, against $48.21 of debt.

iii. Is this a good business?
Moat signal · return on equity
730% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 730%

It earned about 730% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 17% — deleveraging.

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

The 2 estimate methods that apply put fair value between $0.27 and $0.6 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$0.6
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.93M
DCF · Growth Exit 5Y
$0.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.93M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.28
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.27
The three cases
Bear0.0%−$0.46
Base5.0%$0.27
Bull10.0%$1.16

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001140361-23-015331 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-014611 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-014141 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001628280-26-021443 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-015331 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-014611 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-014141 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021443 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001140361-23-015331 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-014611 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-014141 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021443 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-22-019072 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-014141 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-021443 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001140361-22-019072 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001628280-26-021443 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001140361-23-015331 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001140361-24-014611 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001628280-25-014141 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001628280-26-021443 (CashAndCashEquivalentsAtCarryingValue)