SANUWAVE Health, Inc. (SNWV) Balance Sheet
SNWV balance sheet, 2025
December 31, 2025 · U.S. dollars$37.3M assets = $35.7M liabilities + $1.6M equity
Both columns are drawn to the same scale: what SNWV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SNWV financial health
Descriptive bands, not a rating. Fiscal 2025.
SNWV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.0M2016 | $37.3M2025 | +49.4%/yr | |
| Total liabilities | $7.9M2016 | $35.7M2025 | +18.2%/yr | |
| Shareholders’ equity | −$6.9M2016 | $1.6M2025 | — | |
| Cash & short-term investments | $133,5712016 | $12.0M2025 | +64.8%/yr | |
| Total debt | $5.5M2016 | $23.0M2025 | +17.2%/yr | |
| Net cash (debt) | −$5.4M2016 | −$11.0M2025 | −$5.6M | |
| Working capital | −$7.0M2016 | $6.8M2025 | +$13.8M | |
| Book value per share | −$2.852024 | $0.182025 | — | |
| Current ratio | 0.122016 | 1.382025 | +1.26 | |
| Shares outstanding | 4.5M2024 | 9.1M2025 | +103.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SNWV assets
SNWV liabilities and equity
SNWV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SNWV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $12.0M | $10.2M | $1.8M | $1.2M | $619,000 | $2.4M | $1.8M | $364,549 | $730,184 | $133,571 |
| Cash & equivalents | $12.0M | $10.2M | $1.8M | $1.2M | $619,000 | $2.4M | $1.8M | $364,549 | $730,184 | $133,571 |
| Receivables | $5.4M | $3.3M | $3.3M | $4.0M | $2.4M | $2.4M | $75,543 | $236,002 | $152,520 | $460,799 |
| Inventory | $5.9M | $4.1M | $3.0M | $868,000 | $1.0M | $3.0M | $542,955 | $357,820 | $231,532 | $231,953 |
| Other current assets | $1.3M | $682,000 | $1.7M | $570,000 | $326,000 | $179,016 | $125,405 | $125,111 | $90,288 | $87,823 |
| Total current assets | $24.6M | $18.4M | $9.8M | $6.6M | $4.4M | $7.9M | $2.5M | $1.1M | $1.2M | $914,146 |
| Property, plant & equipment (net) | $2.4M | $732,000 | $938,000 | $750,000 | $1.0M | $1.3M | $835,703 | $77,755 | $60,369 | $76,938 |
| Goodwill & intangible assets | $10.3M | $11.0M | $11.7M | $12.4M | $13.1M | $13.8M | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $68,000 | $0 | $0 | $106,000 | $106,000 | $28,669 | $41,931 | $16,491 | $13,917 | $13,786 |
| Total assets | $37.3M | $30.1M | $22.4M | $19.9M | $18.6M | $23.0M | $3.4M | $1.2M | $1.3M | $1.0M |
| Liabilities | ||||||||||
| Accounts payable | $3.2M | $3.7M | $5.7M | $4.4M | $7.6M | $4.5M | $1.4M | $1.6M | $1.5M | $712,964 |
| Short-term debt | $5.8M | $25.3M | $31.5M | $43.6M | $25.2M | — | $6.5M | $10.8M | $6.0M | $5.5M |
| Deferred revenue | $388,000 | $193,000 | $92,000 | $60,000 | $48,000 | — | $66,577 | $131,797 | $13,317 | $18,810 |
| Total current liabilities | $17.8M | $42.3M | $64.8M | $60.2M | $56.3M | $36.2M | $12.4M | $16.5M | $11.2M | $7.9M |
| Long-term debt | $16.3M | $0 | $0 | $0 | $875,000 | $143,628 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.0M | $492,000 | $492,000 | $438,000 | $386,000 | $842,097 | $751,921 | — | — | — |
| Other long-term liabilities | $1.6M | $491,000 | $838,999 | $696,000 | $439,000 | $428,824 | $1.0M | $46,736 | $0 | $0 |
| Total liabilities | $35.7M | $42.8M | $65.6M | $60.9M | $57.6M | $36.7M | $13.4M | $16.5M | $11.2M | $7.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $9,000 | $9,000 | $1.1M | $549,000 | $482,000 | $471,000 | $293,781 | $155,665 | $139,300 | $137,220 |
| Retained earnings (deficit) | −$242.7M | −$251.4M | −$220.0M | −$194.2M | −$183.9M | −$156.7M | −$125.8M | −$116.6M | −$105.0M | −$99.4M |
| Accumulated other comprehensive income | $10,000 | $10,000 | −$111,000 | −$67,000 | −$73,000 | — | −$62,234 | −$62,868 | −$43,783 | −$52,069 |
| Total shareholders' equity | $1.6M | −$12.7M | −$43.2M | −$41.0M | −$39.0M | −$13.7M | −$10.1M | −$15.4M | −$9.9M | −$6.9M |
| Key figures | ||||||||||
| Total debt | $23.0M | $25.5M | $31.9M | $41.1M | $26.2M | $143,628 | $6.9M | $10.8M | $6.0M | $5.5M |
| Net cash (debt) | −$11.0M | −$15.3M | −$30.1M | −$40.0M | −$25.6M | $2.3M | −$5.2M | −$10.4M | −$5.3M | −$5.4M |
| Working capital | $6.8M | −$23.9M | −$55.0M | −$53.6M | −$51.9M | −$28.2M | −$9.9M | −$15.4M | −$10.0M | −$7.0M |
| Tangible book value | −$8.7M | −$23.7M | −$54.9M | −$53.4M | −$52.1M | −$27.5M | −$10.1M | −$15.4M | −$9.9M | −$6.9M |
| Book value per share | $0.18 | −$2.85 | — | — | — | — | — | — | — | — |
| Shares outstanding | 9.1M | 4.5M | — | — | — | — | — | — | — | — |
| Current ratio | 1.38 | 0.43 | 0.15 | 0.11 | 0.08 | 0.22 | 0.20 | 0.07 | 0.11 | 0.12 |
| Quick ratio | 0.97 | 0.32 | 0.08 | 0.09 | 0.05 | 0.13 | 0.15 | 0.04 | 0.08 | 0.08 |
| Debt / equity | 14.19 | — | — | — | — | — | — | — | — | — |
| Equity / assets | 4.3% | −42.2% | −192.6% | −206.4% | −209.2% | −59.6% | −297.6% | −1,303.9% | −772.7% | −687.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $9.4M | $10.8M | $12.0M | $9.6M | $8.5M | $8.5M | $10.2M | $3.3M | $2.5M | $2.9M | $1.8M | $1.1M |
| Cash & equivalents | $9.4M | $10.8M | $12.0M | $9.6M | $8.5M | $8.5M | $10.2M | $3.3M | $2.5M | $2.9M | $1.8M | $1.1M |
| Receivables | $5.8M | $6.0M | $5.4M | $4.6M | $3.8M | $3.9M | $3.3M | $2.8M | $3.2M | $3.0M | $3.3M | $3.2M |
| Inventory | $7.1M | $5.9M | $5.9M | $6.8M | $5.9M | $5.5M | $4.1M | $3.4M | $2.7M | $2.5M | $3.0M | $1.7M |
| Other current assets | $954,000 | $1.3M | $1.3M | $1.6M | $1.9M | $1.0M | $682,000 | $378,000 | $379,000 | $2.4M | $1.7M | $1.4M |
| Total current assets | $23.2M | $24.0M | $24.6M | $22.6M | $20.2M | $18.8M | $18.4M | $9.9M | $8.7M | $10.8M | $9.8M | $7.4M |
| Property, plant & equipment (net) | $3.2M | $2.9M | $2.4M | $2.4M | $2.2M | $1.2M | $732,000 | $774,000 | $947,000 | $975,000 | $938,000 | $1.1M |
| Goodwill & intangible assets | $10.1M | $10.2M | $10.3M | $10.5M | $10.6M | $10.8M | $11.0M | $11.2M | $11.3M | $11.5M | $11.7M | $11.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $49,000 | $58,000 | $68,000 | $79,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $36.6M | $37.1M | $37.3M | $35.6M | $33.0M | $30.9M | $30.1M | $21.8M | $21.0M | $23.3M | $22.4M | $20.3M |
| Liabilities | ||||||||||||
| Accounts payable | $3.3M | $3.3M | $3.2M | $4.0M | $4.0M | $4.2M | $3.7M | $4.1M | $3.9M | $5.1M | $5.7M | $4.6M |
| Short-term debt | $5.6M | $5.9M | $5.8M | $5.8M | $27.0M | $26.3M | $25.3M | $32.6M | $32.7M | $30.5M | $31.5M | $39.2M |
| Deferred revenue | — | $487,000 | $388,000 | $252,000 | $221,000 | $193,000 | $193,000 | $137,000 | $130,000 | $107,000 | $92,000 | $68,000 |
| Total current liabilities | $18.2M | $18.3M | $17.8M | $19.6M | $46.5M | $47.3M | $42.3M | $81.5M | $60.0M | $70.2M | $64.8M | $85.4M |
| Long-term debt | $13.6M | $15.0M | $16.3M | $17.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.5M | $1.6M | $1.0M | $1.1M | $1.2M | $830,000 | $492,000 | $236,000 | $304,000 | $395,000 | $492,000 | $550,000 |
| Other long-term liabilities | $2.1M | $2.0M | $1.6M | $1.2M | $1.3M | $879,000 | $491,000 | $594,000 | $653,999 | $734,999 | $838,999 | $862,000 |
| Total liabilities | $33.8M | $35.3M | $35.7M | $38.5M | $47.8M | $48.1M | $42.8M | $82.1M | $60.6M | $70.9M | $65.6M | $86.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $3,000 | $1.2M | $1.1M | $1.1M | $1.0M |
| Retained earnings (deficit) | −$244.8M | −$244.1M | −$242.7M | −$245.7M | −$256.0M | −$257.1M | −$251.4M | −$238.7M | −$218.0M | −$224.6M | −$220.0M | −$238.3M |
| Accumulated other comprehensive income | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | — | −$111,000 | −$73,000 |
| Total shareholders' equity | $2.8M | $1.8M | $1.6M | −$2.9M | −$14.8M | −$17.3M | −$12.7M | −$60.3M | −$39.6M | −$47.6M | −$43.2M | −$66.0M |
| Key figures | ||||||||||||
| Total debt | $20.7M | $22.2M | $23.0M | $24.5M | $28.0M | $26.9M | $25.5M | $32.8M | $33.0M | $30.9M | $31.9M | $37.9M |
| Net cash (debt) | −$11.3M | −$11.4M | −$11.0M | −$14.8M | −$19.5M | −$18.4M | −$15.3M | −$29.6M | −$30.5M | −$27.9M | −$30.1M | −$36.8M |
| Working capital | $5.0M | $5.7M | $6.8M | $3.1M | −$26.3M | −$28.4M | −$23.9M | −$71.6M | −$51.2M | −$59.4M | −$55.0M | −$78.0M |
| Tangible book value | −$7.4M | −$8.3M | −$8.7M | −$13.4M | −$25.4M | −$28.1M | −$23.7M | −$71.4M | −$50.9M | −$59.1M | −$54.9M | −$77.8M |
| Book value per share | $0.32 | $0.21 | $0.18 | −$0.32 | −$1.61 | −$2.02 | −$3.33 | −$18.92 | −$10.70 | −$15.36 | −$14.20 | −$27.70 |
| Shares outstanding | 8.6M | 8.6M | 9.1M | 9.1M | 9.2M | 8.5M | 3.8M | 3.2M | 3.7M | 3.1M | 3.0M | 2.4M |
| Current ratio | 1.28 | 1.31 | 1.38 | 1.16 | 0.43 | 0.40 | 0.43 | 0.12 | 0.15 | 0.15 | 0.15 | 0.09 |
| Quick ratio | 0.84 | 0.92 | 0.97 | 0.73 | 0.27 | 0.26 | 0.32 | 0.07 | 0.09 | 0.08 | 0.08 | 0.05 |
| Debt / equity | 7.43 | 12.06 | 14.19 | — | — | — | — | — | — | — | — | — |
| Equity / assets | 7.6% | 5.0% | 4.3% | −8.2% | −44.7% | −56.0% | −42.2% | −275.9% | −188.5% | −204.1% | −192.6% | −324.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
SNWV financial position
At the end of fiscal 2025 (December 31, 2025), SANUWAVE Health had total assets of $37.3 million (up 24.0% from a year earlier), total liabilities of $35.7 million and shareholders' equity of $1.6 million. It held $12.0 million in cash and short-term investments against $23.0 million of debt, net debt of $11.0 million. Its current ratio was 1.38. In the latest quarter (ended June 30, 2026) total assets were $36.6 million and equity $2.8 million.
Related: SNWV income statement, SNWV cash flow statement, SNWV key metrics. See the SNWV stock overview for the latest quote and news.
SNWV balance sheet FAQ
What are SANUWAVE Health's total assets?
SANUWAVE Health reported total assets of $37.3 million at the end of fiscal 2025 (December 31, 2025), compared with $30.1 million a year earlier.
How much debt does SANUWAVE Health have?
SANUWAVE Health had $23.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 14.19.
How much cash does SANUWAVE Health have?
SANUWAVE Health held $12.0 million in cash and short-term investments at the end of fiscal 2025; with $23.0 million of debt that is net debt of $11.0 million.
What is SANUWAVE Health's book value?
SANUWAVE Health's shareholders' equity (book value) was $1.6 million at the end of fiscal 2025, or $0.18 per share.
What is SANUWAVE Health's current ratio?
SANUWAVE Health had current assets of $24.6 million and current liabilities of $17.8 million, a current ratio of 1.38 (it can cover its short-term obligations).
How much goodwill does SANUWAVE Health have?
SANUWAVE Health carried $10.3 million of goodwill and intangible assets, 27.5% of total assets, at the end of fiscal 2025.