Beyond Air

XAIR

Medical - Devices · Healthcare

Price

$3.62

-0.04 (-1.09%)

Market Cap

$2.6M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Sep 2, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+12835.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 64K (2022) → 8.3M (2026)

Winston Score History

The full picture

Beyond Air is a medical device company that develops systems for delivering nitric oxide (NO) gas to patients. Nitric oxide helps open up blood vessels in the lungs and is used to treat newborns with breathing problems, a condition called persistent pulmonary hypertension. The company's main product, the LungFit system, generates nitric oxide from regular air rather than requiring heavy, expensive gas cylinders.

Beyond Air earns revenue by selling and placing its LungFit devices in hospitals, along with related disposable components. The company is based in the United States and is still very small, with a market cap well under $100 million. Its key competitive advantage is the ability to generate nitric oxide on-demand from ambient air, which could be simpler and cheaper than traditional cylinder-based delivery. However, the company is not yet profitable, burns significant cash, and faces the major risk of needing to grow hospital adoption quickly enough to reach sustainable revenue levels.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+65.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+98.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$10M/ year

↓ Declining (-39% vs prior year)

133.4% of revenue

7.4x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.4%ownership

Relatively low insider ownership

Cash Runway

~5 months

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Strong grower

Beyond Air is growing revenue at 66% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

12.7%

Thin — 12.7% gross margin

Profit after running costs

Operating Margin

-374.0%

Losing money on operations — -374.0%

Return on the money invested

ROCE

-113.9%

Weak — -113.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+60.7%

Fast-growing sales (+60.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-255.0%

Burning cash (-255.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

11.33

Heavy debt load (11.33)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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