BrainsWay

BWAY

Medical - Specialties · Healthcare

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Good

Stability

Strong

Valuation

Weak

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Winston Score History

The full picture

BrainsWay is an Israeli medical device company that makes a brain stimulation system called Deep TMS (Transcranial Magnetic Stimulation). The device uses magnetic pulses to treat mental health conditions like depression, OCD, and smoking addiction without surgery or medication. Its main customers are psychiatric clinics, hospitals, and mental health providers, primarily in the United States.

The company makes money by placing its helmet-shaped devices at treatment centers and charging per-session fees, creating a recurring revenue stream rather than relying on one-time equipment sales. BrainsWay operates mainly in the US but also has a presence in Europe, Japan, and other markets. Its patented H-Coil technology, which reaches deeper brain regions than older TMS devices, gives it a technical edge over competitors. The key growth driver is expanding insurance coverage for TMS therapy, which could bring the treatment to more patients — but slow reimbursement approvals and competition from other mental health treatments remain meaningful risks.

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

+37.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+180.0% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

25.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$87M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BrainsWay grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

74.6%

Premium pricing power — 74.6% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+32.3%

Fast-growing sales (+32.3% YoY)

Profit growth

EPS YoY

+185.4%

Earnings growing fast (+185.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

85%

Modest — 85% of profit becomes cash

Spare cash per sale

FCF Margin

9.3%

Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

3.43x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

61.7x

no trend

Expensive — P/E 61.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

-30.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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