Estados financieros detallados de Nyxoah S.A. (NYXH): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Nyxoah S.A. registró ingresos de $10.0M en el último ejercicio fiscal, con un CAGR de 5 años del 170.6%.
Márgenes de los últimos 12 meses: margen bruto 51.3%, margen operativo -383.1%, margen neto -434.7%.
Al precio actual de $1.55, NYXH presenta beneficios negativos (P/E no significativo) y un ROE del -179.71%. La capitalización bursátil es de $155M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $69000 | $852000 | $3.1M | $4.3M | $4.5M | $10.0M |
| Coste de Ventas | $89255 | $95078 | $486042 | $30000 | $303000 | $1.1M | $1.7M | $1.6M | $3.7M |
| Beneficio Bruto | -$89255 | -$95078 | -$486042 | $39000 | $549000 | $1.9M | $2.7M | $3.0M | $6.3M |
| I+D | $1.5M | $1.4M | $1.6M | $2.9M | $6.0M | $15.9M | $27.7M | $34.3M | $42.8M |
| Generales y Administrativos | $4.1M | $7.5M | $4.5M | $11.3M | $11.1M | $18.9M | $20.6M | $28.5M | $46.4M |
| Gastos Operativos | $8.8M | $8.9M | $8.0M | $11.3M | $26.8M | $34.4M | $47.8M | $61.8M | $89.3M |
| Beneficio Operativo | -$10.1M | -$8.4M | -$8.5M | -$11.2M | -$26.2M | -$32.5M | -$45.1M | -$58.8M | -$82.9M |
| EBITDA | -$8.7M | -$8.5M | -$8.2M | -$10.6M | -$22.6M | -$27.9M | -$42.1M | -$53.8M | -$82.9M |
| Gastos por Intereses | $37000 | $29000 | $701562 | $198000 | $386000 | $237000 | $1.2M | $1.9M | $1.7M |
| Beneficio Antes de Impuestos | -$10.3M | -$9.0M | -$9.4M | -$12.2M | -$24.6M | -$30.1M | -$44.7M | -$56.4M | -$89.1M |
| Impuestos | $37000 | $41000 | $78574 | $93000 | $3.0M | $1.2M | -$1.4M | $2.8M | $1.0M |
| Beneficio Neto | -$10.4M | -$9.1M | -$8.5M | -$12.2M | -$27.6M | -$31.2M | -$43.2M | -$59.2M | -$90.1M |
| BPA | $-0.50 | $-0.43 | $-0.39 | $-0.68 | $-1.16 | $-1.21 | $-1.55 | $-1.81 | $-2.36 |
| BPA Diluido | $-0.50 | $-0.43 | $-0.39 | $-0.68 | $-1.16 | $-1.21 | $-1.55 | $-1.81 | $-2.36 |
| Acciones en Circulación (Diluidas) | $20.9M | $20.9M | $21.4M | $18.1M | $23.8M | $25.8M | $28.0M | $32.7M | $38.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.0M | $5.6M | $7.4M | $7.7M |
| Beneficio Bruto | $1.2M | $3.6M | $2.2M | $4.6M |
| Beneficio Operativo | -$24.2M | -$18.3M | -$23.7M | -$20.6M |
| EBITDA | -$21.7M | -$21.5M | -$14.6M | -$19.4M |
| Beneficio Neto | -$23.6M | -$23.5M | -$18.4M | -$33.0M |
| BPA | $-0.63 | $-0.59 | $-0.37 | $-0.58 |
| BPA Diluido | $-0.63 | $-0.59 | $-0.37 | $-0.58 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.1M | $16.8M | $6.6M | $112.9M | $135.5M | $17.9M | $21.6M | $34.2M | $30.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $77.0M | $36.1M | $51.4M | $18.0M |
| Cuentas por Cobrar | $46000 | $732000 | $2.4M | $2.0M | $2.5M | $2.2M | $5.6M | $6.2M | $7.7M |
| Inventario | 0 | 0 | 0 | $67295 | $346000 | $882000 | $3.3M | $4.7M | $4.7M |
| Activos Corrientes | $10.7M | $17.5M | $9.0M | $115.1M | $140.1M | $100.3M | $68.4M | $98.1M | $61.2M |
| Inmovilizado Material | $369000 | $343000 | $1.6M | $4.9M | $5.2M | $5.6M | $8.0M | $8.2M | $5.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $6.4M | $19.4M | $25.3M | $40.0M | $46.6M | $50.4M | $50.1M |
| Activos Totales | $11.1M | $18.0M | $17.1M | $139.6M | $170.8M | $146.1M | $124.2M | $158.4M | $118.4M |
| Cuentas por Pagar | $389000 | $606000 | $1.6M | $1.5M | $2.4M | $1.9M | $4.1M | $3.7M | $13.7M |
| Deuda a Corto | $395000 | $289000 | $805954 | $1.3M | $554000 | $389000 | $364000 | $248000 | $23.8M |
| Pasivos Corrientes | $1.7M | $2.0M | $4.9M | $7.8M | $11.6M | $14.9M | $14.4M | $21.5M | $48.9M |
| Deuda a Largo | $4.9M | $5.5M | $8.0M | $9.3M | $7.8M | $8.2M | $8.4M | $18.7M | $17.7M |
| Pasivos Totales | $6.6M | $7.5M | $14.4M | $20.7M | $22.2M | $25.7M | $26.1M | $45.2M | $69.3M |
| Reservas | -$30.7M | -$39.8M | -$54.3M | -$73.8M | -$87.2M | -$118.2M | -$160.8M | -$217.7M | -$305.9M |
| Patrimonio Neto | $4.5M | $10.5M | $2.7M | $118.9M | $148.6M | $120.3M | $98.0M | $113.3M | $49.1M |
| Deuda Total | $5.3M | $5.8M | $9.7M | $14.1M | $11.7M | $11.9M | $12.7M | $22.7M | $42.1M |
| Deuda Neta | -$4.8M | -$11.0M | $3.1M | -$98.8M | -$123.8M | -$83.0M | -$45.0M | -$62.9M | -$5.9M |
| Capital Circulante | $8.9M | $15.5M | $4.0M | $107.3M | $128.5M | $85.3M | $53.9M | $76.6M | $12.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $10.9M | $30.0M | $13.0M | $64.1M |
| Activos Totales | $93.6M | $118.5M | $98.0M | $168.5M |
| Pasivos Totales | $42.6M | $69.3M | $62.0M | $85.4M |
| Patrimonio Neto | $51.0M | $49.1M | $36.0M | $83.1M |
| Deuda Total | $21.2M | $40.5M | $36.2M | $52.6M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$10.3M | -$9.0M | -$8.4M | -$12.2M | -$24.6M | -$30.1M | -$44.7M | -$56.4M | -$90.1M |
| Amortizaciones | $87000 | $95000 | $433000 | $620000 | $1.7M | $1.9M | $2.4M | $2.7M | $4.5M |
| Compensación en Acciones | $24000 | $28000 | $346000 | $2.5M | $1.3M | $2.7M | $2.6M | $4.0M | 0 |
| Cambio en Capital Circulante | -$454000 | $201000 | $957000 | $1.4M | -$1.1M | $86000 | -$3.5M | $3.0M | $5.4M |
| Flujo de Caja Operativo | -$8.3M | -$8.1M | -$5.9M | -$6.9M | -$25.3M | -$28.8M | -$44.8M | -$49.2M | -$67.5M |
| Inversiones (CapEx) | -$91000 | -$77000 | -$5.8M | -$10.7M | -$11.8M | -$16.3M | -$11.0M | -$6.1M | -$804698 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2998 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.4M | -$8.2M | -$11.7M | -$17.5M | -$37.2M | -$45.1M | -$55.7M | -$55.3M | -$68.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$20.5M | -$13.1M | -$21.6M | -$16.6M |
| Inversiones (CapEx) | -$23000 | -$20991 | -$727752 | -$1.3M |
| Flujo de Caja Libre | -$20.5M | -$13.1M | -$22.4M | -$17.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.1M | 0 | 0 | $1.6M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | +1134.8% | +262.0% | +41.0% | +4.0% | +121.6% |
| Crecimiento Beneficio Neto (anual) | | +12.5% | +6.9% | -44.8% | -125.6% | -13.1% | -38.4% | -37.1% | -52.1% |
| Crecimiento BPA (anual) | | +14.0% | +9.3% | -74.4% | -70.6% | -4.3% | -28.1% | -16.8% | -30.4% |
| Cambio en Acciones (anual) | | +0.0% | +2.5% | -15.5% | +31.5% | +8.5% | +8.3% | +17.1% | +16.4% |
| Crecimiento FCF (anual) | | +1.9% | -42.6% | -49.7% | -111.8% | -21.4% | -23.6% | +0.8% | -23.5% |
| Margen Bruto | | | | 56.5% | 64.4% | 62.7% | 61.9% | 65.7% | 63.1% |
| Margen Operativo | | | | -16266.7% | -3080.0% | -1053.8% | -1037.3% | -1300.8% | -827.8% |
| Margen EBITDA | | | | -15368.1% | -2651.5% | -904.2% | -967.8% | -1189.2% | -827.4% |
| Margen Neto | | | | -17746.4% | -3241.7% | -1012.5% | -993.8% | -1310.2% | -899.1% |
| Margen FCF | | | | -25426.1% | -4360.7% | -1462.5% | -1282.0% | -1223.1% | -681.6% |
| Tasa Impositiva Efectiva | -0.4% | -0.5% | -0.8% | -0.8% | -12.1% | -3.9% | 3.2% | -5.0% | -1.1% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.40 | $-0.39 | $-0.55 | $-0.97 | $-1.56 | $-1.75 | $-1.99 | $-1.69 | $-1.79 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $20.9M | $20.9M | $21.4M | $18.1M | $23.8M | $25.8M | $28.0M | $32.7M | $38.1M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -179.71% |
| Rentabilidad sobre capital invertido | -59.89% |
| Rentabilidad sobre activos | -58.46% |
| Margen bruto | 51.31% |
| Margen operativo | -383.05% |
| Margen neto | -434.72% |
Salud financiera
| Deuda / Patrimonio | 0.63 |
| Ratio corriente | 2.38 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -39.98 | -48.67 | -54.87 | -28.88 | -17.44 | -3.85 | -2.71 | -4.27 | -1.66 |
| P/VC | 92.27 | 41.83 | 173.00 | 2.99 | 3.24 | 1.00 | 1.20 | 2.23 | 3.04 |
| P/V | 0.00 | 0.00 | 0.00 | 5150.53 | 564.83 | 39.01 | 27.00 | 55.95 | 14.89 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 56.5% | 64.4% | 62.7% | 61.9% | 65.7% | 63.1% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -16266.7% | -3080.0% | -1053.8% | -1037.3% | -1300.8% | -827.8% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -17746.4% | -3241.7% | -1012.5% | -993.8% | -1310.2% | -899.1% |