Onward Medical - Public Comps and Valuation Multiples

Onward Medical Overview

About Onward Medical

Onward Medical NV is developing and commercializing therapies to enable functional recovery for people with Spinal Cord Injury (SCI). The company’s technology platforms are based on ONWARD ARC Therapy (ARC Therapy), targeted, programmed electrical stimulation of the spinal cord designed to restore movement, independence, and health in people with SCI.

Founded

2015

HQ

Employees

103

Website

onwd.com

Sectors

Medical Devices
BioTech
DeepTech
HealthTech

Financials

LTM Revenue $6.6M

LTM EBITDA -$46.9M

EV

$243M

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Onward Medical Financials

As of September 2025, Onward Medical reported last 12-month revenue of $6.6M and EBITDA of -$46.9M.

In the same period, Onward Medical achieved -$48.0M in LTM net income.

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Onward Medical P&L

In the most recent fiscal year, Onward Medical reported revenue of $0.3M and EBITDA of -$38.0M.

Onward Medical expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$6.6M	XXX	$0.3M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$0.2M	XXX	XXX	XXX
Gross Margin	n/a	XXX	90%	XXX	XXX	XXX
EBITDA	-$46.9M	XXX	-$38.0M	XXX	XXX	XXX
EBITDA Margin	-707%	XXX	-14354%	XXX	XXX	XXX
EBIT	-$47.5M	XXX	-$40.3M	XXX	XXX	XXX
EBIT Margin	-716%	XXX	-15224%	XXX	XXX	XXX
Net Profit	-$48.0M	XXX	-$41.3M	XXX	XXX	XXX
Net Margin	-724%	XXX	-15600%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Onward Medical including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $6.6M. EBITDA for the last twelve months was -$46.9M. In the most recent fiscal year, Onward Medical achieved $0.3M in revenue and -$38.0M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$6.6M	Analyst estimates available to subscribers	$0.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$0.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	90.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$46.9M	Analyst estimates available to subscribers	-$38.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-706.9% EBITDA margin	Analyst estimates available to subscribers	-14353.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$47.5M	Analyst estimates available to subscribers	-$40.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-716.1% EBIT margin	Analyst estimates available to subscribers	-15223.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$48.0M	Analyst estimates available to subscribers	-$41.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-723.8% net profit margin	Analyst estimates available to subscribers	-15600.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Onward Medical

This financial data table provides comprehensive performance metrics for Onward Medical, a company based in Belgium. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Onward Medical generated $6.6M in revenue over the last twelve months.
The company achieved -$46.9M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$48.0M.

Fiscal Year Performance

In the most recent fiscal year, Onward Medical reported $0.3M in total revenue.
Fiscal year EBITDA was -$38.0M.
The company maintained a gross profit margin of 90.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was -14353.7%.
Net profit margin reached -15600.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Onward Medical. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Onward Medical Stock Performance

Onward Medical has current market cap of EUR 236M (or $273M), and EV of EUR 210M (or $243M).

Market Cap Evolution

Onward Medical Stock Data

As of October 17, 2025, Onward Medical's stock price is EUR 5 (or $6).

See Onward Medical trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$243M	$273M	XXX	XXX	XXX	XXX	$-1.18

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Onward Medical Valuation Multiples

Onward Medical's trades at 917.9x EV/Revenue multiple, and -6.4x EV/EBITDA.

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Onward Medical Financial Valuation Multiples

As of October 17, 2025, Onward Medical has market cap of $273M and EV of $243M.

Equity research analysts estimate Onward Medical's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Onward Medical has a P/E ratio of -5.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$273M	XXX	$273M	XXX	XXX	XXX
EV (current)	$243M	XXX	$243M	XXX	XXX	XXX
EV/Revenue	36.7x	XXX	917.9x	XXX	XXX	XXX
EV/EBITDA	-5.2x	XXX	-6.4x	XXX	XXX	XXX
EV/EBIT	-5.1x	XXX	-6.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-5.7x	XXX	-6.6x	XXX	XXX	XXX
EV/FCF	-5.1x	XXX	-6.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Onward Medical Margins & Growth Rates

Onward Medical's last 12 month revenue growth is 206%

Onward Medical's revenue per employee in the last FY averaged $3K, while opex per employee averaged $0.4M for the same period.

Onward Medical's rule of 40 is -49753% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Onward Medical's rule of X is -193% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Onward Medical Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	206%	XXX	839%	XXX	XXX	XXX
EBITDA Margin	-707%	XXX	-14354%	XXX	XXX	XXX
EBITDA Growth	4%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-49753%	XXX	-14148%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-193%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$3K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	545%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	5433%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	15314%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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