13 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 16.3% per year over the past 5 years.
Operating margin has expanded, at -504.1% in the latest year.
Financial health
The company is unprofitable; at its current free-cash-flow burn it has roughly 3.2 years of cash runway.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$43M
-$204M
0.0%
-504.1%
-$188M
—
$602M
2024
$108M
-$97M
0.0%
-101.9%
-$152M
—
$302M
2023
$113M
-$58M
0.0%
-60.0%
-$21M
—
$200M
2022
$4M
-$162M
0.0%
-4459.3%
-$129M
—
$88M
2021
$41M
-$122M
0.0%
-310.1%
-$90M
—
$151M
2020
$20M
-$150M
0.0%
-763.9%
-$117M
—
$184M
2019
$16M
-$194M
0.0%
-1303.4%
-$192M
—
$147M
2018
$14M
-$147M
0.0%
-1106.7%
-$33M
—
$175M
2017
$4M
-$102M
0.0%
-2630.1%
-$103M
—
$143M
2016
$1M
-$56M
0.0%
-5102.6%
-$37M
—
$150M
2015
—
-$19M
—
—
—
—
$161M
2014
—
-$5M
—
—
—
—
$1M
2013
—
-$3M
—
—
—
—
$439000
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$38M
-$26M
0.0%
-81.8%
-$60M
—
$545M
Dec '25
—
-$53M
—
—
-$34M
—
$602M
Sep '25
—
-$54M
—
—
-$45M
—
$196M
Jun '25
$9M
-$50M
0.0%
-606.5%
-$46M
—
$208M
Mar '25
$9M
-$47M
0.0%
-542.8%
-$63M
—
$243M
Dec '24
—
$29M
—
—
-$44M
—
$302M
Sep '24
—
-$62M
—
—
-$47M
—
$311M
Jun '24
$20M
-$33M
0.0%
-177.7%
-$28M
—
$154M
Mar '24
$13M
-$32M
0.0%
-274.8%
-$34M
—
$181M
Dec '23
$29M
-$16M
0.0%
-64.3%
-$34M
—
$200M
Sep '23
$49M
$7M
0.0%
9.0%
-$35M
—
$140M
Jun '23
$22M
-$21M
0.0%
-106.2%
-$37M
—
$173M
Mar '23
$13M
-$27M
0.0%
-234.2%
$85M
—
$208M
Dec '22
$1M
-$44M
0.0%
-3516.0%
-$34M
—
$88M
Sep '22
$285000
-$39M
0.0%
-13648.8%
-$26M
—
$97M
Jun '22
$375000
-$41M
0.0%
-11243.7%
-$29M
—
$123M
Mar '22
$2M
-$38M
0.0%
-2176.8%
-$40M
—
$62M
Dec '21
$2M
-$35M
0.0%
-2045.9%
-$7M
—
$151M
Sep '21
$36M
-$6M
0.0%
-20.9%
-$28M
—
$124M
Jun '21
$3M
-$39M
0.0%
-1434.7%
-$10M
—
$144M
Valuation over time
How the market has priced WVE against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-sales ratio has fallen from 228.8× (Mar '23) to 25.9× (Jun '26).
Price / sales (P/S)
P/S
Frequently asked questions
Is WVE growing its revenue and profit?
Over the past 5 years, Wave Life Sciences Ltd.'s revenue has grown 16.3% per year. These are computed facts, not advice.
How much debt does WVE have?
As of FY2025, Wave Life Sciences Ltd. reported — of total debt against $602M of cash.
What is WVE's profit margin?
In FY2025, gross margin was —, operating margin -504.1%, and net margin -478.3%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.