ESTANasdaqOrthopedic, Prosthetic & Surgical Appliances & SuppliesFiscal year ends December 31
ESTABLISHMENT LABS HOLDINGS INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$58.26−0.92 (-1.55%)
Close on Oct 19, 2026
- Market cap
- $1.75B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
69.3%+7.3 pts over 5 years
Operating margin
-18.5%+14.5 pts over 5 years
Net margin
-24.2%+20.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +27.1% | +9.3% | +20.0% | – | |
| Gross profit | +33.6% | +11.1% | +22.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -66.5% | -133.3% | |
| Return on assets | – | -27.9% | -14.5% | |
| Current ratio | – | 5.11 | 3.04 | |
| Debt to equity | – | 0.66 | 10.51 | |
| Net debt to EBITDA | – | – | -5.24× | |
| Interest coverage | – | -3.0× | -1.5× | |
| Inventory turnover | – | 1.2× | 0.8× | |
| Capex to revenue | – | 2.5% | 2.9% | |
| Diluted shares | – | 23M | 30M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Establishment Labs generated $277.62M from operations and spent $25.35M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$277.62M
Used
$25.35M
Capital expenditure$25.35M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-24.2%
×Asset turnover0.60×
×Equity multiplier9.19×
=Return on equity, FY2025-133.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -24.2% | 0.60× | 9.19× | -133.3% |
| FY2024 | -51.0% | 0.54× | 8.61× | -236.7% |
| FY2023 | -47.5% | 0.69× | 46.98× | -1537.7% |
| FY2022 | -46.5% | 0.92× | 8.24× | -353.5% |
| FY2021 | -32.5% | 0.86× | 2.35× | -65.5% |
| FY2020 | -45.0% | 0.62× | 2.38× | -66.5% |
| FY2019 | -42.6% | 0.77× | 2.14× | -69.9% |
| FY2018 | -34.5% | 0.70× | 2.69× | -65.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$51.06M
- Cash generatingOperating cash flow above zero-$50.89M
- Return on assets improvedROA up on the prior year-31.5% → -14.7%
- Earnings backed by cashOperating cash flow above net income-$50.89M vs -$51.06M
- Less leverageLong-term debt to assets fell63.3% → 69.3%
- Better liquidityCurrent ratio rose3.56 → 3.04
- No dilutionShare count did not rise28M → 30M
- Gross margin improvedGross margin up on the prior year65.97% → 69.32%
- More efficientAsset turnover rose0.62 → 0.61