TMCINasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
TREACE MEDICAL CONCEPTS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$3.88+0.01 (+0.26%)
Close on Oct 19, 2026
- Market cap
- $252.39M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
79.8%+1.5 pts over 5 years
Operating margin
-25.5%−27.0 pts over 5 years
Net margin
-27.7%−21.3 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 | +1.6% | +14.5% | +30.0% | – | |
| Gross profit | +0.9% | +13.4% | +30.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -186.3% | -58.9% | |
| Return on assets | – | – | -28.9% | |
| Current ratio | – | 3.53 | 4.31 | |
| Debt to equity | – | 39.92 | 0.66 | |
| Net debt to EBITDA | – | 6.25× | -1.07× | |
| Interest coverage | – | 0.3× | -10.2× | |
| Inventory turnover | – | – | 1.1× | |
| Capex to revenue | – | 1.9% | 6.4% | |
| Diluted shares | – | 37M | 63M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Treace Medical Concepts generated $135.55M from operations and spent $54.11M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$135.55M
Used
$54.11M
Capital expenditure$54.11M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-27.7%
×Asset turnover1.04×
×Equity multiplier2.04×
=Return on equity, FY2025-58.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -27.7% | 1.04× | 2.04× | -58.9% |
| FY2024 | -26.6% | 0.89× | 1.87× | -44.4% |
| FY2023 | -26.5% | 0.91× | 2.07× | -49.9% |
| FY2022 | -30.2% | 0.95× | 1.95× | -55.7% |
| FY2021 | -21.8% | 1.03× | 1.95× | -43.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$59.00M
- Cash generatingOperating cash flow above zero-$15.97M
- Return on assets improvedROA up on the prior year-22.1% → -27.2%
- Earnings backed by cashOperating cash flow above net income-$15.97M vs -$59.00M
- Less leverageLong-term debt to assets fell24.6% → 29.2%
- Better liquidityCurrent ratio rose4.62 → 4.31
- No dilutionShare count did not rise62M → 63M
- Gross margin improvedGross margin up on the prior year80.37% → 79.81%
- More efficientAsset turnover rose0.83 → 0.98