TMDXNasdaqElectromedical & Electrotherapeutic ApparatusFiscal year ends December 31
TransMedics Group, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$71.60+0.82 (+1.16%)
Close on Oct 19, 2026
- Market cap
- $2.91B
- P/E (TTM)
- 18.6
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
59.9%−5.0 pts over 5 years
Operating margin
17.9%+120.8 pts over 5 years
Net margin
31.4%+143.6 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 | +37.1% | +86.4% | +88.2% | – | |
| Gross profit | +38.4% | +77.1% | +85.2% | – | |
| Operating income | +189.6% | – | – | – | |
| Net income | +436.6% | – | – | – | |
| EPS, diluted | +382.2% | – | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -36.3% | 54.2% | |
| Return on assets | – | -22.3% | 20.3% | |
| Current ratio | – | 12.36 | 7.14 | |
| Debt to equity | – | 0.33 | – | |
| Net debt to EBITDA | – | -0.39× | – | |
| Interest coverage | – | -6.6× | 7.9× | |
| Inventory turnover | – | 0.8× | 5.1× | |
| Capex to revenue | – | 1.8% | 9.8% | |
| Diluted shares | – | 25M | 41M |
Where the cash went
Fiscal 2021 to 2025, five years combined
TransMedics generated $329.35M from operations and spent $356.27M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$329.35M
Used
$356.27M
Capital expenditure$356.27M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin31.4%
×Asset turnover0.65×
×Equity multiplier2.67×
=Return on equity, FY202554.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 31.4% | 0.65× | 2.67× | 54.2% |
| FY2024 | 8.0% | 0.58× | 4.13× | 19.4% |
| FY2023 | -10.4% | 0.49× | 3.03× | -15.4% |
| FY2022 | -38.8% | 0.45× | 1.61× | -28.4% |
| FY2021 | -146.1% | 0.21× | 1.67× | -51.5% |
| FY2020 | -112.1% | 0.20× | 1.62× | -36.3% |
| FY2019 | -142.1% | 0.32× | -1.07× | 48.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$190.29M
- Cash generatingOperating cash flow above zero$192.84M
- Return on assets improvedROA up on the prior year5.0% → 23.7%
- Earnings backed by cashOperating cash flow above net income$192.84M vs $190.29M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose8.30 → 7.14
- No dilutionShare count did not rise35M → 41M
- Gross margin improvedGross margin up on the prior year59.36% → 59.92%
- More efficientAsset turnover rose0.63 → 0.75