Tenon Medical, Inc. (TNONW) stock analysis
Close on Oct 30, 2026Market cap $1.37MP/E –Yield –
StockData Score
Prices as of Oct 30, 2026How the score works
Mixed9 of 30 checks passed
Tenon Medical passes 9 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 3/6
- Past performance
- 1/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
No debt
Tenon Medical has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 78.7% a year over the last three fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Elevated bankruptcy risk
The Altman Z-score is -16.64; above 3 is the safe zone and below 1.8 the distress zone.
Return on equity below the industry
Tenon Medical's return on equity of -551% is below the Surgical, Medical, and Dental Instruments and Supplies median of -35.2%.
Net margin below the industry
Tenon Medical's net margin of -258% is below the Surgical, Medical, and Dental Instruments and Supplies median of -15.8%.
Short-term assets don't cover short-term debts
Current assets are 0.58 times current liabilities.
Valuation1/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/S below the industry
Tenon Medical's price-to-sales of 0.26 is below the Surgical, Medical, and Dental Instruments and Supplies median of 2.75 (book value is negative, so we use sales).
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 78.7% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 80.3% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.4%.
Guidance issued
The latest outlook (Fourth Quarter 2025 Revenue, Feb 6, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 66.8% over the last twelve months, against 45.4% a year earlier.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
Tenon Medical's return on equity of -551% is below the Surgical, Medical, and Dental Instruments and Supplies median of -35.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was -258% over the last twelve months, against a 5-year average of -1682%.
Net margin below the industry
Tenon Medical's net margin of -258% is below the Surgical, Medical, and Dental Instruments and Supplies median of -15.8%.
Financial health4/6
No debt
Tenon Medical has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets don't cover short-term debts
Current assets are 0.58 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is -16.64; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Tenon Medical has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Tenon Medical. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Own 5-year median 1.4
- Surgical, Medical, and Dental Instruments and Supplies median 3.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $9.08M
- Value traded per 1% price move
- $105.91K
Downside
High risk
- Typical loss in a bad month
- 65.0%
- Volatility (annualized)
- 220%
- Sharpe ratio, 1 year
- -0.45
- Beta to the S&P 500 (5Y)
- 1.00
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.4% | +78.7% | – | – | |
| Gross profit | +37.8% | – | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -228.1% | |
| Return on assets | – | – | -121.9% | |
| Current ratio | – | – | 2.11 | |
| Interest coverage | – | – | – | |
| Inventory turnover | – | – | 1.9× | |
| Capex to revenue | – | – | 6.9% | |
| Diluted shares | – | – | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tenon Medical generated $49.12M from operations and spent $1.77M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -318.4% | 0.38× | 1.87× | -228.1% |
| FY2024 | -417.2% | 0.40× | 2.40× | -405.2% |
| FY2023 | -532.1% | 0.34× | 2.48× | -443.3% |
| FY2022 | -2737.6% | 0.07× | -1.42× | 264.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$12.56M
- Cash generatingOperating cash flow above zero-$10.75M
- Return on assets improvedROA up on the prior year-215.5% → -127.6%
- Earnings backed by cashOperating cash flow above net income-$10.75M vs -$12.56M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.39 → 2.11
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year52.21% → 59.79%
- More efficientAsset turnover rose0.52 → 0.40