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Shoulder Innovations, Inc. (SI) stock analysis

SINYSESurgical & Medical Instruments & ApparatusFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 8/3062% above fair value
$21.92−0.01 (-0.05%)

Close on Nov 11, 2026Market cap $456.35MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth3Performance1Health4Dividend0

Weak8 of 30 checks passed

Shoulder Innovations passes 8 of the 30 checks behind our score; 15 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
0/6
Growth
3/6
Past performance
1/6
Financial health
4/6
Dividend
0/6

What stands out

  • Low debt

    Debt is 12.5% of shareholders' equity, under the 40% we consider low.

  • Interest well covered

    No meaningful interest expense to cover.

  • Low bankruptcy risk

    The Altman Z-score is 9.53; above 3 is the safe zone and below 1.8 the distress zone.

  • Guidance raised

    Shoulder Innovations raised its full year 2026 net revenue outlook on Aug 6, 2026.

What to watch

  • Margin of safety under 20%

    The price is 62.2% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $21.92 is above our fair value estimate of $13.51.

  • Return on capital under 10%

    Return on invested capital was -83.6%, below the 10% that usually covers the cost of capital.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals -235% of total debt; we look for at least 20%.

Valuation0/6

  • 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/B above the industry

    Shoulder Innovations's price-to-book of 3.85 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.22.

  • Trading above fair value

    The share price of $21.92 is above our fair value estimate of $13.51.

  • Margin of safety under 20%

    The price is 62.2% above fair value, so there is no margin of safety.

Growth3/6

  • Revenue growth over 3 years

    Needs three years of positive revenue.

  • 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 54.9% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.

  • Guidance raised

    Shoulder Innovations raised its full year 2026 net revenue outlook on Aug 6, 2026.

  • Gross margin improving

    Gross margin was 77.8% over the last twelve months, against 76.7% a year earlier.

Past performance1/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital under 10%

    Return on invested capital was -83.6%, below the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    Shoulder Innovations's return on equity of -25.1% is above the Surgical, Medical, and Dental Instruments and Supplies median of -31.3%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin below the industry

    Shoulder Innovations's net margin of -51.7% is below the Surgical, Medical, and Dental Instruments and Supplies median of -14.1%.

Financial health4/6

  • Low debt

    Debt is 12.5% of shareholders' equity, under the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals -235% of total debt; we look for at least 20%.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 10.68 times current liabilities.

  • Low bankruptcy risk

    The Altman Z-score is 9.53; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Shoulder Innovations 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.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$13.51

The share price is 62% above this estimate.

20%+ below
Near fair value
20%+ above
$21.92Price$13.51Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/B3.2×–3.2×$18.2950%
P/S2.8×–2.8×$8.7350%
Fair value$13.51100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Surgical, Medical, and Dental Instruments and Supplies median 3.2

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
$2.29M
Value traded per 1% price move
$986.36K

Downside

Medium risk

Typical loss in a bad month
19.1%
Volatility (annualized)
69%
Sharpe ratio, 1 year
1.38
Beta to the S&P 500 (5Y)
–

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2023 to 2025

Gross margin

76.5%

Operating margin

-55.6%

Net margin

-85.3%

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