TriSalus Life Sciences, Inc. (TLSI) stock analysis
Close on Nov 13, 2026Market cap $149.63MP/E –Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Weak5 of 30 checks passed
TriSalus Life Sciences passes 5 of the 30 checks behind our score; 17 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
- 1/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 53.9% a year over the last three fiscal years.
Growing faster than the industry
Revenue grew 15.4% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.
Gross margin improving
Gross margin was 86.5% over the last twelve months, against 84.0% a year earlier.
Net margin above its 5-year average
Net margin was -56.6% over the last twelve months, against a 5-year average of -223%.
What to watch
High debt
Debt is 4760% of shareholders' equity, above the 40% we consider low.
Interest not well covered
Operating income covers interest expense -4.9 times; we look for at least 5.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -75.3% of total debt; we look for at least 20%.
Elevated bankruptcy risk
The Altman Z-score is -6.86; above 3 is the safe zone and below 1.8 the distress zone.
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
TriSalus Life Sciences's price-to-book of 220.04 is above the Surgical, Medical, and Dental Instruments and Supplies median of 3.38.
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 53.9% 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 15.4% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.
Guidance lowered
TriSalus Life Sciences lowered its full-year 2026 revenue guidance outlook on Nov 10, 2026.
Gross margin improving
Gross margin was 86.5% over the last twelve months, against 84.0% 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 against the industry
Needs positive equity.
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 -56.6% over the last twelve months, against a 5-year average of -223%.
Net margin below the industry
TriSalus Life Sciences's net margin of -56.6% is below the Surgical, Medical, and Dental Instruments and Supplies median of -12.9%.
Financial health1/6
High debt
Debt is 4760% of shareholders' equity, above 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 -75.3% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense -4.9 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 4.22 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is -6.86; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
TriSalus Life Sciences 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 TriSalus Life Sciences. 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/S at month end
- Own 5-year median 5.6
- Surgical, Medical, and Dental Instruments and Supplies median 2.6
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
High risk
- Average value traded per day
- $798.48K
- Value traded per 1% price move
- $213.96K
Downside
High risk
- Typical loss in a bad month
- 35.6%
- Volatility (annualized)
- 84%
- Sharpe ratio, 1 year
- -0.59
- Beta to the S&P 500 (5Y)
- 0.55
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 | +53.4% | +53.9% | – | – | |
| Gross profit | +50.8% | +55.6% | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 131.3% | |
| Return on assets | – | – | -132.3% | |
| Current ratio | – | – | 2.80 | |
| Debt to equity | – | – | -0.98 | |
| Net debt to EBITDA | – | – | -0.48× | |
| Interest coverage | – | – | -4.9× | |
| Inventory turnover | – | – | 2.0× | |
| Capex to revenue | – | – | 2.0% | |
| Diluted shares | – | – | 38M |
Cash use needs five years of cash flow figures
TriSalus Life Sciences does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -86.9% | 1.52× | -0.99× | 131.3% |
| FY2024 | -102.1% | 1.21× | -0.92× | 113.5% |
| FY2023 | -320.7% | 0.79× | -0.23× | 58.1% |
| FY2022 | -380.6% | 0.09× | -0.89× | 30.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$39.23M
- Cash generatingOperating cash flow above zero-$18.01M
- Return on assets improvedROA up on the prior year-122.1% → -163.6%
- Earnings backed by cashOperating cash flow above net income-$18.01M vs -$39.23M
- Less leverageLong-term debt to assets fell92.1% → 93.5%
- Better liquidityCurrent ratio rose2.02 → 2.80
- No dilutionShare count did not rise25M → 38M
- Gross margin improvedGross margin up on the prior year86.06% → 84.57%
- More efficientAsset turnover rose1.20 → 1.88
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