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Establishment Labs Holdings Inc.

ESTA Healthcare Medical Devices

Establishment Labs Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $211.1 million, up 27.1% from fiscal 2024. In the quarter to June 2026, revenue grew 31.7%, EPS grew 31.6%, free cash flow grew 2.75% and total debt rose 18.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years.

59.18 2.18 −3.55%
Market cap
$1.8B
P/E
0.0×
Fwd P/E
−64.7×
Dividend yield
—
F-score
5/9
Altman Z
2.73
Beneish M
−2.30
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 36.89
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 — — — 2 2 5 — — — — —
Insider Ownership 9.14%

Capital & Financial Ratios $m

Market Cap 1,830.00
Revenue 245.82
Net Income (38.89)
Free Cash Flow (41.55)
Net Debt 190.55
Current Ratio 3.84 (at or above 1.5: strong)
Debt/Equity 12.11 (above 2: weak)
P/E ratio 0.00
Fwd P/E (64.70) (negative: loss-making)
P/S ratio 7.25
P/B ratio 82.50 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 30.93% (at or above 15%: strong)
Next Y EPS Growth 98.41% (at or above 15%: strong)
Next Y revenue growth 28.01% (at or above 10%: strong)
Next 5Y EPS Growth 73.44% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.1×, against a ten-year median of 9.1×; over the ten years it ranged from 3.2× in 2020 to 20.9× in 2021.
P/S against its own 10 years 33.38%
10-year low 10-year high
P/B against its own 10 years 79.23%
10-year low 10-year high
EV/Sales against its own 10 years 39.32%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 40 90 76 71
Receivables 47 65 77 76
Inventory 79 79 86 85
Other — — — —
175 243 250 248
2023 2024 2025 Q'26
Payables 42 45 43 33
ST’ Debt — — — —
Other 2 7 20 14
57 68 82 65

Compound Annual Growth %

10y 5y 3y
Sales — 20.04% 9.29%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (20.67%) 0.00%

Revenue $m

Mar Jun Sep Dec Year
’26 60 68 — — —
’25 41 51 54 65 211
’24 37 44 40 45 166
’23 47 49 39 32 165
’22 38 41 38 44 162
’21 30 32 29 35 127
’20 24 10 23 27 85
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (17) — — —
’25 (21) (19) (11) 0 (51)
’24 (11) (14) (12) (21) (59)
’23 (21) (28) (32) (8) (89)
’22 (5) (11) (22) (14) (52)
’21 (7) (1) (12) (8) (28)
’20 (7) (6) (3) 3 (13)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (6) (20) — — —
’25 (22) (21) (13) (2) (58)
’24 (18) (19) (15) (23) (74)
’23 (25) (37) (38) (13) (113)
’22 (11) (25) (27) (24) (87)
’21 (8) (2) (14) (11) (35)
’20 (8) (7) (5) 7 (14)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.45) (0.39) — — —
’25 (0.70) (0.57) (0.38) (0.09) (1.72)
’24 (0.58) (0.62) (0.59) (1.19) (3.00)
’23 (0.48) (0.65) (1.12) (0.79) (3.07)
’22 (0.24) (1.52) (0.76) (0.55) (3.08)
’21 (0.29) (0.22) (0.61) (0.59) (1.72)
’20 (0.79) (0.45) (0.18) (0.23) (1.63)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 20.05 16.55 7.56 35.10 44.03 16.96 24.42 26.56

Analyst estimates 2026–2028

Powerpack
High — — 30.71 30.06 37.88 88.66 93.80 79.88 60.12 78.24
People
People Employees — 397 505 602 521 746 958 908 1,018 1,004
Revenue/emp, $m 0.00 0.09 0.12 0.15 0.16 0.17 0.17 0.18 0.16 0.21
Income, $m
Income, $m Revenue 20 35 61 90 85 127 162 165 166 211
Gross margin, % 50.99 51.04 59.01 61.25 62.00 67.42 65.92 64.78 65.97 69.32
EBT (22) (35) (21) (38) (38) (40) (73) (79) (85) (58)
EBT margin, % (111.23) (100.32) (34.12) (41.88) (44.90) (31.35) (45.04) (47.58) (50.97) (27.49)
Net income (22) (35) (21) (38) (38) (41) (75) (79) (85) (51)
Depreciation 1 2 3 3 5 6 4 5 8 10
Per share, $
Per share, $ Revenue 3.05 3.39 3.53 4.36 3.63 5.28 6.61 6.45 5.90 7.13
Earnings (3.42) (3.41) (1.22) (1.86) (1.63) (1.72) (3.08) (3.07) (3.00) (1.72)
Cash flow (2.20) (3.12) (1.95) (1.46) (0.54) (1.15) (2.13) (3.46) (2.08) (1.72)
Capex (1.63) (0.09) (0.10) (0.38) (0.05) (0.30) (1.42) (0.96) (0.55) (0.23)
Free cash flow (3.83) (3.22) (2.06) (1.84) (0.59) (1.45) (3.56) (4.42) (2.63) (1.94)
Book value (4.08) (0.49) 4.00 1.93 3.22 2.12 (0.33) 0.72 1.89 0.80
Shares, m 6 10 17 21 23 24 24 26 28 30
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 7.97 7.97 7.77 6.34 10.36 12.79 9.49 4.12 7.81 10.23
P/B 160.25 160.25 6.85 14.34 11.71 31.93 0.00 37.00 24.44 91.68
EV/Sales 8.61 8.61 7.63 6.70 10.21 12.95 10.29 5.15 8.72 11.14
EV/FCF (12.56) (12.56) (11.78) (15.89) (63.19) (47.27) (19.14) (7.52) (19.55) (40.82)
Cash, $m
Cash, $m Operating cash flow (14) (32) (34) (30) (13) (28) (52) (89) (59) (51)
Capex (11) (1) (2) (8) (1) (7) (35) (25) (16) (7)
Free cash flow (25) (33) (36) (38) (14) (35) (87) (113) (74) (58)
Balance, $m
Balance, $m Working capital (42) (18) 83 73 106 81 111 118 175 168
Total debt 21 1 22 48 50 52 175 189 220 248
Net debt 21 (10) (30) 10 (35) (2) 109 149 129 172
Shareholders’ equity (26) (5) 69 40 75 51 (8) 18 53 24
Returns, %
Returns, % ROA (51.14) (80.54) (24.30) (32.73) (27.94) (27.80) (42.90) (32.73) (27.49) (14.51)
ROIC 0.00 0.00 (38.08) (38.60) (43.33) (31.92) (24.56) (24.32) (17.14) (12.47)
ROE 140.92 221.93 (65.45) (69.94) (66.54) (65.46) (353.48) (1,537.75) (236.67) (133.25)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Establishment Labs Holdings Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMDX TransMedics Group, Inc. $2.7B 16.0× 34.1× +20.70% (above 0%: growing) −59.22% (below 0%: shrinking) −87.62% (below 0%: shrinking) 59.59% 12.50% Compare
UFPT UFP Technologies, Inc. $2.3B 31.2× 23.6× +15.07% (above 0%: growing) +20.63% (above 0%: growing) −35.77% (below 0%: shrinking) 29.27% 16.15% Compare
BFLY Butterfly Network, Inc. $2.1B — (loss-making) — (loss-making) +39.47% (above 0%: growing) n/m −113.85% (below 0%: shrinking) 71.41% (41.90%) Compare
AXGN AxoGen, Inc. $2.1B — (loss-making) — (loss-making) +23.06% (above 0%: growing) n/m −17.36% (below 0%: shrinking) 72.67% (3.09%) Compare
INSP Inspire Medical Systems, Inc. $2.0B 14.8× 93.5× −7.60% (below 0%: shrinking) n/m +322.84% (above 0%: growing) 85.48% (0.26%) Compare
ESTA Establishment Labs Holdings Inc. $1.8B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%)
ATEC Alphatec Holdings, Inc. $1.7B — (loss-making) — (loss-making) +15.07% (above 0%: growing) n/m −146.87% (below 0%: shrinking) 72.17% (0.89%) Compare
NVCR NovoCure Limited $1.7B — (loss-making) — (loss-making) +15.60% (above 0%: growing) n/m +105.68% (above 0%: growing) 77.61% (5.75%) Compare
CNMD CONMED Corporation $1.4B 25.3× 8.8× +0.33% (above 0%: growing) +11.59% (above 0%: growing) +45.96% (above 0%: growing) 57.49% 10.60% Compare
Median of peers $2.1B 20.6× 28.9× +15.34% +11.59% −26.56% 71.79% (0.57%)

All 149 Medical Devices stocks →

Establishment Labs Holdings Inc. (ESTA) key facts

  • Concern: Establishment Labs Holdings Inc. reported a net loss of $51.1 million, or a loss of $1.72 per share, for fiscal 2025.
  • Strength: Establishment Labs Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $211.1 million, up 27.1% from fiscal 2024.
  • Establishment Labs Holdings Inc. (ESTA) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, ESTA traded at $59.18, a market capitalization of $1.8 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 7.3× sales.
  • Return on equity was −133.3% and debt-to-equity 12.11.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.73 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Establishment Labs Holdings Inc. (ESTA) Latest News

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stockrow.com/ESTA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com