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Friday 6 November 2026
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Shoulder Innovations, Inc.
Shoulder Innovations, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $47.3 million, up 49.6% from fiscal 2024.
- Revenue
- +37.7%
- EPS
- +46.9%
- Free cash flow
- +38.6%
- Total debt
- 0.00%
Quarter to September 2026, against a year earlier
19.92
0.45
−2.21%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | 32 | 47 | 64 | +49.6% | 68 | 88 | 111 | +32.8% | |
| Gross margin, % | — | — | — | — | — | — | — | — | 76.97 | 76.51 | 77.82 | (0.5) pt | ||||||
| EBT | — | — | — | — | — | — | — | — | (16) | (40) | (33) | +158.4% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | — | (49.39) | (85.29) | (51.72) | (35.9) pt | ||||||
| Net income | — | — | — | — | — | — | — | — | (16) | (40) | (33) | +158.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | — | 490.28 | 5.46 | 3.09 | (98.9%) | |||||
| Earnings | — | — | — | — | — | — | — | — | (242.04) | (4.65) | (1.62) | (98.1%) | ||||||
| Cash flow | — | — | — | — | — | — | — | — | (219.27) | (3.30) | (1.68) | (98.5%) | ||||||
| Capex | — | — | — | — | — | — | — | — | (62.25) | (0.85) | (0.37) | (98.6%) | ||||||
| Free cash flow | — | — | — | — | — | — | — | — | (281.52) | (4.15) | (2.05) | (98.5%) | ||||||
| Book value | — | — | — | — | — | — | — | — | 306.67 | 16.23 | 5.68 | (94.7%) | ||||||
| Shares, m | — | — | — | — | — | — | — | — | 0 | 9 | 18 | +13,346.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | — | 0.05 | 2.62 | 6.62 | 1.3 | ||||||
| P/B | — | — | — | — | — | — | — | — | 0.00 | 0.88 | 3.61 | 0.4 | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | (0.63) | 0.31 | 5.42 | (0.2) | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | 0.98 | (0.41) | (8.19) | 0.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | — | (14) | (29) | (35) | +102.3% | |||||
| Capex | — | — | — | — | — | — | — | — | (4) | (7) | (8) | +84.5% | ||||||
| Free cash flow | — | — | — | — | — | — | — | — | (18) | (36) | (43) | +98.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 27 | 143 | 119 | +420.3% | |||||
| Net debt | — | — | — | — | — | — | — | — | 0 | (109) | (77) | +28,240.4% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 20 | 141 | 118 | +611.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | — | 0.00 | (37.90) | (20.63) | (37.9) pt | |||||
| ROIC | — | — | — | — | — | — | — | — | (47.22) | (52.42) | (53.60) | (5.2) pt | ||||||
| ROE | — | — | — | — | — | — | — | — | 0.00 | (93.80) | (25.05) | (93.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 61 | 75 | — | +23.0% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | — | 0.52 | 0.63 | — | +21.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Shoulder Innovations, 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 |
|---|---|---|---|---|---|---|---|---|---|
| NPCE NeuroPace, Inc. | $435.6M | — (loss-making) | — (loss-making) | −2.95% (below 0%: shrinking) | n/m | −78.70% (below 0%: shrinking) | 82.83% | (22.53%) | Compare |
| CERS Cerus Corporation | $430.2M | — (loss-making) | — (loss-making) | +6.28% (above 0%: growing) | n/m | +2,471.28% (above 0%: growing) | 57.12% | 0.60% | Compare |
| BWAY Brainsway Ltd. Sponsored ADR | $427.1M | 21.2× | — (loss-making) | +35.43% (above 0%: growing) | +40.00% (above 0%: growing) | −51.68% (below 0%: shrinking) | 74.62% | 13.98% | Compare |
| SI Shoulder Innovations, Inc. | $424.1M | — (loss-making) | — (loss-making) | +37.73% (above 0%: growing) | n/m | +38.63% (above 0%: growing) | 78.47% | (46.92%) | |
| SENS Senseonics Holdings, Inc. | $422.5M | — (loss-making) | — (loss-making) | +117.82% (above 0%: growing) | n/m | −223.24% (below 0%: shrinking) | 59.10% | (248.48%) | Compare |
| MASS 908 Devices Inc. | $419.5M | — (loss-making) | — (loss-making) | +23.31% (above 0%: growing) | n/m | +150.95% (above 0%: growing) | 51.90% | (79.69%) | Compare |
| RCEL Avita Medical Inc. | $389.5M | — (loss-making) | — (loss-making) | +53.05% (above 0%: growing) | n/m | +86.66% (above 0%: growing) | 84.02% | (17.95%) | Compare |
| SSII SS Innovations International, Inc. | $380.9M | — (loss-making) | — (loss-making) | +39.39% (above 0%: growing) | n/m | −16.62% (below 0%: shrinking) | 50.94% | (16.29%) | Compare |
| OFIX ORTHOFIX MEDICAL INC. | $363.3M | — (loss-making) | — (loss-making) | +3.85% (above 0%: growing) | n/m | −516.58% (below 0%: shrinking) | 70.97% | (3.86%) | Compare |
| Median of peers | $421.0M | — | — | +29.37% | — | −34.15% | 65.04% | (17.12%) |
Pay and ownership Proxy statement filed 29 April 2026
Ownership
Directors and executive officers, together
29.00%
Entities affiliated with FMR LLC
18.60%
Casey Tansey
13.20%
Entities affiliated with U.S. Venture Partners
13.00%
Coöperatieve Gilde Healthcare V U.A.
11.50%
Entities affiliated with Lightstone Ventures
9.10%
Michael Carusi
9.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement