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Treace Medical Concepts, Inc.

TMCI Healthcare Medical Devices

Treace Medical Concepts, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $212.7 million, up 1.59% from fiscal 2024. In the quarter to June 2026, revenue fell 4.24%, EPS grew 14.3%, free cash flow grew 11.7% and total debt rose 4.84%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

3.87 0.25 −6.07%
Market cap
$267.9M
P/E
0.0×
Fwd P/E
−3.9×
Dividend yield
—
F-score
2/9
Altman Z
−0.11
Beneish M
−3.51
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 buys 1.45
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 2 3 — 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 26.72%

Capital & Financial Ratios $m

Market Cap 267.94
Revenue 205.31
Net Income (59.52)
Free Cash Flow (25.05)
Net Debt 10.42
Current Ratio 2.90 (at or above 1.5: strong)
Debt/Equity 0.83
P/E ratio 0.00
Fwd P/E (3.90) (negative: loss-making)
P/S ratio 1.23
P/B ratio 3.72
Past 5Y EPS Growth —
This Y EPS Growth 8.60%
Next Y EPS Growth 8.94%
Next Y revenue growth (2.44%) (below 0%: weak)
Next 5Y EPS Growth 9.18%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 3.9×; over the ten years it ranged from 0.4× in 2026 to 19.2× in 2021.
P/S against its own 10 years 10.74%
10-year low 10-year high
P/B against its own 10 years 23.07%
10-year low 10-year high
EV/Sales against its own 10 years 11.32%
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
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 123 76 48 46
Receivables 38 41 42 29
Inventory 29 39 36 40
Other — — — —
198 161 132 120
2023 2024 2025 Q'26
Payables 12 11 7 16
ST’ Debt — — — —
Other 4 1 2 4
45 35 31 41

Compound Annual Growth %

10y 5y 3y
Sales — 29.96% 14.46%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 157.19% 13.00%

Revenue $m

Mar Jun Sep Dec Year
’26 47 45 — — —
’25 53 47 50 63 213
’24 51 44 45 69 209
’23 42 42 41 62 187
’22 29 30 33 50 142
’21 19 21 22 33 94
’20 11 8 14 24 57
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7 (5) — — —
’25 4 (3) (9) (8) (16)
’24 (7) (14) (12) (4) (37)
’23 (17) (8) (10) 1 (35)
’22 (7) (11) (7) (5) (31)
’21 0 (4) (9) (4) (17)
’20 (1) (2) (4) 2 (4)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4 (7) — — —
’25 1 (8) (12) (10) (29)
’24 (11) (16) (15) (7) (49)
’23 (19) (13) (13) (2) (46)
’22 (9) (16) (13) (8) (45)
’21 (1) (4) (10) (5) (20)
’20 (2) (2) (4) 2 (6)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.28) (0.24) — — —
’25 (0.25) (0.28) (0.26) (0.15) (0.93)
’24 (0.30) (0.34) (0.25) (0.01) (0.90)
’23 (0.23) (0.20) (0.28) (0.10) (0.81)
’22 (0.16) (0.31) (0.22) (0.08) (0.77)
’21 (0.07) (0.10) (0.12) (0.12) (0.43)
’20 (0.04) (0.05) (0.07) 0.07 (0.10)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 — — — — — 15.00 12.48 5.27 3.92 2.36

Analyst estimates 2026–2028

Powerpack
High — — — — — 37.17 25.02 27.97 15.98 10.79
People
People Employees — — — — 133 248 423 516 477 450
Revenue/emp, $m — — — 0.00 0.43 0.38 0.34 0.36 0.44 0.47
Income, $m
Income, $m Revenue — — — 39 57 94 142 187 209 213
Gross margin, % — — — 80.64 78.26 82.11 82.00 81.20 80.37 79.81
EBT — — — (4) (4) (21) (43) (50) (56) (59)
EBT margin, % — — — (10.82) (6.39) (21.77) (30.19) (26.47) (26.63) (27.74)
Net income — 0 — (4) (4) (21) (43) (50) (56) (59)
Depreciation — — — 1 1 1 2 4 8 11
Per share, $
Per share, $ Revenue — — — 1.07 1.55 1.95 2.57 3.08 3.37 3.36
Earnings — — — (0.12) (0.10) (0.43) (0.77) (0.81) (0.90) (0.93)
Cash flow — — — (0.21) (0.12) (0.36) (0.55) (0.57) (0.60) (0.25)
Capex — — — (0.03) (0.03) (0.06) (0.27) (0.19) (0.19) (0.21)
Free cash flow — — — (0.24) (0.15) (0.41) (0.82) (0.76) (0.78) (0.47)
Book value — — — 0.00 0.02 1.92 1.10 2.27 1.82 1.38
Shares, m — — — 37 37 48 55 61 62 63
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — 14.91 14.91 9.56 8.73 4.08 2.21 0.73
P/B — — — 0.00 0.00 9.70 20.45 5.54 4.09 1.77
EV/Sales — — — 15.14 15.14 8.77 8.54 3.72 2.11 0.77
EV/FCF — — — (211.71) (211.71) (41.61) (26.62) (15.12) (9.06) (5.56)
Cash, $m
Cash, $m Operating cash flow — — — (8) (4) (17) (31) (35) (37) (16)
Capex — — — (1) (1) (3) (15) (11) (12) (14)
Free cash flow — — — (9) (6) (20) (45) (46) (49) (29)
Balance, $m
Balance, $m Working capital — — — 21 29 120 103 153 126 101
Total debt — — — 19 31 30 53 53 53 56
Net debt — — — 7 13 (76) (29) (70) (22) 7
Shareholders’ equity — — — — 1 93 61 138 113 87
Returns, %
Returns, % ROA — — — 0.00 (20.61) (22.72) (28.56) (24.10) (23.77) (28.95)
ROIC — — — (31.19) 3.84 (61.50) (68.08) (47.44) (38.45) (35.80)
ROE — — — 82.21 72.20 (48.30) (55.75) (49.91) (44.45) (58.94)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Treace Medical Concepts, 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
CLPT ClearPoint Neuro, Inc. $294.1M — (loss-making) — (loss-making) +18.07% (above 0%: growing) n/m −173.51% (below 0%: shrinking) 61.67% (94.15%) Compare
QSI Quantum-Si Incorporated $286.7M — (loss-making) — (loss-making) −41.79% (below 0%: shrinking) n/m +9.75% (above 0%: growing) 50.00% (7,450.29%) Compare
INFU InfuSystems Holdings, Inc. $277.2M 31.7× 21.7× +2.59% (above 0%: growing) +33.33% (above 0%: growing) −66.54% (below 0%: shrinking) 57.98% 11.24% Compare
TMCI Treace Medical Concepts, Inc. $267.9M — (loss-making) — (loss-making) −4.24% (below 0%: shrinking) n/m +11.74% (above 0%: growing) 78.47% (32.96%)
CATX Perspective Therapeutics, Inc. $267.1M — (loss-making) — (loss-making) −72.07% (below 0%: shrinking) n/m −66.09% (below 0%: shrinking) 100.00% (36,120.99%) Compare
LAB Standard BioTools Inc. $258.5M 2.9× — (loss-making) −7.62% (below 0%: shrinking) n/m +52.76% (above 0%: growing) 52.40% (126.28%) Compare
TLSI TriSalus Life Sciences, Inc. $240.1M — (loss-making) — (loss-making) +1.73% (above 0%: growing) n/m −41.29% (below 0%: shrinking) 86.78% (86.03%) Compare
ELMD Electromed, Inc. $232.3M 20.0× 25.5× +11.64% (above 0%: growing) +57.69% (above 0%: growing) −25.15% (below 0%: shrinking) 78.71% 19.70% Compare
PROF Profound Medical $230.5M — (loss-making) — (loss-making) +12.30% (above 0%: growing) n/m +17.51% (above 0%: growing) 78.41% (445.67%) Compare
Median of peers $262.8M 20.0× — +2.16% — −33.22% 70.04% (110.21%)

All 149 Medical Devices stocks →

Treace Medical Concepts, Inc. (TMCI) key facts

  • Concern: Treace Medical Concepts, Inc. reported a net loss of $59.0 million, or a loss of $0.93 per share, for fiscal 2025.
  • Strength: Treace Medical Concepts, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $212.7 million, up 1.59% from fiscal 2024.
  • Treace Medical Concepts, Inc. (TMCI) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, TMCI traded at $3.87, a market capitalization of $267.9 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 1.2× sales.
  • Return on equity was −58.9% and debt-to-equity 0.83.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −0.11 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Treace Medical Concepts, Inc. (TMCI) Latest News

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