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TransMedics Group, Inc.

TMDX Healthcare Medical Devices

TransMedics Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $605.5 million, up 37.1% from fiscal 2024.

Revenue
+41.2%
EPS
−31.0%
Free cash flow
−55.4%
Total debt
−89.3%

Quarter to September 2026, against a year earlier

84.06 15.08 +21.86%
Market cap
$2.4B
P/E
16.4×
Fwd P/E
49.4×
Dividend yield
—
F-score
7/9
Altman Z
5.32
Beneish M
−1.32
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.90
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — 5 — — 1 — — — — —
Insider Ownership 3.89%

Capital & Financial Ratios $m

Size
Market Cap 2,390.00
Revenue ttm 727.65
Net income ttm 144.45
Free cash flow ttm 44.70
Net debt Q (438.14)
Valuation
P/E 16.41
Forward P/E 49.40 (above 35: high)
Price / sales 3.29
Forward P/S Powerpack
Price / FCF 53.51
Price / book 4.34
Financial health
Current ratio Q 4.53 (at or above 1.5: strong)
Debt / equity Q 0.10 (at or below 0.5: strong)
Interest coverage Q 3.87
Growth
Revenue growth Q +41.15% (above 0%: growing)
Operating income growth Q +20.78% (above 0%: growing)
EPS, this year −69.51% (below 0%: weak)
EPS, next year A +54.22% (at or above 15%: strong)
Revenue, next year A +22.58% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −13.19% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 13.1×; over the ten years it ranged from 3.7× in 2026 to 41.8× in 2021.
P/S against its own 10 years 2.49%
10-year low 10-year high
P/B against its own 10 years 9.36%
10-year low 10-year high
EV/Sales against its own 10 years 0.58%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 395 337 488 493
Receivables 64 98 84 115
Inventory 44 47 49 58
Other — — — —
511 497 638 692
2023 2024 2025 Q'26
Payables 13 10 10 10
ST’ Debt — — 10 55
Other — — — —
55 60 89 153

Compound Annual Growth %

10y 5y 3y
Sales — 88.21% 86.42%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 35.42% 36.17%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.50 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.37 0.66 Beat by 0.29
Q4 FY25 0.41 0.57 Beat by 0.16
Q1 FY26 0.62 0.30 Miss by 0.32
Q2 FY26 0.50 0.44 Miss by 0.06
Q3 FY26 0.27 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.41 0.46 — —
’25 0.70 0.92 0.66 2.62 4.87
’24 0.35 0.35 0.12 0.19 1.01
’23 (0.08) (0.03) (0.78) 0.12 (0.77)
’22 (0.38) (0.41) (0.25) (0.21) (1.23)
’21 (0.29) (0.39) (0.47) (0.46) (1.60)
’20 (0.42) (0.36) (0.19) (0.23) (1.16)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 174 190 203 — —
’25 144 157 144 161 605
’24 97 114 109 122 442
’23 42 52 66 81 242
’22 16 21 26 31 93
’21 7 8 5 10 30
’20 8 3 7 8 26
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 25 17 36 — —
’25 (3) 92 70 35 193
’24 (3) 26 7 20 49
’23 (9) (6) (7) 8 (13)
’22 (18) (9) (14) (4) (46)
’21 (7) (6) (9) (7) (29)
’20 (8) (9) (6) (7) (30)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (12) 10 28 — —
’25 (30) 83 62 19 134
’24 (48) 2 (41) 6 (81)
’23 (10) (7) (142) (34) (192)
’22 (20) (13) (17) (7) (58)
’21 (7) (6) (9) (10) (32)
’20 (8) (9) (6) (7) (31)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten 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 6 8 13 24 26 30 93 242 442 605 728 +66.3% 742 875 1,016 +18.8%
Gross margin, % 8.70 24.81 44.05 58.73 64.88 69.92 69.84 63.77 59.36 59.92 58.60 +51.2 pt
EBT (24) (21) (24) (34) (29) (44) (36) (27) 36 108 74 n/m
EBT margin, % (387.58) (270.54) (182.18) (141.95) (112.00) (145.99) (38.70) (11.04) 8.10 17.76 10.12 +405.3 pt
Net income (24) 0 (24) (34) (29) (44) (36) (25) 35 190 144 n/m
Per share, $
Per share, $ Revenue 0.31 0.39 9.58 1.66 1.04 1.10 3.16 7.43 13.29 17.81 20.98 +56.8%
Earnings (1.21) (1.04) (17.48) (2.36) (1.16) (1.60) (1.23) (0.77) 1.07 5.60 4.20 n/m
Cash flow (1.21) (1.16) (19.12) (2.27) (1.23) (1.05) (1.55) (0.40) 1.47 5.67 3.24 n/m
Capex 0.00 0.00 (0.31) (0.01) (0.02) (0.13) (0.40) (5.51) (3.90) (1.74) (1.95) n/m
Free cash flow (1.21) (1.16) (19.43) (2.28) (1.24) (1.17) (1.95) (5.91) (2.44) 3.93 1.29 n/m
Book value 0.00 0.89 (4.21) 3.85 4.21 2.46 6.34 4.22 6.88 13.92 15.87 n/m
Shares, m 20 20 1 14 25 28 30 33 33 34 34 +6.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.27 21.80 16.41 8.0
P/S 2.09 2.09 2.09 11.44 19.17 17.49 18.06 10.34 4.69 6.83 3.29 9.4
P/B 0.00 0.00 0.00 4.94 4.73 7.80 9.01 18.20 9.06 8.74 4.34 6.2
EV/Sales 3.51 3.51 3.51 9.47 15.62 15.59 16.55 10.80 5.09 6.87 3.84 9.1
EV/FCF (1.95) (1.95) (1.95) (6.89) (13.04) (14.57) (26.80) (13.59) (27.76) 31.14 62.54 (7.7)
Cash, $m
Cash, $m Operating cash flow (24) (23) (26) (32) (30) (29) (46) (13) 49 193 112 n/m
Capex (1) 0 0 0 0 (4) (12) (179) (130) (59) (68) +50.7%
Free cash flow (24) (23) (26) (32) (31) (32) (58) (192) (81) 134 45 n/m
Balance, $m
Balance, $m Working capital — 23 22 84 135 95 229 456 437 548 540 +48.5%
Net debt — (16) 13 (47) (91) (57) (141) 111 173 24 (438) n/m
Shareholders’ equity — 18 (6) 55 104 68 187 137 229 473 551 +50.7%
Returns, %
Returns, % ROA 0.00 (52.61) (112.70) (45.50) (22.34) (30.82) (17.59) (5.09) 4.70 20.33 11.73 +20.3 pt
ROIC — 0.00 (164.13) (228.22) (127.77) (232.50) (42.41) (7.22) 5.84 13.65 48.00 +13.7 pt
ROE 0.00 11.54 13.16 48.76 (36.27) (51.49) (28.39) (15.42) 19.39 54.24 31.89 +54.2 pt
People
People Employees — — 92 109 110 148 212 584 728 898 — +38.5%
Revenue/emp, $m 0.00 0.00 0.14 0.22 0.23 0.20 0.44 0.41 0.61 0.67 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

TransMedics Group, 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
AXGN AxoGen, Inc. $2.9B — (loss-making) — (loss-making) +26.22% (above 0%: growing) +163.16% (above 0%: growing) +994.99% (above 0%: growing) 74.81% 1.26% Compare
NEOG Neogen Corporation $2.6B — (loss-making) — (loss-making) +6.50% (above 0%: growing) n/m +135.61% (above 0%: growing) 47.35% (0.81%) Compare
TMDX TransMedics Group, Inc. $2.4B 16.4× 49.4× +41.15% (above 0%: growing) −30.99% (below 0%: shrinking) −55.44% (below 0%: shrinking) 58.45% 13.86%
UFPT UFP Technologies, Inc. $2.3B 30.1× 29.2× +11.57% (above 0%: growing) +25.55% (above 0%: growing) −35.77% (below 0%: shrinking) 29.44% 16.01% Compare
INSP Inspire Medical Systems, Inc. $1.9B 19.1× — (loss-making) −7.93% (below 0%: shrinking) n/m −33.06% (below 0%: shrinking) 86.05% (13.89%) Compare
ESTA Establishment Labs Holdings Inc. $1.9B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ALMR Alamar Biosciences, Inc. $1.9B — (loss-making) — (loss-making) +156.24% (above 0%: growing) n/m −20.26% (below 0%: shrinking) 61.54% (45.13%) Compare
BFLY Butterfly Network, Inc. $1.6B — (loss-making) — (loss-making) +51.70% (above 0%: growing) n/m +12.61% (above 0%: growing) 73.02% (41.66%) Compare
NVCR NovoCure Limited $1.6B — (loss-making) — (loss-making) +15.67% (above 0%: growing) n/m +5.54% (above 0%: growing) 76.98% (3.19%) Compare
Median of peers $1.9B — — +20.95% — +4.15% 71.83% (4.77%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.92m 26.17m 611.31
2024 8.20m 9.63m 313.32
2023 6.76m 12.84m 396.63
2022 3.29m 25.22m 310.15
2021 7.37m 5.17m 96.28

Ownership

Directors and executive officers, together 6.90%
FMR LLC 14.60%
BlackRock, Inc. 14.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

TransMedics Group, Inc. (TMDX) Latest News

6 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

4 Nov

Impact 3 · · Zacks

29 Oct

Impact 3 · · PR Newswire

22 Oct

Impact 3 · · PR Newswire

17 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 4 ·
Impact 3 · · Simply Wall St.

3 Sep

Impact 3 ·

18 Aug

Impact 4 · · MarketBeat

11 Aug

Impact 4 · · The Motley Fool transcript

5 Aug

Impact 4 ·
Impact 3 ·
Impact 3 · · The Motley Fool

4 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·

6 Jul

Impact 3 ·

1 Jul

Impact 3 · · Stocktwits

8 May

Impact 4 · · GuruFocus.com

6 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Zacks

5 May

Impact 4 · · MarketBeat
Impact 4 · · Zacks

TMDX metrics, ten years each

stockrow.com/TMDX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com