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. In the quarter to June 2026, revenue grew 20.7%, EPS fell 59.2%, free cash flow fell 87.6% and total debt rose 68.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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TransMedics Group, Inc. (TMDX) Altman Z-score
TransMedics Group, Inc.'s Altman Z-score for fiscal 2025 is 5.32, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.32 | 2.62 |
| FY2024 | 2.70 | 0.01 |
| FY2023 | 2.69 | (8.04) |
| FY2022 | 10.73 | 10.47 |
| FY2021 | 0.25 | (2.87) |
| FY2020 | 3.12 | 4.58 |
| FY2019 | −1.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.62 | |
| Retained earnings / total assets | (0.26) | — | −0.36 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 6.95 | — | 4.17 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Safe zone | 5.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.04 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INSP Inspire Medical Systems, Inc. compare | 14.5× |
| AXGN AxoGen, Inc. compare | 9.2× |
| UFPT UFP Technologies, Inc. compare | 6.9× |
| TMDX TransMedics Group, Inc. | 5.3× |
| IRTC iRhythm Holdings, Inc. compare | 4.0× |
| ESTA Establishment Labs Holdings Inc. compare | 2.7× |
| BFLY Butterfly Network, Inc. compare | 1.6× |
| NEOG Neogen Corporation compare | 1.1× |
| ATEC Alphatec Holdings, Inc. compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets