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.

70.78 5.74 −7.50%
Market cap
$2.7B
P/E
16.0×
Fwd P/E
34.1×
Dividend yield
—
F-score
7/9
Altman Z
5.32
Beneish M
−1.32
Dividend safety
n/a

Insider Decisions trades per month

Total buys 1.00
Total sells 4.33
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell 1 2 — — 5 — — 1 — — — —
Insider Ownership 3.59%

Capital & Financial Ratios $m

Market Cap 2,650.00
Revenue 668.47
Net Income 151.70
Free Cash Flow 79.04
Net Debt 388.99
Current Ratio 6.63 (at or above 1.5: strong)
Debt/Equity 1.66
P/E ratio 16.01
Fwd P/E 34.10
P/S ratio 3.66
P/B ratio 4.72
Past 5Y EPS Growth —
This Y EPS Growth (69.91%) (below 0%: weak)
Next Y EPS Growth 54.25% (at or above 15%: strong)
Next Y revenue growth 22.50% (at or above 10%: strong)
Next 5Y EPS Growth (13.19%) (below 0%: weak)

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

Valuation vs history

P/S against its own 10 years 2.93%
10-year low 10-year high
P/B against its own 10 years 13.30%
10-year low 10-year high
EV/Sales against its own 10 years 2.72%
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
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 395 337 488 473
Receivables 64 98 84 104
Inventory 44 47 49 54
Other — — — —
511 497 638 651
2023 2024 2025 Q'26
Payables 13 10 10 13
ST’ Debt — — 10 20
Other — — — —
55 60 89 98

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%

Revenue $m

Mar Jun Sep Dec Year
’26 174 190 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.41 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
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 — — — 15.75 10.10 17.20 10.00 36.42 58.27 55.00

Analyst estimates 2026–2028

Powerpack
High — — — 31.54 20.99 49.50 64.36 99.63 177.37 156.00
People
People Employees — — 92 109 110 148 212 584 728 898
Revenue/emp, $m 0.00 0.00 0.14 0.22 0.23 0.20 0.44 0.41 0.61 0.67
Income, $m
Income, $m Revenue 6 8 13 24 26 30 93 242 442 605
Gross margin, % 8.70 24.81 44.05 58.73 64.88 69.92 69.84 63.77 59.36 59.92
EBT (24) (21) (24) (34) (29) (44) (36) (27) 36 108
EBT margin, % (387.58) (270.54) (182.18) (141.95) (112.00) (145.99) (38.70) (11.04) 8.10 17.76
Net income (24) 0 (24) (34) (29) (44) (36) (25) 35 190
Depreciation 0 1 1 1 2 2 3 8 20 27
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
Earnings (1.21) (1.04) (17.48) (2.36) (1.16) (1.60) (1.23) (0.77) 1.07 5.60
Cash flow (1.21) (1.16) (19.12) (2.27) (1.23) (1.05) (1.55) (0.40) 1.47 5.67
Capex 0.00 0.00 (0.31) (0.01) (0.02) (0.13) (0.40) (5.51) (3.90) (1.74)
Free cash flow (1.21) (1.16) (19.43) (2.28) (1.24) (1.17) (1.95) (5.91) (2.44) 3.93
Book value 0.00 0.89 (4.21) 3.85 4.21 2.46 6.34 4.22 6.88 13.92
Shares, m 20 20 1 14 25 28 30 33 33 34
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.27 21.80
P/S 2.09 2.09 2.09 11.44 19.17 17.49 18.06 10.34 4.69 6.83
P/B 0.00 0.00 0.00 4.94 4.73 7.80 9.01 18.20 9.06 8.74
EV/Sales 3.51 3.51 3.51 9.47 15.62 15.59 16.55 10.80 5.09 6.87
EV/FCF (1.95) (1.95) (1.95) (6.89) (13.04) (14.57) (26.80) (13.59) (27.76) 31.14
Cash, $m
Cash, $m Operating cash flow (24) (23) (26) (32) (30) (29) (46) (13) 49 193
Capex (1) 0 0 0 0 (4) (12) (179) (130) (59)
Free cash flow (24) (23) (26) (32) (31) (32) (58) (192) (81) 134
Balance, $m
Balance, $m Working capital — 23 22 84 135 95 229 456 437 548
Total debt — 9 34 34 35 35 60 506 509 512
Net debt — (16) 13 (47) (91) (57) (141) 111 173 24
Shareholders’ equity — 18 (6) 55 104 68 187 137 229 473
Returns, %
Returns, % ROA 0.00 (52.61) (112.70) (45.50) (22.34) (30.82) (17.59) (5.09) 4.70 20.33
ROIC — 0.00 (164.13) (228.22) (127.77) (232.50) (42.41) (7.22) 5.84 13.65
ROE 0.00 11.54 13.16 48.76 (36.27) (51.49) (28.39) (15.42) 19.39 54.24
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
IRTC iRhythm Holdings, Inc. $3.6B — (loss-making) — (loss-making) +20.08% (above 0%: growing) n/m +116.98% (above 0%: growing) 72.80% (1.13%) Compare
NEOG Neogen Corporation $2.7B — (loss-making) — (loss-making) +6.51% (above 0%: growing) n/m +135.75% (above 0%: growing) 47.35% (0.81%) 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%
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%) Compare
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
Median of peers $2.1B — — +17.58% — −7.30% 71.79% (1.01%)

All 149 Medical Devices stocks →

TransMedics Group, Inc. (TMDX) key facts

  • Strength: TransMedics Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $605.5 million, up 37.1% from fiscal 2024.
  • Strength: Net income was $190.3 million, or $5.60 per share (basic), a net margin of 31.4%.
  • TransMedics Group, Inc. (TMDX) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, TMDX traded at $70.78, a market capitalization of $2.7 billion.
  • At that price the stock trades at 16.0× trailing-twelve-month earnings and 3.7× sales.
  • Return on equity was 54.2% and debt-to-equity 1.66.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 5.32 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

TransMedics Group, Inc. (TMDX) Latest News

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