Tandem Diabetes Care, Inc.
TNDM Healthcare Medical Devices
Tandem Diabetes Care, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 7.93% from fiscal 2024. In the quarter to June 2026, revenue grew 5.77%, EPS grew 60.3%, free cash flow fell 146.3% and total debt rose 94.9%, each against the same quarter a year earlier.
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Tandem Diabetes Care, Inc. (TNDM) Altman Z-score
Tandem Diabetes Care, Inc.'s Altman Z-score for fiscal 2025 is 0.19, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.19 | (1.52) |
| FY2024 | 1.72 | 0.64 |
| FY2023 | 1.08 | (2.02) |
| FY2022 | 3.10 | (9.73) |
| FY2021 | 12.83 | 2.57 |
| FY2020 | 10.27 | (4.60) |
| FY2019 | 14.87 | 3.44 |
| FY2018 | 11.43 | 19.07 |
| FY2017 | −7.65 | (2.04) |
| FY2016 | −5.60 | (4.87) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.51 | |
| Retained earnings / total assets | (1.42) | — | −1.99 | |
| EBIT / total assets | (0.21) | — | −0.70 | |
| Market value of equity / total liabilities | 2.04 | — | 1.22 | |
| Sales / total assets | 1.15 | — | 1.15 | |
| Altman Z-score | Distress zone | 0.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.04 | ||
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 |
|---|---|
| IRMD iRadimed Corporation compare | 55.6× |
| CBLL CeriBell, Inc. compare | 10.8× |
| PRCT PROCEPT BioRobotics Corporation compare | 6.4× |
| AORT Artivion, Inc. compare | 3.7× |
| BVS Bioventus Inc. compare | 1.3× |
| LMRI Lumexa Imaging Holdings, Inc. compare | 1.0× |
| IART Integra LifeSciences Holdings Corporation compare | 0.6× |
| TNDM Tandem Diabetes Care, Inc. | 0.2× |
| ENOV Enovis Corporation compare | −0.3× |
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