Tenon Medical, Inc.
TNON Healthcare Medical Devices
Tenon Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.9 million, up 20.4% from fiscal 2024. In the quarter to June 2026, revenue grew 126.8%, EPS grew 1.88% and free cash flow fell 21.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Tenon Medical, Inc. (TNON) Altman Z-score
Tenon Medical, Inc.'s Altman Z-score for fiscal 2025 is −13.00, 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 | −13.00 | (0.07) |
| FY2024 | −12.93 | 6.48 |
| FY2023 | −19.42 | (11.25) |
| FY2022 | −8.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.40 | |
| Retained earnings / total assets | (7.56) | — | −10.58 | |
| EBIT / total assets | (1.19) | — | −3.92 | |
| Market value of equity / total liabilities | 1.23 | — | 0.74 | |
| Sales / total assets | 0.37 | — | 0.37 | |
| Altman Z-score | Distress zone | −13.00 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −29.53 | ||
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 |
|---|---|
| WOK WORK Medical Technology Group LTD compare | 1,088× |
| NMTC NeuroOne Medical Technologies Corporation compare | −3.7× |
| CTSO Cytosorbents Corporation compare | −9.2× |
| AEMD Aethlon Medical, Inc. compare | −10.8× |
| BMRA Biomerica, Inc. compare | −12.4× |
| TNON Tenon Medical, Inc. | −13.0× |
| NVNO enVVeno Medical Corporation compare | −28.3× |
| BTCY Biotricity Inc. compare | −33.3× |
| AMIX Autonomix Medical, Inc. compare | — |
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