Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -223.4%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $32M | $55M | $86M | $151M | $187M | $185M | $195M | $148M | — | — |
| Enterprise Value | $37M | $60M | $77M | $147M | $187M | $173M | $151M | $133M | — | — |
| P/E Ratio → | -0.87 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.40 | 0.69 | 1.24 | 2.59 | 4.52 | 6.29 | 10.68 | 9.56 | — | — |
| P/B Ratio | 5.35 | 8.78 | 3.03 | 8.02 | 13.08 | 9.22 | 3.97 | 4.77 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.75 | 1.10 | 2.52 | 4.50 | 5.87 | 8.29 | 8.59 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.7% | 67.7% | 67.1% | 68.6% | 65.3% | 63.9% | 61.7% | 60.0% | 35.6% | 59.6% |
| Operating Margin | -42.0% | -42.0% | -49.2% | -75.4% | -94.2% | -100.0% | -138.8% | -124.1% | -214.9% | -398.7% |
| Net Profit Margin | -48.4% | -48.4% | -54.6% | -79.8% | -106.9% | -112.9% | -158.1% | -145.2% | -254.9% | -502.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -223.4% | -223.4% | -159.9% | -281.2% | -257.5% | -96.3% | -72.0% | -72.4% | — | — |
| ROA | -46.0% | -46.0% | -45.8% | -64.0% | -67.9% | -44.7% | -37.3% | -47.1% | -98.7% | -137.4% |
| ROIC | -169.0% | -169.0% | -151.6% | -230.7% | -273.4% | -336.8% | -177.5% | — | — | — |
| ROCE | -49.9% | -49.9% | -51.4% | -75.6% | -72.6% | -44.7% | -35.8% | -48.6% | -131.5% | -180.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 8.82 | 8.82 | 1.51 | 2.26 | 2.90 | 1.57 | 0.63 | 0.98 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.76 | -0.34 | -0.21 | -0.04 | -0.62 | -0.89 | -0.49 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -6.44 | -6.44 | -6.18 | -7.93 | -9.93 | -8.25 | -7.08 | -5.21 | -10.70 | -3.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.20 | 4.20 | 5.01 | 4.23 | 5.03 | 5.58 | 12.60 | 9.58 | 2.43 | 2.33 |
| Quick Ratio | 3.59 | 3.59 | 4.19 | 3.45 | 4.08 | 4.86 | 12.01 | 8.90 | 1.98 | 2.04 |
| Cash Ratio | 2.83 | 2.83 | 3.38 | 2.75 | 3.39 | 4.15 | 11.26 | 8.13 | 1.81 | 1.85 |
| Asset Turnover | — | 0.99 | 0.79 | 0.75 | 0.61 | 0.47 | 0.21 | 0.23 | 0.30 | 0.27 |
| Inventory Turnover | 2.35 | 2.35 | 1.78 | 1.39 | 1.22 | 1.39 | 1.79 | 1.34 | 1.23 | 0.94 |
| Days Sales Outstanding | — | 47.05 | 53.19 | 60.80 | 58.35 | 52.45 | 53.77 | 67.02 | 57.26 | 65.09 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $47M | $29M | $23M | $16M | $14M | $13M | $11M | $6M | $6M |
Liquidity and capital exhaustion
Based on reported figures, TELA trades at a P/S multiple of 0.41, which suggests that the market is heavily discounting the company's future growth prospects relative to its historical performance and the broader medical technology peer group, likely due to persistent concerns regarding the firm's path to profitability.
The current valuation multiple appears to reflect a market that has shifted from pricing TELA as a high-growth disruptor to a distressed asset. Investors should monitor whether this low multiple is a value opportunity or a rational response to the company's inability to scale revenue while maintaining a negative net margin profile.
As reported in financial statements, TELA's ROIC has consistently remained in negative territory, reaching -71.0% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investment in direct sales and market penetration efforts.
The persistent decay in returns on invested capital suggests that the company's core business model is not yet generating sufficient economic profit to justify its capital base. This trend warrants further investigation into whether the current strategy of aggressive sales force expansion can ever achieve the necessary scale to turn ROIC positive.
According to recent quarterly data, TELA's cash conversion cycle remains elevated at 165 days, primarily driven by a high days inventory outstanding of 160 days, which suggests significant inefficiencies in managing the shelf-life and turnover of its specialized ovine-derived biologic inventory.
The extended cash conversion cycle highlights the operational burden of maintaining a direct-to-hospital supply chain for perishable medical devices. Investors should monitor whether improvements in inventory management can reduce this cycle, as current levels tie up critical liquidity that the company cannot afford to lose.
Based on the most recent quarterly filings, TELA's current ratio has declined to 3.61, and with total liabilities now exceeding total assets, the company's liquidity position appears increasingly vulnerable to any disruption in its ability to access capital markets for necessary funding.
While the current ratio might appear superficially adequate, the underlying erosion of the equity base suggests that the company's liquidity is highly dependent on external financing. This situation implies that the firm may face a binary outcome if it cannot reach cash-flow break-even before its current cash reserves are exhausted.
The P/S ratio is frequently misapplied to TELA, as it obscures the company's underlying cash burn and the high cost of customer acquisition inherent in its direct sales model, which requires a more nuanced focus on gross margin expansion and cash-flow-to-revenue conversion metrics instead.
Relying on revenue multiples ignores the reality that not all sales are equally profitable given the high fixed costs of the sales force. Analysts should instead prioritize evaluating the contribution margin per procedure to determine if the company's growth is actually creating long-term value or merely subsidizing market share.
Includes 30+ ratios · 9 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TELA stock.
TELA Bio, Inc.'s current P/E ratio is -0.9x. This places it at the 50th percentile of its historical range.
TELA Bio, Inc.'s return on equity (ROE) is -223.4%. The historical average is -166.1%.
Based on historical data, TELA Bio, Inc. is trading at a P/E of -0.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TELA Bio, Inc. has 67.7% gross margin and -42.0% operating margin.