Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -58.9%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $296M | $155M | $462M | $776M | $1.3B | $1.0B | — | — |
| Enterprise Value | $299M | $158M | $520M | $833M | $1.3B | $933M | — | — |
| P/E Ratio → | -4.90 | — | — | — | — | — | — | — |
| P/S Ratio | 1.39 | 0.73 | 2.21 | 4.15 | 8.96 | 10.70 | — | — |
| P/B Ratio | 3.30 | 1.77 | 4.09 | 5.62 | 21.00 | 10.85 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.74 | 2.49 | 4.45 | 9.31 | 9.89 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.8% | 79.8% | 80.4% | 81.2% | 80.6% | 82.1% | 78.3% | 80.6% |
| Operating Margin | -25.5% | -25.5% | -26.6% | -27.5% | -24.6% | -17.5% | 1.5% | -9.0% |
| Net Profit Margin | -27.7% | -27.7% | -26.6% | -26.5% | -30.2% | -21.8% | -6.4% | -10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -58.9% | -58.9% | -44.4% | -49.9% | -55.7% | -43.8% | -186.3% | -134.9% |
| ROA | -28.9% | -28.9% | -23.8% | -24.1% | -28.6% | -22.5% | -10.3% | -14.4% |
| ROIC | -31.0% | -31.0% | -22.8% | -25.3% | -41.4% | -81.8% | 5.4% | — |
| ROCE | -31.7% | -31.7% | -28.6% | -30.6% | -27.7% | -21.6% | 3.3% | -15.8% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.62 | 0.51 | 1.13 | 0.32 | 39.92 | 6.08 |
| Debt / EBITDA | — | — | — | — | — | — | 15.00 | — |
| Net Debt / Equity | — | 0.04 | 0.52 | 0.42 | 0.81 | -0.82 | 16.62 | 2.24 |
| Net Debt / EBITDA | — | — | — | — | — | — | 6.25 | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.09 | -10.09 | -9.61 | -8.59 | -8.74 | -4.06 | 0.19 | -4.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.31 | 4.31 | 4.62 | 4.40 | 4.41 | 7.58 | 3.53 | 3.90 |
| Quick Ratio | 3.13 | 3.13 | 3.50 | 3.76 | 3.77 | 7.00 | 2.86 | 3.14 |
| Cash Ratio | 1.58 | 1.58 | 2.17 | 2.74 | 2.69 | 5.81 | 1.56 | 1.66 |
| Asset Turnover | — | 1.12 | 0.96 | 0.74 | 0.89 | 0.67 | 1.37 | 1.33 |
| Inventory Turnover | 1.19 | 1.19 | 1.05 | 1.20 | 1.42 | 1.60 | 1.59 | 1.37 |
| Days Sales Outstanding | — | 72.34 | 71.14 | 74.25 | 75.13 | 71.78 | 92.17 | 96.41 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $63M | $62M | $61M | $55M | $54M | $51M | $51M |
Liquidity and capital exhaustion
According to current market data, TMCI trades at a price-to-sales multiple of 1.36, a valuation that appears to reflect significant investor skepticism regarding the company's ability to reignite growth and achieve profitability in the face of persistent negative earnings and a shrinking asset base.
The absence of meaningful P/E or EV/EBITDA multiples underscores the market's difficulty in valuing a business that has yet to demonstrate a clear path to positive net income. Investors should monitor whether this discount to broader medical device peers is a temporary reaction to recent growth deceleration or a structural reassessment of the company's long-term earnings potential.
Based on reported financial figures, TMCI's return on invested capital has consistently languished in negative territory, reaching -15.0% in 2026Q1, which suggests that the company's aggressive investment in sales infrastructure has failed to generate the returns necessary to create shareholder value.
The persistent decay in ROIC indicates that the capital deployed into the business is currently destroying value rather than compounding it. This trend warrants further investigation into whether the company's core Lapiplasty procedure can ever achieve the scale required to overcome the high fixed costs inherent in its specialized direct sales model.
As reported in recent quarterly filings, TMCI's cash conversion cycle remains elevated at 309 days in 2026Q1, driven largely by an exceptionally high days inventory outstanding metric that suggests significant challenges in managing supply chain efficiency and product turnover.
The inability to optimize the cash conversion cycle appears to be a primary driver of the company's liquidity strain, as capital remains tied up in inventory for extended periods. Investors should monitor whether management can improve these metrics, as any further deterioration could exacerbate the company's reliance on external financing.
According to the most recent balance sheet data, TMCI's cash and equivalents have dwindled to approximately $10.7 million, a level that appears increasingly precarious given the company's ongoing net losses and the high burn rate associated with its current operational structure.
While the current ratio of 3.58 may appear healthy on the surface, it is heavily influenced by inventory levels that may not be easily liquidated in a stress scenario. The company's liquidity position warrants close monitoring, as the current cash runway may be insufficient to support operations without a significant capital infusion.
Market participants often over-rely on top-line revenue growth as a proxy for success, yet this metric obscures the underlying cash burn and the high customer acquisition costs required to sustain the company's specialized surgical procedure model in a competitive US market.
Analysts should instead focus on surgeon utilization rates and the contribution margin per kit, as these metrics provide a more accurate picture of the business's true earning power. Relying solely on revenue growth in this context may lead to an overly optimistic assessment of the company's long-term viability.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TMCI stock.
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Treace Medical Concepts, Inc.'s return on equity (ROE) is -58.9%. The historical average is -82.0%.
Based on historical data, Treace Medical Concepts, Inc. is trading at a P/E of -4.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Treace Medical Concepts, Inc. has 79.8% gross margin and -25.5% operating margin.