Latest Ratios: P/E Ratio 14.6x · EV/EBITDA 18.0x · ROE 54.2%. (2016–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $4.9B | $2.2B | $2.6B | $1.8B | $529M | $492M | $270M | — | — | — |
| Enterprise Value | $2.4B | $4.9B | $2.4B | $2.7B | $1.7B | $547M | $502M | $284M | — | — | — |
| P/E Ratio → | 14.63 | 24.98 | 61.73 | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.07 | 8.15 | 4.97 | 10.62 | 19.52 | 17.49 | 19.17 | 11.44 | — | — | — |
| P/B Ratio | 6.10 | 10.42 | 9.61 | 18.71 | 9.74 | 7.80 | 4.73 | 4.94 | — | — | — |
| P/FCF | 18.43 | 36.92 | — | — | — | — | — | — | — | — | — |
| P/OCF | 12.77 | 25.57 | 44.99 | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.11 | 5.38 | 11.12 | 18.09 | 18.09 | 19.57 | 12.04 | — | — | — |
| EV / EBITDA | 17.99 | 36.19 | 41.52 | — | — | — | — | — | — | — | — |
| EV / EBIT | 22.50 | 40.50 | 47.37 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 36.78 | — | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9% | 59.9% | 59.4% | 63.8% | 69.8% | 69.9% | 64.9% | 58.7% | 44.1% | 27.8% | 12.3% |
| Operating Margin | 17.9% | 17.9% | 8.5% | -11.9% | -33.6% | -130.3% | -102.9% | -125.4% | -155.5% | -265.8% | -370.2% |
| Net Profit Margin | 31.4% | 31.4% | 8.0% | -10.4% | -38.8% | -146.1% | -112.1% | -142.1% | -182.5% | -271.0% | -387.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 54.2% | 54.2% | 19.4% | -15.4% | -28.4% | -51.5% | -36.3% | -134.7% | — | — | -62.0% |
| ROA | 20.3% | 20.3% | 4.7% | -5.1% | -17.6% | -30.8% | -22.3% | -45.5% | -60.0% | -43.8% | -41.4% |
| ROIC | 18.8% | 18.8% | 8.4% | -13.8% | -33.7% | -29.6% | -21.7% | -57.4% | -176.4% | — | — |
| ROCE | 12.6% | 12.6% | 5.4% | -6.4% | -17.2% | -31.3% | -23.0% | -49.8% | -72.7% | -54.7% | -47.3% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 2.27 | 3.76 | 0.36 | 0.65 | 0.33 | 0.62 | — | — | 0.22 |
| Debt / EBITDA | 3.46 | 3.46 | 9.05 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.04 | 0.79 | 0.88 | -0.71 | 0.27 | 0.10 | 0.26 | — | — | -0.04 |
| Net Debt / EBITDA | -0.14 | -0.14 | 3.17 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.14 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 8.80 | 8.80 | 3.48 | -1.47 | -8.71 | -10.40 | -6.21 | -6.70 | -8.68 | -18.39 | -23.58 |
Net cash position: cash ($488M) exceeds total debt ($470M)
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.14 | 7.14 | 8.30 | 9.30 | 10.66 | 5.11 | 12.36 | 6.21 | 2.77 | 3.12 | 5.90 |
| Quick Ratio | 6.59 | 6.59 | 7.52 | 8.49 | 9.79 | 4.47 | 11.35 | 5.51 | 2.03 | 2.39 | 5.23 |
| Cash Ratio | 5.47 | 5.47 | 5.62 | 7.19 | 8.50 | 3.98 | 10.58 | 5.01 | 1.61 | 2.26 | 5.05 |
| Asset Turnover | — | 0.57 | 0.55 | 0.34 | 0.34 | 0.22 | 0.17 | 0.22 | 0.31 | 0.21 | 0.11 |
| Inventory Turnover | 4.96 | 4.96 | 3.85 | 1.98 | 1.37 | 0.61 | 0.75 | 0.87 | 0.79 | 0.70 | 0.86 |
| Days Sales Outstanding | — | 50.81 | 80.78 | 96.04 | 107.83 | 71.57 | 97.72 | 101.42 | 96.40 | 43.93 | 81.07 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 4.0% | 1.6% | — | — | — | — | — | — | — | — |
| FCF Yield | 5.4% | 2.7% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $41M | $35M | $33M | $30M | $28M | $25M | $14M | $19M | $14M | $14M |
Aviation operational cost volatility
According to recent market data, TransMedics trades at a P/S multiple of 3.91, which, when compared to the broader MedTech sector, suggests investors are pricing in a transition from a device manufacturer to a dominant, high-barrier-to-entry logistics utility provider rather than a traditional hardware-focused medical technology firm.
The forward P/E of 33.78 indicates that the market expects significant earnings expansion as the company achieves greater flight path density and operational leverage. This valuation appears to hinge on the assumption that the National OCS Program will achieve a monopolistic grip on organ transport, justifying a premium over peers that lack such integrated logistics infrastructure.
Based on reported financial figures, the company's ROIC has remained in the low single digits, peaking at 6.0% in 2025Q2, which highlights the significant drag created by the massive capital expenditure required to build and maintain a proprietary aviation fleet for the National OCS Program.
The divergence between gross margins and ROIC suggests that while the core disposable kits are highly profitable, the capital-heavy logistics arm is currently suppressing overall capital efficiency. Investors should monitor whether the company can improve asset turnover as the fleet reaches optimal utilization, or if the logistics model will structurally limit long-term return on invested capital.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 131 days in 2025Q1, which reflects the operational complexity of managing a national clinical logistics network compared to the more streamlined working capital cycles typical of traditional medical device manufacturers.
The increase in DIO and DSO suggests that the company is carrying higher inventory levels and experiencing longer collection cycles as it scales its service-heavy model. This trend warrants further investigation to determine if these inefficiencies are temporary growing pains or a permanent feature of a business model that now includes aviation and clinical staffing.
Based on the provided balance sheet data, the debt-to-EBITDA ratio has shown extreme volatility, ranging from 11.98 to 83.11, indicating that the company is utilizing significant external financing to fund its aggressive vertical integration into aviation logistics while maintaining a relatively comfortable interest coverage ratio.
While the current debt levels appear manageable given the cash position, the reliance on debt to fund capital-intensive assets introduces sensitivity to interest rate environments and operational cash flow shortfalls. The company's ability to service this debt will depend heavily on its success in maintaining high flight utilization rates to offset the fixed costs of the aviation fleet.
As indicated by the discrepancy between operating and net margins, the P/E ratio is a frequently misapplied metric for TransMedics, as it is often distorted by non-recurring tax benefits and valuation allowance releases that do not reflect the underlying cash-generating capability of the core logistics business.
Analysts should prioritize EV/EBITDA and P/FCF over P/E to better capture the true operational performance and cash burn associated with the aviation fleet. Relying on GAAP net income may lead to an overly optimistic view of profitability, masking the capital-intensive nature of the company's current strategic pivot.
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Quick answers to the most common questions about buying TMDX stock.
TransMedics Group, Inc.'s current P/E ratio is 14.6x. The historical average is 43.4x.
TransMedics Group, Inc.'s current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.9x.
TransMedics Group, Inc.'s return on equity (ROE) is 54.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -31.8%.
Based on historical data, TransMedics Group, Inc. is trading at a P/E of 14.6x. Compare with industry peers and growth rates for a complete picture.
TransMedics Group, Inc. has 59.9% gross margin and 17.9% operating margin. Operating margin between 10-20% is typical for established companies.
TransMedics Group, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.