Latest Ratios: P/E Ratio 25.2x · EV/EBITDA 12.8x · ROE 8.8%. (2013–2025 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 | $587M | $676M | $413M | $331M | $230M | $375M | $869M | $1.3B | $881M | $547M | $277M |
| Enterprise Value | $520M | $608M | $364M | $321M | $281M | $428M | $843M | $1.3B | $861M | $523M | $246M |
| P/E Ratio → | 25.19 | 35.37 | 24.47 | 11.63 | — | — | — | 120.55 | 133.97 | 93.48 | 96.53 |
| P/S Ratio | 1.65 | 2.05 | 1.41 | 1.21 | 0.93 | 1.80 | 4.65 | 7.00 | 6.13 | 5.01 | 3.27 |
| P/B Ratio | 2.77 | 3.09 | 1.91 | 1.71 | 1.90 | 2.93 | 6.97 | 11.78 | 9.87 | 7.52 | 4.64 |
| P/FCF | 20.28 | 16.71 | 10.84 | 9.93 | 70.05 | 1359.64 | 1728.53 | — | — | 1470.65 | 44.61 |
| P/OCF | 13.71 | 15.78 | 10.17 | 9.24 | 44.23 | 142.63 | 311.19 | 528.28 | 97.84 | 130.51 | 39.33 |
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 | — | 1.85 | 1.24 | 1.17 | 1.14 | 2.06 | 4.50 | 6.96 | 5.99 | 4.79 | 2.91 |
| EV / EBITDA | 12.81 | 16.93 | 12.57 | 13.07 | — | 220.66 | — | 94.03 | 129.99 | 91.03 | 48.51 |
| EV / EBIT | 17.75 | 18.78 | 14.24 | 16.10 | — | — | — | 125.72 | 247.75 | 124.85 | 57.07 |
| EV / FCF | — | 15.04 | 9.55 | 9.61 | 85.34 | 1549.43 | 1675.92 | — | — | 1406.26 | 39.67 |
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 | 75.2% | 75.2% | 74.0% | 71.1% | 71.3% | 71.2% | 71.0% | 70.8% | 71.1% | 73.4% | 72.9% |
| Operating Margin | 8.9% | 8.9% | 7.6% | 6.6% | -5.2% | -0.8% | -1.9% | 5.5% | 2.1% | 3.6% | 5.1% |
| Net Profit Margin | 5.8% | 5.8% | 5.8% | 10.4% | -7.2% | -5.7% | -0.3% | 5.8% | 4.6% | 5.4% | 3.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 8.3% | 18.1% | -14.3% | -9.3% | -0.5% | 10.9% | 8.2% | 8.8% | 6.6% |
| ROA | 6.7% | 6.7% | 5.9% | 10.6% | -7.2% | -5.6% | -0.4% | 8.5% | 6.8% | 7.2% | 5.2% |
| ROIC | 13.8% | 13.8% | 9.5% | 7.6% | -5.4% | -0.9% | -2.7% | 9.0% | 3.8% | 7.5% | 12.8% |
| ROCE | 11.9% | 11.9% | 8.9% | 8.4% | -6.4% | -1.0% | -2.6% | 9.5% | 3.6% | 5.8% | 9.8% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.21 | 0.26 | 0.59 | 0.63 | 0.17 | 0.15 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 0.44 | 0.44 | 1.56 | 2.05 | — | 41.59 | — | 1.18 | 0.00 | 0.00 | 0.01 |
| Net Debt / Equity | — | -0.31 | -0.23 | -0.06 | 0.41 | 0.41 | -0.21 | -0.05 | -0.23 | -0.33 | -0.51 |
| Net Debt / EBITDA | -1.88 | -1.88 | -1.70 | -0.43 | — | 27.03 | — | -0.44 | -3.03 | -4.17 | -6.04 |
| Debt / FCF | — | -1.67 | -1.29 | -0.32 | 15.29 | 189.79 | -52.61 | — | — | -64.38 | -4.94 |
| Interest Coverage | 31.19 | 31.19 | 12.27 | 4.80 | -4.55 | — | — | — | — | — | — |
Net cash position: cash ($83M) exceeds total debt ($16M)
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 | 4.03 | 4.03 | 4.36 | 3.54 | 1.86 | 3.29 | 4.63 | 5.06 | 5.28 | 5.29 | 4.66 |
| Quick Ratio | 3.69 | 3.69 | 3.90 | 2.99 | 1.50 | 2.74 | 3.93 | 4.17 | 4.59 | 4.53 | 4.18 |
| Cash Ratio | 2.04 | 2.04 | 2.68 | 1.83 | 0.59 | 1.18 | 2.19 | 2.49 | 2.85 | 3.02 | 3.02 |
| Asset Turnover | — | 1.20 | 0.98 | 0.98 | 0.97 | 0.85 | 1.07 | 1.25 | 1.34 | 1.24 | 1.14 |
| Inventory Turnover | 5.83 | 5.83 | 4.09 | 3.52 | 3.06 | 3.11 | 2.93 | 2.90 | 3.71 | 2.63 | 3.50 |
| Days Sales Outstanding | — | 48.60 | 55.98 | 57.42 | 81.09 | 86.80 | 85.53 | 64.42 | 66.33 | 65.94 | 64.77 |
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 | — | — | — | — | — | — | — | — | — | — | 3.0% |
| 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 | 4.0% | 2.8% | 4.1% | 8.6% | — | — | — | 0.8% | 0.7% | 1.1% | 1.0% |
| FCF Yield | 4.9% | 6.0% | 9.2% | 10.1% | 1.4% | 0.1% | 0.1% | — | — | 0.1% | 2.2% |
| Buyback Yield | 4.5% | 3.9% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% |
| Total Shareholder Yield | 4.5% | 3.9% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 3.0% |
| Shares Outstanding | — | $23M | $24M | $23M | $20M | $20M | $19M | $20M | $19M | $19M | $17M |
Includes 30+ ratios · 13 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TCMD stock.
Tactile Systems Technology, Inc.'s current P/E ratio is 25.2x. The historical average is 73.7x. This places it at the 29th percentile of its historical range.
Tactile Systems Technology, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 46.0x.
Tactile Systems Technology, Inc.'s return on equity (ROE) is 8.8%. The historical average is 5.7%.
Based on historical data, Tactile Systems Technology, Inc. is trading at a P/E of 25.2x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tactile Systems Technology, Inc. has 75.2% gross margin and 8.9% operating margin.
Tactile Systems Technology, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thin operating margin conversion
Metrics are mathematically derived from official filings.
Premium Multiples Priced Against Decelerating Growth
Based on reported figures, TCMD trades at a trailing P/E of 25.19 and an EV/EBITDA of 12.81, multiples that sit between the peer ranges and imply the market still expects durable earnings expansion despite revenue growth slowing to 7.1% year over year in 2026Q3.
The forward P/E of 23.17 sits only modestly below the trailing figure, which suggests the market is not pricing a sharp near-term earnings step-up and is instead anchoring on sustained margin improvement. Compared with Integer Holdings at 42.23 and Merit Medical at 32.89, TCMD appears inexpensive on earnings, yet its 8.9% operating margin makes the earnings base thinner than the headline multiple implies. Investors should monitor whether the 13.20 forward EV/EBITDA is justified if operating leverage fails to materialize.
Gross Margin Strength Fails to Reach Earnings
As reported in recent quarterly statements, TCMD sustained gross margins of roughly 69% to 76% across the ten-quarter window, yet trailing operating margin of about 8.9% indicates that most gross profit is consumed by selling and administrative spending.
The consistency of the gross margin argues for a defensible pricing position in lymphedema reimbursement, but the wide spread between gross and operating margin points to a high-cost commercial model. The 2026Q3 operating margin of 10.5% and the 2025Q4 peak of 18.1% show that conversion is volatile rather than structurally improving. Earning power should therefore be judged on operating margin trends over several years rather than on gross margin alone.
Returns Recovering From Near-Zero Base
Based on TCMD's reported figures, ROIC has moved from negative territory in 2026Q1 to 4.3% in 2026Q3, a recovery that remains low in absolute terms given the company's large equity base of roughly $227M.
The return profile reflects a company that has accumulated substantial capital without yet translating it into high incremental returns, with ROE of 3.2% and ROA of 2.5% in the latest quarter. Quarterly returns have swung sharply, including the 9.2% ROIC in 2025Q4 that did not persist, which suggests earnings-driven spikes rather than compounding. Analysts should watch whether returns can sustain mid-single-digit ROIC as goodwill from recent acquisitions grows to $39.6M.
Debt Retired, Coverage Metrics Turn Noisy
According to recent SEC filings, TCMD's debt-to-equity ratio fell from 0.24 to 0.08 over ten quarters while total debt declined to $17.1M, though interest coverage readings swing erratically between negative values and above 400x.
The deleveraging trend clearly reduces refinancing and covenant risk, and the 1.49x debt-to-EBITDA ratio in 2026Q3 indicates debt service is not a constraint. Interest coverage figures are distorted by the small and fluctuating interest expense, so they carry limited analytical weight on their own. The more meaningful signal is that the balance sheet has moved toward minimal financial risk, leaving operating performance as the principal determinant of value.
Cash Cushion Covers Working Capital Swings
Based on reported figures, TCMD's current ratio of 3.51 and quick ratio of 3.18 in 2026Q3 indicate liquidity well above short-term obligations, with cash of $75.1M providing a substantial buffer against receivables and payables timing.
The quick ratio sitting close to the current ratio signals that inventory is a minor component of current assets, consistent with an asset-light device model. Liquidity has remained comfortable across the period even as the current ratio declined from 4.52 to 3.51, a trend that reflects cash deployment into buybacks rather than deteriorating obligations. Under severe stress, the position would likely hold, though investors should monitor whether ongoing repurchases gradually erode this cushion.
Fortress Balance Sheet May Overstate Earnings Power
As reported in recent filings, the 8.9% trailing operating margin and the 2026Q3 EPS shortfall suggest that the near-zero leverage and 3.51 current ratio may be masking a thin earnings base that limits self-funded growth.
Because the balance sheet is strong, the more relevant question is whether the business can convert its gross profit into durable operating income, and the reported figures do not yet show that conversion. Relying on the price-to-earnings multiple or the balance sheet alone could therefore mislead an analyst into treating a low-leverage company as a high-quality compounder. Investors should weigh cash-based and operating-margin measures alongside the headline multiples before drawing a conclusion on value.