The company's capital structure has deteriorated significantly, with total debt rising to $734.7M in 2026Q1 while retained earnings have deepened to a $1.3B deficit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 887.1M | 618.14M | 724.49M | 747.99M | 849.98M | 811.52M | 637.24M | 276.14M | 187.88M | 64.16M | 92.09M | 106.98M | 90.75M | 148.99M | 27.81M | 9.78M |
| Cash & Short-Term Investments | 570.26M | 292.67M | 438.33M | 467.91M | 616.9M | 623.81M | 484.94M | 176.46M | 129.03M | 14.18M | 53.54M | 71.11M | 67.28M | 129.48M | 17.16M | 8.66M |
| Cash Only | 179.32M | 90.63M | 69.23M | 58.87M | 172.52M | 71.18M | 94.61M | 51.17M | 41.83M | 13.7M | 44.68M | 43.09M | 31.18M | 124.39M | 17.16M | 8.66M |
| Short-Term Investments | 390.93M | 202.03M | 369.1M | 409.04M | 444.38M | 552.63M | 390.32M | 125.28M | 87.2M | 479K | 8.86M | 28.02M | 36.11M | 5.1M | 0 | 0 |
| Accounts Receivable | 140.67M | 165.49M | 114.58M | 105.56M | 114.72M | 110.72M | 82.19M | 46.59M | 35.19M | 20.79M | 11.17M | 14.05M | 7.65M | 5.3M | 2.44M | 224.89K |
| Days Sales Outstanding | 49.78 | 59.53 | 44.48 | 51.53 | 52.26 | 57.51 | 60.14 | 46.93 | 69.86 | 70.53 | 48.4 | 70.42 | 56.17 | 66.68 | 359.43 | - |
| Inventory | 126.4M | 128.77M | 149.61M | 157.94M | 111.12M | 68.55M | 63.72M | 49.07M | 19.9M | 26.99M | 21.2M | 17.54M | 11.91M | 10.33M | 6.26M | 50K |
| Days Inventory Outstanding | 105.41 | 97.13 | 121.18 | 151.69 | 104.47 | 76.61 | 97.6 | 106.56 | 77.22 | 155.14 | 127.54 | 138.39 | 126.13 | 165.08 | 597.76 | - |
| Other Current Assets | 49.77M | 31.22M | 21.96M | 16.59M | 7.24M | 0 | 0 | 0 | 3.77M | 2.19M | 2M | 2M | 2M | 2.05M | 50K | 50K |
| Total Non-Current Assets | 266.29M | 262.97M | 243.17M | 204.67M | 202.81M | 93.62M | 79.18M | 49.97M | 18.41M | 31.19M | 20.3M | 18.14M | 15.71M | 13.23M | 12M | 4.2M |
| Property, Plant & Equipment | 178.99M | 179.75M | 163.46M | 164.33M | 179.18M | 77.89M | 69.8M | 48.48M | 17.15M | 19.63M | 18.41M | 15.53M | 12.58M | 9.89M | 8.99M | 4.17M |
| Fixed Asset Turnover | 5.78x | 5.65x | 5.75x | 4.55x | 4.47x | 9.02x | 7.15x | 7.47x | 10.72x | 5.48x | 4.58x | 4.69x | 3.95x | 2.93x | 0.28x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 925K | 2.78M | 4.63M | 6.64M | 8.8M | 777K | 1.13M | 1.46M | 1.78M | 2.11M | 2.44M | 2.7M | 3.02M | 0 |
| Long-Term Investments | 249.37M | 60.35M | 74.55M | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 30.82M | 22.87M | 4.24M | 37.56M | 19M | 9.09M | 580K | 708K | 128K | 10.1M | 107K | 499K | 691K | 642.75K | 0 | 25K |
| Total Assets | 1.15B | 881.11M | 967.66M | 952.66M | 1.05B | 905.14M | 716.41M | 326.11M | 206.29M | 95.35M | 112.39M | 125.12M | 106.46M | 162.22M | 39.82M | 13.98M |
| Asset Turnover | 1.09x | 1.15x | 0.97x | 0.78x | 0.76x | 0.78x | 0.70x | 1.11x | 0.89x | 1.13x | 0.75x | 0.58x | 0.47x | 0.18x | 0.06x | - |
| Asset Growth % | 0.87% | -8.94% | 1.57% | -9.51% | 16.31% | 26.34% | 119.69% | 58.08% | 116.36% | -15.17% | -10.17% | 17.52% | -34.37% | 307.4% | 184.86% | - |
| Total Current Liabilities | 247.96M | 242.72M | 247.05M | 195.26M | 165.29M | 131.86M | 103.85M | 99.4M | 66.29M | 36.09M | 31.48M | 26.52M | 18.09M | 14.6M | 17.05M | 16.66M |
| Accounts Payable | 59.86M | 47.07M | 44.73M | 49.59M | 55.73M | 28.03M | 17.8M | 17.75M | 6.82M | 5.15M | 7.51M | 5.23M | 1.95M | 2.35M | 1.69M | 0 |
| Days Payables Outstanding | 41.42 | 35.5 | 36.23 | 47.63 | 52.4 | 31.33 | 27.27 | 38.53 | 26.48 | 29.6 | 45.21 | 41.29 | 20.64 | 37.59 | 161.64 | - |
| Short-Term Debt | 20.11M | 19.47M | 40.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.2M | 12.86M |
| Deferred Revenue (Current) | 38.84M | 9.53M | 11.83M | 43.99M | 18.84M | 10.18M | 6.08M | 3.87M | 4.6M | 2.53M | 5.21M | 1.82M | 840K | 411.42K | 1.88M | 0 |
| Other Current Liabilities | 159.04M | 166.66M | 47.08M | 71.89M | 68.01M | 74.94M | 65.76M | 63.45M | 30.83M | 13.92M | 8.57M | 5.58M | 5.58M | 5.59M | 5.75M | 3.8M |
| Current Ratio | 3.58x | 2.55x | 2.93x | 3.83x | 5.14x | 6.15x | 6.14x | 2.78x | 2.83x | 1.78x | 2.93x | 4.03x | 5.02x | 10.21x | 1.63x | 0.59x |
| Quick Ratio | 3.07x | 2.02x | 2.33x | 3.02x | 4.47x | 5.63x | 5.52x | 2.28x | 2.53x | 1.03x | 2.25x | 3.37x | 4.36x | 9.50x | 1.26x | 0.58x |
| Cash Conversion Cycle | 113.77 | 121.16 | 129.44 | 155.59 | 104.33 | 102.79 | 130.47 | 114.96 | 120.6 | 196.07 | 130.73 | 167.52 | 161.67 | 194.17 | 795.55 | - |
| Total Non-Current Liabilities | 773.03M | 483.22M | 457.51M | 443.77M | 447.55M | 340.17M | 246.26M | 31.73M | 8.73M | 88.41M | 86.84M | 35.13M | 33.8M | 32.08M | 128.82M | 68.61M |
| Long-Term Debt | 714.63M | 425M | 308.27M | 285.04M | 283.23M | 281.47M | 202.98M | 0 | 0 | 76.54M | 78.96M | 29.67M | 29.44M | 29.4M | 0 | 0 |
| Capital Lease Obligations | 353.29M | 0 | 106.42M | 113.57M | 123.52M | 23.92M | 15.91M | 14.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 58.41M | 58.22M | 32.37M | 31.83M | 23.92M | 17.84M | 27.36M | 17.67M | 8.73M | 11.87M | 7.88M | 5.46M | 4.36M | 2.68M | 128.82M | 68.61M |
| Total Liabilities | 1.02B | 725.94M | 704.56M | 639.03M | 612.84M | 472.02M | 350.11M | 131.13M | 75.02M | 124.49M | 118.32M | 61.65M | 51.89M | 46.68M | 145.87M | 85.27M |
| Total Debt | 734.74M | 444.48M | 473.56M | 415.67M | 419.88M | 314.67M | 228.32M | 20.38M | 0 | 76.54M | 78.96M | 29.67M | 29.44M | 29.4M | 4.2M | 12.86M |
| Net Debt | 555.41M | 353.84M | 404.33M | 356.8M | 247.36M | 243.49M | 133.71M | -30.79M | -41.83M | 62.84M | 34.28M | -13.42M | -1.74M | -94.99M | -12.96M | 4.2M |
| Debt / Equity | 5.55x | 2.86x | 1.80x | 1.33x | 0.95x | 0.73x | 0.62x | 0.10x | - | - | - | 0.47x | 0.54x | 0.25x | - | - |
| Debt / EBITDA | -10.86x | - | - | - | - | 8.62x | 91.55x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -8.21x | - | - | - | - | 6.67x | 53.61x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -19.88x | -24.33x | -13.39x | -21.47x | -14.26x | 3.35x | -1.83x | -314.44x | -15.16x | -5.44x | -13.62x | -18.36x | -19.37x | -12.41x | -12.07x | -46.05x |
| Total Equity | 132.4M | 155.17M | 263.1M | 313.63M | 439.95M | 433.11M | 366.31M | 194.98M | 131.28M | -29.15M | -5.93M | 63.47M | 54.57M | 115.54M | -106.05M | -71.29M |
| Equity Growth % | -142.84% | -41.02% | -16.11% | -28.71% | 1.58% | 18.24% | 87.87% | 48.53% | 550.37% | -391.78% | -109.34% | 16.3% | -52.77% | 208.94% | -48.75% | - |
| Book Value per Share | 1.94 | 2.31 | 4.02 | 4.83 | 6.86 | 6.73 | 6.01 | 3.33 | 2.73 | -5.13 | -1.94 | 21.95 | 23.45 | 50.37 | -84.55 | -56.84 |
| Total Shareholders' Equity | 132.4M | 155.17M | 263.1M | 313.63M | 439.95M | 433.11M | 366.31M | 194.98M | 131.28M | -29.15M | -5.93M | 63.47M | 54.57M | 115.54M | -106.05M | -71.29M |
| Common Stock | 69K | 68K | 66K | 66K | 65K | 64K | 62K | 59K | 57K | 10K | 31K | 30K | 24K | 22.93K | 206 | 178 |
| Retained Earnings | -1.27B | -1.25B | -1.05B | -951.8M | -729.19M | -634.6M | -659.21M | -624.83M | -600.08M | -477.61M | -404.58M | -321.13M | -248.72M | -169.19M | -106.05M | -72.73M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 5.04M | 5.59M | -1.95M | 1.37M | -1.82M | -616K | 220K | 122K | -13K | 0 | -1K | 20K | 8K | -7.58M | -4.95M | -3.15M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and leverage constraints
As reported in recent financial statements, TNDM's balance sheet has weakened significantly, with total debt rising to $734.7M in 2026Q1 from $415.7M in 2023Q4, while retained earnings have deepened to a deficit of $1.3B, signaling a persistent erosion of shareholder equity over the observed period.
The rapid accumulation of debt relative to equity suggests that the company is increasingly reliant on external financing to fund its ongoing operational deficits. Investors should monitor whether this trajectory indicates a structural inability to reach self-sustaining profitability or merely a temporary phase of aggressive capital-intensive expansion.
Based on the company's latest filings, the debt-to-equity ratio has surged to 5.55 in 2026Q1, a marked increase from 1.33 in 2023Q4, which suggests that the company's reliance on debt financing has intensified as it navigates a challenging competitive landscape and negative operating margins.
This elevated leverage profile may limit the company's financial flexibility and increase sensitivity to interest rate fluctuations or credit market tightening. The shift toward higher debt levels appears to be a necessity-driven response to cash burn rather than a strategic optimization of the capital structure.
According to quarterly balance sheet data, TNDM's cash position remains precarious, with $179.3M reported in 2026Q1, which must be evaluated against the backdrop of consistent operational cash outflows and the company's inability to generate sustained positive free cash flow over the last ten quarters.
While the current ratio of 3.58 appears superficially healthy, the underlying cash burn suggests that the company's liquidity buffer may be thinner than headline figures imply. Further investigation into the maturity profile of the $734.7M debt load is warranted to assess potential refinancing risks in the near term.
As indicated by the company's financial disclosures, the rapid expansion of debt to $734.7M in 2026Q1, coupled with a stagnant or declining equity base, creates a significant risk of future dilution for shareholders should the company be forced to raise capital to address its ongoing liquidity needs.
The absence of meaningful goodwill or intangible assets on the balance sheet suggests that the company's valuation is almost entirely dependent on future growth expectations rather than tangible asset backing. This lack of a tangible safety net makes the company's equity value highly sensitive to any potential delays in product adoption or regulatory hurdles.
Quick answers to the most common questions about buying TNDM stock.
As of 2025, Tandem Diabetes Care, Inc. (TNDM) had total assets of $881.1M including $618.1M in current assets.
Tandem Diabetes Care, Inc. (TNDM) carries total debt of $444.5M, offset by $292.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tandem Diabetes Care, Inc. (TNDM) has total shareholders' equity (book value) of $155.2M ($2.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tandem Diabetes Care, Inc. (TNDM) reported a current ratio of 2.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.