Latest Ratios: P/E Ratio -23.9x · EV/EBITDA N/A · ROE -97.9%. (2011–2025 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 | $1.2B | $1.5B | $2.4B | $1.9B | $2.9B | $9.7B | $5.8B | $3.5B | $1.8B | $13M | $66M |
| Enterprise Value | $1.5B | $1.8B | $2.8B | $2.3B | $3.1B | $9.9B | $6.0B | $3.5B | $1.8B | $76M | $100M |
| P/E Ratio → | -23.92 | — | — | — | — | 627.17 | — | — | — | — | — |
| P/S Ratio | 1.08 | 1.46 | 2.51 | 2.57 | 3.60 | 13.78 | 11.70 | 9.63 | 9.94 | 0.12 | 0.78 |
| P/B Ratio | 7.33 | 9.53 | 8.96 | 6.13 | 6.55 | 22.36 | 15.93 | 17.89 | 13.92 | — | — |
| P/FCF | — | — | 472.08 | — | 176.17 | 110.26 | — | 155.94 | — | — | — |
| P/OCF | — | — | 97.32 | — | 57.14 | 86.98 | 236.55 | 83.22 | — | — | — |
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 | — | 1.81 | 2.94 | 3.05 | 3.91 | 14.13 | 11.97 | 9.54 | 9.71 | 0.71 | 1.19 |
| EV / EBITDA | — | — | — | — | — | 272.05 | 2393.44 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 491.21 | — | — | — | — | — |
| EV / FCF | — | — | 553.04 | — | 191.28 | 113.03 | — | 154.56 | — | — | — |
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 | 52.3% | 52.3% | 52.1% | 49.2% | 51.5% | 53.5% | 52.2% | 53.6% | 48.9% | 41.0% | 28.0% |
| Operating Margin | -7.7% | -7.7% | -10.5% | -31.2% | -11.6% | 3.2% | -1.6% | -4.6% | -24.3% | -58.5% | -92.6% |
| Net Profit Margin | -20.2% | -20.2% | -10.2% | -29.8% | -11.8% | 2.2% | -6.9% | -6.8% | -66.7% | -67.9% | -99.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -97.9% | -97.9% | -33.3% | -59.1% | -21.7% | 3.9% | -12.3% | -15.2% | -240.1% | — | -290.0% |
| ROA | -22.1% | -22.1% | -10.0% | -22.2% | -9.7% | 1.9% | -6.6% | -9.3% | -81.3% | -70.3% | -70.3% |
| ROIC | -10.0% | -10.0% | -11.1% | -25.8% | -10.2% | 2.9% | -1.8% | -9.9% | -54.4% | -152.2% | -149.3% |
| ROCE | -11.5% | -11.5% | -13.4% | -28.4% | -11.2% | 3.3% | -1.9% | -9.1% | -44.8% | -89.8% | -87.0% |
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 | 2.86 | 2.86 | 1.80 | 1.33 | 0.95 | 0.73 | 0.62 | 0.10 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 8.62 | 91.55 | — | — | — | — |
| Net Debt / Equity | — | 2.28 | 1.54 | 1.14 | 0.56 | 0.56 | 0.37 | -0.16 | -0.32 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | 6.67 | 53.61 | — | — | — | — |
| Debt / FCF | — | — | 80.96 | — | 15.11 | 2.77 | — | -1.38 | — | — | — |
| Interest Coverage | -24.33 | -24.33 | -13.39 | -21.47 | -14.26 | 3.35 | -1.83 | -314.44 | -15.16 | -5.44 | -13.62 |
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 | 2.55 | 2.55 | 2.93 | 3.83 | 5.14 | 6.15 | 6.14 | 2.78 | 2.83 | 1.78 | 2.93 |
| Quick Ratio | 2.02 | 2.02 | 2.33 | 3.02 | 4.47 | 5.63 | 5.52 | 2.28 | 2.53 | 1.03 | 2.25 |
| Cash Ratio | 1.21 | 1.21 | 1.77 | 2.40 | 3.73 | 4.73 | 4.67 | 1.78 | 1.95 | 0.39 | 1.70 |
| Asset Turnover | — | 1.15 | 0.97 | 0.78 | 0.76 | 0.78 | 0.70 | 1.11 | 0.89 | 1.13 | 0.75 |
| Inventory Turnover | 3.76 | 3.76 | 3.01 | 2.41 | 3.49 | 4.76 | 3.74 | 3.43 | 4.73 | 2.35 | 2.86 |
| Days Sales Outstanding | — | 59.53 | 44.48 | 51.53 | 52.26 | 57.51 | 60.14 | 46.93 | 69.86 | 70.53 | 48.40 |
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 | — | — | — | — | — | 0.2% | — | — | — | — | — |
| FCF Yield | — | — | 0.2% | — | 0.6% | 0.9% | — | 0.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $67M | $65M | $65M | $64M | $64M | $61M | $59M | $48M | $6M | $3M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying TNDM stock.
Tandem Diabetes Care, Inc.'s current P/E ratio is -23.9x. This places it at the 50th percentile of its historical range.
Tandem Diabetes Care, Inc.'s return on equity (ROE) is -97.9%. The historical average is -89.3%.
Based on historical data, Tandem Diabetes Care, Inc. is trading at a P/E of -23.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tandem Diabetes Care, Inc. has 52.3% gross margin and -7.7% operating margin.
Key Metrics
Top Statement Risk
Cash runway and leverage
Metrics are mathematically derived from official filings.
Margin Recovery Masks Structural Cost Gap
Gross margin improved to 56.9% in 2026Q2 from 52.3% a year earlier, per the latest quarterly data, yet operating margin remains negative at -5.4%, indicating scale benefits have not fully materialized.
The gross margin expansion suggests better manufacturing efficiency or product mix, but the persistent operating loss highlights elevated SG&A and R&D costs relative to revenue. Compared to peers like Insulet with a 71.6% gross margin, TNDM's structural cost disadvantage appears entrenched, limiting the path to profitability unless revenue scales significantly.
Return on Capital Remains Deeply Negative
ROIC improved to -1.4% in 2026Q2 from -7.0% a year earlier, as reported in the quarterly data, but remains far below the cost of capital, indicating value destruction.
The improvement is driven by narrower operating losses, yet the absolute level of ROIC is insufficient to cover capital costs. With equity of only $130.4M and persistent losses, the company is not compounding returns; instead, it is eroding shareholder value, a trend that must reverse for the investment thesis to hold.
Working Capital Cycle Lengthens on Inventory
Cash conversion cycle rose to 111 days in 2026Q2 from 68 days in 2024Q3, per the quarterly data, driven by a jump in days inventory outstanding to 108, signaling potential overstocking ahead of product transitions.
The extended DIO suggests inventory buildup, possibly for the Mobi launch, which ties up cash and increases obsolescence risk. DSO also rose to 54 days from 26 days in 2024Q3, indicating slower collections, while DPO remains stable, reducing supplier leverage. This combination strains working capital and contributes to negative free cash flow.
Leverage Surge Raises Refinancing Risk
Debt-to-equity climbed to 5.67 in 2026Q2 from 1.80 in 2024Q4, as per the balance sheet data, with total debt of $739.3M against equity of $130.4M, indicating a highly leveraged capital structure.
Interest coverage turned negative at -7.43 in 2026Q2, meaning operating income cannot service debt, a stark contrast to the positive coverage in 2025Q4. The reliance on debt to fund operations and the Mobi launch increases refinancing risk, especially if cash flows remain negative and capital markets tighten.
Liquidity Buffer Thins Despite Healthy Ratios
Current ratio stands at 3.18 in 2026Q2, but cash dropped to $62.8M from $179.3M in 2026Q1, per the balance sheet, suggesting a shrinking buffer against operational shocks.
While the current ratio appears robust, the rapid cash drawdown indicates that the liquidity position is deteriorating. With a net loss margin of -8.3% and negative free cash flow, the company may face a cash crunch within 12-18 months unless it achieves cash-flow positivity or secures additional financing.
Misapplied Metric: Current Ratio Overstates Health
The current ratio of 3.18 in 2026Q2, as reported in the balance sheet, is often cited as a sign of liquidity strength, but it obscures the $739.3M debt load and $62.8M cash position.
A high current ratio can mislead investors into thinking TNDM is financially stable, but the ratio is inflated by inventory and receivables, which may not be easily convertible to cash. The more relevant metric is the cash-to-debt ratio, which at 0.08 indicates severe vulnerability. Investors should focus on free cash flow and debt maturity schedule rather than current ratio.