Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -228.1%. (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 | $4M | $7M | $2M | $3M | $13M | — | — | — |
| Enterprise Value | $166513 | $3M | $-3824680 | $2M | $12M | — | — | — |
| P/E Ratio → | -0.30 | — | — | — | — | — | — | — |
| P/S Ratio | 0.96 | 1.78 | 0.70 | 0.98 | 18.48 | — | — | — |
| P/B Ratio | 0.75 | 1.39 | 0.38 | 3.69 | 2.04 | — | — | — |
| 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 | — | 0.87 | -1.17 | 0.78 | 16.71 | — | — | — |
| 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 | 59.8% | 59.8% | 52.2% | 42.4% | -92.8% | 65.6% | 58.3% | 66.0% |
| Operating Margin | -324.3% | -324.3% | -420.1% | -537.1% | -2709.8% | -4038.1% | -1223.8% | -994.5% |
| Net Profit Margin | -318.4% | -318.4% | -417.2% | -532.1% | -2737.6% | -4405.0% | -1335.4% | -950.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -228.1% | -228.1% | -405.2% | -443.3% | -302.6% | — | — | — |
| ROA | -121.9% | -121.9% | -168.9% | -178.7% | -185.8% | -145.9% | -177.5% | -189.8% |
| ROIC | -1488.6% | -1488.6% | -29083.1% | -450.1% | — | — | — | — |
| ROCE | -164.8% | -164.8% | -246.3% | -267.4% | -1464.6% | — | — | — |
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 | 0.03 | 0.03 | 0.07 | 2.39 | 0.15 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 463902.00 |
| Net Debt / Equity | — | -0.72 | -1.02 | -0.73 | -0.19 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 387918.00 |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -401.15 | -740.95 | -52.44 | -10.40 | -3.20 | -10.19 |
Net cash position: cash ($4M) exceeds total debt ($141000)
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 | 2.11 | 2.11 | 4.39 | 1.24 | 3.69 | 0.50 | 0.20 | 0.16 |
| Quick Ratio | 1.78 | 1.78 | 4.07 | 1.06 | 3.53 | 0.49 | 0.17 | 0.12 |
| Cash Ratio | 1.17 | 1.17 | 3.50 | 0.77 | 3.39 | 0.48 | 0.16 | 0.09 |
| Asset Turnover | — | 0.37 | 0.33 | 0.46 | 0.06 | 0.02 | 0.11 | 0.20 |
| Inventory Turnover | 1.50 | 1.50 | 2.58 | 3.05 | 3.21 | 0.29 | 0.42 | 0.30 |
| Days Sales Outstanding | — | 157.14 | 96.12 | 65.57 | 127.30 | 173.38 | 120.56 | 365.87 |
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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $7M | $1M | $227000 | $101000 | $11288 | $10375 | $10375 |
Imminent capital exhaustion risk
According to recent market data, Tenon Medical trades at a price-to-sales multiple of 0.96, which, when compared to the broader orthopedic device sector, suggests that investors are pricing the company as a high-risk speculative asset rather than a stable, growth-oriented medical technology firm.
The current valuation appears to discount the company's ability to achieve sustainable scale, effectively treating the equity as a binary outcome based on potential acquisition or capital failure. This multiple implies that the market remains skeptical of the CATAMARAN system's long-term market penetration relative to established lateral-approach competitors.
Based on reported financial statements, Tenon Medical's ROIC has consistently remained in deeply negative territory, reaching -137.0% in 2026Q1, which indicates that the company is currently destroying shareholder capital rather than compounding it through its commercialization efforts.
The persistent inability to generate positive returns on invested capital suggests that the high fixed costs associated with surgical training and field support are not being adequately offset by procedure volume. Investors should monitor whether future capital deployments can shift this trajectory toward a break-even point, though current trends show no evidence of such a pivot.
As reported in quarterly filings, Tenon Medical's cash conversion cycle has remained volatile, peaking at 179 days in 2025Q4, which highlights significant inefficiencies in managing inventory and collecting receivables compared to more mature peers in the medical device industry.
The extended days inventory outstanding (DIO) suggests that the company may be struggling with inventory obsolescence or slow-moving stock, which ties up critical liquidity. This inefficiency forces the company to rely more heavily on external financing to bridge the gap between product manufacturing and final surgical utilization.
Based on the 2026Q1 balance sheet, Tenon Medical's current ratio has compressed to 1.03, indicating that the company's ability to meet short-term obligations is increasingly reliant on immediate capital raises rather than internal cash generation or operational liquidity.
The rapid depletion of the quick ratio suggests that the company lacks a sufficient cushion to withstand even minor disruptions in elective surgery demand or supply chain costs. This precarious liquidity position warrants further investigation into the company's near-term financing plans and potential for further shareholder dilution.
While the price-to-sales ratio is a common metric for early-stage medical device companies, it is fundamentally misapplied to Tenon Medical because it ignores the company's extreme operating leverage and the high cost of acquiring each new surgeon user.
Investors should instead focus on the cash-burn-to-revenue ratio, which provides a more accurate picture of the capital intensity required to sustain the business. Relying on P/S multiples may lead to an overestimation of the company's value by failing to account for the massive, non-recurring expenses required to maintain its current commercial footprint.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TNON stock.
Tenon Medical, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Tenon Medical, Inc.'s return on equity (ROE) is -228.1%. The historical average is -344.8%.
Based on historical data, Tenon Medical, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tenon Medical, Inc. has 59.8% gross margin and -324.3% operating margin.