Treace Medical Concepts, Inc. (TMCI) Balance Sheet
TMCI balance sheet, 2025
December 31, 2025 · U.S. dollars$190.6M assets = $103.2M liabilities + $87.3M equity
Both columns are drawn to the same scale: what TMCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TMCI financial health
Descriptive bands, not a rating. Fiscal 2025.
TMCI balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $29.7M2019 | $190.6M2025 | +36.3%/yr | |
| Total liabilities | $26.6M2019 | $103.2M2025 | +25.4%/yr | |
| Shareholders’ equity | $3.2M2019 | $87.3M2025 | +73.9%/yr | |
| Cash & short-term investments | $12.1M2019 | $48.4M2025 | +25.9%/yr | |
| Total debt | $19.2M2019 | $14.0M2025 | −5.2%/yr | |
| Net cash (debt) | −$7.1M2019 | $34.4M2025 | +$41.5M | |
| Working capital | $21.2M2019 | $101.4M2025 | +$80.2M | |
| Book value per share | $0.062019 | $1.382025 | +67.8%/yr | |
| Current ratio | 3.902019 | 4.312025 | +0.41 | |
| Debt / equity | 6.082019 | 0.162025 | −5.92 | |
| Shares outstanding | 51.2M2019 | 63.3M2025 | +3.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TMCI assets
TMCI liabilities and equity
TMCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TMCI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $48.4M | $75.7M | $123.2M | $81.3M | $105.8M | $18.1M | $12.1M |
| Cash & equivalents | $10.7M | $11.3M | $13.0M | $19.5M | $105.8M | $18.1M | $12.1M |
| Short-term investments | $37.7M | $64.3M | $110.2M | $61.8M | $0 | — | — |
| Receivables | $42.2M | $40.8M | $38.1M | $29.2M | $18.6M | $14.5M | $10.4M |
| Inventory | $36.0M | $39.3M | $29.2M | $19.3M | $10.6M | $7.8M | $5.6M |
| Other current assets | $5.5M | $5.7M | $7.9M | $3.6M | $3.0M | $593,000 | $458,000 |
| Total current assets | $132.1M | $161.4M | $198.4M | $133.4M | $138.0M | $41.0M | $28.6M |
| Property, plant & equipment (net) | $37.4M | $34.4M | $31.6M | $25.5M | $2.8M | $829,000 | $1.1M |
| Goodwill & intangible assets | $19.9M | $20.9M | $21.8M | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.2M | $407,000 | $146,000 | $146,000 | $0 | $0 | $0 |
| Total assets | $190.6M | $217.1M | $251.9M | $159.0M | $140.8M | $41.8M | $29.7M |
| Liabilities | |||||||
| Accounts payable | $6.7M | $10.5M | $11.8M | $8.7M | $4.1M | $2.3M | $931,000 |
| Short-term debt | — | $413,000 | $1.4M | $339,000 | — | $1.8M | — |
| Deferred revenue | — | — | — | — | — | $7.5M | — |
| Total current liabilities | $30.6M | $34.9M | $45.0M | $30.2M | $18.2M | $11.6M | $7.3M |
| Long-term debt | $55.6M | $53.3M | $53.0M | $52.7M | $29.4M | $29.2M | $19.2M |
| Lease obligations | $14.5M | $16.3M | $17.3M | $15.9M | $0 | — | — |
| Other long-term liabilities | $17.0M | $16.0M | $15.9M | $15.5M | $173,000 | $244,000 | $0 |
| Total liabilities | $103.2M | $104.2M | $114.0M | $98.5M | $47.7M | $41.0M | $26.6M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $64,000 | $62,000 | $62,000 | $55,000 | $45,000 | $28,000 | $28,000 |
| Retained earnings (deficit) | −$249.0M | −$190.0M | −$134.2M | −$84.7M | −$41.9M | −$21.4M | −$17.7M |
| Accumulated other comprehensive income | $72,000 | $97,000 | $163,000 | −$27,000 | — | −$2.6M | −$1.6M |
| Total shareholders' equity | $87.3M | $112.9M | $137.9M | $60.5M | $93.1M | $776,000 | $3.2M |
| Key figures | |||||||
| Total debt | $14.0M | $69.7M | $70.3M | $68.6M | $29.4M | $31.0M | $19.2M |
| Net cash (debt) | $34.4M | $6.0M | $52.9M | $12.7M | $76.5M | −$12.9M | −$7.1M |
| Working capital | $101.4M | $126.5M | $153.3M | $103.2M | $119.8M | $29.4M | $21.2M |
| Tangible book value | $67.4M | $92.0M | $116.1M | $60.5M | $93.1M | $776,000 | $3.2M |
| Book value per share | $1.38 | $1.82 | $2.27 | $1.10 | $1.72 | $0.02 | $0.06 |
| Shares outstanding | 63.3M | 62.1M | 60.9M | 55.3M | 54.2M | 51.2M | 51.2M |
| Current ratio | 4.31 | 4.62 | 4.40 | 4.41 | 7.58 | 3.53 | 3.90 |
| Quick ratio | 2.95 | 3.34 | 3.58 | 3.65 | 6.83 | 2.81 | 3.08 |
| Debt / equity | 0.16 | 0.62 | 0.51 | 1.13 | 0.32 | 39.92 | 6.08 |
| Equity / assets | 45.8% | 52.0% | 54.8% | 38.1% | 66.1% | 1.9% | 10.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $45.6M | $51.9M | $48.4M | $57.4M | $69.3M | $76.1M | $75.7M | $82.8M | $95.0M | $110.0M | $123.2M | $122.2M |
| Cash & equivalents | $12.6M | $9.5M | $10.7M | $7.7M | $8.1M | $13.4M | $11.3M | $12.1M | $18.2M | $9.3M | $13.0M | $7.3M |
| Short-term investments | $33.0M | $42.3M | $37.7M | $49.7M | $61.2M | $62.7M | $64.3M | $70.7M | $76.9M | $100.7M | $110.2M | $114.9M |
| Receivables | $29.0M | $30.4M | $42.2M | $33.0M | $30.3M | $31.1M | $40.8M | $24.2M | $25.6M | $30.1M | $38.1M | $25.0M |
| Inventory | $39.5M | $36.4M | $36.0M | $41.4M | $42.4M | $37.9M | $39.3M | $43.6M | $41.3M | $35.9M | $29.2M | $29.3M |
| Other current assets | $6.3M | $4.9M | $5.5M | $6.2M | $5.6M | $4.3M | $5.7M | $7.0M | $9.7M | $11.4M | $7.9M | $10.7M |
| Total current assets | $120.5M | $123.5M | $132.1M | $138.0M | $147.6M | $149.4M | $161.4M | $157.6M | $171.6M | $187.4M | $198.4M | $187.1M |
| Property, plant & equipment (net) | $32.5M | $39.4M | $37.4M | $37.8M | $37.8M | $35.4M | $34.4M | $33.7M | $33.0M | $33.6M | $31.6M | $31.0M |
| Goodwill & intangible assets | $19.5M | $19.7M | $19.9M | $20.2M | $20.4M | $20.7M | $20.9M | $21.1M | $21.4M | $21.6M | $21.8M | $22.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.6M | $1.5M | $1.2M | $614,000 | $676,000 | $387,000 | $407,000 | $458,000 | $146,000 | $146,000 | $146,000 | $146,000 |
| Total assets | $181.1M | $184.1M | $190.6M | $196.6M | $206.4M | $205.8M | $217.1M | $212.9M | $226.1M | $242.7M | $251.9M | $240.4M |
| Liabilities | ||||||||||||
| Accounts payable | $16.1M | $13.5M | $6.7M | $16.1M | $20.0M | $13.2M | $10.5M | $18.6M | $18.1M | $21.1M | $11.8M | $8.7M |
| Short-term debt | $3.6M | — | — | $3.9M | $3.2M | $2.1M | $413,000 | $403,000 | $393,000 | $864,000 | $1.4M | $1.2M |
| Deferred revenue | — | — | — | — | — | — | — | −$403,000 | — | — | — | $20.4M |
| Total current liabilities | $41.5M | $34.5M | $30.6M | $40.9M | $41.9M | $33.2M | $34.9M | $38.3M | $44.4M | $47.0M | $45.0M | $33.2M |
| Long-term debt | $56.0M | $55.8M | $55.6M | $53.5M | $53.5M | $53.4M | $53.3M | $53.2M | $53.2M | $53.1M | $53.0M | $52.9M |
| Lease obligations | $13.5M | $14.0M | $14.5M | $15.0M | $15.5M | $15.9M | $16.3M | $16.9M | $16.7M | $17.0M | $17.3M | $17.6M |
| Other long-term liabilities | $15.8M | $16.6M | $17.0M | $13.0M | $13.5M | $13.9M | $16.0M | $16.5M | $16.3M | $16.2M | $15.9M | $16.4M |
| Total liabilities | $113.3M | $106.9M | $103.2M | $107.4M | $108.8M | $100.5M | $104.2M | $108.0M | $113.9M | $116.3M | $114.0M | $102.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $65,000 | $65,000 | $64,000 | $64,000 | $63,000 | $63,000 | $62,000 | $62,000 | $62,000 | $62,000 | $62,000 | $62,000 |
| Retained earnings (deficit) | −$282.8M | −$267.0M | −$249.0M | −$239.6M | −$223.3M | −$205.9M | −$190.0M | −$189.5M | −$174.1M | −$152.9M | −$134.2M | −$128.0M |
| Accumulated other comprehensive income | −$52,000 | −$26,000 | $72,000 | $83,000 | $50,000 | $57,000 | $97,000 | $191,000 | −$26,000 | $69,000 | $163,000 | −$148,000 |
| Total shareholders' equity | $67.7M | $77.2M | $87.3M | $89.2M | $97.6M | $105.3M | $112.9M | $104.9M | $112.1M | $126.4M | $137.9M | $137.9M |
| Key figures | ||||||||||||
| Total debt | $72.7M | $13.6M | $14.0M | $70.4M | $70.1M | $69.4M | $69.7M | $70.1M | $69.9M | $70.1M | $70.3M | $70.5M |
| Net cash (debt) | −$27.1M | $38.3M | $34.4M | −$13.0M | −$805,000 | $6.7M | $6.0M | $12.7M | $25.2M | $39.9M | $52.9M | $51.7M |
| Working capital | $79.0M | $89.0M | $101.4M | $97.1M | $105.7M | $116.3M | $126.5M | $119.3M | $127.1M | $140.3M | $153.3M | $154.0M |
| Tangible book value | $48.3M | $57.5M | $67.4M | $69.0M | $77.2M | $84.7M | $92.0M | $83.8M | $90.8M | $104.8M | $116.1M | $115.8M |
| Book value per share | $1.04 | $1.20 | $1.37 | $1.40 | $1.55 | $1.68 | $1.81 | $1.69 | $1.81 | $2.05 | $2.24 | $2.24 |
| Shares outstanding | 65.0M | 64.6M | 63.9M | 63.5M | 63.0M | 62.7M | 62.3M | 62.2M | 62.1M | 61.8M | 61.7M | 61.6M |
| Current ratio | 2.90 | 3.58 | 4.31 | 3.37 | 3.52 | 4.50 | 4.62 | 4.12 | 3.86 | 3.98 | 4.40 | 5.64 |
| Quick ratio | 1.80 | 2.38 | 2.95 | 2.21 | 2.38 | 3.23 | 3.34 | 2.80 | 2.71 | 2.98 | 3.58 | 4.44 |
| Debt / equity | 1.07 | 0.18 | 0.16 | 0.79 | 0.72 | 0.66 | 0.62 | 0.67 | 0.62 | 0.55 | 0.51 | 0.51 |
| Equity / assets | 37.4% | 41.9% | 45.8% | 45.4% | 47.3% | 51.2% | 52.0% | 49.3% | 49.6% | 52.1% | 54.8% | 57.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
TMCI financial position
At the end of fiscal 2025 (December 31, 2025), Treace Medical Concepts had total assets of $190.6 million (down 12.2% from a year earlier), total liabilities of $103.2 million and shareholders' equity of $87.3 million. It held $48.4 million in cash and short-term investments against $14.0 million of debt, a net cash position of $34.4 million. Its current ratio was 4.31. In the latest quarter (ended June 30, 2026) total assets were $181.1 million and equity $67.7 million.
Related: TMCI income statement, TMCI cash flow statement, TMCI key metrics. See the TMCI stock overview for the latest quote and news.
TMCI balance sheet FAQ
What are Treace Medical Concepts's total assets?
Treace Medical Concepts reported total assets of $190.6 million at the end of fiscal 2025 (December 31, 2025), compared with $217.1 million a year earlier.
How much debt does Treace Medical Concepts have?
Treace Medical Concepts had $14.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.16.
How much cash does Treace Medical Concepts have?
Treace Medical Concepts held $48.4 million in cash and short-term investments at the end of fiscal 2025; with $14.0 million of debt that is net cash of $34.4 million.
What is Treace Medical Concepts's book value?
Treace Medical Concepts's shareholders' equity (book value) was $87.3 million at the end of fiscal 2025, or $1.38 per share.
What is Treace Medical Concepts's current ratio?
Treace Medical Concepts had current assets of $132.1 million and current liabilities of $30.6 million, a current ratio of 4.31 (it can cover its short-term obligations).
How much goodwill does Treace Medical Concepts have?
Treace Medical Concepts carried $19.9 million of goodwill and intangible assets, 10.5% of total assets, at the end of fiscal 2025.