TransMedics Group, Inc. (TMDX) Key Metrics
TMDX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.45B
- Enterprise value
- $3.41B
- P/E (TTM)
- 18.3
- Forward P/E
- 37.3
- PEG ratio
- 0.75
- Price / sales
- 3.7 10-yr median 11.4
- Price / book
- 5.8 10-yr median 9.6
- EV / EBITDA
- 26.2
- Dividend yield
- —
- Beta
- 1.93
TMDX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTMDX valuation Price multiples at each fiscal year-end price.
TMDX returns How much profit the business earns on the capital it uses.
TMDX per-share figures Results divided by the shares outstanding at year-end.
TMDX financial health Debt, liquidity and how easily interest is covered.
TMDX efficiency & capital use Working capital cycle and where the cash goes.
TMDX valuation history
TMDX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TMDX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TMDX cash returned to shareholders
TMDX price vs earnings per share
TMDX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.93B | $2.20B | $2.57B | $1.82B | $529.1M | $491.6M | $270.0M | — | — | — |
| Enterprise value | $4.91B | $2.38B | $2.69B | $1.69B | $480.5M | $400.6M | $223.5M | — | — | — |
| P/E ratio | 25.9 | 61.9 | — | — | — | — | — | — | — | — |
| Price / sales | 8.1 | 5.0 | 10.6 | 19.5 | 17.5 | 19.2 | 11.4 | — | — | — |
| Price / book | 10.4 | 9.6 | 18.7 | 9.7 | 7.8 | 4.7 | 4.9 | — | — | — |
| Price / free cash flow | 36.9 | — | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 25.6 | 45.0 | — | — | — | — | — | — | — | — |
| EV / sales | 8.1 | 5.4 | 11.1 | 18.1 | 15.9 | 15.6 | 9.5 | — | — | — |
| EV / EBITDA | 33.1 | 34.0 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 36.8 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 3.9% | 1.6% | −1.0% | −2.0% | −8.4% | −5.8% | −12.4% | — | — | — |
| Free cash flow yield | 2.7% | −3.7% | −7.5% | −3.2% | −6.1% | −6.2% | −12.0% | — | — | — |
| Dividend yield | — | — | 2.0% | — | — | 0.1% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | — | 2.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — | — |
| Share price at fiscal year-end | $121.65 | $62.35 | $78.93 | $61.72 | $19.16 | $19.90 | $19.01 | — | — | — |
| Per share | ||||||||||
| Revenue per share | $14.94 | $12.54 | $7.43 | $3.16 | $1.10 | $1.04 | $1.66 | $0.68 | $0.53 | $0.43 |
| Earnings per share | $4.69 | $1.01 | −$0.77 | −$1.23 | −$1.60 | −$1.16 | −$2.36 | −$1.23 | −$1.44 | −$1.66 |
| Operating cash flow per share | $4.76 | $1.39 | −$0.40 | −$1.55 | −$1.05 | −$1.23 | −$2.27 | −$1.35 | −$1.60 | −$1.67 |
| Free cash flow per share | $3.30 | −$2.30 | −$5.91 | −$1.95 | −$1.17 | −$1.24 | −$2.28 | −$1.37 | −$1.61 | −$1.77 |
| Cash per share | $12.05 | $9.56 | $12.14 | $6.81 | $3.35 | $5.09 | $5.68 | $1.05 | $1.70 | $3.30 |
| Book value per share | $11.67 | $6.49 | $4.22 | $6.34 | $2.46 | $4.21 | $3.85 | −$0.25 | −$11.65 | $2.68 |
| Tangible book value per share | $11.34 | $6.10 | $3.78 | $6.34 | $2.46 | $4.21 | $3.85 | −$0.25 | −$11.65 | $2.68 |
| Dividends per share | — | — | $1.57 | — | — | $0.01 | — | — | — | — |
| Capex per share | $1.46 | $3.68 | $5.51 | $0.40 | $0.13 | $0.02 | $0.01 | $0.02 | $0.02 | $0.10 |
| Debt per share | $11.59 | $14.72 | $15.87 | $2.29 | $1.59 | $1.40 | $2.40 | $1.75 | $0.60 | $0.58 |
| Shares outstanding | 40.5M | 35.2M | 32.5M | 29.6M | 27.6M | 24.7M | 14.2M | 19.2M | 14.5M | 14.5M |
| Change in shares outstanding | +15.1% | +8.3% | +10.0% | +7.0% | +11.8% | +73.9% | −26.2% | +32.9% | 0.0% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 54.2% | 19.4% | −15.4% | −28.4% | −51.5% | −36.3% | −134.7% | — | — | −101.1% |
| Return on invested capital (ROIC) | 25.1% | 11.1% | −14.5% | −68.1% | −194.0% | −198.4% | −279.9% | — | — | — |
| Return on assets (ROA) | 20.3% | 4.7% | −5.1% | −17.6% | −30.8% | −22.3% | −45.5% | −60.0% | −43.8% | −65.9% |
| Return on tangible assets | 18.0% | 4.5% | −3.6% | −13.1% | −32.8% | −18.9% | −31.9% | −56.4% | −56.3% | −41.4% |
| Free cash flow margin | 22.1% | −18.3% | −79.5% | −61.8% | −107.0% | −119.8% | −137.5% | −202.8% | −304.0% | −412.1% |
| Income quality (OCF / net income) | 1.01 | 1.38 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $469.7M | $518.3M | $515.9M | $67.6M | $43.8M | $34.7M | $34.1M | $33.7M | $8.7M | $8.4M |
| Cash & short-term investments | $488.4M | $336.6M | $394.8M | $201.2M | $92.5M | $125.6M | $80.7M | $20.2M | $24.7M | $47.8M |
| Net debt | −$18.7M | $181.6M | $121.1M | −$133.6M | −$48.7M | −$91.0M | −$46.5M | $13.4M | −$16.0M | −$39.4M |
| Debt / equity | 0.99 | 2.27 | 3.76 | 0.36 | 0.65 | 0.33 | 0.62 | — | — | 0.22 |
| Debt / assets | 0.44 | 0.64 | 0.73 | 0.24 | 0.32 | 0.23 | 0.32 | 0.80 | 0.23 | 0.14 |
| Net debt / EBITDA | −0.13 | 2.60 | — | — | — | — | — | — | — | — |
| Current ratio | 7.14 | 8.30 | 9.30 | 10.66 | 5.11 | 12.36 | 6.21 | 2.77 | 3.12 | 5.90 |
| Quick ratio | 6.59 | 7.52 | 8.49 | 9.79 | 4.47 | 11.35 | 5.51 | 2.03 | 2.39 | 5.23 |
| Interest coverage | 7.9 | 2.6 | -2.7 | -8.4 | -10.2 | -6.6 | -6.8 | -8.4 | -19.1 | -23.5 |
| Working capital | $548.5M | $437.3M | $455.7M | $228.6M | $95.5M | $134.9M | $83.9M | $22.2M | $23.1M | $46.4M |
| Invested capital | $454.4M | $410.2M | $258.3M | $53.7M | $19.2M | $12.9M | $8.1M | $8.6M | −$184.7M | −$642,000 |
| Tangible asset value | $459.6M | $214.9M | $122.9M | $187.4M | $67.9M | $103.9M | $54.6M | −$4.8M | −$168.7M | $38.8M |
| Net current asset value | $42.5M | −$78.3M | −$58.2M | $162.5M | $51.7M | $98.6M | $49.4M | −$12.2M | −$171.7M | $36.5M |
| Graham number | $35.11 | $12.13 | — | — | — | — | — | — | — | — |
| Graham net-net per share | −$0.47 | −$4.04 | −$3.21 | $4.82 | $1.35 | $3.59 | $2.86 | −$1.01 | −$12.18 | $2.26 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $51.1M | — | — | $357,000 | — | — | — | — |
| Share buybacks (net) | $138,000 | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | 0.1% | — | — | — | — | — | — | — | — | — |
| Capex / revenue | 9.8% | 29.4% | 74.1% | 12.7% | 11.6% | 1.8% | 0.7% | 3.2% | 3.4% | 23.8% |
| Capex / operating cash flow | 30.7% | 265.9% | — | — | — | — | — | — | — | — |
| Capex / depreciation | 2.18 | 6.57 | 21.90 | 3.42 | 1.94 | 0.29 | 0.14 | 0.54 | 0.42 | 3.47 |
| Stock-based compensation / revenue | 6.1% | 7.5% | 8.2% | 11.0% | 22.7% | 9.4% | 3.6% | 1.1% | 0.9% | 0.7% |
| R&D / revenue | 11.4% | 12.7% | 26.2% | 28.7% | 73.7% | 73.4% | 84.2% | 104.9% | 194.6% | 251.8% |
| SG&A / revenue | 30.6% | 38.2% | 50.3% | 74.8% | 126.5% | 94.3% | 100.0% | 94.6% | 99.0% | 130.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.9 | 66.7 | 68.9 | 65.5 | 77.2 | 95.5 | 77.3 | 61.2 | 54.7 | 81.1 |
| Days of inventory on hand | 71.8 | 92.3 | 135.2 | 229.6 | 537.2 | 469.2 | 383.9 | 432.2 | 470.6 | 239.1 |
| Days payables outstanding | 15.5 | 23.4 | 33.5 | 64.7 | 157.5 | 171.3 | 224.2 | 206.4 | 255.4 | 177.5 |
| Cash conversion cycle (days) | 111.1 | 135.6 | 170.6 | 230.4 | 456.8 | 393.4 | 237.0 | 287.0 | 269.9 | 142.7 |
| Receivables turnover | 6.65 | 5.47 | 5.30 | 5.57 | 4.73 | 3.82 | 4.72 | 5.97 | 6.67 | 4.50 |
| Payables turnover | 23.51 | 15.60 | 10.90 | 5.64 | 2.32 | 2.13 | 1.63 | 1.77 | 1.43 | 2.06 |
| Inventory turnover | 5.09 | 3.95 | 2.70 | 1.59 | 0.68 | 0.78 | 0.95 | 0.84 | 0.78 | 1.53 |
| Asset turnover | 0.65 | 0.58 | 0.49 | 0.45 | 0.21 | 0.20 | 0.32 | 0.33 | 0.16 | 0.17 |
| Average receivables | $91.0M | $80.6M | $45.6M | $16.8M | $6.4M | $6.7M | $5.0M | $2.2M | $1.2M | $1.4M |
| Average payables | $10.3M | $11.5M | $8.0M | $5.0M | $3.9M | $4.2M | $6.0M | $4.1M | $3.9M | $2.6M |
| Average inventory | $47.7M | $45.4M | $32.4M | $17.7M | $13.4M | $11.6M | $10.2M | $8.6M | $7.2M | $3.6M |
| Intangibles / total assets | 1.3% | 1.7% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from TMDX's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TMDX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), TransMedics traded at 25.9 times earnings. Based on the latest twelve months, the trailing P/E is 18.3 and the forward P/E is 37.3. TransMedics earned a return on equity of 54.2% and a return on invested capital of 25.1% in fiscal 2025. It ended the year with $469.7 million of debt and $488.4 million in cash and short-term investments, a net cash position of $18.7 million. It returned $0.1 million to shareholders: $0 in dividends and $0.1 million in share buybacks, 0% of free cash flow. The share count rose 180.0% from 14.5M to 40.5M over 9 years.
See the TMDX income statement, the TMDX chart for price history, or the TMDX stock overview for the latest quote and news.
TMDX key metrics FAQ
What is TransMedics's P/E ratio?
TransMedics's trailing P/E ratio is 18.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 37.3. At the end of fiscal 2025 it was 25.9.
What is TransMedics's EV/EBITDA?
TransMedics's enterprise value was 33.1 times EBITDA at the end of fiscal 2025 (enterprise value $4.9 billion, EBITDA $148.5 million); the current EV/EBITDA is 26.2.
What is TransMedics's return on equity?
TransMedics's return on equity (ROE) was 54.2% in fiscal 2025: net income of $190.3 million on average shareholders' equity of $350.9 million.
What is TransMedics's ROIC?
TransMedics's return on invested capital was 25.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does TransMedics have?
TransMedics had total debt of $469.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.99 and more cash than debt.
Does TransMedics buy back its shares?
Yes. TransMedics spent $0.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +15.1% over the year, to 40.5M..
What is TransMedics's free cash flow yield?
TransMedics generated $133.6 million of free cash flow in fiscal 2025, a free cash flow yield of 2.7% on its market value at year-end ($4.9 billion).
What is TransMedics's current ratio?
TransMedics's current ratio was 7.14 at the end of fiscal 2025: current assets were 7.14 times current liabilities.