Tenon Medical, Inc. (TNON) Key Metrics
TNON valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.3M
- Enterprise value
- $9.3M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.4
- Price / book
- 4.0
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.36
TNON key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTNON returns How much profit the business earns on the capital it uses.
TNON financial health Debt, liquidity and how easily interest is covered.
TNON efficiency & capital use Working capital cycle and where the cash goes.
TNON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TNON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TNON key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Share price at fiscal year-end | $33.30 | $65.80 | $442.40 | $4,424.00 | — | — | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | −228.1% | −405.2% | −443.3% | — | — | — | — |
| Return on assets (ROA) | −121.9% | −168.9% | −178.7% | −185.8% | −145.9% | −177.5% | −189.8% |
| Return on tangible assets | −159.6% | −138.9% | −245.6% | −170.6% | −76.0% | −149.7% | −189.8% |
| Free cash flow margin | −279.4% | −307.1% | −428.4% | — | — | −381.9% | −438.5% |
| Financial health | |||||||
| Total debt | $141,000 | $428,000 | $1.9M | $911,000 | $14.6M | $574,975 | $927,804 |
| Cash & short-term investments | $3.8M | $6.5M | $2.4M | $8.6M | $7.3M | $245,635 | $151,968 |
| Net debt | −$3.6M | −$6.1M | −$571,000 | −$7.7M | $7.3M | $329,340 | $775,836 |
| Debt / equity | 0.03 | 0.07 | 2.39 | 0.15 | — | — | — |
| Debt / assets | 0.01 | 0.04 | 0.29 | 0.08 | 1.58 | 1.47 | 3.46 |
| Current ratio | 2.11 | 4.39 | 1.24 | 3.69 | 0.50 | 0.20 | 0.16 |
| Quick ratio | 1.78 | 4.07 | 1.06 | 3.53 | 0.49 | 0.17 | 0.12 |
| Interest coverage | — | -404.9 | -748.9 | -52.9 | -10.4 | -3.2 | -10.2 |
| Working capital | $3.6M | $6.3M | $749,000 | $6.8M | −$7.6M | −$1.2M | −$1.4M |
| Invested capital | $1.4M | −$136,000 | $207,000 | −$1.4M | −$13.3M | −$2.8M | −$1.8M |
| Tangible asset value | $2.1M | $6.0M | $778,000 | $6.3M | −$20.6M | −$1.4M | −$1.6M |
| Net current asset value | $1.0M | $4.3M | −$1.7M | $4.5M | −$22.2M | −$1.5M | −$1.6M |
| Capital allocation | |||||||
| Share buybacks (net) | $0 | — | — | — | — | — | — |
| Capex / revenue | 6.9% | 5.7% | 12.3% | 122.6% | 63.8% | 0.0% | 190.2% |
| Capex / depreciation | 0.52 | 0.28 | 0.85 | 2.93 | 0.89 | 0.00 | 0.89 |
| Stock-based compensation / revenue | 42.9% | 117.3% | 141.6% | 419.2% | 235.6% | 38.0% | 57.0% |
| R&D / revenue | 54.5% | 79.4% | 108.0% | 409.3% | 1,073.8% | 504.1% | 692.7% |
| SG&A / revenue | 329.6% | 392.9% | 471.5% | 2,207.8% | 3,030.0% | 778.1% | 367.8% |
| Efficiency | |||||||
| Days sales outstanding | 118.5 | 77.4 | 47.8 | 83.7 | 103.2 | 284.2 | 365.9 |
| Days of inventory on hand | 191.0 | 135.2 | 104.8 | 82.6 | 767.5 | 1,047.9 | 1,230.4 |
| Days payables outstanding | 139.7 | 93.5 | 106.3 | 140.8 | 3,541.1 | 10,363.1 | 8,947.0 |
| Cash conversion cycle (days) | 169.8 | 119.1 | 46.3 | 25.5 | -2,670.5 | -9,031.0 | -7,350.7 |
| Receivables turnover | 3.08 | 4.72 | 7.63 | 4.36 | 3.54 | 1.28 | 1.00 |
| Payables turnover | 2.61 | 3.91 | 3.43 | 2.59 | 0.10 | 0.04 | 0.04 |
| Inventory turnover | 1.91 | 2.70 | 3.48 | 4.42 | 0.48 | 0.35 | 0.30 |
| Asset turnover | 0.38 | 0.40 | 0.34 | 0.07 | 0.03 | 0.13 | 0.20 |
| Average receivables | $1.3M | $694,500 | $383,500 | $158,500 | $45,237 | $34,121 | $53,768 |
| Average payables | $607,000 | $401,000 | $491,500 | $514,000 | $533,596 | $518,356 | $447,520 |
| Average inventory | $830,000 | $580,000 | $484,500 | $301,500 | $115,644 | $52,416 | $61,545 |
| Intangibles / total assets | 26.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from TNON's annual financial statements (latest annual report filed March 27, 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.
TNON valuation and financial ratios
Tenon Medical earned a return on equity of −228.1% in fiscal 2025. It ended the year with $0.1 million of debt and $3.8 million in cash and short-term investments, a net cash position of $3.6 million.
See the TNON income statement, the TNON chart for price history, or the TNON stock overview for the latest quote and news.
TNON key metrics FAQ
What is Tenon Medical's return on equity?
Tenon Medical's return on equity (ROE) was −228.1% in fiscal 2025: net income of -$12.6 million on average shareholders' equity of $5.5 million.
How much debt does Tenon Medical have?
Tenon Medical had total debt of $0.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
What is Tenon Medical's current ratio?
Tenon Medical's current ratio was 2.11 at the end of fiscal 2025: current assets were 2.11 times current liabilities.