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Establishment Labs Holdings Inc. (ESTA) stock

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NASDAQ: ESTA Nasdaq Health Care Equipment Next results ~January 15, 2027

C+ Fundamentals grade

Establishment Labs Holdings Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$17

Revenue-to-maturity cash-flow model

Base case. Range ~$12–$23 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Establishment Labs Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 30 sales by directors and officers, last 12 monthsInsider trades
  • Funds123 adding, 82 cuttingOf 46 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Establishment Labs files

Where Establishment Labs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $246m, up 38.6% on a year earlier, faster than the 34.9% growth a quarter earlier. That growth ranks 5 of 58 among the health care equipment companies we cover. Free-cash-flow margin rose to -16.9% from -43.4% a year earlier. Operating margin widened to -7.6% from -35.4%. The diluted share count is up 4.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $17.87 a share, against a share price of $71.11.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 15, 2027 (estimated)

Establishment Labs Holdings Inc.'s trailing-twelve-month revenue grew 38.6% year on year, with a free-cash-flow margin of -16.9%. Where it stands out: revenue growth of 38.6% ranks 19 of 129 health care equipment companies we cover. Where it lags: long-term debt as % of assets of 74.4% ranks 86 of 87 health care equipment companies we cover.

Current signal Gross margin expanding: TTM gross margin reached 70.5%, up 3.3pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 38.6% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 27.8 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -7.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -16.9% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 1.4 against the S&P 500.
  • Insiders selling. 6 insiders sold $37M of stock over the past 365 days and none bought (62% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 74.4% ranks 86 of 87 health care equipment companies we cover (median 24.2%).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.35 against an average estimate of -$0.23: missed by 52.2%
Revenue
$68m, up 31.7% on a year earlier
Share reaction
-9.4% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $274m (Full-Year 2026); adjusted Gross Margin 70.7% (Full-Year 2026)
Next report
October 29, 2026; average EPS estimate -$0.03

Establishment Labs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.2%
  • 1 week-7.2%
  • 1 month-4.7%
  • This year-16.2%
  • 1 year+27.4%
  • 5 years-24.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$246M
Operating margin
-7.6%
Net margin
-15.8%
EPS (TTM, diluted)
$-1.29

Growth

Revenue growth
+38.6%
Change in growth rate
+3.7 pts
Share count change
+4.2%

Cash

Free cash flow (TTM)
-$41.5M
FCF margin
-16.9%
Stock pay % of revenue
4.9%

Earnings

Last results
October 29, 2026
Next results (est.)
January 15, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Agreement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Establishment Labs Holdings Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Establishment Labs Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$17 ~$12–$23 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$8.0 ~$9.4–$38 Left out: out of range vs price (0.13x)
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$17 ~$12–$23 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Establishment Labs Holdings Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$27.42$27.66$37.64$67.59$65.65$25.89$46.07$72.88$61.07
Market value$476m$568m$878m$1.6bn$1.6bn$663m$1.3bn$2.2bn$1.8bn
+ Net debt (− = net cash)−$30m$10m−$35m−$2m$109m$149m$129m$172m$191m
Enterprise value$445m$579m$843m$1.6bn$1.7bn$811m$1.4bn$2.3bn$2.0bn
Multiples
Price / sales 7.8x6.3x10.4x12.8x9.9x4.0x7.8x10.2x7.5x
Price / earnings —————————
Price / free cash flow —————————
EV / EBITDA —————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Establishment Labs's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -13.4% of total assets over 8 years.

  • Pricing power 18 / 20

    Gross margin has been a median 65.0%, moving by 4.3 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -35.4%; its worst year was -43.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 9 years, at a median -43.4% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 26.3% over five years; stock-based pay has been a median 7.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.40 +20% $274m +30%
Next −$0.01 +99% $341m +25%

Next year's EPS estimate has moved −113.3% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +37.9% on 90 days ago. In the last 30 days, 0 analysts raised Establishment Labs Holdings Inc.'s forecast and 2 cut it.

Consensus EPS forecast Establishment Labs Holdings Inc., last 90 days
−$1.50 −$1.00 −$0.50 $0.00 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.01 Current fiscal year, 60 days ago: −$1.10 Current fiscal year, 30 days ago: −$1.10 Current fiscal year, 7 days ago: −$1.10 Current fiscal year, Now: −$1.40 −$1.40 Next fiscal year, 90 days ago: $0.07 Next fiscal year, 60 days ago: $0.06 Next fiscal year, 30 days ago: $0.06 Next fiscal year, 7 days ago: $0.06 Next fiscal year, Now: −$0.01 −$0.01

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.01$0.07
60 days ago −$1.10$0.06
30 days ago −$1.10$0.06
7 days ago −$1.10$0.06
Now −$1.40−$0.01

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.23 −$0.35 −52.2%
Jun 2026 −$0.30 −$0.39 −27.9%
Mar 2026 −$0.38 −$0.45 −17.4%
Dec 2025 −$0.21 −$0.09 +58.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue Full-Year 2026 about $274m Raised
    “Increasing revenue to more than $274 million, compared to the previous guidance of $269 million to $271 million.” source
  • Revenue growth fiscal 2027 about 25% growth
    “We expect fiscal 2027 to deliver growth of 25% and positive cash flow, setting the stage for many years to come.” source
  • Adjusted Gross Margin Full-Year 2026 about 70.7% Non-GAAP
    “Adjusted Gross Margin of approximately 70.7%, reflecting a higher-than-anticipated mix of OUS distributor sales.” source
  • Adjusted Operating Expenses Full-Year 2026 $195m to $200m Non-GAAP Maintained
    “Adjusted Operating Expenses of $195 million to $200 million, unchanged.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

10 analysts, Oct 2026
Buy10100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20262810
  2. Sep 2026279
  3. Aug 2026279
  4. Jul 20262619

Counts of recommendations published by analysts covering Establishment Labs Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.8%
of tradable shares
Days to cover
10.91
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
10.0%
of shares
Employees
1,004
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +27.4%

$47.95 on October 31, 2025 to $61.07

ThenNowEffect
Revenue (last 12 months) $177m $246m +38.6%
P/S multiple 7.8x 7.5x −4.2%
Share count 29m 30m −4.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +73.0%

$35.31 on November 3, 2023 to $61.07

ThenNowEffect
Revenue (last 12 months) $177m $246m +38.8%
P/S multiple 5.0x 7.5x +50.6%
Share count 25m 30m −17.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ESTA+80%−3%−61%+78%+58%−16%
Industry peers (median)−9%−37%−8%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ESTA58%67%50%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ESTA−33%−41%−71%−43%−42%−40%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 19, 2018: 75% from July 1, 2021 to November 10, 2023. Getting back needed a 307% gain, reached on June 25, 2026, 958 days after the low.

Price behaviour

52-week range
$47.80 – $95.65
From 52-week high
−36.2%
vs 50-day average
−8.6%
vs 200-day average
−15.6%
Volatility (1 year)
55%
Beta vs S&P 500
1.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±12.7%
After a week
3 up, 8 down
typical move ±14.0%
After a month
6 up, 5 down
typical move ±16.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −9.4% −2.1% — —
August 6, 2026 −15.2% +0.5% −17.2% −18.6%
May 6, 2026 +1.5% +1.1% −2.7% +4.7%
February 24, 2026 +4.4% +1.6% −5.1% −20.5%
January 12, 2026 −4.7% 0.0% −5.4% +6.4%
November 5, 2025 +31.4% −0.7% +27.9% +43.2%
August 7, 2025 −16.7% +0.7% −9.2% −8.5%
May 7, 2025 +5.4% +1.1% +10.4% +15.1%
April 10, 2025 −12.1% −2.7% −8.9% +0.2%
February 26, 2025 +18.9% −1.5% +21.9% +13.6%
January 13, 2025 −27.6% +0.3% −22.3% −34.1%
November 7, 2024 −5.2% +1.2% −23.2% −11.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Establishment Labs Holdings Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Establishment Labs Holdings Inc.
$150M $200M $250M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $177.4M Revenue (TTM), FY23 Q4: $165.2M Revenue (TTM), FY24 Q1: $155.8M Revenue (TTM), FY24 Q2: $151.4M Revenue (TTM), FY24 Q3: $153.1M Revenue (TTM), FY24 Q4: $166M Revenue (TTM), FY25 Q1: $170.2M Revenue (TTM), FY25 Q2: $177.4M Revenue (TTM), FY25 Q3: $191M Revenue (TTM), FY25 Q4: $211.1M Revenue (TTM), FY26 Q1: $229.6M Revenue (TTM), FY26 Q2: $245.8M $245.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $177.4M
FY23 Q4 $165.2M
FY24 Q1 $155.8M
FY24 Q2 $151.4M
FY24 Q3 $153.1M
FY24 Q4 $166M
FY25 Q1 $170.2M
FY25 Q2 $177.4M
FY25 Q3 $191M
FY25 Q4 $211.1M
FY26 Q1 $229.6M
FY26 Q2 $245.8M
Revenue growth, TTM YoY Establishment Labs Holdings Inc.
-20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 15.8% Revenue growth, TTM YoY, FY23 Q4: 2.1% Revenue growth, TTM YoY, FY24 Q1: -8.2% Revenue growth, TTM YoY, FY24 Q2: -14.6% Revenue growth, TTM YoY, FY24 Q3: -13.7% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: 9.3% Revenue growth, TTM YoY, FY25 Q2: 17.2% Revenue growth, TTM YoY, FY25 Q3: 24.8% Revenue growth, TTM YoY, FY25 Q4: 27.1% Revenue growth, TTM YoY, FY26 Q1: 34.9% Revenue growth, TTM YoY, FY26 Q2: 38.6% 38.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 15.8%
FY23 Q4 2.1%
FY24 Q1 -8.2%
FY24 Q2 -14.6%
FY24 Q3 -13.7%
FY24 Q4 0.5%
FY25 Q1 9.3%
FY25 Q2 17.2%
FY25 Q3 24.8%
FY25 Q4 27.1%
FY26 Q1 34.9%
FY26 Q2 38.6%
Operating margin (TTM) Establishment Labs Holdings Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -31.6% Operating margin (TTM), FY23 Q4: -39.4% Operating margin (TTM), FY24 Q1: -42.2% Operating margin (TTM), FY24 Q2: -40.5% Operating margin (TTM), FY24 Q3: -34.9% Operating margin (TTM), FY24 Q4: -30.1% Operating margin (TTM), FY25 Q1: -34.1% Operating margin (TTM), FY25 Q2: -35.4% Operating margin (TTM), FY25 Q3: -28.1% Operating margin (TTM), FY25 Q4: -18.5% Operating margin (TTM), FY26 Q1: -12.4% Operating margin (TTM), FY26 Q2: -7.6% -7.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -31.6%
FY23 Q4 -39.4%
FY24 Q1 -42.2%
FY24 Q2 -40.5%
FY24 Q3 -34.9%
FY24 Q4 -30.1%
FY25 Q1 -34.1%
FY25 Q2 -35.4%
FY25 Q3 -28.1%
FY25 Q4 -18.5%
FY26 Q1 -12.4%
FY26 Q2 -7.6%
FCF margin (TTM) Establishment Labs Holdings Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -57.8% FCF margin (TTM), FY23 Q4: -58.4% FCF margin (TTM), FY24 Q1: -57.7% FCF margin (TTM), FY24 Q2: -48.5% FCF margin (TTM), FY24 Q3: -34.1% FCF margin (TTM), FY24 Q4: -38.9% FCF margin (TTM), FY25 Q1: -42.1% FCF margin (TTM), FY25 Q2: -43.4% FCF margin (TTM), FY25 Q3: -39.9% FCF margin (TTM), FY25 Q4: -27.0% FCF margin (TTM), FY26 Q1: -18.1% FCF margin (TTM), FY26 Q2: -16.9% -16.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -57.8%
FY23 Q4 -58.4%
FY24 Q1 -57.7%
FY24 Q2 -48.5%
FY24 Q3 -34.1%
FY24 Q4 -38.9%
FY25 Q1 -42.1%
FY25 Q2 -43.4%
FY25 Q3 -39.9%
FY25 Q4 -27.0%
FY26 Q1 -18.1%
FY26 Q2 -16.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 35 61 90 85 127 162 165 166 211 246
Gross profit 18 36 55 53 85 107 107 110 146 173
EBITDA — — — — −23 −37 −62 −45 −33 —
Operating income −20 −24 −31 −28 −25 −40 −65 −50 −39 −19
Net income −35 −21 −38 −38 −41 −75 −79 −85 −51 −39
Diluted EPS −$3.41 −$1.22 −$1.86 −$1.63 −$1.72 −$3.08 −$3.07 −$3.00 −$1.72 −$1.29
Growth (year on year)
Revenue — +76.5% +46.3% −5.5% +49.6% +27.6% +2.1% +0.5% +27.1% +38.6%
Margins
Gross margin 51.0% 59.0% 61.3% 62.0% 67.4% 65.9% 64.8% 66.0% 69.3% 70.5%
EBITDA margin — — — — −17.9% −23.0% −37.7% −27.3% −15.5% —
Operating margin −57.6% −39.0% −34.5% −33.0% −19.8% −24.5% −39.4% −30.1% −18.5% −7.6%
Net margin −100.6% −34.5% −42.6% −45.0% −32.5% −46.5% −47.5% −51.0% −24.2% −15.8%
Free-cash-flow margin −94.8% −58.2% −40.5% −17.3% −23.6% −34.0% −58.4% −38.9% −27.0% −16.9%
Cash flow
Cash from operations −32 −34 −30 −13 −28 −52 −89 −59 −51 −32
Capital spending 1 2 6 2 2 3 8 6 6 9
Free cash flow −33 −36 −36 −15 −30 −55 −96 −65 −57 −42
Stock-based pay — 7 7 6 10 13 14 14 11 12
Free cash flow after stock pay — −43 −43 −20 −40 −68 −111 −79 −68 −54
Balance sheet
Cash 11 53 38 85 53 66 40 90 76 71
Total debt 0 22 48 50 52 175 189 220 248 262
Net debt (negative = net cash) −11 −30 10 −35 −2 109 149 129 172 191
Diluted shares 10m 17m 21m 23m 24m 24m 26m 28m 30m 30m
Returned to shareholders
Buybacks 5 0 — — — — — — — —
Total returned 5 0 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $352m
Short-term assets $248mLonger-term assets $104m
What it owes, and who funded it · $352m
Short-term liabilities $65mLonger-term liabilities $266mShareholders' equity $22m
  • Short-term assets cover short-term liabilities $248m of assets due within a year against $65m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $248m short-term assets against $266m of longer-dated liabilities.
  • More cash than debt $71m of cash against $262m of debt.
  • Debt below 40% of shareholders' equity Debt is 1211% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 102% to 1211% over five years.
  • A year's operating cash flow covers at least 20% of debt −$32m of operating cash flow against $262m of debt.
  • Operating profit covers interest at least five times over Operating income of −$19m against $28m of interest.

From Establishment Labs Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.2%
year over year
R&D spending
8.3%
of revenue
Sales & admin spending
69.9%
of revenue
Days sales outstanding
112 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated ESTA CERS LMAT KIDS AXGN SIBN Median
Revenue, last 12 months $246m $254m $262m $264m $267m $214m $99m
Revenue growth, last 12 months 38.6% 74.6% 11.8% 16.1% 24.3% 15.3% 9.2%
Revenue growth, 3-year average 11.5% 89.8% 14.0% 23.0% 20.6% 19.7% 13.5%
Revenue growth, latest quarter 31.7% 9.5% 9.6% 18.6% 26.2% 15.2% 10.2%
Gross margin 70.5% 58.4% 72.9% 73.8% 74.2% 79.5% 61.2%
Operating margin −7.6% −1.0% 29.5% −9.4% −5.2% −8.3% −8.5%
Operating margin, 3-year average −27.9% −68.4% 25.0% −14.8% −2.7% −17.9% −17.9%
Net margin −15.8% −2.9% 25.0% −12.8% −12.0% −6.9% −12.0%
Cash from operations / revenue −13.1% 1.4% 31.6% 4.7% 10.6% 1.2% −1.9%
Free-cash-flow margin −16.9% 0.2% 28.1% 1.2% 8.3% −2.1% −3.9%
Free-cash-flow margin, 3-year average −36.3% −54.4% 21.9% −12.5% 1.7% −8.7% −7.0%
Stock pay / revenue 4.9% 8.4% 3.0% 6.4% 15.4% 11.3% 6.1%
Change in share count 4.2% 4.3% 2.0% 2.2% 10.6% 3.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 38.6% 9.1% 19 of 129
Change in growth rate Growth +3.7pp -0.6pp 27 of 129
Gross margin Profitability 70.5% 61.9% 38 of 123
Operating margin Profitability -7.6% -8.3% 65 of 132
Net margin Profitability -15.8% -12.0% 73 of 133
Free-cash-flow margin Cash generation -16.9% -3.4% 77 of 128
Stock pay as % of revenue Cash generation 4.9% 6.1% 58 of 123
Long-term debt as % of assets Balance sheet 74.4% 24.2% 86 of 87
Change in share count Balance sheet 4.2% 3.3% 66 of 115
Days sales outstanding Balance sheet 112 days 57 days 112 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
EMEA $91.1M 43.1% ▲ 16.4%
North America $45.6M 21.6% ▲ 933.0%
Latin America $39.9M 18.9% ▲ 14.1%
Asia Pacific $34.5M 16.4% ▼ 28.6%

From Establishment Labs Holdings Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.4B
Institutions reporting
197
Shares held vs prior quarter
▲ 6.6%
Positions opened / closed
55 / 31

Top buyers and sellers, Q2 2026: 123 institutions bought and 82 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.5M shares) and the biggest seller BAMCO Inc (−678K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jw Asset Management, LLC $231M 2.7M 9.4% ▼ 12.0%
RTW Investments, LP $228M 2.7M 9.3% 0.0%
Blackrock, Inc. $136M 1.6M 5.5% ▲ 1140.6%
Price T Rowe Associates Inc $132M 1.5M 5.4% New
Brown Advisory Inc $113M 1.3M 4.6% ▼ 14.0%
Findell Capital Management LLC $94M 1.1M 3.8% ▲ 9.8%
Mudita Advisors LLP $62M 723K 2.5% ▼ 5.4%
William Blair Investment Management, LLC $61.3M 714K 2.5% ▲ 3.6%
Rubric Capital Management LP $59.1M 688K 2.4% New
Nantahala Capital Management, LLC $57.6M 672K 2.4% ▼ 19.4%
Franklin Resources Inc $52.7M 614K 2.2% ▲ 156.5%
Bank Of America Corp $52.2M 608K 2.1% ▲ 45.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Establishment Labs Holdings Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $36.9M 30 trades by 6 insiders · 62% under pre-set plans
Net ▼ $36.9M net selling
Insider Date Trade Shares Price Value
Jw Partners, Lp 10% owner May 28, 2026 Sell 65,100 $72.89 $4.7M
Jw Partners, Lp 10% owner May 27, 2026 Sell 113 $72.50 $8,192
Jw Partners, Lp 10% owner May 26, 2026 Sell 25,320 $74.39 $1.9M
Jw Gp, Llc 10% owner May 21, 2026 Sell 16,999 $71.40 $1.2M
Jw Gp, Llc 10% owner May 20, 2026 Sell 3,580 $70.56 $252,605
Jw Asset Management, Llc 10% owner May 6, 2026 Sell 60,000 $75.63 $4.5M
Chacon Quiros Juan Jose Director May 6, 2026 Sell pre-set plan 11,794 $76.10 $897,523
Chacon Quiros Juan Jose Director May 6, 2026 Sell pre-set plan 93,206 $75.33 $7M
Chacon Quiros Juan Jose Director May 4, 2026 Sell pre-set plan 100 $71.34 $7,134
Chacon Quiros Juan Jose Director May 4, 2026 Sell pre-set plan 7,651 $70.47 $539,166
Chacon Quiros Juan Jose Director May 1, 2026 Sell pre-set plan 25,984 $71.18 $1.8M
Chacon Quiros Juan Jose Director May 1, 2026 Sell pre-set plan 41,265 $70.52 $2.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 15, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 6, 2026
  • February 24, 2026
  • January 12, 2026
  • November 5, 2025

Recent SEC filings

Data status

When each part of this page on Establishment Labs Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Establishment Labs Holdings Inc. in brief

What does Establishment Labs Holdings Inc. do?
Establishment Labs Holdings Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Establishment Labs Holdings Inc.'s stock ticker?
Establishment Labs Holdings Inc. trades under the ticker ESTA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Establishment Labs Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Establishment Labs Holdings Inc. reported revenue of $246M, 38.6% higher than a year earlier, according to its SEC filings.
What is Establishment Labs Holdings Inc.'s free cash flow?
Establishment Labs Holdings Inc.'s free-cash-flow margin is -16.9% of revenue over the trailing twelve months, ranking 77 of the 128 health care equipment companies we cover.
Who are Establishment Labs Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jw Asset Management, LLC, RTW Investments, LP and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Establishment Labs Holdings Inc.'s market cap?
On November 2, 2026, Establishment Labs Holdings Inc.'s market capitalisation was about $1.8B and net debt of $191M. Market figures come from third-party market data and may be delayed.
How much debt does Establishment Labs Holdings Inc. have?
Establishment Labs Holdings Inc.'s debt-to-equity ratio is 1211.2%, from its latest balance sheet (102.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Establishment Labs Holdings Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Establishment Labs Holdings Inc. are Cerus Corp, Lemaitre Vascular Inc, Orthopediatrics Corp, Axogen, Inc. and Si-bone, Inc. The side-by-side comparison below sets their revenue, margins and growth against Establishment Labs Holdings Inc.'s.
Are insiders buying or selling Establishment Labs Holdings Inc. stock?
Over the last 12 months, Establishment Labs Holdings Inc.'s directors and officers reported 0 open-market purchases and 30 sales on Form 4. The insider trading page charts every trade.
When is Establishment Labs Holdings Inc.'s next earnings date?
Around January 15, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Establishment Labs Holdings Inc. announces its own schedule.