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Tactile Systems Technology Inc (TCMD) stock

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NASDAQ: TCMD Nasdaq Health Care Equipment Next results ~February 16, 2027

B+ Fundamentals grade

Tactile Systems Technology 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

Fair value per share

~$44

Cash-flow model

Base case. Range ~$34–$57 across our lower- and higher-growth cases (7%–17% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 94% above it.

Price used: $22.87, November 2, 2026

Tactile Systems Technology 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, 3 selling0 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds108 adding, 74 cuttingOf 30 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tactile Systems Technology files

10-Q filed November 2: Tactile Systems Technology

Tactile Systems Technology grew revenue to $356m over the twelve months to September 2026, up 14.4% on a year earlier but a step down from the 17.2% pace recorded a quarter before. Margins moved in opposite directions: operating margin widened to 9.4% from 7.4%, while free-cash-flow margin slipped to 8.1% from 12.6% a year earlier. Our model value is little changed at $44.36 a share, well above the current price of $23.01, and the rating remains Buy. Implicit in that share price is an assumption that cash flow shrinks by about 1.3% a year over the next five years, a far gloomier outlook than the 11.4% annual revenue growth the company has actually delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Tactile Systems Technology stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $350m, up 17.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 7.6% from 13.2% a year earlier. Operating margin widened to 10.0% from 6.3%. The diluted share count is down 4.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $44.13 a share, against a share price of $24.56. At that price, our model says the market is pricing in about 1.9% a year of cash-flow growth for five years, slower than the 11.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~February 16, 2027 (estimated)

Tactile Systems Technology Inc's trailing-twelve-month revenue grew 14.4% year on year, with a free-cash-flow margin of 8.1%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 87 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$44 per share in the base case (~$34–$57 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 26.8% while net income grew 31.1%: a 58pp divergence.

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

  • Priced below our value. The share price of $22.87 is 94% below our value per share of $44.
  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 0.8 against the S&P 500.
  • Growth easing. The growth rate is 2.8 points lower than a quarter earlier.
  • Heavily shorted. 12.7% of the shares available to trade are sold short (11.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.33 against an average estimate of $0.34: missed by 1.7%
Revenue
$92m, up 7.1% on a year earlier
Next report
November 2, 2026; average EPS estimate $0.56

Tactile Systems Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week-2.2%
  • 1 month+3.5%
  • This year-21.1%
  • 1 year+51.8%
  • 5 years-38.0%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$356M
Operating margin
9.4%
Net margin
6.7%
EPS (TTM, diluted)
$1.03

Growth

Revenue growth
+14.4%
Change in growth rate
−2.8 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$28.9M
FCF margin
8.1%
Stock pay % of revenue
2.5%

Earnings

Last results
November 2, 2026
Next results (est.)
February 16, 2027

News & updates

Updated November 2, 2026

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

  1. Results
  2. Results
  3. Announcement

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

Tactile Systems Technology Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 0.6% a year for five years.That is slower than the 11.4% a year revenue growth Tactile Systems Technology has delivered.

  • Priced in-0.6%
  • Last 12 months14.4%
  • 3 years a year9.6%
  • 5 years a year11.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($23.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$44
Price used
$23.82close November 3, 2026
Implied change
▲ +86%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Tactile Systems Technology Inc's free cash flow after stock-based pay with after-tax interest added back ($32.3M, FY2026 Q3 TTM), growing 10.3% and 11.5% in the next two years (forecasts, guidance and its record), then back to 12% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$34–~$57 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tactile Systems Technology Inc's free cash flow after stock-based pay ( $32.3M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tactile Systems Technology Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$44 ~$34–$57 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$20 ~$20–$36 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.6 ~$2.8–$7.6 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.9 ~$1.6–$2.3 Left out: out of range vs price (0.08x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$36 ~$20–$44 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tactile Systems Technology 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.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▼ −34%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $24$31$41$54$71$93
8.5% $19$25$32$41$53$68
10% $16$20$26$33$42$54

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$16.41$28.98$45.55$67.51$44.94$19.03$11.48$14.30$17.13$29.00$22.87
Market value$177m$547m$881m$1.3bn$869m$375m$230m$331m$413m$676m$528m
+ Net debt (− = net cash)−$31m−$24m−$23m−$23m−$48m$2m$2m−$32m−$68m−$83m−$75m
Enterprise value$146m$523m$859m$1.3bn$822m$377m$232m$300m$345m$592m$453m
Multiples
Price / sales 2.1x5.0x6.1x7.0x4.6x1.8x0.9x1.2x1.4x2.1x1.5x
Price / earnings 61.3x93.4x133.1x120.9x———11.6x24.4x35.4x22.2x
Price / free cash flow 28.2xn/m183.2x—n/mn/m67.2x9.9x10.8x16.7x18.2x
EV / EBITDA 28.8x91.8x127.6x92.8x—196.4x—12.2x11.9x16.5x11.2x

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

41 /100

Weak moat

How hard Tactile Systems Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 72.4%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.0%; its worst year was -7.2%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 2.3% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 17.7% over five years; stock-based pay has been a median 4.2% 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 $1.17 +40% $362m +10%
Next $1.46 +25% $397m +9%

Next year's EPS estimate has moved −3.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.4% on 90 days ago. In the last 30 days, 2 analysts raised Tactile Systems Technology Inc's forecast and 0 cut it.

Consensus EPS forecast Tactile Systems Technology Inc, last 90 days
$1.00 $1.20 $1.40 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.09 Current fiscal year, 60 days ago: $1.17 Current fiscal year, 30 days ago: $1.17 Current fiscal year, 7 days ago: $1.17 Current fiscal year, Now: $1.17 $1.17 Next fiscal year, 90 days ago: $1.50 Next fiscal year, 60 days ago: $1.46 Next fiscal year, 30 days ago: $1.46 Next fiscal year, 7 days ago: $1.46 Next fiscal year, Now: $1.46 $1.46

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.09$1.50
60 days ago $1.17$1.46
30 days ago $1.17$1.46
7 days ago $1.17$1.46
Now $1.17$1.46

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.34 $0.33 −1.7%
Jun 2026 $0.17 $0.36 +111.8%
Mar 2026 −$0.04 $0.00 +106.9%
Dec 2025 $0.45 $0.46 +3.4%

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

How our valuation uses these forecasts

Our cash-flow model grows Tactile Systems Technology Inc's revenue by +10.3% next year and +11.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.0%, weight 56%) and the company's own record (+12.0%, weight 44%) . How the weights are set.

Analyst recommendations

4 analysts, Nov 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026134
  2. Oct 2026134

Counts of recommendations published by analysts covering Tactile Systems Technology 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
12.7%
of tradable shares
Days to cover
11.22
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.3%
of shares
Employees
1,086
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +51.8%

$15.07 on October 31, 2025 to $22.87

ThenNowEffect
Revenue (last 12 months) $299m $350m +17.2%
Net margin 5.1% 7.1% +40.3%
P/E multiple 23.9x 21.1x −11.5%
Share count 24m 23m +4.2%

Biggest factor: net margin.

Last 3 years +77.4%

$12.89 on November 3, 2023 to $22.87

ThenNowEffect
Revenue (last 12 months) $266m $350m +31.5%
Net margin 0.1% 7.1% +5210.4%
P/E multiple n/m 21.1x −97.3%
Share count 21m 23m −7.5%

Biggest factor: net margin.

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
TCMD−58%−40%+25%+20%+69%−21%
Industry peers (median)−7%−37%−9%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TCMD25%42%67%58%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TCMD−70%−70%−61%−34%−48%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 28, 2016: 91% from February 25, 2019 to June 13, 2022. Getting back needed a 1065% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$15.77 – $33.05
From 52-week high
−30.8%
vs 50-day average
+0.7%
vs 200-day average
−11.5%
Volatility (1 year)
63%
Beta vs S&P 500
0.76

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
7 up, 4 down
typical move ±16.8%
After a week
6 up, 5 down
typical move ±17.3%
After a month
6 up, 5 down
typical move ±23.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −18.1% −0.3% −16.6% −25.4%
May 4, 2026 +5.1% +0.4% +4.4% +6.5%
February 17, 2026 +25.0% +0.7% +8.3% +2.2%
November 3, 2025 +47.2% −1.0% +65.2% +74.9%
August 4, 2025 +29.9% +1.0% +26.1% +37.2%
May 5, 2025 −29.7% −1.4% −31.0% −28.0%
February 18, 2025 −10.6% +0.5% −15.6% −20.4%
November 4, 2024 −8.6% +1.0% +8.6% +29.5%
August 5, 2024 +7.2% −2.0% +5.8% +8.4%
May 6, 2024 +1.2% +1.1% −3.1% −15.2%
April 23, 2024 +2.7% +1.1% −6.0% −11.8%

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.

Options strategies

All options ideas

How Tactile Systems Technology Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tactile Systems Technology Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

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) Tactile Systems Technology Inc
$250M $300M $350M $400M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $274.4M Revenue (TTM), FY24 Q1: $276.7M Revenue (TTM), FY24 Q2: $281.5M Revenue (TTM), FY24 Q3: $285.1M Revenue (TTM), FY24 Q4: $293M Revenue (TTM), FY25 Q1: $293.2M Revenue (TTM), FY25 Q2: $298.9M Revenue (TTM), FY25 Q3: $311.5M Revenue (TTM), FY25 Q4: $329.5M Revenue (TTM), FY26 Q1: $343.5M Revenue (TTM), FY26 Q2: $350.3M Revenue (TTM), FY26 Q3: $356.4M $356.4M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $274.4M
FY24 Q1 $276.7M
FY24 Q2 $281.5M
FY24 Q3 $285.1M
FY24 Q4 $293M
FY25 Q1 $293.2M
FY25 Q2 $298.9M
FY25 Q3 $311.5M
FY25 Q4 $329.5M
FY26 Q1 $343.5M
FY26 Q2 $350.3M
FY26 Q3 $356.4M
Revenue growth, TTM YoY Tactile Systems Technology Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.2% Revenue growth, TTM YoY, FY24 Q1: 7.4% Revenue growth, TTM YoY, FY24 Q2: 5.7% Revenue growth, TTM YoY, FY24 Q3: 5.3% Revenue growth, TTM YoY, FY24 Q4: 6.8% Revenue growth, TTM YoY, FY25 Q1: 6.0% Revenue growth, TTM YoY, FY25 Q2: 6.1% Revenue growth, TTM YoY, FY25 Q3: 9.3% Revenue growth, TTM YoY, FY25 Q4: 12.5% Revenue growth, TTM YoY, FY26 Q1: 17.2% Revenue growth, TTM YoY, FY26 Q2: 17.2% Revenue growth, TTM YoY, FY26 Q3: 14.4% 14.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.2%
FY24 Q1 7.4%
FY24 Q2 5.7%
FY24 Q3 5.3%
FY24 Q4 6.8%
FY25 Q1 6.0%
FY25 Q2 6.1%
FY25 Q3 9.3%
FY25 Q4 12.5%
FY26 Q1 17.2%
FY26 Q2 17.2%
FY26 Q3 14.4%
Operating margin (TTM) Tactile Systems Technology Inc
6% 7% 8% 9% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.6% Operating margin (TTM), FY24 Q1: 6.8% Operating margin (TTM), FY24 Q2: 8.1% Operating margin (TTM), FY24 Q3: 7.5% Operating margin (TTM), FY24 Q4: 7.6% Operating margin (TTM), FY25 Q1: 7.0% Operating margin (TTM), FY25 Q2: 6.3% Operating margin (TTM), FY25 Q3: 7.4% Operating margin (TTM), FY25 Q4: 8.9% Operating margin (TTM), FY26 Q1: 9.4% Operating margin (TTM), FY26 Q2: 10.0% Operating margin (TTM), FY26 Q3: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.6%
FY24 Q1 6.8%
FY24 Q2 8.1%
FY24 Q3 7.5%
FY24 Q4 7.6%
FY25 Q1 7.0%
FY25 Q2 6.3%
FY25 Q3 7.4%
FY25 Q4 8.9%
FY26 Q1 9.4%
FY26 Q2 10.0%
FY26 Q3 9.4%
FCF margin (TTM) Tactile Systems Technology Inc
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.2% FCF margin (TTM), FY24 Q1: 12.5% FCF margin (TTM), FY24 Q2: 12.1% FCF margin (TTM), FY24 Q3: 13.9% FCF margin (TTM), FY24 Q4: 13.0% FCF margin (TTM), FY25 Q1: 12.9% FCF margin (TTM), FY25 Q2: 13.2% FCF margin (TTM), FY25 Q3: 12.6% FCF margin (TTM), FY25 Q4: 12.2% FCF margin (TTM), FY26 Q1: 11.4% FCF margin (TTM), FY26 Q2: 7.6% FCF margin (TTM), FY26 Q3: 8.1% 8.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.2%
FY24 Q1 12.5%
FY24 Q2 12.1%
FY24 Q3 13.9%
FY24 Q4 13.0%
FY25 Q1 12.9%
FY25 Q2 13.2%
FY25 Q3 12.6%
FY25 Q4 12.2%
FY26 Q1 11.4%
FY26 Q2 7.6%
FY26 Q3 8.1%

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

Where the money goes

FY2025, from the 10-K

Each dollar Tactile Systems Technology took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $330M
  2. Other income $2.1M · 0.6%
  3. Cost of revenue $79.4M · 24.1%
  4. Gross profit $250M · 75.9%
  5. Research and development $8.5M · 2.6%
  6. Selling, general and admin $210M · 63.7%
  7. Other operating costs $2.4M · 0.7%
  8. Operating income $29.3M · 8.9%
  9. Income tax $12.3M · 3.7%
  10. Net income $19.1M · 5.8%

Shares of revenue. Source: Tactile Systems Technology's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 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 Sept 2026
Income
Revenue 48 63 85 109 144 189 187 208 247 274 293 330 356
Gross profit 35 46 62 80 102 134 133 148 176 195 217 250 274
EBITDA 5 4 5 6 7 14 −1 2 −6 25 29 36 41
Operating income 4 3 4 4 3 10 −4 −2 −13 18 22 29 34
Net income 2 1 3 6 7 11 −1 −12 −18 29 17 19 24
Diluted EPS $0.02 −$0.15 $0.15 $0.31 $0.34 $0.56 −$0.03 −$0.60 −$0.89 $1.23 $0.70 $0.82 $1.03
Growth (year on year)
Revenue — +31.7% +34.5% +29.3% +31.5% +31.8% −1.2% +11.2% +18.6% +11.2% +6.8% +12.5% +14.4%
EBITDA — −5.0% +18.5% +12.4% +18.1% +108.7% −105.9% — — — +17.9% +24.0% +36.1%
Operating income — −9.2% +23.8% −8.8% −23.3% +251.1% −134.6% — — — +22.9% +32.0% +46.2%
Net income — −32.7% +106.7% +103.4% +13.1% +65.7% −105.7% — — — −40.5% +12.5% +31.1%
Diluted EPS — −850.0% — +106.7% +9.7% +64.7% −105.4% — — — −43.1% +17.1% +33.4%
Margins
Gross margin 73.4% 73.1% 72.9% 73.4% 71.1% 70.8% 71.0% 71.2% 71.3% 71.1% 74.0% 75.9% 77.0%
EBITDA margin 9.4% 6.8% 6.0% 5.2% 4.7% 7.4% −0.4% 0.9% −2.6% 9.0% 9.9% 10.9% 11.4%
Operating margin 8.0% 5.5% 5.1% 3.6% 2.1% 5.5% −1.9% −0.8% −5.2% 6.6% 7.6% 8.9% 9.4%
Net margin 4.3% 2.2% 3.4% 5.4% 4.6% 5.8% −0.3% −5.7% −7.2% 10.4% 5.8% 5.8% 6.7%
Free-cash-flow margin −2.8% 2.9% 7.4% 0.4% 3.3% −1.5% 0.4% 0.3% 1.4% 12.2% 13.1% 12.3% 8.1%
Cash flow
Cash from operations −1 2 7 4 9 3 3 3 5 36 41 43 32
Capital spending 0 1 1 4 4 5 2 2 2 2 2 2 3
Free cash flow −1 2 6 0 5 −3 1 1 3 34 38 40 29
Stock-based pay 0 0 2 4 8 10 11 10 10 8 8 8 9
Free cash flow after stock pay −1 1 4 −4 −3 −13 −10 −10 −6 26 30 32 20
Balance sheet
Cash 5 7 31 24 23 23 48 28 22 61 94 83 75
Total debt 0 0 0 0 0 0 0 30 24 29 26 0 0
Net debt (negative = net cash) −5 −7 −31 −24 −23 −23 −48 2 2 −32 −68 −83 −75
Diluted shares 4m 3m 11m 19m 19m 20m 19m 20m 20m 23m 24m 23m 23m
Returned to shareholders
Buybacks — — — 0 — — — — — — 4 27 13
Total returned — — — 0 — — — — — — 4 27 13

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

7 of 7 checks passed · September 30, 2026
What it owns · $291m
Short-term assets $167mLonger-term assets $125m
What it owes, and who funded it · $291m
Short-term liabilities $47mLonger-term liabilities $17mShareholders' equity $227m
  • Short-term assets cover short-term liabilities $167m of assets due within a year against $47m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $167m short-term assets against $17m of longer-dated liabilities.
  • More cash than debt $75m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over Operating income of $34m against $78,000 of interest.

From Tactile Systems Technology 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

FY2026 Q3 TTM
Buybacks (TTM)
$12.5M
Returned to shareholders
43%
of free cash flow
Buybacks, last 3 fiscal years
$30.6M
Diluted share count
−1.7%
year over year
Total shareholder yield
2.4%
dividends 0.0% + buybacks 2.4% of market value
R&D spending
2.9%
of revenue
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated TCMD INGN INMD STAA PRCT ANGO Median
Revenue, last 12 months $356m $354m $370m $340m $337m $325m $99m
Revenue growth, last 12 months 14.4% 3.2% −6.2% 51.3% 22.7% 8.2% 9.2%
Revenue growth, 3-year average 9.6% 0.5% — 9.2% 49.2% −1.1% 13.5%
Revenue growth, latest quarter 7.1% 3.0% — 111.0% 19.3% 6.9% 10.2%
Gross margin 77.0% 44.5% 78.5% 76.6% 64.2% 55.7% 61.2%
Operating margin 9.4% −8.7% 23.0% 4.0% −33.9% −11.2% −8.5%
Operating margin, 3-year average 8.1% −16.2% 28.9% −12.3% −43.1% −35.3% −17.9%
Net margin 6.7% −6.9% 25.3% 1.1% −32.5% −10.1% −12.0%
Cash from operations / revenue 9.0% −0.7% 23.0% −1.0% −22.0% 1.1% −1.9%
Free-cash-flow margin 8.1% −1.4% 22.7% −2.0% −25.2% 0.4% −3.9%
Free-cash-flow margin, 3-year average 11.6% −1.8% 32.8% −5.8% −39.8% −3.8% −7.0%
Stock pay / revenue 2.5% 2.1% 3.0% 8.3% 15.7% 4.3% 6.1%
Change in share count −1.7% 8.9% −18.8% 2.6% 4.2% 1.8% 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 14.4% 9.1% 50 of 129
Change in growth rate Growth -2.8pp -0.6pp 91 of 129
Gross margin Profitability 77.0% 61.9% 25 of 123
Operating margin Profitability 9.4% -8.3% 30 of 132
Net margin Profitability 6.7% -12.0% 35 of 133
Free-cash-flow margin Cash generation 8.1% -3.4% 37 of 128
Stock pay as % of revenue Cash generation 2.5% 6.1% 33 of 123
Long-term debt as % of assets Balance sheet 0.0% 24.2% 1 of 87
Change in share count Balance sheet -1.7% 3.3% 20 of 115
Days sales outstanding Balance sheet 49 days 57 days 38 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
Products and services
Line of business Revenue YoY
Products $293M ▲ 14.3%
Lymphedema Products $278M ▲ 7.3%
Airway Clearance Products $51.1M ▲ 52.1%
Rental Product Service $36.9M ▼ 0.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Tactile Systems Technology Inc's 10-K filed February 17, 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
$651M
Institutions reporting
180
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
27 / 30

Top buyers and sellers, Q2 2026: 108 institutions bought and 74 sold ; the biggest buyer was Cadian Capital Management, LP (+536K shares) and the biggest seller Deutsche Bank Ag\ (−408K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $56.7M 1.9M 8.7% ▲ 7.1%
Cadian Capital Management, LP $47M 1.6M 7.2% ▲ 51.5%
Dimensional Fund Advisors LP $32.5M 1.1M 5.0% ▲ 1.2%
Morgan Stanley $29.2M 979K 4.5% ▼ 29.2%
Vanguard Capital Management LLC $28.9M 970K 4.4% ▲ 2.7%
Driehaus Capital Management LLC $27.9M 938K 4.3% ▲ 26.4%
Acadian Asset Management LLC $26.9M 904K 4.1% ▼ 0.2%
Vanguard Portfolio Management LLC $21M 707K 3.2% ▲ 5.7%
Federated Hermes, Inc. $20.3M 681K 3.1% ▲ 3.1%
Arrowstreet Capital, Limited Partnership $19M 638K 2.9% 0.0%
Geode Capital Management, LLC $17.5M 586K 2.7% ▲ 5.3%
State Street Corp $17.2M 576K 2.6% ▲ 1.4%

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 Tactile Systems Technology 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 → $2M 12 trades by 3 insiders · 7% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Dodd Sheri Louise Chief Executive Officer August 10, 2026 Sell 10,978 $29.44 $323,192
Birkemeyer Elaine M. CHIEF FINANCIAL OFFICER May 11, 2026 Sell 4,631 $24.49 $113,413
Burns Kristie Sr. VP Mktg & Clinical Affairs February 24, 2026 Sell 6,246 $28.94 $180,759
Birkemeyer Elaine M. CHIEF FINANCIAL OFFICER February 24, 2026 Sell 7,701 $28.94 $222,867
Dodd Sheri Louise Chief Executive Officer February 24, 2026 Sell 10,993 $28.94 $318,137
Burns Kristie Sr. VP Mktg & Clinical Affairs February 23, 2026 Sell 160 $28.69 $4,590
Burns Kristie Sr. VP Mktg & Clinical Affairs February 23, 2026 Sell 4,279 $28.28 $121,010
Dodd Sheri Louise Chief Executive Officer February 23, 2026 Sell 537 $28.69 $15,407
Dodd Sheri Louise Chief Executive Officer February 23, 2026 Sell 14,703 $28.28 $415,801
Birkemeyer Elaine M. CHIEF FINANCIAL OFFICER February 23, 2026 Sell 196 $28.69 $5,623
Birkemeyer Elaine M. CHIEF FINANCIAL OFFICER February 23, 2026 Sell 5,322 $28.28 $150,506
Burns Kristie Sr. VP Mktg & Clinical Affairs January 2, 2026 Sell pre-set plan 5,139 $28.85 $148,260

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.

Trades by members of Congress

All 1 trade and filings

No trades in Tactile Systems Technology Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded January 23, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 10, 2026
  • May 4, 2026
  • February 17, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Tactile Systems Technology 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.

Tactile Systems Technology Inc in brief

What does Tactile Systems Technology Inc do?
Tactile Systems Technology Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Tactile Systems Technology Inc's stock ticker?
Tactile Systems Technology Inc trades under the ticker TCMD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tactile Systems Technology Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tactile Systems Technology Inc reported revenue of $356M, 14.4% higher than a year earlier, according to its SEC filings.
What is Tactile Systems Technology Inc's free cash flow?
Tactile Systems Technology Inc's free-cash-flow margin is 8.1% of revenue over the trailing twelve months, ranking 37 of the 128 health care equipment companies we cover.
What is Tactile Systems Technology Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tactile Systems Technology Inc's free cash flow after stock-based pay gives ~$44 per share in the base case, and ~$34–$57 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tactile Systems Technology Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Cadian Capital Management, LP and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tactile Systems Technology Inc buying back stock, and does it pay a dividend?
Tactile Systems Technology Inc spent $12.5M on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Tactile Systems Technology Inc's market cap?
On November 2, 2026, Tactile Systems Technology Inc's market capitalisation was about $528M, with a price-to-earnings ratio of 22.2 and net debt of -$75.1M. Market figures come from third-party market data and may be delayed.
How much debt does Tactile Systems Technology Inc have?
Tactile Systems Technology Inc's debt-to-equity ratio is 0.0%, from its latest balance sheet (20.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tactile Systems Technology Inc's competitors?
In our Health Care Equipment peer group, the companies closest to Tactile Systems Technology Inc are Inogen Inc, Inmode Ltd., Staar Surgical Co, Procept Biorobotics Corp and Angiodynamics Inc. The side-by-side comparison below sets their revenue, margins and growth against Tactile Systems Technology Inc's.
Are insiders buying or selling Tactile Systems Technology Inc stock?
Over the last 12 months, Tactile Systems Technology Inc's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Tactile Systems Technology Inc's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tactile Systems Technology Inc announces its own schedule.