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Treace Medical Concepts, Inc. (TMCI) stock

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NASDAQ: TMCI Nasdaq Health Care Equipment Next results ~November 6, 2026

C Fundamentals grade

Treace Medical Concepts, 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

~$0.8

Revenue-to-maturity cash-flow model

Base case. Range ~$0.8–$1.4 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

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

Treace Medical Concepts, 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.

  • Insiders1 buying, 0 selling14 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds68 adding, 61 cuttingOf 20 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Treace Medical Concepts files

Where Treace Medical Concepts stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $205m, down 4.0% on a year earlier, a steeper fall than the 1.7% decline a quarter earlier. That puts it 54 of 58 for growth among the health care equipment companies we cover. Free-cash-flow margin rose to -12.2% from -13.6% a year earlier. Operating margin narrowed to -26.2% from -22.4%. The diluted share count is up 2.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.91 a share, against a share price of $5.22.

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 ~November 6, 2026 (estimated)

Treace Medical Concepts, Inc.'s trailing-twelve-month revenue fell 4.0% year on year, with a free-cash-flow margin of -12.2%. Where it stands out: gross margin of 79.5% ranks 18 of 123 health care equipment companies we cover. Where it lags: revenue growth of -4.0% ranks 108 of 129 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 14.1% while net income fell 21.0%: a 35pp 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

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 4.0% over the last 12 months.
  • Loss-making. Operating margin is -26.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 3.8 points on a year ago.
  • Burning cash. Free cash flow was -12.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 89% and a beta of 1.7 against the S&P 500.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.20 against an average estimate of -$0.30: beat by 33.3%
Revenue
$45m, down 4.2% on a year earlier
Share reaction
+6.6% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 6, 2026; average EPS estimate -$0.25

Treace Medical Concepts' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.6%
  • 1 week-3.4%
  • 1 month-2.7%
  • This year+74.3%
  • 1 year-33.2%
  • 5 years-82.2%
  • 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)
$205M
Operating margin
-26.2%
Net margin
-29.0%
EPS (TTM, diluted)
$-0.93

Growth

Revenue growth
−4.0%
Change in growth rate
−2.3 pts
Share count change
+2.7%

Cash

Free cash flow (TTM)
-$25M
FCF margin
-12.2%
Stock pay % of revenue
14.6%

Earnings

Last results
August 7, 2026

News & updates

Updated October 31, 2026

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

  1. 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

Treace Medical Concepts, 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 Treace Medical Concepts, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 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. ~$0.8 ~$0.8–$1.4 Left out: out of range vs price (0.20x)
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. ~$3.1 ~$3.6–$16 Included, half weight
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. ~$3.1 ~$3.1–$16 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Treace Medical Concepts, 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 20212022202320242025Now
Share price$18.64$22.99$12.75$7.44$2.45$4.27
Market value$902m$1.3bn$776m$462m$155m$274m
+ Net debt (− = net cash)−$76m$35m$41m$43m$49m$47m
Enterprise value$827m$1.3bn$817m$505m$204m$322m
Multiples
Price / sales 9.6x9.0x4.1x2.2x0.7x1.3x
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

30 /100

Weak moat

How hard Treace Medical Concepts's competitive advantage looks for rivals to wear away, judged from 6 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 -18.0% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 80.5%, moving by 1.0 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -25.6%; its worst year was -32.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -17.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 59.5% over five years; stock-based pay has been a median 9.7% 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

Next results: November 6, 2026, before the open. Analysts expect revenue of $48m and EPS of −$0.25 (range −$0.25 to −$0.25) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.85 +9% $207m −3%
Next −$0.85 — $222m +7%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −5.5% on 90 days ago. In the last 30 days, 5 analysts raised Treace Medical Concepts, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Treace Medical Concepts, Inc., last 90 days
−$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.90 Current fiscal year, 60 days ago: −$0.90 Current fiscal year, 30 days ago: −$0.85 Current fiscal year, 7 days ago: −$0.85 Current fiscal year, Now: −$0.85 −$0.85 Next fiscal year, 90 days ago: −$0.90 Next fiscal year, 60 days ago: −$0.90 Next fiscal year, 30 days ago: −$0.90 Next fiscal year, 7 days ago: −$0.90 Next fiscal year, Now: −$0.85 −$0.85

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.90−$0.90
60 days ago −$0.90−$0.90
30 days ago −$0.85−$0.90
7 days ago −$0.85−$0.90
Now −$0.85−$0.85

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.30 −$0.20 +33.3%
Mar 2026 −$0.31 −$0.12 +62.8%
Dec 2025 −$0.14 −$0.08 +44.1%
Sept 2025 −$0.27 −$0.22 +18.2%

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

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold360%
Sell120%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315

Counts of recommendations published by analysts covering Treace Medical Concepts, 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
3.7%
of tradable shares
Days to cover
8.36
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
49%
of shares
Held by insiders
25.2%
of shares
Employees
450
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 −33.2%

$6.39 on October 31, 2025 to $4.27

ThenNowEffect
Revenue (last 12 months) $214m $205m −4.0%
P/S multiple 1.9x 1.3x −28.5%
Share count 63m 64m −2.6%

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

Last 3 years −61.3%

$11.04 on November 3, 2023 to $4.27

ThenNowEffect
Revenue (last 12 months) $167m $205m +23.0%
P/S multiple 3.8x 1.3x −65.0%
Share count 58m 64m −10.1%

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 20222023202420252026 to date
Return
TMCI+23%−45%−42%−67%+74%
Industry peers (median)−37%−8%−19%−16%−15%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
TMCI50%33%33%25%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
TMCI−40%−78%−74%−77%−60%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 23, 2021: 97% from June 11, 2021 to March 30, 2026. Getting back needed a 2909% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.20 – $6.59
From 52-week high
−35.2%
vs 50-day average
−3.5%
vs 200-day average
+31.6%
Volatility (1 year)
89%
Beta vs S&P 500
1.72

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, 5 down
typical move ±14.2%
After a week
6 up, 6 down
typical move ±24.4%
After a month
6 up, 6 down
typical move ±35.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 +6.6% +0.6% +9.4% +5.7%
May 8, 2026 +1.0% +1.1% +38.5% +94.3%
April 9, 2026 +29.3% +0.5% +33.6% +43.6%
February 27, 2026 −21.0% −0.4% −31.9% −42.9%
January 13, 2026 −3.6% −0.7% −6.8% −32.1%
November 6, 2025 −28.6% −1.0% −49.8% −58.2%
August 7, 2025 +12.1% +0.7% +27.1% +30.0%
May 8, 2025 −5.3% +0.6% −6.2% −18.1%
February 27, 2025 −7.8% −0.1% −10.1% −12.9%
January 13, 2025 +9.7% +0.3% +27.0% +34.5%
November 5, 2024 +43.3% +3.7% +48.1% +42.7%
August 6, 2024 +2.7% +0.2% −4.1% −13.9%

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.

Treace Medical Concepts, 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) Treace Medical Concepts, Inc.
$160M $180M $200M $220M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $174.7M Revenue (TTM), FY23 Q4: $187.1M Revenue (TTM), FY24 Q1: $196M Revenue (TTM), FY24 Q2: $198.5M Revenue (TTM), FY24 Q3: $202.9M Revenue (TTM), FY24 Q4: $209.4M Revenue (TTM), FY25 Q1: $210.8M Revenue (TTM), FY25 Q2: $213.8M Revenue (TTM), FY25 Q3: $218.9M Revenue (TTM), FY25 Q4: $212.7M Revenue (TTM), FY26 Q1: $207.3M Revenue (TTM), FY26 Q2: $205.3M $205.3M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $174.7M
FY23 Q4 $187.1M
FY24 Q1 $196M
FY24 Q2 $198.5M
FY24 Q3 $202.9M
FY24 Q4 $209.4M
FY25 Q1 $210.8M
FY25 Q2 $213.8M
FY25 Q3 $218.9M
FY25 Q4 $212.7M
FY26 Q1 $207.3M
FY26 Q2 $205.3M
Revenue growth, TTM YoY Treace Medical Concepts, Inc.
-20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 39.2% Revenue growth, TTM YoY, FY23 Q4: 31.9% Revenue growth, TTM YoY, FY24 Q1: 26.5% Revenue growth, TTM YoY, FY24 Q2: 18.9% Revenue growth, TTM YoY, FY24 Q3: 16.1% Revenue growth, TTM YoY, FY24 Q4: 11.9% Revenue growth, TTM YoY, FY25 Q1: 7.5% Revenue growth, TTM YoY, FY25 Q2: 7.7% Revenue growth, TTM YoY, FY25 Q3: 7.9% Revenue growth, TTM YoY, FY25 Q4: 1.6% Revenue growth, TTM YoY, FY26 Q1: -1.7% Revenue growth, TTM YoY, FY26 Q2: -4.0% -4.0%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 39.2%
FY23 Q4 31.9%
FY24 Q1 26.5%
FY24 Q2 18.9%
FY24 Q3 16.1%
FY24 Q4 11.9%
FY25 Q1 7.5%
FY25 Q2 7.7%
FY25 Q3 7.9%
FY25 Q4 1.6%
FY26 Q1 -1.7%
FY26 Q2 -4.0%
Operating margin (TTM) Treace Medical Concepts, Inc.
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -27.6% Operating margin (TTM), FY23 Q4: -27.5% Operating margin (TTM), FY24 Q1: -28.9% Operating margin (TTM), FY24 Q2: -32.7% Operating margin (TTM), FY24 Q3: -30.7% Operating margin (TTM), FY24 Q4: -26.6% Operating margin (TTM), FY25 Q1: -24.8% Operating margin (TTM), FY25 Q2: -22.4% Operating margin (TTM), FY25 Q3: -22.1% Operating margin (TTM), FY25 Q4: -25.5% Operating margin (TTM), FY26 Q1: -26.9% Operating margin (TTM), FY26 Q2: -26.2% -26.2%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -27.6%
FY23 Q4 -27.5%
FY24 Q1 -28.9%
FY24 Q2 -32.7%
FY24 Q3 -30.7%
FY24 Q4 -26.6%
FY25 Q1 -24.8%
FY25 Q2 -22.4%
FY25 Q3 -22.1%
FY25 Q4 -25.5%
FY26 Q1 -26.9%
FY26 Q2 -26.2%
FCF margin (TTM) Treace Medical Concepts, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -29.8% FCF margin (TTM), FY23 Q4: -24.6% FCF margin (TTM), FY24 Q1: -19.6% FCF margin (TTM), FY24 Q2: -20.9% FCF margin (TTM), FY24 Q3: -21.3% FCF margin (TTM), FY24 Q4: -23.3% FCF margin (TTM), FY25 Q1: -17.5% FCF margin (TTM), FY25 Q2: -13.6% FCF margin (TTM), FY25 Q3: -12.0% FCF margin (TTM), FY25 Q4: -13.9% FCF margin (TTM), FY26 Q1: -12.5% FCF margin (TTM), FY26 Q2: -12.2% -12.2%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -29.8%
FY23 Q4 -24.6%
FY24 Q1 -19.6%
FY24 Q2 -20.9%
FY24 Q3 -21.3%
FY24 Q4 -23.3%
FY25 Q1 -17.5%
FY25 Q2 -13.6%
FY25 Q3 -12.0%
FY25 Q4 -13.9%
FY26 Q1 -12.5%
FY26 Q2 -12.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 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 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 39 57 94 142 187 209 213 205
Gross profit 32 45 78 116 152 168 170 163
EBITDA −3 2 −16 −33 −46 −47 −44 −46
Operating income −4 1 −17 −35 −51 −56 −54 −54
Net income −4 −4 −21 −43 −50 −56 −59 −60
Diluted EPS −$0.13 −$0.12 −$0.43 −$0.77 −$0.81 −$0.90 −$0.93 −$0.93
Growth (year on year)
Revenue — +45.5% +64.6% +50.2% +31.9% +11.9% +1.6% −4.0%
EBITDA — — −866.3% — — — — —
Margins
Gross margin 80.6% 78.3% 82.1% 82.0% 81.2% 80.4% 79.8% 79.5%
EBITDA margin −7.0% 3.6% −16.8% −23.1% −24.6% −22.6% −20.5% −22.3%
Operating margin −9.0% 1.5% −17.5% −24.6% −27.5% −26.6% −25.5% −26.2%
Net margin −10.8% −6.4% −21.8% −30.2% −26.5% −26.6% −27.7% −29.0%
Free-cash-flow margin −22.5% −9.7% −21.1% −32.1% −24.6% −23.3% −13.9% −12.2%
Cash flow
Cash from operations −8 −4 −17 −31 −35 −37 −16 −15
Capital spending 1 1 3 15 11 12 14 10
Free cash flow −9 −6 −20 −45 −46 −49 −29 −25
Stock-based pay 1 1 3 8 17 31 34 30
Free cash flow after stock pay −10 −6 −23 −54 −63 −79 −63 −55
Balance sheet
Cash 12 18 106 19 13 11 11 13
Total debt 0 32 30 54 54 54 60 60
Net debt (negative = net cash) −12 14 −76 35 41 43 49 47
Diluted shares 37m 37m 48m 55m 61m 62m 63m 64m

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

2 of 7 checks passed · June 30, 2026
What it owns · $181m
Short-term assets $120mLonger-term assets $61m
What it owes, and who funded it · $181m
Short-term liabilities $41mLonger-term liabilities $72mShareholders' equity $68m
  • Short-term assets cover short-term liabilities $120m of assets due within a year against $41m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $120m short-term assets against $72m of longer-dated liabilities.
  • More cash than debt $13m of cash against $59m of debt.
  • Debt below 40% of shareholders' equity Debt is 87% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 32% to 87% over five years.
  • A year's operating cash flow covers at least 20% of debt −$15m of operating cash flow against $59m of debt.
  • Operating profit covers interest at least five times over Operating income of −$54m against $6m of interest.

From Treace Medical Concepts, 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
+2.7%
year over year
R&D spending
8.9%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated TMCI SIBN LAKE ESTA CERS LMAT Median
Revenue, last 12 months $205m $214m $191m $246m $254m $262m $99m
Revenue growth, last 12 months −4.0% 15.3% −0.3% 38.6% 74.6% 11.8% 9.2%
Revenue growth, 3-year average 7.1% 19.7% 17.0% 11.5% 89.8% 14.0% 13.5%
Revenue growth, latest quarter −4.2% 15.2% −4.5% 31.7% 9.5% 9.6% 10.2%
Gross margin 79.5% 79.5% 32.6% 70.5% 58.4% 72.9% 61.2%
Operating margin −26.2% −8.3% −4.1% −7.6% −1.0% 29.5% −8.5%
Operating margin, 3-year average −27.1% −17.9% −4.4% −27.9% −68.4% 25.0% −17.9%
Net margin −29.0% −6.9% −14.0% −15.8% −2.9% 25.0% −12.0%
Cash from operations / revenue −7.1% 1.2% −0.4% −13.1% 1.4% 31.6% −1.9%
Free-cash-flow margin −12.2% −2.1% −0.3% −16.9% 0.2% 28.1% −3.9%
Free-cash-flow margin, 3-year average −15.6% −8.7% −4.1% −36.3% −54.4% 21.9% −7.0%
Stock pay / revenue 14.6% 11.3% 1.6% 4.9% 8.4% 3.0% 6.1%
Change in share count 2.7% 3.8% 14.1% 4.2% 4.3% 2.0% 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 -4.0% 9.1% 108 of 129
Change in growth rate Growth -2.3pp -0.6pp 87 of 129
Gross margin Profitability 79.5% 61.9% 18 of 123
Operating margin Profitability -26.2% -8.3% 78 of 132
Net margin Profitability -29.0% -12.0% 77 of 133
Free-cash-flow margin Cash generation -12.2% -3.4% 76 of 128
Stock pay as % of revenue Cash generation 14.6% 6.1% 87 of 123
Long-term debt as % of assets Balance sheet 31.0% 24.2% 56 of 87
Change in share count Balance sheet 2.7% 3.3% 53 of 115
Days sales outstanding Balance sheet 51 days 57 days 45 of 118

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

Who owns it

Funds buying and selling
Reported value
$127M
Institutions reporting
116
Shares held vs prior quarter
▼ 11.5%
Positions opened / closed
30 / 29

Top buyers and sellers, Q2 2026: 68 institutions bought and 61 sold ; the biggest buyer was Gagnon Advisors, LLC (+1.5M shares) and the biggest seller Gagnon Securities LLC (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Armistice Capital, LLC $25.3M 6.4M 20.0% 0.0%
Bank Of America Corp $13.2M 3.3M 10.4% ▲ 2.8%
Gagnon Securities LLC $12.1M 3.0M 9.5% ▼ 41.8%
Vanguard Capital Management LLC $8.1M 2.0M 6.4% ▲ 38.8%
Gagnon Advisors, LLC $6.1M 1.5M 4.8% New
AQR Capital Management LLC $6M 1.5M 4.7% ▲ 41.0%
Blackrock, Inc. $5.5M 1.4M 4.3% ▼ 58.7%
Marshall Wace, LLP $5.3M 1.3M 4.2% ▲ 401.5%
CIBC Bancorp Usa Inc. $4.8M 1.2M 3.8% ▼ 0.2%
Acadian Asset Management LLC $3.7M 928K 2.9% ▼ 1.4%
Millennium Management LLC $2.9M 739K 2.3% ▼ 35.7%
Weber Capital Management LLC $2.3M 590K 1.9% 0.0%

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 Treace Medical Concepts, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1.5M 14 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1.5M net buying
Insider Date Trade Shares Price Value
Treace John T. Chief Executive Officer August 24, 2026 Buy 11,000 $4.34 $47,740
Treace John T. Chief Executive Officer August 21, 2026 Buy 5,000 $4.35 $21,750
Treace John T. Chief Executive Officer August 20, 2026 Buy 39,944 $4.44 $177,351
Treace John T. Chief Executive Officer June 11, 2026 Buy 22,887 $4.04 $92,463
Treace John T. Chief Executive Officer June 11, 2026 Buy 9,891 $4.04 $39,960
Treace John T. Chief Executive Officer June 10, 2026 Buy 29,430 $4.02 $118,309
Treace John T. Chief Executive Officer June 10, 2026 Buy 14,715 $4.02 $59,154
Treace John T. Chief Executive Officer June 1, 2026 Buy 50,000 $3.56 $178,000
Treace John T. Chief Executive Officer May 28, 2026 Buy 61,202 $3.02 $184,830
Treace John T. Chief Executive Officer May 27, 2026 Buy 49,810 $2.87 $142,955
Treace John T. Chief Executive Officer May 26, 2026 Buy 4,508 $2.79 $12,577
Treace John T. Chief Executive Officer May 14, 2026 Buy 61,750 $2.62 $161,785

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

  • August 7, 2026
  • May 8, 2026
  • April 9, 2026
  • February 27, 2026
  • January 13, 2026
  • November 6, 2025

Recent SEC filings

Data status

When each part of this page on Treace Medical Concepts, 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.

Treace Medical Concepts, Inc. in brief

What does Treace Medical Concepts, Inc. do?
Treace Medical Concepts, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Treace Medical Concepts, Inc.'s stock ticker?
Treace Medical Concepts, Inc. trades under the ticker TMCI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Treace Medical Concepts, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Treace Medical Concepts, Inc. reported revenue of $205M, 4.0% lower than a year earlier, according to its SEC filings.
What is Treace Medical Concepts, Inc.'s free cash flow?
Treace Medical Concepts, Inc.'s free-cash-flow margin is -12.2% of revenue over the trailing twelve months, ranking 76 of the 128 health care equipment companies we cover.
Who are Treace Medical Concepts, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Armistice Capital, LLC, Bank Of America Corp and Gagnon Securities LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Treace Medical Concepts, Inc.'s market cap?
On November 2, 2026, Treace Medical Concepts, Inc.'s market capitalisation was about $274M and net debt of $47.4M. Market figures come from third-party market data and may be delayed.
How much debt does Treace Medical Concepts, Inc. have?
Treace Medical Concepts, Inc.'s debt-to-equity ratio is 87.4%, from its latest balance sheet (31.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Treace Medical Concepts, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Treace Medical Concepts, Inc. are Si-bone, Inc., Lakeland Industries Inc, Establishment Labs Holdings Inc., Cerus Corp and Lemaitre Vascular Inc. The side-by-side comparison below sets their revenue, margins and growth against Treace Medical Concepts, Inc.'s.
Are insiders buying or selling Treace Medical Concepts, Inc. stock?
Over the last 12 months, Treace Medical Concepts, Inc.'s directors and officers reported 14 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Treace Medical Concepts, Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Treace Medical Concepts, Inc. announces its own schedule.