Treace Medical Concepts, Inc. key statistics and ratios

In fiscal 2025, Treace Medical Concepts, Inc. had return on equity of -58.9%, an operating margin of -25.5%, debt equal to 68.7% of equity and a current ratio of 4.31. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Treace Medical Concepts, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	80.6%	78.3%	82.1%	82.0%	81.2%	80.4%	79.8%	79.5%
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%
Return on equity	−134.9%	−186.3%	−43.8%	−55.7%	−49.9%	−44.4%	−58.9%	−76.8%
Return on assets	—	−8.8%	−22.5%	−28.6%	−24.1%	−23.8%	−28.9%	−32.0%
Asset turnover	—	1.37	1.03	0.95	0.91	0.89	1.04	1.10
Current ratio	—	3.53	7.58	4.41	4.40	4.62	4.31	2.90
Debt to equity	0.0%	>999%	32.2%	89.2%	39.1%	47.8%	68.7%	88.6%
Interest cover (operating income ÷ interest)	n/m	0.3x	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	12.9%	10.2%	10.8%	9.6%	8.3%	9.8%	9.5%	8.9%
Capital spending as % of revenue	3.1%	1.9%	2.9%	10.5%	6.1%	5.5%	6.4%	5.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Treace Medical Concepts, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	80.1%	80.7%	79.7%	79.7%	79.1%	80.6%	79.3%	78.5%
Operating margin	−33.6%	−0.3%	−29.6%	−35.8%	−31.2%	−9.5%	−36.4%	−33.0%
Net margin	−34.1%	−0.7%	−30.3%	−36.7%	−32.4%	−15.0%	−38.1%	−35.0%
Free-cash-flow margin	−32.6%	−10.6%	1.2%	−16.5%	−23.7%	−16.7%	8.9%	−15.2%
Current ratio	4.12	4.62	4.50	3.52	3.37	4.31	3.58	2.90
Debt to equity	50.7%	47.2%	50.7%	55.9%	62.0%	65.6%	74.6%	87.4%
R&D as % of revenue	11.0%	7.6%	10.6%	11.6%	9.3%	7.3%	9.8%	9.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Treace Medical Concepts, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Treace Medical Concepts, Inc.