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Transmedics Group, Inc. (TMDX) stock

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NASDAQ: TMDX Nasdaq Health Care Equipment Next results ~November 5, 2026

C+ Fundamentals grade

Transmedics Group, 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

~$40

Valuation models combined (3)

Base case. Range ~$27–$70. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Transmedics Group, 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.

  • Insiders2 buying, 6 selling2 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds199 adding, 229 cuttingOf 53 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Transmedics Group files

Where Transmedics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $668m, up 25.8% on a year earlier, slower than the 30.2% growth a quarter earlier. Free-cash-flow margin rose to 11.8% from 3.3% a year earlier. Operating margin narrowed to 12.2% from 14.4%. The diluted share count is up 4.8% on a year earlier, which dilutes existing holders. It passes 1 of our 3 financial-health checks. Our valuation models combined value is $93.62 a share, against a share price of $67.20.

Source: 10-Q filed August 4, 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 5, 2026 (estimated)

Transmedics Group, Inc.'s trailing-twelve-month revenue grew 25.8% year on year, with a free-cash-flow margin of 11.8%. Where it stands out: net margin of 22.7% ranks 11 of 133 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 355.5% while net income grew 111.7%: a 244pp 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

  • Fast growth. Revenue grew 25.8% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Share dilution. Diluted shares rose 4.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 1.1 against the S&P 500.
  • Growth easing. The growth rate is 4.4 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 52% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -4.4pp ranks 100 of 129 health care equipment companies we cover (median -0.6pp).
  • Heavily shorted. 39.4% of the shares available to trade are sold short (11.1 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.44 against an average estimate of $0.48: missed by 7.4%
Revenue
$190m, up 20.7% on a year earlier
Share reaction
-6.2% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.29

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

Price chart

  • 1 day+1.0%
  • 1 week-5.6%
  • 1 month-16.4%
  • This year-45.2%
  • 1 year-49.3%
  • 5 years+128.8%
  • 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)
$668M
Operating margin
12.2%
Net margin
22.7%
EPS (TTM, diluted)
$3.83

Growth

Revenue growth
+25.8%
Change in growth rate
−4.4 pts
Share count change
+4.8%

Cash

Free cash flow (TTM)
$79M
FCF margin
11.8%
Stock pay % of revenue
5.5%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

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

  1. Leadership
  2. 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

Transmedics Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Transmedics Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$27 ~$20–$34 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$37 ~$32–$58 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.7 ~$0.3–$1.5 Left out: out of range vs price (0.01x)
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
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$70 ~$58–$85 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow 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. ~$40 ~$27–$70 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Transmedics Group, 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 2019202020212022202320242025Now
Share price$18.59$19.90$19.16$61.72$78.93$62.35$121.65$66.67
Market value$264m$492m$529m$1.8bn$2.6bn$2.2bn$4.9bn$2.6bn
+ Net debt (− = net cash)−$21m$10m$10m−$141m$52m$113m−$26m−$17m
Enterprise value$243m$502m$539m$1.7bn$2.6bn$2.3bn$4.9bn$2.6bn
Multiples
Price / sales 11.2x19.2x17.5x19.5x10.6x5.0x8.1x4.0x
Price / earnings —————61.9x25.9x17.4x
Price / free cash flow ——————36.9x33.4x
EV / EBITDA —————40.3x36.1x22.3x

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

33 /100

Weak moat

How hard Transmedics Group's competitive advantage looks for rivals to wear away, judged from 8 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 -4.4% of total assets over 7 years.

  • Pricing power 16 / 20

    Gross margin has been a median 60.8%, moving by 5.9 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -46.1%; its worst year was -133.7%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 7 years, at a median -54.0% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 45.2% over five years; stock-based pay has been a median 7.1% 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 5, 2026, after the close. Analysts expect revenue of $178m and EPS of $0.29 (range $0.15 to $0.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.51 −42% $742m +23%
Next $2.25 +49% $875m +18%

Next year's EPS estimate has moved −21.2% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −13.9% on 90 days ago. In the last 30 days, 0 analysts raised Transmedics Group, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Transmedics Group, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.76 Current fiscal year, 60 days ago: $1.56 Current fiscal year, 30 days ago: $1.52 Current fiscal year, 7 days ago: $1.51 Current fiscal year, Now: $1.51 $1.51 Next fiscal year, 90 days ago: $2.86 Next fiscal year, 60 days ago: $2.31 Next fiscal year, 30 days ago: $2.28 Next fiscal year, 7 days ago: $2.25 Next fiscal year, Now: $2.25 $2.25

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.76$2.86
60 days ago $1.56$2.31
30 days ago $1.52$2.28
7 days ago $1.51$2.25
Now $1.51$2.25

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.48 $0.44 −7.4%
Mar 2026 $0.61 $0.30 −50.9%
Dec 2025 $0.37 $0.53 +40.9%
Sept 2025 $0.36 $0.66 +83.3%

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

Analyst recommendations

13 analysts, Oct 2026
Buy969%
Hold431%
Sell00%

Monthly trend

  1. Oct 202636413
  2. Sep 202626412
  3. Aug 202626412
  4. Jul 202626412

Counts of recommendations published by analysts covering Transmedics Group, 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
39.4%
of tradable shares
Days to cover
11.14
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.6%
of shares
Employees
898
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 −49.3%

$131.54 on October 31, 2025 to $66.67

ThenNowEffect
Revenue (last 12 months) $531m $668m +25.8%
Net margin 13.5% 22.7% +68.2%
P/E multiple 69.5x 17.4x −74.9%
Share count 38m 40m −4.6%

Biggest factor: p/e multiple.

Last 3 years +56.4%

$42.62 on November 3, 2023 to $66.67

ThenNowEffect
Revenue (last 12 months) $151m $668m +342.5%
P/S multiple 9.0x 4.0x −55.9%
Share count 32m 40m −19.9%

Biggest factor: revenue. 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
TMDX−4%+222%+28%−21%+95%−45%
Industry peers (median)−9%−37%−9%−19%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TMDX50%67%58%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TMDX−60%−38%−62%−66%−28%−58%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 2, 2019: 74% from March 22, 2021 to February 23, 2022. Getting back needed a 280% gain, reached on August 5, 2022, 163 days after the low.

Price behaviour

52-week range
$62.04 – $150.42
From 52-week high
−55.7%
vs 50-day average
−17.8%
vs 200-day average
−29.1%
Volatility (1 year)
57%
Beta vs S&P 500
1.11

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
8 up, 4 down
typical move ±12.2%
After a week
7 up, 5 down
typical move ±15.5%
After a month
6 up, 6 down
typical move ±22.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −6.2% +1.6% +9.6% +3.4%
May 5, 2026 −24.9% +2.2% −34.1% −26.5%
February 27, 2026 +9.2% −0.4% −3.7% −29.9%
February 24, 2026 −2.1% +1.6% +9.9% −21.9%
October 29, 2025 +4.7% −1.1% −4.0% +12.8%
July 30, 2025 +13.5% −0.5% +13.3% +11.3%
May 8, 2025 +16.4% +0.6% +27.1% +45.5%
February 27, 2025 +3.5% −0.1% −11.5% −7.0%
October 28, 2024 −29.3% +0.5% −32.1% −35.6%
July 31, 2024 +9.4% +0.2% +5.4% +20.4%
April 30, 2024 +20.9% −1.9% +30.9% +40.3%
February 26, 2024 +6.7% −0.2% +4.6% −10.4%

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.

Transmedics Group, 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) Transmedics Group, Inc.
$0 $200M $400M $600M $800M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $191.8M Revenue (TTM), FY23 Q4: $241.6M Revenue (TTM), FY24 Q1: $296.9M Revenue (TTM), FY24 Q2: $358.8M Revenue (TTM), FY24 Q3: $401.1M Revenue (TTM), FY24 Q4: $441.5M Revenue (TTM), FY25 Q1: $488.2M Revenue (TTM), FY25 Q2: $531.3M Revenue (TTM), FY25 Q3: $566.4M Revenue (TTM), FY25 Q4: $605.5M Revenue (TTM), FY26 Q1: $635.9M Revenue (TTM), FY26 Q2: $668.5M $668.5M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $191.8M
FY23 Q4 $241.6M
FY24 Q1 $296.9M
FY24 Q2 $358.8M
FY24 Q3 $401.1M
FY24 Q4 $441.5M
FY25 Q1 $488.2M
FY25 Q2 $531.3M
FY25 Q3 $566.4M
FY25 Q4 $605.5M
FY26 Q1 $635.9M
FY26 Q2 $668.5M
Revenue growth, TTM YoY Transmedics Group, Inc.
0% 50% 100% 150% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 167.3% Revenue growth, TTM YoY, FY23 Q4: 158.5% Revenue growth, TTM YoY, FY24 Q1: 149.2% Revenue growth, TTM YoY, FY24 Q2: 137.5% Revenue growth, TTM YoY, FY24 Q3: 109.1% Revenue growth, TTM YoY, FY24 Q4: 82.7% Revenue growth, TTM YoY, FY25 Q1: 64.4% Revenue growth, TTM YoY, FY25 Q2: 48.1% Revenue growth, TTM YoY, FY25 Q3: 41.2% Revenue growth, TTM YoY, FY25 Q4: 37.1% Revenue growth, TTM YoY, FY26 Q1: 30.2% Revenue growth, TTM YoY, FY26 Q2: 25.8% 25.8%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 167.3%
FY23 Q4 158.5%
FY24 Q1 149.2%
FY24 Q2 137.5%
FY24 Q3 109.1%
FY24 Q4 82.7%
FY25 Q1 64.4%
FY25 Q2 48.1%
FY25 Q3 41.2%
FY25 Q4 37.1%
FY26 Q1 30.2%
FY26 Q2 25.8%
Operating margin (TTM) Transmedics Group, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -19.9% Operating margin (TTM), FY23 Q4: -11.9% Operating margin (TTM), FY24 Q1: -4.8% Operating margin (TTM), FY24 Q2: -0.2% Operating margin (TTM), FY24 Q3: 7.8% Operating margin (TTM), FY24 Q4: 8.5% Operating margin (TTM), FY25 Q1: 10.8% Operating margin (TTM), FY25 Q2: 14.4% Operating margin (TTM), FY25 Q3: 16.9% Operating margin (TTM), FY25 Q4: 17.9% Operating margin (TTM), FY26 Q1: 14.9% Operating margin (TTM), FY26 Q2: 12.2% 12.2%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -19.9%
FY23 Q4 -11.9%
FY24 Q1 -4.8%
FY24 Q2 -0.2%
FY24 Q3 7.8%
FY24 Q4 8.5%
FY25 Q1 10.8%
FY25 Q2 14.4%
FY25 Q3 16.9%
FY25 Q4 17.9%
FY26 Q1 14.9%
FY26 Q2 12.2%
FCF margin (TTM) Transmedics Group, Inc.
-100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -72.0% FCF margin (TTM), FY23 Q4: -68.2% FCF margin (TTM), FY24 Q1: -68.3% FCF margin (TTM), FY24 Q2: -54.0% FCF margin (TTM), FY24 Q3: -30.0% FCF margin (TTM), FY24 Q4: -18.3% FCF margin (TTM), FY25 Q1: -13.0% FCF margin (TTM), FY25 Q2: 3.3% FCF margin (TTM), FY25 Q3: 21.3% FCF margin (TTM), FY25 Q4: 22.1% FCF margin (TTM), FY26 Q1: 23.8% FCF margin (TTM), FY26 Q2: 11.8% 11.8%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -72.0%
FY23 Q4 -68.2%
FY24 Q1 -68.3%
FY24 Q2 -54.0%
FY24 Q3 -30.0%
FY24 Q4 -18.3%
FY25 Q1 -13.0%
FY25 Q2 3.3%
FY25 Q3 21.3%
FY25 Q4 22.1%
FY26 Q1 23.8%
FY26 Q2 11.8%

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.

Where the money goes

FY2025, from the 10-K

Each dollar Transmedics Group 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 $605M
  2. Other income $81.7M · 13.5%
  3. Cost of revenue $243M · 40.1%
  4. Gross profit $363M · 59.9%
  5. Research and development $69.1M · 11.4%
  6. Selling, general and admin $185M · 30.6%
  7. Operating income $109M · 17.9%
  8. Net income $190M · 31.4%

Shares of revenue. Source: Transmedics Group's 10-K for FY2025, as filed with the SEC. 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 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 13 24 26 30 93 242 442 605 668
Gross profit 6 14 17 21 65 154 262 363 392
EBITDA −19 −28 −25 −38 −28 −21 57 136 118
Operating income −20 −30 −26 −39 −31 −29 37 109 82
Net income −24 −34 −29 −44 −36 −25 35 190 152
Diluted EPS −$1.75 −$2.36 −$1.16 −$1.60 −$1.23 −$0.77 $1.01 $4.87 $3.83
Growth (year on year)
Revenue — +81.3% +8.6% +18.0% +208.8% +158.5% +82.7% +37.1% +25.8%
EBITDA — — — — — — — +137.1% +17.7%
Operating income — — — — — — — +189.6% +6.6%
Net income — — — — — — — +436.6% +111.7%
Diluted EPS — — — — — — — +382.2% +102.1%
Margins
Gross margin 44.1% 58.7% 64.9% 69.9% 69.8% 63.8% 59.4% 59.9% 58.7%
EBITDA margin −149.6% −120.2% −96.8% −124.3% −29.9% −8.5% 13.0% 22.4% 17.7%
Operating margin −155.5% −125.4% −102.9% −130.3% −33.6% −11.9% 8.5% 17.9% 12.2%
Net margin −182.5% −142.1% −112.1% −146.1% −38.8% −10.4% 8.0% 31.4% 22.7%
Free-cash-flow margin −202.8% −137.5% −119.8% −107.0% −61.8% −68.2% −18.3% 22.1% 11.8%
Cash flow
Cash from operations −26 −32 −30 −29 −46 −13 49 193 146
Capital spending 0 0 0 4 12 152 130 59 67
Free cash flow −26 −32 −31 −32 −58 −165 −81 134 79
Stock-based pay 0 1 2 7 10 20 33 37 37
Free cash flow after stock pay −27 −33 −33 −39 −68 −185 −114 97 42
Balance sheet
Cash 20 21 25 26 201 395 337 489 491
Total debt 35 — 35 35 60 447 450 463 474
Net debt (negative = net cash) 15 −21 10 10 −141 52 113 −26 −17
Diluted shares 14m 14m 25m 28m 30m 33m 35m 41m 40m

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 3 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $651mLonger-term assets $813m
What it owes, and who funded it · $1.5bn
Short-term liabilities $98mLonger-term liabilities $848mShareholders' equity $518m
  • Short-term assets cover short-term liabilities $651m of assets due within a year against $98m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $651m short-term assets against $848m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $82m against $21m of interest.

From Transmedics Group, 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
+4.8%
year over year
R&D spending
13.8%
of revenue
Sales & admin spending
32.7%
of revenue
Days sales outstanding
57 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated TMDX GKOS NVCR BVS ATRC MYGN Median
Revenue, last 12 months $668m $690m $725m $586m $570m $807m $99m
Revenue growth, last 12 months 25.8% 46.9% 12.9% 3.9% 13.9% −3.2% 9.2%
Revenue growth, 3-year average 64.2% 31.5% 12.9% 5.2% 15.9% 4.9% 13.5%
Revenue growth, latest quarter 20.7% 58.0% 15.7% 2.7% 12.8% −10.5% 10.2%
Gross margin 58.7% 64.8% 77.0% 68.7% 76.3% 68.8% 61.2%
Operating margin 12.2% −25.5% −17.2% 9.7% 2.3% −12.2% −8.5%
Operating margin, 3-year average 8.8% −27.0% −24.1% 4.4% −4.2% −27.2% −17.9%
Net margin 22.7% −24.6% −16.8% 9.8% 1.9% −14.0% −12.0%
Cash from operations / revenue 21.8% 6.9% −0.1% 14.9% 11.4% 1.0% −1.9%
Free-cash-flow margin 11.8% 5.2% −3.4% 14.5% 9.3% −4.2% −3.9%
Free-cash-flow margin, 3-year average −13.0% −7.7% −9.0% 9.7% 3.3% −10.5% −7.0%
Stock pay / revenue 5.5% 12.0% 16.2% 2.8% 8.3% 3.6% 6.1%
Change in share count 4.8% 3.8% 3.9% 6.2% 2.4% 2.5% 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 25.8% 9.1% 28 of 129
Change in growth rate Growth -4.4pp -0.6pp 100 of 129
Gross margin Profitability 58.7% 61.9% 70 of 123
Operating margin Profitability 12.2% -8.3% 26 of 132
Net margin Profitability 22.7% -12.0% 11 of 133
Free-cash-flow margin Cash generation 11.8% -3.4% 27 of 128
Stock pay as % of revenue Cash generation 5.5% 6.1% 59 of 123
Change in share count Balance sheet 4.8% 3.3% 72 of 115
Days sales outstanding Balance sheet 57 days 57 days 61 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 Share YoY
Products $372M 61.1% ▲ 36.0%
Services $233M 38.2% ▲ 39.0%
Service Unrelated To OCS Transplant $4.1M 0.7% ▼ 6.8%

From Transmedics Group, Inc.'s 10-K filed February 24, 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
$2.3B
Institutions reporting
370
Shares held vs prior quarter
▼ 4.8%
Positions opened / closed
60 / 106

Top buyers and sellers, Q2 2026: 199 institutions bought and 229 sold ; the biggest buyer was Citadel Advisors LLC (+497K shares) and the biggest seller Invesco Ltd (−643K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $372M 5.6M 16.2% ▲ 5.7%
FMR LLC $341M 5.1M 14.9% ▲ 0.7%
Vanguard Portfolio Management LLC $128M 1.9M 5.6% ▲ 0.8%
Vanguard Capital Management LLC $99.5M 1.5M 4.3% ▲ 1.3%
State Street Corp $94.3M 1.4M 4.1% ▲ 7.7%
Nomura Asset Management International Inc. $60.5M 910K 2.6% ▲ 2.8%
Geode Capital Management, LLC $59.5M 895K 2.6% ▲ 6.6%
Hood River Capital Management LLC $49.9M 751K 2.2% ▲ 7.3%
Dimensional Fund Advisors LP $40.5M 610K 1.8% ▲ 18.1%
Braidwell LP $40.5M 610K 1.8% ▲ 85.1%
Goldman Sachs Group Inc $37.2M 560K 1.6% ▼ 35.4%
Citadel Advisors LLC $37.1M 559K 1.6% ▲ 807.2%

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 Transmedics Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 2 trades by 2 insiders, last 12 months Insider sales History → $4.3M 11 trades by 6 insiders · 0% under pre-set plans
Net ▼ $3.2M net selling
Insider Date Trade Shares Price Value
Weill David Director September 11, 2026 Buy 1,336 $81.63 $109,058
Gunderson Thomas J. Director June 15, 2026 Sell 9,624 $75.06 $722,377
Hernandez Gerardo Chief Financial Officer March 4, 2026 Sell 5,912 $147.21 $870,306
Hernandez Gerardo Chief Financial Officer March 4, 2026 Sell 1,324 $147.21 $194,906
Weill David Director March 4, 2026 Sell 3,571 $146.82 $524,294
Lovell Stephanie Director March 4, 2026 Sell 1,193 $149.62 $178,497
Corcoran Nicholas See remarks March 2, 2026 Sell 2,966 $139.12 $412,630
Ranganath Anil P. See remarks March 2, 2026 Sell 864 $139.12 $120,200
Hernandez Gerardo Chief Financial Officer March 2, 2026 Sell 375 $139.12 $52,170
Hernandez Gerardo Chief Financial Officer December 4, 2025 Sell 920 $139.62 $128,450
Weill David Director December 3, 2025 Sell 5,000 $138.64 $693,200
Ranganath Anil P. See remarks November 25, 2025 Sell 3,000 $145.22 $435,660

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 October 30, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 27, 2026
  • February 24, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Transmedics Group, 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.

Transmedics Group, Inc. in brief

What does Transmedics Group, Inc. do?
Transmedics Group, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Transmedics Group, Inc.'s stock ticker?
Transmedics Group, Inc. trades under the ticker TMDX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Transmedics Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Transmedics Group, Inc. reported revenue of $668M, 25.8% higher than a year earlier, according to its SEC filings.
What is Transmedics Group, Inc.'s free cash flow?
Transmedics Group, Inc.'s free-cash-flow margin is 11.8% of revenue over the trailing twelve months, ranking 27 of the 128 health care equipment companies we cover.
Who are Transmedics Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Transmedics Group, Inc.'s market cap?
On November 2, 2026, Transmedics Group, Inc.'s market capitalisation was about $2.6B, with a price-to-earnings ratio of 17.4 and net debt of -$16.9M. Market figures come from third-party market data and may be delayed.
Who are Transmedics Group, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Transmedics Group, Inc. are Glaukos Corp, Novocure Ltd, Bioventus Inc., Atricure, Inc. and Myriad Genetics Inc. The side-by-side comparison below sets their revenue, margins and growth against Transmedics Group, Inc.'s.
Are insiders buying or selling Transmedics Group, Inc. stock?
Over the last 12 months, Transmedics Group, Inc.'s directors and officers reported 2 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Transmedics Group, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Transmedics Group, Inc. announces its own schedule.