Transmedics Group, Inc. key statistics and ratios

In fiscal 2025, Transmedics Group, Inc. had return on equity of 54.2%, an operating margin of 17.9%, debt equal to 97.8% of equity and a current ratio of 7.14. 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.

Transmedics Group, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	44.1%	58.7%	64.9%	69.9%	69.8%	63.8%	59.4%	59.9%	58.7%
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%
Return on equity	—	—	−36.3%	−51.5%	−28.4%	−15.4%	19.4%	54.2%	30.6%
Return on assets	−56.4%	−45.5%	−22.3%	−30.8%	−17.6%	−5.1%	4.7%	20.3%	12.0%
Asset turnover	0.31	0.32	0.20	0.21	0.45	0.49	0.58	0.65	0.53
Current ratio	2.77	6.21	12.36	5.11	10.66	9.30	8.30	7.14	6.63
Debt to equity	—	62.5%	33.7%	51.9%	32.0%	325.9%	196.8%	97.8%	91.5%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	2.6x	7.9x	3.8x
Effective tax rate	—	—	—	—	—	—	0.9%	—	—
R&D as % of revenue	104.9%	84.2%	73.4%	73.7%	28.7%	14.9%	12.7%	11.4%	13.8%
SG&A as % of revenue	94.6%	100.0%	94.3%	126.5%	74.8%	49.5%	38.2%	30.6%	32.7%
Capital spending as % of revenue	3.2%	0.7%	1.8%	11.6%	12.7%	62.8%	29.4%	9.8%	10.0%
Free cash flow ÷ net income	—	—	—	—	—	—	−228.2%	70.2%	52.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Transmedics Group, 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	55.9%	59.2%	61.5%	61.4%	58.8%	58.1%	58.2%	59.6%
Operating margin	3.6%	7.1%	19.1%	23.2%	16.2%	13.2%	7.6%	12.5%
Net margin	3.9%	5.6%	17.9%	22.2%	16.9%	65.6%	4.2%	7.7%
Free-cash-flow margin	−38.0%	5.0%	−20.8%	52.4%	43.1%	11.8%	−7.0%	5.4%
Current ratio	8.20	8.30	9.10	9.86	7.69	7.14	6.74	6.63
Debt to equity	—	—	—	—	1.4%	2.1%	3.0%	3.9%
R&D as % of revenue	13.1%	13.5%	12.0%	10.1%	10.6%	12.9%	14.3%	16.7%
SG&A as % of revenue	39.2%	38.6%	30.4%	28.0%	32.0%	32.0%	36.2%	30.4%

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

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.

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.

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Figures from Transmedics Group, 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 Transmedics Group, Inc.