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Tandem Diabetes Care Inc (TNDM) stock

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

C Fundamentals grade

Tandem Diabetes Care 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

~$14

Valuation models combined (3)

Base case. Range ~$11–$21. Weighted average of 3 models (growth cash-flow model, forward price-to-sales 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.

Tandem Diabetes Care 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.

Value diary

Our note on each quarter Tandem Diabetes Care files

Where Tandem Diabetes Care stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.04bn, up 4.0% on a year earlier, slower than the 4.5% growth a quarter earlier. That puts it 21 of 25 for growth among the health care equipment companies we cover. Free-cash-flow margin fell to -2.6% from -0.8% a year earlier. Operating margin widened to -4.4% from -19.9%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $17.81 a share, against a share price of $18.73.

Source: 10-Q filed August 6, 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)

Tandem Diabetes Care Inc's trailing-twelve-month revenue grew 4.0% year on year, with a free-cash-flow margin of -2.6%. Where it lags: long-term debt as % of assets of 52.2% ranks 76 of 87 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 243.1% while net income grew 69.2%: a 312pp 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

  • Margins widening. Operating margin is up 15.5 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 129.2% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -4.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -2.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 3.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 77% and a beta of 1.0 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 52.2% ranks 76 of 87 health care equipment companies we cover (median 24.2%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.31 against an average estimate of -$0.32: beat by 2.8%
Revenue
$255m, up 5.8% on a year earlier
Share reaction
+14.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.24

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

Price chart

  • 1 day-2.3%
  • 1 week-1.2%
  • 1 month+13.2%
  • This year-15.1%
  • 1 year+33.4%
  • 5 years-86.8%
  • 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)
$1B
Operating margin
-4.4%
Net margin
-6.1%
EPS (TTM, diluted)
$-0.93

Growth

Revenue growth
+4.0%
Change in growth rate
−0.6 pts
Share count change
+3.0%

Cash

Free cash flow (TTM)
-$26.6M
FCF margin
-2.6%
Stock pay % of revenue
7.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 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

Tandem Diabetes Care 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 Tandem Diabetes Care Inc as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 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. ~$11 ~$6.5–$14 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. ~$2.6 ~$2.3–$4.1 Left out: out of range vs price (0.14x)
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
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. ~$21 ~$24–$80 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$15 ~$12–$20 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. ~$14 ~$11–$21 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tandem Diabetes Care 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 20152016201720182019202020212022202320242025Now
Share price$118.10$21.50$2.36$37.97$59.61$95.68$150.52$44.95$29.58$36.02$21.98$18.67
Market value$2.7bn$526m$107m$1.8bn$3.5bn$5.8bn$9.7bn$2.9bn$1.9bn$2.4bn$1.5bn$1.3bn
+ Net debt (− = net cash)−$13m$36m$69m−$42m−$51m$108m$210m$111m$226m$280m$219m$540m
Enterprise value$2.7bn$562m$176m$1.8bn$3.4bn$5.9bn$9.9bn$3.0bn$2.1bn$2.6bn$1.7bn$1.8bn
Multiples
Price / sales 37.5x6.2x1.0x9.9x9.6x11.7x13.8x3.6x2.6x2.5x1.5x1.2x
Price / earnings ——————n/m—————
Price / free cash flow ————155.9x—99.7x176.2x—n/m——
EV / EBITDA —————n/mn/m—————

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 Tandem Diabetes Care'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 0 / 20

    Cash operating profit has been a median 1.3% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 52.3%, moving by 7.6 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -13.7%; its worst year was -100.5%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -1.7% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 7.0% over five years; stock-based pay has been a median 10.9% 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 $266m and EPS of −$0.24 (range −$0.36 to −$0.16) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.66 +74% $1.1bn +6%
Next $0.16 +124% $1.2bn +12%

Next year's EPS estimate has moved +129.2% in 90 days, across 21 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.32 −$0.31 +2.8%
Mar 2026 −$0.44 −$0.30 +32.1%
Dec 2025 −$0.09 −$0.01 +88.9%
Sept 2025 −$0.34 −$0.31 +8.9%

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

Analyst recommendations

25 analysts, Oct 2026
Buy1352%
Hold1248%
Sell00%

Monthly trend

  1. Oct 20262111225
  2. Sep 20263111024
  3. Aug 20262111124
  4. Jul 20262101123

Counts of recommendations published by analysts covering Tandem Diabetes Care 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
25.7%
of tradable shares
Days to cover
6.36
at average volume
Short interest, 1 month
+14%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
2,500
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 +33.4%

$14.00 on October 31, 2025 to $18.67

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.0bn +4.0%
P/S multiple 0.9x 1.2x +32.1%
Share count 66m 68m −2.9%

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

Last 3 years +18.5%

$15.75 on November 3, 2023 to $18.67

ThenNowEffect
Revenue (last 12 months) $790m $1.0bn +31.8%
P/S multiple 1.3x 1.2x −4.8%
Share count 65m 68m −5.5%

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
TNDM+57%−70%−34%+22%−39%−15%
Industry peers (median)−9%−37%−8%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TNDM67%42%33%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TNDM−26%−76%−69%−49%−73%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 98% from December 21, 2015 to November 3, 2017. Getting back needed a 5360% gain, reached on September 7, 2021, 1404 days after the low.

Price behaviour

52-week range
$12.82 – $28.26
From 52-week high
−33.9%
vs 50-day average
+4.0%
vs 200-day average
−1.3%
Volatility (1 year)
77%
Beta vs S&P 500
0.99

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 ±16.8%
After a week
6 up, 6 down
typical move ±21.1%
After a month
9 up, 3 down
typical move ±23.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +14.2% +0.5% +18.1% +1.6%
May 7, 2026 −14.1% +0.5% −21.5% +2.4%
February 19, 2026 +29.7% +0.5% +36.2% +31.0%
November 6, 2025 +10.8% −1.0% +19.5% +41.4%
August 6, 2025 −24.0% +0.7% −26.5% −17.0%
April 30, 2025 +19.1% +0.7% +32.7% +18.2%
February 26, 2025 −34.8% −1.5% −42.7% −40.6%
November 6, 2024 +0.6% +3.3% −10.4% −9.1%
August 1, 2024 +12.7% −3.3% −0.3% +17.6%
May 2, 2024 +23.5% +2.2% +21.7% +43.6%
February 21, 2024 +6.1% +2.2% +12.8% +35.2%
November 1, 2023 −12.1% +3.0% −10.3% +22.5%

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.

Tandem Diabetes Care 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) Tandem Diabetes Care Inc
$700M $800M $900M $1B $1.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $771.4M Revenue (TTM), FY23 Q4: $747.7M Revenue (TTM), FY24 Q1: $770M Revenue (TTM), FY24 Q2: $796M Revenue (TTM), FY24 Q3: $854.4M Revenue (TTM), FY24 Q4: $940.2M Revenue (TTM), FY25 Q1: $983M Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1B $1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $771.4M
FY23 Q4 $747.7M
FY24 Q1 $770M
FY24 Q2 $796M
FY24 Q3 $854.4M
FY24 Q4 $940.2M
FY25 Q1 $983M
FY25 Q2 $1B
FY25 Q3 $1B
FY25 Q4 $1B
FY26 Q1 $1B
FY26 Q2 $1B
Revenue growth, TTM YoY Tandem Diabetes Care Inc
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.4% Revenue growth, TTM YoY, FY23 Q4: -6.7% Revenue growth, TTM YoY, FY24 Q1: -3.1% Revenue growth, TTM YoY, FY24 Q2: 0.7% Revenue growth, TTM YoY, FY24 Q3: 10.7% Revenue growth, TTM YoY, FY24 Q4: 25.7% Revenue growth, TTM YoY, FY25 Q1: 27.7% Revenue growth, TTM YoY, FY25 Q2: 25.8% Revenue growth, TTM YoY, FY25 Q3: 17.9% Revenue growth, TTM YoY, FY25 Q4: 7.9% Revenue growth, TTM YoY, FY26 Q1: 4.5% Revenue growth, TTM YoY, FY26 Q2: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.4%
FY23 Q4 -6.7%
FY24 Q1 -3.1%
FY24 Q2 0.7%
FY24 Q3 10.7%
FY24 Q4 25.7%
FY25 Q1 27.7%
FY25 Q2 25.8%
FY25 Q3 17.9%
FY25 Q4 7.9%
FY26 Q1 4.5%
FY26 Q2 4.0%
Operating margin (TTM) Tandem Diabetes Care Inc
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -28.0% Operating margin (TTM), FY23 Q4: -31.2% Operating margin (TTM), FY24 Q1: -19.1% Operating margin (TTM), FY24 Q2: -17.5% Operating margin (TTM), FY24 Q3: -15.6% Operating margin (TTM), FY24 Q4: -10.5% Operating margin (TTM), FY25 Q1: -18.1% Operating margin (TTM), FY25 Q2: -19.9% Operating margin (TTM), FY25 Q3: -19.5% Operating margin (TTM), FY25 Q4: -18.5% Operating margin (TTM), FY26 Q1: -8.2% Operating margin (TTM), FY26 Q2: -4.4% -4.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -28.0%
FY23 Q4 -31.2%
FY24 Q1 -19.1%
FY24 Q2 -17.5%
FY24 Q3 -15.6%
FY24 Q4 -10.5%
FY25 Q1 -18.1%
FY25 Q2 -19.9%
FY25 Q3 -19.5%
FY25 Q4 -18.5%
FY26 Q1 -8.2%
FY26 Q2 -4.4%
FCF margin (TTM) Tandem Diabetes Care Inc
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -6.0% FCF margin (TTM), FY23 Q4: -7.8% FCF margin (TTM), FY24 Q1: -5.7% FCF margin (TTM), FY24 Q2: -5.3% FCF margin (TTM), FY24 Q3: -1.8% FCF margin (TTM), FY24 Q4: 0.5% FCF margin (TTM), FY25 Q1: -0.4% FCF margin (TTM), FY25 Q2: -0.8% FCF margin (TTM), FY25 Q3: -2.5% FCF margin (TTM), FY25 Q4: -2.9% FCF margin (TTM), FY26 Q1: -0.4% FCF margin (TTM), FY26 Q2: -2.6% -2.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -6.0%
FY23 Q4 -7.8%
FY24 Q1 -5.7%
FY24 Q2 -5.3%
FY24 Q3 -1.8%
FY24 Q4 0.5%
FY25 Q1 -0.4%
FY25 Q2 -0.8%
FY25 Q3 -2.5%
FY25 Q4 -2.9%
FY26 Q1 -0.4%
FY26 Q2 -2.6%

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 2012 Dec 2012 2013 Dec 2013 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 Jun 2026
Income
Revenue 2 29 50 73 84 108 184 362 499 703 801 748 940 1,015 1,041
Gross profit −1 6 15 27 24 44 90 194 261 376 413 368 490 546 583
EBITDA −31 −46 −71 −64 −73 −56 −39 −11 2 36 −79 −218 −83 −170 −28
Operating income −33 −49 −76 −69 −78 −63 −45 −17 −8 23 −93 −233 −99 −187 −46
Net income −33 −63 −80 −72 −83 −73 −123 −25 −34 16 −95 −223 −96 −205 −63
Diluted EPS −$1.83 −$3.35 −$0.43 −$3.13 −$3.41 −$1.61 −$2.55 −$0.42 −$0.56 $0.24 −$1.47 −$3.43 −$1.47 −$3.04 −$0.93
Growth (year on year)
Revenue — +>999% +71.4% +46.5% +15.6% +27.7% +70.9% +97.0% +37.7% +40.9% +14.0% −6.7% +25.7% +7.9% +4.0%
EBITDA — — — — — — — — — — −315.1% — — — —
Operating income — — — — — — — — — — −509.9% — — — —
Net income — — — — — — — — — — −707.7% — — — —
Diluted EPS — — — — — — — — — — −712.5% — — — —
Margins
Gross margin −54.5% 21.3% 30.7% 36.5% 28.0% 41.0% 48.9% 53.6% 52.2% 53.5% 51.5% 49.2% 52.1% 53.8% 56.0%
EBITDA margin <−999% −159.5% −143.3% −88.1% −86.1% −52.1% −21.1% −2.9% 0.5% 5.2% −9.8% −29.1% −8.8% −16.7% −2.7%
Operating margin <−999% −170.4% −152.2% −94.7% −92.6% −58.5% −24.3% −4.6% −1.6% 3.2% −11.6% −31.2% −10.5% −18.5% −4.4%
Net margin <−999% −217.7% −159.9% −99.4% −99.0% −67.9% −66.7% −6.8% −6.9% 2.2% −11.8% −29.8% −10.2% −20.2% −6.1%
Free-cash-flow margin <−999% −178.5% −132.3% −88.6% −83.2% −66.8% −6.1% 6.2% −0.5% 13.8% 2.0% −7.8% 0.5% −2.9% −2.6%
Cash flow
Cash from operations −33 −48 −61 −59 −61 −66 −8 42 25 111 50 −32 24 −10 −6
Capital spending 5 4 4 6 9 6 3 20 27 14 34 27 19 20 21
Free cash flow −38 −52 −66 −65 −70 −72 −11 22 −3 97 16 −59 5 −30 −27
Stock-based pay 0 4 15 13 12 13 24 58 58 61 85 88 101 92 73
Free cash flow after stock pay −38 −56 −81 −78 −82 −84 −35 −36 −61 36 −69 −147 −96 −122 −99
Balance sheet
Cash 17 124 31 43 45 14 42 51 95 71 173 59 69 91 63
Total debt 0 29 30 30 81 83 — 0 203 281 283 285 349 310 603
Net debt (negative = net cash) −17 −95 −1 −13 36 69 −42 −51 108 210 111 226 280 219 540
Diluted shares 18m 19m 19m 23m 24m 45m 48m 59m 61m 64m 64m 65m 65m 67m 68m
Returned to shareholders
Buybacks — — — — — — — — — — 0 0 30 0 —
Total returned — — — — — — — — — — 0 0 30 0 —

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 6 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $805mLonger-term assets $350m
What it owes, and who funded it · $1.2bn
Short-term liabilities $253mLonger-term liabilities $771mShareholders' equity $130m
  • Short-term assets cover short-term liabilities $805m of assets due within a year against $253m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $805m short-term assets against $771m of longer-dated liabilities.
  • More cash than debt $63m of cash against $603m of debt.
  • Debt below 40% of shareholders' equity Debt is 462% of equity.
  • 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 −$6m of operating cash flow against $603m of debt.
  • Operating profit covers interest at least five times over Operating income of −$46m against $9m of interest.

From Tandem Diabetes Care 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

FY2025 Q4 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$30M
Diluted share count
+3.0%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
18.0%
of revenue
Sales & admin spending
42.4%
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 TNDM INSP VREX ATEC OFIX IRTC Median
Revenue, last 12 months $1.0bn $881m $865m $840m $833m $825m $99m
Revenue growth, last 12 months 4.0% −0.2% 5.3% 15.3% 3.0% 25.6% 9.2%
Revenue growth, 3-year average 9.6% 15.6% −1.2% 23.1% 11.7% 22.2% 13.5%
Revenue growth, latest quarter 5.8% −7.9% 3.7% 12.6% 3.8% 20.1% 10.2%
Gross margin 56.0% 86.2% 34.3% 71.3% 71.3% 71.5% 61.2%
Operating margin −4.4% 1.8% 8.3% −3.6% −4.7% −3.0% −8.5%
Operating margin, 3-year average −13.9% 2.6% 3.1% −14.8% −9.7% −14.3% −17.9%
Net margin −6.1% 11.4% 2.6% −10.3% −7.4% −1.7% −12.0%
Cash from operations / revenue −0.5% 15.3% 1.3% 7.3% 2.0% 10.4% −1.9%
Free-cash-flow margin −2.6% 11.1% −2.3% −1.2% −3.3% 4.7% −3.9%
Free-cash-flow margin, 3-year average −2.9% 9.1% 2.4% −12.1% −4.2% −3.0% −7.0%
Stock pay / revenue 7.0% 13.3% 1.7% 9.0% 3.4% 10.1% 6.1%
Change in share count 3.0% −3.9% −8.8% 4.6% 3.6% 2.9% 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% 87 of 129
Change in growth rate Growth -0.6pp -0.6pp 64 of 129
Gross margin Profitability 56.0% 61.9% 75 of 123
Operating margin Profitability -4.4% -8.3% 57 of 132
Net margin Profitability -6.1% -12.0% 52 of 133
Free-cash-flow margin Cash generation -2.6% -3.4% 61 of 128
Stock pay as % of revenue Cash generation 7.0% 6.1% 66 of 123
Long-term debt as % of assets Balance sheet 52.2% 24.2% 76 of 87
Change in share count Balance sheet 3.0% 3.3% 55 of 115
Days sales outstanding Balance sheet 57 days 57 days 60 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
Supplies and Other $551M 54.3% ▲ 15.7%
Pump $464M 45.7% ▲ 6.9%
Tandem Choice Program Recognized Deferred $0 0.0% ▼ 100.0%
Geography
Region Revenue Share YoY
United States $707M 69.7% ▲ 5.1%
Outside the US $308M 30.3% ▲ 15.1%

From Tandem Diabetes Care Inc's 10-K filed February 19, 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
$1.2B
Institutions reporting
273
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
45 / 44

Top buyers and sellers, Q2 2026: 140 institutions bought and 135 sold ; the biggest buyer was First Light Asset Management, LLC (+2.1M shares) and the biggest seller Arrowmark Colorado Holdings LLC (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $175M 11.6M 14.7% ▲ 8.3%
Sessa Capital Im, L.P. $77M 5.1M 6.5% ▲ 7.8%
Vanguard Portfolio Management LLC $64.9M 4.3M 5.5% ▲ 7.7%
First Light Asset Management, LLC $51.1M 3.4M 4.3% ▲ 157.4%
Vanguard Capital Management LLC $46.7M 3.1M 3.9% ▲ 1.9%
State Street Corp $43M 2.9M 3.6% ▲ 7.1%
Gw&K Investment Management, LLC $38.8M 2.6M 3.3% ▼ 4.5%
Jennison Associates LLC $35.2M 2.3M 3.0% ▲ 40.6%
Paradice Investment Management LLC $30.5M 2.0M 2.6% ▼ 0.9%
Jacobs Levy Equity Management, Inc $30.3M 2.0M 2.5% ▲ 31.7%
Freestone Grove Partners LP $28.2M 1.9M 2.4% ▲ 40.2%
Geode Capital Management, LLC $27.2M 1.8M 2.3% ▲ 7.2%

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 Tandem Diabetes Care 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 → $36,911 3 trades by 2 insiders · 100% under pre-set plans
Net ▼ $36,911 net selling
Insider Date Trade Shares Price Value
Twomey Christopher J Director October 27, 2026 Sell pre-set plan 1,700 $19.15 $32,555
Novara Mark David EVP & CHIEF COMMERCIAL OFFICER March 17, 2026 Sell pre-set plan 187 $23.05 $4,310
Novara Mark David EVP & CHIEF COMMERCIAL OFFICER March 5, 2026 Sell pre-set plan 2 $22.81 $46

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 8 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Tandem Diabetes Care Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 29, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded September 22, 2025, filed October 15, 2025

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

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 6, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Tandem Diabetes Care 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.

Tandem Diabetes Care Inc in brief

What does Tandem Diabetes Care Inc do?
Tandem Diabetes Care Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Tandem Diabetes Care Inc's stock ticker?
Tandem Diabetes Care Inc trades under the ticker TNDM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tandem Diabetes Care Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tandem Diabetes Care Inc reported revenue of $1B, 4.0% higher than a year earlier, according to its SEC filings.
What is Tandem Diabetes Care Inc's free cash flow?
Tandem Diabetes Care Inc's free-cash-flow margin is -2.6% of revenue over the trailing twelve months, ranking 61 of the 128 health care equipment companies we cover.
Who are Tandem Diabetes Care Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Sessa Capital Im, L.P. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tandem Diabetes Care Inc buying back stock, and does it pay a dividend?
Tandem Diabetes Care Inc spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 3.0% over the year.
What is Tandem Diabetes Care Inc's market cap?
On November 2, 2026, Tandem Diabetes Care Inc's market capitalisation was about $1.3B and net debt of $540M. Market figures come from third-party market data and may be delayed.
How much debt does Tandem Diabetes Care Inc have?
Tandem Diabetes Care Inc's debt-to-equity ratio is 462.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Tandem Diabetes Care Inc's competitors?
In our Health Care Equipment peer group, the companies closest to Tandem Diabetes Care Inc are Inspire Medical Systems, Inc., Varex Imaging Corp, Alphatec Holdings, Inc., Orthofix Medical Inc. and Irhythm Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Tandem Diabetes Care Inc's.
Are insiders buying or selling Tandem Diabetes Care Inc stock?
Over the last 12 months, Tandem Diabetes Care Inc's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Tandem Diabetes Care 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 — Tandem Diabetes Care Inc announces its own schedule.