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Tandem Diabetes Financials

TNDM
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Tandem Diabetes (TNDM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 29 / 100
Financial Profile 29/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Tandem Diabetes has an operating margin of -18.4%, meaning the company retains $-18 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -10.5% the prior year.

Growth
47

Tandem Diabetes's revenue grew 7.9% year-over-year to $1.0B, a solid pace of expansion. This earns a growth score of 47/100.

Leverage
61

Tandem Diabetes has a moderate D/E ratio of 2.00. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity
48

Tandem Diabetes's current ratio of 2.55 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
18

While Tandem Diabetes generated -$9.7M in operating cash flow, capex of $19.9M consumed most of it, leaving -$29.7M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Tandem Diabetes generates a -131.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -36.5% the prior year.

Piotroski F-Score Weak
3/9

Tandem Diabetes passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality
0.05x

For every $1 of reported earnings, Tandem Diabetes generates $0.05 in operating cash flow (-$9.7M OCF vs -$204.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-23.7x

Tandem Diabetes earns $-23.7 in operating income for every $1 of interest expense (-$187.3M vs $7.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.0B
YoY+7.9%
5Y CAGR+15.3%
10Y CAGR+30.1%

Tandem Diabetes generated $1.0B in revenue in fiscal year 2025. This represents an increase of 7.9% from the prior year.

EBITDA
-$169.6M
YoY-105.5%

Tandem Diabetes's EBITDA was -$169.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 105.5% from the prior year.

Net Income
-$204.7M
YoY-113.2%

Tandem Diabetes reported -$204.7M in net income in fiscal year 2025. This represents a decrease of 113.2% from the prior year.

EPS (Diluted)
$-3.04
YoY-106.8%

Tandem Diabetes earned $-3.04 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 106.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$29.7M
YoY-694.1%

Tandem Diabetes generated -$29.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 694.1% from the prior year.

Cash & Debt
$90.6M
YoY+30.9%
5Y CAGR-0.9%
10Y CAGR+7.7%

Tandem Diabetes held $90.6M in cash against $310.0M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
68M
YoY+3.1%
5Y CAGR+1.8%

Tandem Diabetes had 68M shares outstanding in fiscal year 2025. This represents an increase of 3.1% from the prior year.

Margins & Returns

Gross Margin
53.8%
YoY+1.7pp
5Y CAGR+1.6pp
10Y CAGR+17.3pp

Tandem Diabetes's gross margin was 53.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.

Operating Margin
-18.4%
YoY-7.9pp
5Y CAGR-16.8pp
10Y CAGR+76.3pp

Tandem Diabetes's operating margin was -18.4% in fiscal year 2025, reflecting core business profitability. This is down 7.9 percentage points from the prior year.

Net Margin
-20.2%
YoY-10.0pp
5Y CAGR-13.3pp
10Y CAGR+79.2pp

Tandem Diabetes's net profit margin was -20.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.0 percentage points from the prior year.

Return on Equity
-131.9%
YoY-95.4pp
5Y CAGR-122.5pp
10Y CAGR-17.8pp

Tandem Diabetes's ROE was -131.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 95.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$193.1M
YoY-2.9%
5Y CAGR+24.9%
10Y CAGR+27.5%

Tandem Diabetes invested $193.1M in research and development in fiscal year 2025. This represents a decrease of 2.9% from the prior year.

Share Buybacks
$0
YoY-100.0%

Tandem Diabetes spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$19.9M
YoY+3.7%
5Y CAGR-6.2%
10Y CAGR+13.2%

Tandem Diabetes invested $19.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.7% from the prior year.

TNDM Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $290.4M+16.5% $249.3M+3.6% $240.7M+2.7% $234.4M-17.1% $282.6M+15.9% $244.0M+9.9% $221.9M+15.8% $191.7M
Cost of Revenue N/A $115.0M+0.1% $114.8M-1.0% $116.0M N/A $119.3M+9.3% $109.1M+12.5% $97.0M
Gross Profit $167.5M+24.7% $134.3M+6.7% $125.9M+6.3% $118.4M-24.8% $157.5M+26.3% $124.7M+10.5% $112.8M+19.1% $94.7M
R&D Expenses N/A $48.7M+1.2% $48.1M-4.2% $50.2M N/A $51.1M+3.6% $49.3M+6.7% $46.2M
SG&A Expenses N/A $108.4M-1.1% $109.6M-3.7% $113.9M N/A $99.6M+5.7% $94.2M+4.6% $90.1M
Operating Income $8.3M+136.3% -$22.9M+55.9% -$51.8M+57.1% -$120.9M-20705.2% -$581K+97.8% -$26.1M+15.2% -$30.8M+26.2% -$41.7M
Interest Expense N/A $2.1M+8.4% $1.9M+2.3% $1.9M N/A $1.9M+4.0% $1.8M-5.5% $1.9M
Income Tax N/A -$4.0M+25.3% -$5.3M-162.9% $8.5M N/A $637K-40.5% $1.1M-66.4% $3.2M
Net Income -$589K+97.2% -$21.2M+59.6% -$52.4M+59.9% -$130.6M-17392.2% $755K+103.2% -$23.3M+24.5% -$30.8M+27.9% -$42.7M
EPS (Diluted) $-0.01+96.8% $-0.31+60.3% $-0.78+60.4% $-1.97-19800.0% $0.01+102.9% $-0.35+25.5% $-0.47+27.7% $-0.65

TNDM Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $881.1M+0.7% $874.7M-0.1% $875.7M-5.0% $922.1M-4.7% $967.7M+1.0% $957.7M+2.2% $937.5M-0.4% $941.0M
Current Assets $618.1M+0.2% $616.9M+0.3% $614.8M-7.3% $663.4M-8.4% $724.5M-3.8% $752.8M+2.7% $733.4M-0.2% $735.2M
Cash & Equivalents $90.6M-1.4% $91.9M+43.4% $64.1M+19.7% $53.6M-22.6% $69.2M+41.2% $49.0M+2.8% $47.7M-19.1% $59.0M
Inventory $128.8M-6.2% $137.3M-3.7% $142.6M+1.0% $141.2M-5.6% $149.6M-1.9% $152.4M-5.7% $161.7M+5.0% $153.9M
Accounts Receivable $165.5M+31.4% $125.9M-1.9% $128.4M+1.5% $126.6M+10.5% $114.6M+6.9% $107.2M+9.2% $98.1M+5.5% $93.0M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $725.9M-2.1% $741.7M-0.1% $742.5M-3.2% $766.9M+8.8% $704.6M-2.1% $720.0M+2.3% $703.6M+0.8% $698.0M
Current Liabilities $242.7M-3.9% $252.5M+0.3% $251.7M-12.7% $288.2M+16.6% $247.0M-4.7% $259.3M+7.8% $240.6M+24.7% $193.0M
Long-Term Debt $310.0M+0.1% $309.6M+0.1% $309.1M+0.1% $308.7M+0.1% $308.3M+0.1% $307.8M+0.1% $307.4M N/A
Total Equity $155.2M+16.7% $133.0M-0.2% $133.3M-14.2% $155.3M-41.0% $263.1M+10.7% $237.7M+1.6% $233.9M-3.8% $243.1M
Retained Earnings -$1.3B0.0% -$1.3B-1.7% -$1.2B-4.4% -$1.2B-12.5% -$1.0B+0.1% -$1.0B-2.3% -$1.0B-3.1% -$994.5M

TNDM Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $9.8M+18.5% $8.3M+187.0% -$9.5M+48.0% -$18.3M-270.6% $10.7M-60.0% $26.8M+607.7% -$5.3M+34.0% -$8.0M
Capital Expenditures $6.7M+63.4% $4.1M-34.1% $6.2M+109.3% $3.0M-3.4% $3.1M-41.4% $5.2M-19.0% $6.5M+45.1% $4.5M
Free Cash Flow $3.1M-25.6% $4.2M+126.6% -$15.7M+26.1% -$21.2M-377.8% $7.6M-64.5% $21.5M+283.5% -$11.7M+5.7% -$12.5M
Investing Cash Flow -$15.0M-172.9% $20.5M-64.7% $58.1M+532.8% $9.2M+83.4% $5.0M+125.2% -$19.9M-462.0% -$3.5M+30.0% -$5.1M
Financing Cash Flow $2.6M+265.9% -$1.6M+96.0% -$39.7M-747.1% -$4.7M-303.6% $2.3M+150.9% -$4.5M-50.5% -$3.0M-122.1% $13.6M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0 $0 $0 $0 $0 $0 $0-100.0% $30.0M

TNDM Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 57.7%+3.8pp 53.9%+1.6pp 52.3%+1.8pp 50.5%-5.2pp 55.7%+4.6pp 51.1%+0.3pp 50.8%+1.4pp 49.4%
Operating Margin 2.9%+12.0pp -9.2%+12.4pp -21.5%+30.0pp -51.6%-51.3pp -0.2%+10.5pp -10.7%+3.2pp -13.9%+7.9pp -21.7%
Net Margin -0.2%+8.3pp -8.5%+13.3pp -21.8%+33.9pp -55.7%-56.0pp 0.3%+9.8pp -9.5%+4.4pp -13.9%+8.4pp -22.3%
Return on Equity -0.4%+15.5pp -15.9%+23.4pp -39.3%+44.8pp -84.1%-84.4pp 0.3%+10.1pp -9.8%+3.4pp -13.2%+4.4pp -17.6%
Return on Assets -0.1%+2.4pp -2.4%+3.6pp -6.0%+8.2pp -14.2%-14.2pp 0.1%+2.5pp -2.4%+0.9pp -3.3%+1.3pp -4.5%
Current Ratio 2.55+0.1 2.440.0 2.44+0.1 2.30-0.6 2.93+0.0 2.90-0.1 3.05-0.8 3.81
Debt-to-Equity 2.00-0.3 2.330.0 2.32+0.3 1.99+0.8 1.17-0.1 1.29-0.0 1.31-1.6 2.87
FCF Margin 1.1%-0.6pp 1.7%+8.2pp -6.5%+2.5pp -9.1%-11.8pp 2.7%-6.1pp 8.8%+14.1pp -5.3%+1.2pp -6.5%

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Frequently Asked Questions

Tandem Diabetes (TNDM) reported $1.0B in total revenue for fiscal year 2025. This represents a 7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Tandem Diabetes (TNDM) revenue grew by 7.9% year-over-year, from $940.2M to $1.0B in fiscal year 2025.

No, Tandem Diabetes (TNDM) reported a net income of -$204.7M in fiscal year 2025, with a net profit margin of -20.2%.

Tandem Diabetes (TNDM) reported diluted earnings per share of $-3.04 for fiscal year 2025. This represents a -106.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tandem Diabetes (TNDM) had EBITDA of -$169.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Tandem Diabetes (TNDM) had $90.6M in cash and equivalents against $310.0M in long-term debt.

Tandem Diabetes (TNDM) had a gross margin of 53.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Tandem Diabetes (TNDM) had an operating margin of -18.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Tandem Diabetes (TNDM) had a net profit margin of -20.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Tandem Diabetes (TNDM) has a return on equity of -131.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Tandem Diabetes (TNDM) generated -$29.7M in free cash flow during fiscal year 2025. This represents a -694.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Tandem Diabetes (TNDM) generated -$9.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Tandem Diabetes (TNDM) had $881.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Tandem Diabetes (TNDM) invested $19.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Tandem Diabetes (TNDM) invested $193.1M in research and development during fiscal year 2025.

Tandem Diabetes (TNDM) had 68M shares outstanding as of fiscal year 2025.

Tandem Diabetes (TNDM) had a current ratio of 2.55 as of fiscal year 2025, which is generally considered healthy.

Tandem Diabetes (TNDM) had a debt-to-equity ratio of 2.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Tandem Diabetes (TNDM) had a return on assets of -23.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Tandem Diabetes (TNDM) had $90.6M in cash against an annual operating cash burn of $9.7M. This gives an estimated cash runway of approximately 112 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Tandem Diabetes (TNDM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Tandem Diabetes (TNDM) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Tandem Diabetes (TNDM) has an interest coverage ratio of -23.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Tandem Diabetes (TNDM) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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