What is Tenon Medical's earnings per share (EPS)?

Tenon Medical (TNONW) reported diluted earnings per share of $-1.70 for fiscal year 2025. 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.

Tenon Medical Financials

TNONW

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

This page shows Tenon Medical (TNONW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

Rhea AI TNONW FY2025 2026-04-22

Improving product economics are still overwhelmed by commercialization overhead, leaving the business reliant on outside capital to operate.

Over the recent reporting period, gross margin improved from 55.2% to 59.8%. But operating cash burn still hovered around $10M a year because selling expense remained far above gross profit, which shows the bottleneck is commercial scale and go-to-market efficiency, not product-level economics.

Cash conversion is still deeply negative: FY2025 produced only $3.9M of revenue while operations used $10.7M of cash. Even the current ratio of 2.1x overstates comfort on paper because liquidity is being replenished by fundraising rather than by recurring operating inflows.

The company was funded mainly through new capital, not lenders: FY2025 financing inflow of $9.0M roughly matched the cash consumed by the business. That, together with the sharp rise in shares outstanding, means commercialization costs are currently being carried by external investors rather than by balance-sheet leverage, so financing access matters more than interest burden.

Financial Health Signals

Financial Profile 34/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tenon Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Tenon Medical has an operating margin of -324.3%, meaning the company retains $-324 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 up from -420.1% the prior year.

Growth

Tenon Medical's revenue surged 20.4% year-over-year to $3.9M, reflecting rapid business expansion. This strong growth earns a score of 87/100.

Leverage

Tenon Medical carries a low D/E ratio of 1.13, meaning only $1.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Tenon Medical's current ratio of 2.11 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Tenon Medical generated -$10.7M in operating cash flow, capex of $273K consumed most of it, leaving -$11.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Tenon Medical generates a -249.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -229.0% the prior year.

Piotroski F-Score Neutral

4/9

Tenon Medical passes 4 of 9 financial strength tests. 2 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

0.86x

For every $1 of reported earnings, Tenon Medical generates $0.86 in operating cash flow (-$10.7M OCF vs -$12.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.9M

YoY+20.4%

Tenon Medical generated $3.9M in revenue in fiscal year 2025. This represents an increase of 20.4% from the prior year.

EBITDA

-$12.5M

YoY+6.2%

Tenon Medical's EBITDA was -$12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.2% from the prior year.

Net Income

-$12.6M

YoY+8.2%

Tenon Medical reported -$12.6M in net income in fiscal year 2025. This represents an increase of 8.2% from the prior year.

EPS (Diluted)

$-1.70

Tenon Medical earned $-1.70 per diluted share (EPS) in fiscal year 2025. This represents an increase of 84.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$11.0M

YoY-9.5%

Tenon Medical generated -$11.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.5% from the prior year.

Cash & Debt

$3.8M

YoY-42.5%

Tenon Medical held $3.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

Tenon Medical had 11M shares outstanding in fiscal year 2025. This represents an increase of 245.7% from the prior year.

Margins & Returns

Gross Margin

59.8%

YoY+7.6pp

Tenon Medical's gross margin was 59.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.6 percentage points from the prior year.

Operating Margin

-324.3%

YoY+95.7pp

Tenon Medical's operating margin was -324.3% in fiscal year 2025, reflecting core business profitability. This is up 95.7 percentage points from the prior year.

Net Margin

-318.4%

YoY+98.9pp

Tenon Medical's net profit margin was -318.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 98.9 percentage points from the prior year.

Return on Equity

-249.1%

YoY-20.1pp

Tenon Medical's ROE was -249.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.1M

YoY-17.4%

Tenon Medical invested $2.1M in research and development in fiscal year 2025. This represents a decrease of 17.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$273K

YoY+46.8%

Tenon Medical invested $273K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.8% from the prior year.

TNONW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$3.9M+20.4%	$3.3M+45.6%	$2.3M+225.6%	$691K+331.9%	$160K
Cost of Revenue	$1.6M+1.3%	$1.6M-7.2%	$1.7M+26.7%	$1.3M+2321.8%	$55K
Gross Profit	$2.4M+37.8%	$1.7M+37.9%	$1.2M+293.6%	-$641K-710.5%	$105K
R&D Expenses	$2.1M-17.4%	$2.6M-17.7%	$3.2M+11.8%	$2.8M+64.6%	$1.7M
SG&A Expenses	$7.0M-10.2%	$7.8M+10.5%	$7.0M-5.3%	$7.4M+174.2%	$2.7M
Operating Income	-$12.8M+7.1%	-$13.8M+12.5%	-$15.7M+16.0%	-$18.7M-189.8%	-$6.5M
Interest Expense	N/A	$34K+61.9%	$21K-94.1%	$354K-43.0%	$621K
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$12.6M+8.2%	-$13.7M+12.2%	-$15.6M+17.6%	-$18.9M-168.4%	-$7.0M
EPS (Diluted)	$-1.70	$-11.26	$-68.64-190.6%	$-23.62-202.4%	$-7.81

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.5M+26.3%	$1.2M+108.0%	$564K-22.3%	$726K-5.7%	$770K-13.2%	$887K-1.6%	$901K+25.3%	$719K
Cost of Revenue	$464K+16.0%	$400K+25.4%	$319K-20.8%	$403K-3.4%	$417K-11.1%	$469K+8.8%	$431K+73.1%	$249K
Gross Profit	$1.0M+31.6%	$773K+215.5%	$245K-24.1%	$323K-8.5%	$353K-15.6%	$418K-11.1%	$470K0.0%	$470K
R&D Expenses	$527K+23.1%	$428K-14.9%	$503K-27.2%	$691K+21.4%	$569K-13.4%	$657K-7.2%	$708K+5.8%	$669K
SG&A Expenses	$1.6M-25.7%	$2.2M+48.6%	$1.5M-11.0%	$1.7M-12.0%	$1.9M+7.1%	$1.8M-19.3%	$2.2M+13.5%	$1.9M
Operating Income	-$2.9M+15.5%	-$3.4M-18.7%	-$2.9M+22.3%	-$3.7M-15.9%	-$3.2M+1.3%	-$3.2M+17.0%	-$3.9M-10.4%	-$3.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$34K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.8M+15.2%	-$3.3M-20.6%	-$2.8M+23.4%	-$3.6M-17.1%	-$3.1M+3.0%	-$3.2M+16.8%	-$3.8M-7.0%	-$3.6M
EPS (Diluted)	N/A	$-0.40-11.1%	$-0.36+64.4%	$-1.01	N/A	$-3.63+55.5%	$-8.16+18.6%	$-10.02

TNONW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$10.8M+9.3%	$9.8M+55.1%	$6.3M-42.8%	$11.1M+19.6%	$9.3M
Current Assets	$6.8M-17.6%	$8.2M+111.1%	$3.9M-58.4%	$9.3M+21.8%	$7.7M
Cash & Equivalents	$3.8M-42.5%	$6.5M+169.2%	$2.4M+14.0%	$2.1M-27.0%	$2.9M
Inventory	$1.1M+73.9%	$606K+9.4%	$554K+33.5%	$415K+120.7%	$188K
Accounts Receivable	$1.7M+96.8%	$863K+66.6%	$518K+127.2%	$228K+200.0%	$76K
Goodwill	$2.4M	N/A	N/A	N/A	N/A
Total Liabilities	$5.7M+47.7%	$3.9M-30.4%	$5.6M+15.1%	$4.8M-83.8%	$29.8M
Current Liabilities	$3.2M+71.9%	$1.9M-40.5%	$3.1M+24.1%	$2.5M-83.4%	$15.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.0M-15.6%	$6.0M+667.5%	$778K-87.6%	$6.3M+130.4%	-$20.6M
Retained Earnings	-$81.3M-18.3%	-$68.7M-24.8%	-$55.1M-39.5%	-$39.5M-91.9%	-$20.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$10.8M+3.8%	$10.4M-6.7%	$11.1M-17.0%	$13.4M+36.1%	$9.8M-24.5%	$13.0M+117.1%	$6.0M-25.1%	$8.0M
Current Assets	$6.8M+3.4%	$6.5M-33.8%	$9.9M-17.6%	$12.0M+46.0%	$8.2M-26.6%	$11.2M+173.7%	$4.1M-31.3%	$6.0M
Cash & Equivalents	$3.8M+9.1%	$3.4M-56.1%	$7.8M-23.9%	$10.3M+57.8%	$6.5M-28.7%	$9.2M+365.5%	$2.0M-55.2%	$4.4M
Inventory	$1.1M-22.7%	$1.4M+98.3%	$688K+13.3%	$607K+0.2%	$606K-0.2%	$607K-0.3%	$609K-3.6%	$632K
Accounts Receivable	$1.7M+29.5%	$1.3M+70.3%	$770K-13.1%	$886K+2.7%	$863K-1.5%	$876K+29.0%	$679K+18.9%	$571K
Goodwill	$2.4M0.0%	$2.4M	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7M+2.7%	$5.6M+26.5%	$4.4M+9.5%	$4.0M+3.8%	$3.9M-20.1%	$4.8M-6.3%	$5.2M+17.7%	$4.4M
Current Liabilities	$3.2M+5.7%	$3.0M+18.7%	$2.6M+16.8%	$2.2M+17.4%	$1.9M-41.2%	$3.2M-6.6%	$3.4M+50.4%	$2.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.0M+5.0%	$4.8M-28.5%	$6.7M-28.4%	$9.4M+57.0%	$6.0M-27.1%	$8.2M+884.5%	$832K-77.0%	$3.6M
Retained Earnings	-$81.3M-3.6%	-$78.5M-4.4%	-$75.1M-3.8%	-$72.4M-5.3%	-$68.7M-4.7%	-$65.7M-5.1%	-$62.5M-6.5%	-$58.6M

TNONW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$10.7M-8.8%	-$9.9M+18.9%	-$12.2M-1.3%	-$12.0M-180.2%	-$4.3M
Capital Expenditures	$273K+46.8%	$186K-48.5%	$361K-57.4%	$847K+730.4%	$102K
Free Cash Flow	-$11.0M-9.5%	-$10.1M+19.8%	-$12.5M+2.5%	-$12.9M-192.9%	-$4.4M
Investing Cash Flow	-$1.0M-450.0%	-$186K-103.0%	$6.1M+313.0%	-$2.9M+36.0%	-$4.5M
Financing Cash Flow	$9.0M-36.4%	$14.1M+124.1%	$6.3M-55.3%	$14.1M+23.1%	$11.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$2.2M+41.8%	-$3.8M-72.7%	-$2.2M+10.8%	-$2.5M+10.6%	-$2.8M-18.5%	-$2.3M+3.2%	-$2.4M-3.5%	-$2.3M
Capital Expenditures	$192K+273.0%	-$111K	N/A	N/A	-$37K-135.6%	$104K	$0-100.0%	$119K
Free Cash Flow	-$2.4M+38.6%	-$3.9M	N/A	N/A	-$2.8M-15.0%	-$2.4M-1.1%	-$2.4M+1.5%	-$2.5M
Investing Cash Flow	-$192K+70.0%	-$639K	N/A	N/A	$37K+135.6%	-$104K	$0+100.0%	-$119K
Financing Cash Flow	$2.7M+4527.1%	$59K+200.0%	-$59K-100.9%	$6.3M+5438.9%	$113K-98.8%	$9.6M	$0-100.0%	$4.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TNONW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	59.8%+7.6pp	52.2%-2.9pp	55.2%+147.9pp	-92.8%-158.4pp	65.6%
Operating Margin	-324.3%+95.7pp	-420.1%+278.9pp	-699.0%+2010.9pp	-2709.8%+1328.3pp	-4038.1%
Net Margin	-318.4%+98.9pp	-417.2%+275.3pp	-692.5%+2045.1pp	-2737.6%+1667.4pp	-4405.0%
Return on Equity	-249.1%-20.1pp	-229.0%+1773.7pp	-2002.7%-1700.1pp	-302.6%	N/A
Return on Assets	-116.7%+22.2pp	-138.9%+106.7pp	-245.6%-75.0pp	-170.6%-94.6pp	-76.0%
Current Ratio	2.11-2.3	4.39+3.2	1.24-2.5	3.69+3.2	0.50
Debt-to-Equity	1.13+0.5	0.65-6.5	7.16+6.4	0.77+2.2	-1.45
FCF Margin	-279.4%+27.7pp	-307.1%+250.4pp	-557.5%+1305.3pp	-1862.8%+883.4pp	-2746.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	68.7%+2.8pp	65.9%+22.5pp	43.4%-1.1pp	44.5%-1.3pp	45.8%-1.3pp	47.1%-5.0pp	52.2%-13.2pp	65.4%
Operating Margin	-193.5%+95.7pp	-289.2%+217.4pp	-506.6%-0.1pp	-506.5%-94.4pp	-412.1%-49.6pp	-362.5%+67.3pp	-429.7%+57.9pp	-487.6%
Net Margin	-191.2%+93.4pp	-284.6%+206.3pp	-491.0%+7.1pp	-498.1%-97.2pp	-400.9%-42.0pp	-359.0%+65.7pp	-424.6%+72.7pp	-497.4%
Return on Equity	-56.2%+13.4pp	-69.6%-28.3pp	-41.3%-2.7pp	-38.6%+13.1pp	-51.7%-12.8pp	-38.9%+421.0pp	-459.9%-361.2pp	-98.7%
Return on Assets	-26.3%+5.9pp	-32.2%-7.3pp	-24.9%+2.1pp	-27.0%+4.4pp	-31.4%-6.9pp	-24.4%+39.3pp	-63.7%-19.1pp	-44.6%
Current Ratio	2.11-0.0	2.15-1.7	3.86-1.6	5.46+1.1	4.39+0.9	3.52+2.3	1.20-1.4	2.63
Debt-to-Equity	1.13-0.0	1.16+0.5	0.66+0.2	0.43-0.2	0.65+0.1	0.59-5.6	6.22+5.0	1.21
FCF Margin	-163.1%+172.3pp	-335.5%	N/A	N/A	-365.4%-89.6pp	-275.9%-7.3pp	-268.6%+73.1pp	-341.7%

Frequently Asked Questions

What is Tenon Medical's annual revenue?

Tenon Medical (TNONW) reported $3.9M in total revenue for fiscal year 2025. This represents a 20.4% 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.

How fast is Tenon Medical's revenue growing?

Tenon Medical (TNONW) revenue grew by 20.4% year-over-year, from $3.3M to $3.9M in fiscal year 2025.

Is Tenon Medical profitable?

No, Tenon Medical (TNONW) reported a net income of -$12.6M in fiscal year 2025, with a net profit margin of -318.4%.

What is Tenon Medical's EBITDA?

Tenon Medical (TNONW) had EBITDA of -$12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tenon Medical's gross margin?

Tenon Medical (TNONW) had a gross margin of 59.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Tenon Medical's operating margin?

Tenon Medical (TNONW) had an operating margin of -324.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tenon Medical's net profit margin?

Tenon Medical (TNONW) had a net profit margin of -318.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tenon Medical's return on equity (ROE)?

Tenon Medical (TNONW) has a return on equity of -249.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenon Medical's free cash flow?

Tenon Medical (TNONW) generated -$11.0M in free cash flow during fiscal year 2025. This represents a -9.5% 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.

What is Tenon Medical's operating cash flow?

Tenon Medical (TNONW) generated -$10.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tenon Medical's total assets?

Tenon Medical (TNONW) had $10.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tenon Medical's capital expenditures?

Tenon Medical (TNONW) invested $273K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tenon Medical spend on research and development?

Tenon Medical (TNONW) invested $2.1M in research and development during fiscal year 2025.

How many shares does Tenon Medical have outstanding?

Tenon Medical (TNONW) had 11M shares outstanding as of fiscal year 2025.

What is Tenon Medical's current ratio?

Tenon Medical (TNONW) had a current ratio of 2.11 as of fiscal year 2025, which is generally considered healthy.

What is Tenon Medical's debt-to-equity ratio?

Tenon Medical (TNONW) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenon Medical's return on assets (ROA)?

Tenon Medical (TNONW) had a return on assets of -116.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tenon Medical's cash runway?

Based on fiscal year 2025 data, Tenon Medical (TNONW) had $3.8M in cash against an annual operating cash burn of $10.7M. This gives an estimated cash runway of approximately 4 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.

What is Tenon Medical's Piotroski F-Score?

Tenon Medical (TNONW) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tenon Medical's earnings high quality?

Tenon Medical (TNONW) has an earnings quality ratio of 0.86x, 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.

How financially healthy is Tenon Medical?

Tenon Medical (TNONW) scores 34 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.