What is Treace Medical Concepts' operating income?

Treace Medical Concepts' total operating income in 2025 was -$54.15 million, based on the following breakdown: Total Gross Profit: $169.75 million Total Operating Expenses: $223.47 million

Treace Medical Concepts (TMCI) Financials

$4.21 0.00 (0.00%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$4.20 -0.01 (-0.24%)

As of 07/2/2026 05:39 PM Eastern

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Annual Income Statements for Treace Medical Concepts

This table shows Treace Medical Concepts' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.91	-4.31	-21	-43	-49	-56	-59
Consolidated Net Income / (Loss)	-4.27	-3.67	-21	-43	-50	-56	-59
Net Income / (Loss) Continuing Operations	-4.27	-3.67	-21	-43	-50	-56	-59
Total Pre-Tax Income	-4.27	-3.67	-21	-43	-50	-56	-59
Total Operating Income	-3.54	0.86	-17	-35	-51	-56	-54
Total Gross Profit	32	45	78	116	152	168	170
Total Revenue	39	57	94	142	187	209	213
Operating Revenue	39	57	94	142	187	209	213
Total Cost of Revenue	7.63	12	17	26	35	41	43
Operating Cost of Revenue	-	12	17	26	35	41	43
Total Operating Expenses	35	44	94	151	203	224	223
Selling, General & Admin Expense	4.46	6.54	18	33	47	56	63
Marketing Expense	26	32	65	105	141	148	141
Research & Development Expense	5.07	5.85	10	14	15	21	20
Other Operating Expenses / (Income)	-	-	-0.00	-	-0.34	-0.32	-0.43
Total Other Income / (Expense), net	-0.73	-4.52	-4.04	-7.97	1.90	-0.50	-4.85
Interest Expense	0.84	2.78	4.06	8.88	5.17	5.26	8.06
Interest & Investment Income	0.11	-1.75	0.02	1.31	6.73	4.88	2.78
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	0.00	0.00	0.03	-0.19	-	0.03
Basic Earnings per Share	($0.13)	($0.12)	($0.43)	($0.77)	($0.81)	($0.90)	($0.93)
Weighted Average Basic Shares Outstanding	36.91M	37.07M	48.42M	55.28M	60.85M	62.11M	63.27M
Diluted Earnings per Share	($0.13)	($0.12)	($0.43)	($0.77)	($0.81)	($0.90)	($0.93)
Weighted Average Diluted Shares Outstanding	36.91M	37.07M	48.42M	55.28M	60.85M	62.11M	63.27M
Weighted Average Basic & Diluted Shares Outstanding	36.91M	37.07M	48.42M	61.16M	61.76M	62.62M	64.59M

This table shows Treace Medical Concepts' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-17	-5.97	-19	-21	-15	-0.50	-16	-17	-16	-9.41	-18
Consolidated Net Income / (Loss)	-18	-6.28	-19	-21	-15	-0.50	-16	-17	-16	-9.39	-18
Net Income / (Loss) Continuing Operations	-18	-6.51	-19	-21	-15	-1.01	-16	-17	-16	-9.73	-18
Total Pre-Tax Income	-18	-6.51	-19	-21	-15	-1.01	-16	-17	-16	-9.73	-18
Total Operating Income	-18	-6.78	-19	-21	-15	-0.20	-16	-17	-16	-5.92	-17
Total Gross Profit	33	51	41	36	36	55	42	38	40	50	37
Total Revenue	41	62	51	44	45	69	53	47	50	63	47
Operating Revenue	41	62	51	44	45	69	53	47	50	63	47
Total Cost of Revenue	8.00	11	10	8.78	8.95	13	11	9.64	11	12	9.79
Operating Cost of Revenue	8.00	11	10	8.78	8.95	13	11	9.64	11	12	9.79
Total Operating Expenses	51	57	60	57	51	56	57	55	55	56	55
Selling, General & Admin Expense	13	13	14	14	14	14	16	16	16	15	16
Marketing Expense	34	40	40	38	33	37	36	33	34	37	34
Research & Development Expense	4.35	4.15	5.26	5.16	4.96	5.21	5.56	5.50	4.68	4.54	4.62
Total Other Income / (Expense), net	0.30	0.50	0.42	0.15	-0.23	-0.81	-0.34	-0.42	-0.61	-3.47	-0.79
Interest Expense	1.30	1.30	1.32	1.31	1.31	1.31	1.31	1.32	1.34	4.09	1.57
Interest & Investment Income	1.57	1.71	1.54	1.38	1.07	0.90	0.84	0.78	0.63	0.53	0.50
Other Income / (Expense), net	-	-	0.20	0.08	-	-0.39	0.13	0.12	-	-	0.28
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-0.07	-0.31	-	-	-0.22	-	0.04	0.01	-0.03	0.01	0.10
Basic Earnings per Share	($0.28)	($0.10)	($0.30)	($0.34)	($0.25)	($0.01)	($0.25)	($0.28)	($0.26)	($0.14)	($0.28)
Weighted Average Basic Shares Outstanding	61.56M	60.85M	61.79M	62.08M	62.23M	62.11M	62.66M	63.01M	63.52M	63.27M	64.59M
Diluted Earnings per Share	($0.28)	($0.10)	($0.30)	($0.34)	($0.25)	($0.01)	($0.25)	($0.28)	($0.26)	($0.14)	($0.28)
Weighted Average Diluted Shares Outstanding	61.56M	60.85M	61.79M	62.08M	62.23M	62.11M	62.66M	63.01M	63.52M	63.27M	64.59M
Weighted Average Basic & Diluted Shares Outstanding	61.68M	61.76M	62.01M	62.19M	62.30M	62.62M	62.90M	63.17M	63.72M	64.59M	64.87M

This table details how cash moves in and out of Treace Medical Concepts' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	11	5.94	88	-86	-6.49	-1.63	-0.64
Net Cash From Operating Activities	-7.67	-4.49	-17	-31	-35	-37	-16
Net Cash From Continuing Operating Activities	-7.67	-4.49	-17	-31	-35	-37	-16
Net Income / (Loss) Continuing Operations	-4.27	-3.67	-21	-43	-50	-56	-59
Consolidated Net Income / (Loss)	-4.27	-3.67	-21	-43	-50	-56	-59
Depreciation Expense	0.79	1.21	0.69	2.13	5.35	8.42	11
Amortization Expense	0.15	0.22	0.18	0.12	-1.11	-0.85	0.17
Non-Cash Adjustments To Reconcile Net Income	0.96	1.92	3.48	16	20	34	38
Changes in Operating Assets and Liabilities, net	-5.31	-4.17	-0.98	-5.81	-9.62	-23	-5.38
Net Cash From Investing Activities	-1.21	-1.07	-2.71	-77	-81	35	13
Net Cash From Continuing Investing Activities	-1.21	-1.07	-2.71	-77	-81	35	13
Purchase of Property, Plant & Equipment	-1.21	-1.07	-2.71	-15	-11	-12	-14
Acquisitions	-	-	0.00	0.00	-20	0.00	0.00
Purchase of Investments	-	0.00	0.00	-63	-170	-72	-41
Sale and/or Maturity of Investments	-	0.00	0.00	1.73	120	119	67
Net Cash From Financing Activities	20	12	108	21	109	0.16	2.08
Net Cash From Continuing Financing Activities	20	12	108	21	109	0.16	2.08
Repayment of Debt	-0.33	-20	-1.79	-0.99	0.00	0.00	-1.20
Issuance of Debt	0.00	1.79	0.00	50	0.00	0.00	59
Issuance of Common Equity	0.00	0.00	108	0.00	108	0.00	0.00
Other Financing Activities, net	20	30	1.83	-28	1.86	0.16	-56
Cash Interest Paid	0.74	1.15	3.90	4.40	5.17	4.96	5.00

This table details how cash moves in and out of Treace Medical Concepts' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-4.76	5.70	-3.65	8.85	-6.07	-0.76	2.02	-5.32	-0.37	3.02	-1.16
Net Cash From Operating Activities	-9.51	0.53	-7.22	-14	-12	-4.21	4.20	-3.05	-9.09	-8.03	7.24
Net Cash From Continuing Operating Activities	-9.51	0.53	-7.22	-14	-12	-4.21	4.20	-3.05	-9.09	-8.03	7.24
Net Income / (Loss) Continuing Operations	-18	-6.28	-19	-21	-15	-0.50	-16	-17	-16	-9.39	-18
Consolidated Net Income / (Loss)	-18	-6.28	-19	-21	-15	-0.50	-16	-17	-16	-9.39	-18
Depreciation Expense	1.56	1.77	1.91	2.12	2.16	2.24	2.46	2.58	2.78	2.81	0.90
Amortization Expense	-0.29	-0.30	-0.26	-0.28	-0.16	-0.15	-0.00	0.04	0.07	0.07	0.27
Non-Cash Adjustments To Reconcile Net Income	4.88	6.86	7.59	8.16	8.81	8.75	9.17	10	9.02	8.40	8.45
Changes in Operating Assets and Liabilities, net	1.85	-1.52	2.21	-2.69	-7.29	-15	8.49	1.49	-4.67	-9.90	16
Net Cash From Investing Activities	4.60	5.01	3.76	22	5.76	3.42	-1.89	-3.26	8.74	9.67	-7.82
Net Cash From Continuing Investing Activities	4.60	5.01	3.76	22	5.76	3.42	-1.89	-3.26	8.74	9.67	-7.82
Purchase of Property, Plant & Equipment	-3.50	-2.25	-3.93	-1.73	-2.86	-3.07	-3.54	-4.77	-2.81	-2.40	-3.06
Purchase of Investments	-19	-30	-29	-	-24	-19	-15	-15	-4.64	-5.68	-16
Sale and/or Maturity of Investments	27	37	36	24	33	25	17	17	16	18	11
Net Cash From Financing Activities	0.16	0.17	-0.19	0.31	0.01	0.03	-0.28	0.99	-0.01	1.38	-0.59
Net Cash From Continuing Financing Activities	0.16	0.17	-0.19	0.31	0.01	0.03	-0.28	0.99	-0.01	1.38	-0.59
Repayment of Debt	-	-	-	-	-	-	0.00	-	-	-	-0.01
Other Financing Activities, net	0.16	0.17	-0.19	0.31	0.01	0.03	-0.28	0.99	-0.01	-57	-0.58
Cash Interest Paid	1.30	1.30	1.32	1.17	1.24	1.22	1.23	1.27	1.26	1.24	0.86

This table presents Treace Medical Concepts' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	42	141	159	252	217	191
Total Current Assets	41	138	133	198	161	132
Cash & Equivalents	18	106	19	13	11	11
Short-Term Investments	-	0.00	62	110	64	38
Accounts Receivable	14	19	29	38	41	42
Inventories, net	7.82	11	19	29	39	36
Prepaid Expenses	0.59	3.01	3.62	7.85	5.67	5.50
Plant, Property, & Equipment, net	0.83	2.85	15	22	26	30
Total Noncurrent Assets	0.00	0.00	10	31	30	29
Goodwill	-	-	0.00	13	13	13
Intangible Assets	-	-	0.00	9.03	8.08	7.13
Other Noncurrent Operating Assets	-	0.00	10	9.41	8.85	8.84
Total Liabilities & Shareholders' Equity	42	141	159	252	217	191
Total Liabilities	41	48	98	114	104	103
Total Current Liabilities	12	18	30	45	35	31
Accounts Payable	2.27	4.06	8.67	12	11	6.73
Accrued Expenses	5.36	9.70	14	21	17	15
Current Employee Benefit Liabilities	2.18	4.46	7.67	7.55	6.58	6.33
Other Current Liabilities	-	0.00	0.34	4.43	0.51	2.43
Total Noncurrent Liabilities	29	30	68	69	69	73
Long-Term Debt	29	29	53	53	53	56
Other Noncurrent Operating Liabilities	0.25	0.17	16	16	16	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.78	93	61	138	113	87
Total Preferred & Common Equity	0.78	93	61	138	113	87
Preferred Stock	7.94	-	0.00	0.00	0.00	0.00
Total Common Equity	-7.16	93	61	138	113	87
Common Stock	14	135	145	272	303	337
Retained Earnings	-21	-42	-85	-134	-190	-249
Treasury Stock	-	-	0.00	-0.01	-0.28	-1.18
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.03	0.16	0.10	0.07

This table presents Treace Medical Concepts' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	156	249	250	240	243	226	213	206	206	197	184
Total Current Assets	128	223	198	187	187	172	158	149	148	138	123
Cash & Equivalents	89	30	12	7.28	9.33	18	12	13	8.05	7.69	9.54
Short-Term Investments	-	141	127	115	101	77	71	63	61	50	42
Accounts Receivable	19	25	27	25	30	26	24	31	30	33	30
Inventories, net	17	23	26	29	36	41	44	38	42	41	36
Prepaid Expenses	4.01	4.59	5.28	11	11	9.67	7.02	4.30	5.58	6.20	4.89
Plant, Property, & Equipment, net	14	16	19	22	25	24	25	27	30	30	32
Total Noncurrent Assets	14	10	32	32	31	30	30	29	29	29	29
Goodwill	-	-	13	13	13	13	13	13	13	13	13
Intangible Assets	-	-	9.50	9.26	8.79	8.55	8.31	7.84	7.60	7.36	6.89
Other Noncurrent Operating Assets	14	10	9.80	9.61	9.21	8.92	9.03	8.63	8.72	8.45	8.87
Total Liabilities & Shareholders' Equity	156	249	250	240	243	226	213	206	206	197	184
Total Liabilities	94	92	100	103	116	114	108	101	109	107	107
Total Current Liabilities	23	23	30	33	47	44	38	33	42	41	34
Accounts Payable	7.88	5.08	8.15	8.68	21	18	19	13	20	16	14
Accrued Expenses	9.32	14	13	14	21	20	13	13	12	14	13
Current Employee Benefit Liabilities	5.05	3.30	5.37	5.07	4.20	6.19	5.60	5.19	7.06	7.17	5.62
Other Current Liabilities	0.33	-	3.78	5.19	1.02	0.52	0.57	2.23	3.36	4.10	2.60
Total Noncurrent Liabilities	72	68	70	69	69	69	70	67	67	66	72
Long-Term Debt	53	53	53	53	53	53	53	53	53	54	56
Other Noncurrent Operating Liabilities	19	15	17	16	16	16	17	14	13	13	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	62	158	150	138	126	112	105	105	98	89	77
Total Preferred & Common Equity	62	158	150	138	126	112	105	105	98	89	77
Preferred Stock	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	62	158	150	138	126	112	105	105	98	89	77
Common Stock	143	256	261	266	279	287	294	312	322	330	346
Retained Earnings	-80	-98	-110	-128	-153	-174	-189	-206	-223	-240	-267
Treasury Stock	-	-	-	-	-0.25	-0.25	-0.25	-0.68	-0.70	-1.11	-1.39
Accumulated Other Comprehensive Income / (Loss)	-	-0.06	-0.22	-0.15	0.07	-0.03	0.19	0.06	0.05	0.08	-0.03

This table displays calculated financial ratios and metrics derived from Treace Medical Concepts' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	45.54%	64.59%	50.22%	31.92%	11.89%	1.59%
EBITDA Growth	0.00%	188.05%	-784.86%	-110.85%	-43.00%	-2.23%	10.11%
EBIT Growth	0.00%	124.19%	-2,030.99%	-113.49%	-45.91%	-8.52%	2.97%
NOPAT Growth	0.00%	124.19%	-2,030.99%	-111.05%	-47.60%	-8.28%	2.75%
Net Income Growth	0.00%	14.00%	-460.31%	-108.33%	-15.68%	-12.55%	-5.85%
EPS Growth	0.00%	7.69%	-258.33%	-79.07%	-5.19%	-11.11%	-3.33%
Operating Cash Flow Growth	0.00%	41.43%	-282.58%	-78.26%	-12.81%	-7.50%	57.03%
Free Cash Flow Firm Growth	0.00%	0.00%	-10.80%	-174.53%	-80.42%	13.94%	32.09%
Invested Capital Growth	0.00%	0.00%	21.43%	92.64%	111.79%	33.61%	4.45%
Revenue Q/Q Growth	0.00%	0.00%	10.97%	13.01%	7.12%	3.20%	-2.83%
EBITDA Q/Q Growth	0.00%	0.00%	-141.65%	6.37%	-6.03%	12.79%	-12.83%
EBIT Q/Q Growth	0.00%	0.00%	-126.85%	4.59%	-6.82%	10.37%	-11.81%
NOPAT Q/Q Growth	0.00%	0.00%	-126.85%	5.68%	-6.82%	10.56%	-11.81%
Net Income Q/Q Growth	0.00%	0.00%	-80.82%	4.90%	-3.92%	9.39%	-17.75%
EPS Q/Q Growth	0.00%	0.00%	-95.45%	7.23%	-2.53%	9.09%	-16.25%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-56.40%	-5.53%	14.56%	-14.61%	-31.43%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-13.91%	5.63%	-22.79%	4.41%
Invested Capital Q/Q Growth	0.00%	0.00%	-3.66%	21.67%	-1.29%	20.15%	10.84%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	80.64%	78.26%	82.11%	82.00%	81.20%	80.37%	79.81%
EBITDA Margin	-6.58%	3.98%	-16.57%	-23.26%	-25.22%	-23.04%	-20.39%
Operating Margin	-8.97%	1.49%	-17.49%	-24.57%	-27.48%	-26.60%	-25.46%
EBIT Margin	-8.97%	1.49%	-17.49%	-24.85%	-27.48%	-26.66%	-25.46%
Profit (Net Income) Margin	-10.82%	-6.39%	-21.77%	-30.19%	-26.47%	-26.63%	-27.74%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	99.31%	99.21%	99.27%
Interest Burden Percent	120.65%	-429.01%	124.48%	121.47%	96.97%	100.68%	109.75%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	8.75%	-76.34%	-100.39%	-72.19%	-49.26%	-40.97%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-57.40%	-48.04%	-65.30%	-44.79%	-13.04%	237.41%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-954.11%	32.54%	44.64%	22.28%	4.81%	-17.97%
Return on Equity (ROE)	0.00%	-945.36%	-43.80%	-55.75%	-49.91%	-44.45%	-58.94%
Cash Return on Invested Capital (CROIC)	0.00%	-191.25%	-95.70%	-163.70%	-143.90%	-78.04%	-45.32%
Operating Return on Assets (OROA)	0.00%	2.05%	-18.08%	-23.51%	-25.03%	-23.80%	-26.57%
Return on Assets (ROA)	0.00%	-8.77%	-22.51%	-28.56%	-24.10%	-23.77%	-28.95%
Return on Common Equity (ROCE)	0.00%	8,721.44%	-40.07%	-55.73%	-49.91%	-44.45%	-58.94%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-472.68%	-22.08%	-70.73%	-35.91%	-49.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.47	0.60	-12	-24	-36	-39	-38
NOPAT Margin	-6.28%	1.04%	-12.24%	-17.20%	-19.24%	-18.62%	-17.82%
Net Nonoperating Expense Percent (NNEP)	0.00%	66.16%	-28.30%	-35.09%	-27.40%	-36.22%	-278.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-21.54%	-18.85%	-23.45%	-26.52%
Cost of Revenue to Revenue	19.36%	21.74%	17.89%	18.00%	18.80%	19.63%	20.19%
SG&A Expenses to Revenue	11.33%	11.40%	19.52%	23.27%	25.13%	26.61%	29.50%
R&D to Revenue	12.86%	10.19%	10.81%	9.58%	8.25%	9.83%	9.54%
Operating Expenses to Revenue	89.61%	76.77%	99.60%	106.57%	108.50%	106.82%	105.07%
Earnings before Interest and Taxes (EBIT)	-3.54	0.86	-17	-35	-51	-56	-54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.60	2.29	-16	-33	-47	-48	-43
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	10.65	21.08	5.70	4.11	1.79
Price to Tangible Book Value (P/TBV)	0.00	0.00	10.65	21.08	6.77	5.04	2.32
Price to Revenue (P/Rev)	4.85	3.33	10.50	9.00	4.20	2.21	0.73
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	15.51	55.08	39.00	10.57	4.87	1.73
Enterprise Value to Revenue (EV/Rev)	0.00	3.70	9.69	8.79	3.83	2.11	0.77
Enterprise Value to EBITDA (EV/EBITDA)	0.00	92.82	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	248.05	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	354.36	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	39.92	0.32	0.87	0.38	0.47	0.64
Long-Term Debt to Equity	0.00	37.61	0.32	0.87	0.38	0.47	0.64
Financial Leverage	0.00	16.62	-0.68	-0.68	-0.50	-0.37	-0.08
Leverage Ratio	0.00	53.88	1.95	1.95	2.07	1.87	2.04
Compound Leverage Factor	0.00	-231.13	2.42	2.37	2.01	1.88	2.23
Debt to Total Capital	0.00%	97.56%	23.98%	46.55%	27.76%	32.07%	38.89%
Short-Term Debt to Total Capital	0.00%	5.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	91.93%	23.98%	46.55%	27.76%	32.07%	38.89%
Preferred Equity to Total Capital	0.00%	24.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-22.55%	75.98%	53.45%	72.24%	67.93%	61.11%
Debt to EBITDA	0.00	13.56	-1.88	-1.60	-1.12	-1.11	-1.28
Net Debt to EBITDA	0.00	5.64	4.89	0.87	1.49	0.46	-0.17
Long-Term Debt to EBITDA	0.00	12.77	-1.88	-1.60	-1.12	-1.11	-1.28
Debt to NOPAT	0.00	51.76	-2.54	-2.16	-1.47	-1.37	-1.47
Net Debt to NOPAT	0.00	21.55	6.62	1.17	1.95	0.57	-0.19
Long-Term Debt to NOPAT	0.00	48.77	-2.54	-2.16	-1.47	-1.37	-1.47
Altman Z-Score	0.00	4.36	13.34	7.97	4.19	2.26	-0.11
Noncontrolling Interest Sharing Ratio	0.00%	1,022.55%	8.50%	0.03%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	3.53	7.58	4.41	4.40	4.62	4.31
Quick Ratio	0.00	2.81	6.83	3.65	3.58	3.34	2.95
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-13	-14	-40	-72	-62	-42
Operating Cash Flow to CapEx	-633.61%	-420.39%	-635.60%	-206.55%	-301.75%	-320.60%	-118.15%
Free Cash Flow to Firm to Interest Expense	0.00	-4.71	-3.57	-4.48	-13.89	-11.75	-5.20
Operating Cash Flow to Interest Expense	-9.12	-1.62	-4.23	-3.45	-6.69	-7.07	-1.98
Operating Cash Flow Less CapEx to Interest Expense	-10.56	-2.00	-4.90	-5.12	-8.91	-9.28	-3.66
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.37	1.03	0.95	0.91	0.89	1.04
Accounts Receivable Turnover	0.00	3.96	5.71	5.94	5.56	5.31	5.13
Inventory Turnover	0.00	1.59	1.84	1.71	1.45	1.20	1.14
Fixed Asset Turnover	0.00	69.20	51.34	15.60	9.94	8.68	7.64
Accounts Payable Turnover	0.00	5.51	5.34	4.01	3.43	3.68	4.98
Days Sales Outstanding (DSO)	0.00	92.17	63.89	61.46	65.60	68.75	71.18
Days Inventory Outstanding (DIO)	0.00	228.89	198.63	213.66	251.98	304.22	319.99
Days Payable Outstanding (DPO)	0.00	66.30	68.31	90.95	106.36	99.29	73.31
Cash Conversion Cycle (CCC)	0.00	254.77	194.22	184.16	211.22	273.68	317.86
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	14	17	32	68	91	95
Invested Capital Turnover	0.00	8.39	6.24	5.84	3.75	2.65	2.30
Increase / (Decrease) in Invested Capital	0.00	14	2.93	15	36	23	4.03
Enterprise Value (EV)	0.00	212	915	1,247	716	441	163
Market Capitalization	191	191	991	1,276	786	463	156
Book Value per Share	$0.00	($0.19)	$1.75	$1.09	$2.24	$1.81	$1.37
Tangible Book Value per Share	$0.00	($0.19)	$1.75	$1.09	$1.88	$1.48	$1.06
Total Capital	0.00	32	122	113	191	166	143
Total Debt	0.00	31	29	53	53	53	56
Total Long-Term Debt	0.00	29	29	53	53	53	56
Net Debt	0.00	13	-76	-29	-70	-22	7.22
Capital Expenditures (CapEx)	1.21	1.07	2.71	15	11	12	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	13	14	22	30	51	53
Debt-free Net Working Capital (DFNWC)	0.00	31	120	103	153	126	101
Net Working Capital (NWC)	0.00	29	120	103	153	126	101
Net Nonoperating Expense (NNE)	1.79	4.27	9.00	18	14	17	21
Net Nonoperating Obligations (NNO)	0.00	13	-76	-29	-70	-22	7.22
Total Depreciation and Amortization (D&A)	0.94	1.43	0.86	2.25	4.24	7.57	11
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	22.82%	14.75%	15.44%	16.10%	24.26%	24.94%
Debt-free Net Working Capital to Revenue	0.00%	54.33%	126.84%	72.73%	81.94%	60.41%	47.68%
Net Working Capital to Revenue	0.00%	51.22%	126.84%	72.73%	81.94%	60.41%	47.68%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.43)	($0.77)	($0.81)	($0.90)	($0.93)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	54.75M	55.28M	60.85M	62.11M	63.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.43)	($0.77)	($0.81)	($0.90)	($0.93)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	54.75M	55.28M	60.85M	62.11M	63.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.43)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	48.42M	61.16M	61.76M	62.62M	64.59M
Normalized Net Operating Profit after Tax (NOPAT)	-2.47	0.60	-12	-24	-36	-39	-38
Normalized NOPAT Margin	-6.28%	1.04%	-12.24%	-17.20%	-19.24%	-18.62%	-17.82%
Pre Tax Income Margin	-10.82%	-6.39%	-21.77%	-30.19%	-26.65%	-26.84%	-27.94%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.20	0.31	-4.07	-3.97	-9.95	-10.62	-6.72
NOPAT to Interest Expense	-2.94	0.22	-2.85	-2.75	-6.97	-7.42	-4.71
EBIT Less CapEx to Interest Expense	-5.64	-0.08	-4.73	-5.64	-12.17	-12.82	-8.40
NOPAT Less CapEx to Interest Expense	-4.38	-0.17	-3.51	-4.42	-9.18	-9.62	-6.38
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Treace Medical Concepts' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	62,618,725.00	62,904,952.00	63,173,126.00	-	64,590,503.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	62,618,725.00	62,904,952.00	63,173,126.00	-	64,590,503.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.25	-0.28	-0.26	-	-0.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.30%	25.00%	21.12%	5.96%	10.62%	10.44%	2.86%	6.60%	11.37%	-9.01%	-10.22%
EBITDA Growth	-53.43%	-101.98%	-32.24%	-58.88%	20.56%	128.04%	24.10%	26.83%	2.34%	-262.09%	-21.03%
EBIT Growth	-57.43%	-93.94%	-37.53%	-63.20%	15.01%	91.23%	17.68%	20.89%	-3.58%	-2,802.94%	-9.32%
NOPAT Growth	-57.43%	-93.94%	-37.69%	-63.82%	15.06%	96.99%	17.85%	20.62%	-3.58%	-2,802.94%	-10.17%
Net Income Growth	-44.41%	-42.36%	-38.81%	-72.81%	12.33%	92.02%	14.75%	17.96%	-6.04%	-1,775.05%	-12.81%
EPS Growth	-27.27%	-25.00%	-30.43%	-70.00%	10.71%	90.00%	16.67%	17.65%	-4.00%	-1,300.00%	-12.00%
Operating Cash Flow Growth	-27.13%	109.93%	58.16%	-66.73%	-24.48%	-890.79%	158.14%	78.05%	23.22%	-90.78%	72.46%
Free Cash Flow Firm Growth	-222.83%	-127.18%	-28.30%	56.01%	68.44%	43.43%	42.62%	-6.99%	-21.01%	64.34%	56.21%
Invested Capital Growth	161.04%	111.79%	70.27%	10.91%	9.77%	33.61%	18.95%	16.41%	13.22%	4.45%	-1.79%
Revenue Q/Q Growth	-2.85%	52.64%	-17.85%	-13.02%	1.42%	52.39%	-23.49%	-9.86%	5.97%	24.51%	-24.51%
EBITDA Q/Q Growth	-35.09%	67.89%	-222.19%	-13.67%	32.45%	111.34%	-790.80%	-9.58%	9.91%	76.23%	-415.78%
EBIT Q/Q Growth	-36.52%	61.94%	-176.76%	-13.48%	28.91%	96.07%	-7,474.51%	-9.06%	6.98%	62.22%	-185.24%
NOPAT Q/Q Growth	-36.52%	61.94%	-179.68%	-12.73%	29.22%	98.65%	-7,538.24%	-8.93%	7.65%	62.22%	-189.89%
Net Income Q/Q Growth	-42.78%	64.15%	-197.34%	-13.55%	27.57%	96.74%	-3,078.04%	-9.27%	6.38%	42.33%	-91.20%
EPS Q/Q Growth	-40.00%	64.29%	-200.00%	-13.33%	26.47%	96.00%	-2,400.00%	-12.00%	7.14%	46.15%	-100.00%
Operating Cash Flow Q/Q Growth	-14.13%	105.59%	-1,457.33%	-92.45%	14.79%	64.47%	199.79%	-172.65%	-198.10%	11.72%	190.21%
Free Cash Flow Firm Q/Q Growth	-10.21%	26.10%	-3.56%	47.84%	20.93%	-32.46%	-5.04%	2.75%	10.57%	60.96%	-28.99%
Invested Capital Q/Q Growth	8.36%	-1.29%	2.54%	1.13%	7.24%	20.15%	-8.72%	-1.03%	4.30%	10.84%	-14.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.38%	81.56%	80.19%	80.25%	80.14%	80.74%	79.69%	79.67%	79.07%	80.62%	79.26%
EBITDA Margin	-40.60%	-8.54%	-33.50%	-43.78%	-29.16%	2.17%	-24.72%	-30.05%	-25.55%	-4.88%	-33.32%
Operating Margin	-43.72%	-10.90%	-37.11%	-48.10%	-33.57%	-0.30%	-29.64%	-35.82%	-31.22%	-9.47%	-36.37%
EBIT Margin	-43.72%	-10.90%	-36.73%	-47.92%	-33.59%	-0.87%	-29.39%	-35.56%	-31.22%	-9.47%	-35.79%
Profit (Net Income) Margin	-42.99%	-10.10%	-36.54%	-47.70%	-34.07%	-0.73%	-30.29%	-36.71%	-32.44%	-15.03%	-38.05%
Tax Burden Percent	99.87%	96.56%	100.67%	99.85%	99.81%	49.60%	100.00%	100.00%	99.44%	96.51%	100.00%
Interest Burden Percent	98.46%	95.92%	98.84%	99.70%	101.62%	169.75%	103.04%	103.24%	104.49%	164.37%	106.33%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-112.63%	-28.63%	-92.37%	-100.07%	-66.22%	-0.55%	-57.52%	-70.51%	-59.55%	-15.24%	-64.45%
ROIC Less NNEP Spread (ROIC-NNEP)	-103.02%	-25.53%	-86.16%	-90.36%	-56.57%	0.22%	-44.92%	-51.39%	-27.78%	54.03%	-1.03%
Return on Net Nonoperating Assets (RNNOA)	54.14%	12.70%	52.71%	44.31%	23.02%	-0.08%	15.44%	14.14%	4.79%	-4.09%	0.11%
Return on Equity (ROE)	-58.48%	-15.93%	-39.67%	-55.77%	-43.20%	-0.63%	-42.08%	-56.36%	-54.76%	-19.33%	-64.35%
Cash Return on Invested Capital (CROIC)	-160.22%	-143.90%	-123.89%	-78.42%	-69.87%	-78.04%	-65.45%	-59.27%	-54.62%	-45.32%	-45.84%
Operating Return on Assets (OROA)	-38.49%	-9.93%	-29.27%	-39.99%	-30.06%	-0.77%	-27.63%	-35.15%	-33.37%	-9.88%	-38.06%
Return on Assets (ROA)	-37.85%	-9.19%	-29.13%	-39.81%	-30.49%	-0.65%	-28.47%	-36.29%	-34.67%	-15.68%	-40.46%
Return on Common Equity (ROCE)	-58.48%	-15.93%	-39.66%	-55.77%	-43.20%	-0.63%	-42.08%	-56.36%	-54.76%	-19.33%	-64.35%
Return on Equity Simple (ROE_SIMPLE)	-34.57%	0.00%	-43.32%	-56.79%	-58.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-4.75	-13	-15	-11	-0.14	-11	-12	-11	-4.15	-12
NOPAT Margin	-30.60%	-7.63%	-25.98%	-33.67%	-23.50%	-0.21%	-20.75%	-25.07%	-21.85%	-6.63%	-25.46%
Net Nonoperating Expense Percent (NNEP)	-9.60%	-3.11%	-6.21%	-9.71%	-9.65%	-0.77%	-12.59%	-19.11%	-31.77%	-69.27%	-63.43%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.49%	-	-	-	-0.09%	-6.87%	-7.87%	-7.69%	-2.90%	-9.03%
Cost of Revenue to Revenue	19.62%	18.44%	19.81%	19.75%	19.86%	19.26%	20.31%	20.33%	20.93%	19.38%	20.74%
SG&A Expenses to Revenue	31.13%	21.62%	28.10%	31.98%	30.00%	19.81%	30.04%	34.07%	32.42%	23.24%	34.27%
R&D to Revenue	10.67%	6.67%	10.29%	11.60%	11.01%	7.58%	10.58%	11.60%	9.32%	7.27%	9.79%
Operating Expenses to Revenue	124.04%	92.11%	117.15%	128.09%	113.66%	80.87%	109.33%	115.49%	110.11%	89.55%	115.63%
Earnings before Interest and Taxes (EBIT)	-18	-6.78	-19	-21	-15	-0.60	-15	-17	-16	-5.92	-17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-5.31	-17	-19	-13	1.49	-13	-14	-13	-3.05	-16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.85	5.70	6.37	3.68	3.44	4.11	4.99	3.79	4.75	1.79	1.12
Price to Tangible Book Value (P/TBV)	6.97	6.77	7.68	4.54	4.31	5.04	6.20	4.79	6.14	2.32	1.51
Price to Revenue (P/Rev)	4.62	4.20	4.11	2.08	1.78	2.21	2.49	1.73	1.94	0.73	0.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	10.75	10.57	10.77	5.27	4.40	4.87	6.08	4.33	4.92	1.73	1.12
Enterprise Value to Revenue (EV/Rev)	4.22	3.83	3.82	1.87	1.63	2.11	2.38	1.66	1.92	0.77	0.44
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.38	0.42	0.47	0.51	0.47	0.51	0.55	0.60	0.64	0.72
Long-Term Debt to Equity	0.38	0.38	0.42	0.47	0.51	0.47	0.51	0.55	0.60	0.64	0.72
Financial Leverage	-0.53	-0.50	-0.61	-0.49	-0.41	-0.37	-0.34	-0.28	-0.17	-0.08	-0.10
Leverage Ratio	1.98	2.07	1.73	1.82	1.87	1.87	1.94	2.06	2.11	2.04	2.14
Compound Leverage Factor	1.95	1.99	1.71	1.81	1.90	3.17	1.99	2.13	2.20	3.35	2.27
Debt to Total Capital	27.74%	27.76%	29.58%	32.16%	33.66%	32.07%	33.63%	35.38%	37.51%	38.89%	41.97%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.74%	27.76%	29.58%	32.16%	33.66%	32.07%	33.63%	35.38%	37.51%	38.89%	41.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.26%	72.24%	70.42%	67.84%	66.34%	67.93%	66.37%	64.62%	62.49%	61.11%	58.03%
Debt to EBITDA	-1.19	-1.12	-1.03	-0.91	-0.96	-1.11	-1.21	-1.37	-1.39	-1.28	-1.21
Net Debt to EBITDA	1.56	1.49	1.11	0.71	0.53	0.46	0.51	0.41	0.10	-0.17	-0.09
Long-Term Debt to EBITDA	-1.19	-1.12	-1.03	-0.91	-0.96	-1.11	-1.21	-1.37	-1.39	-1.28	-1.21
Debt to NOPAT	-1.57	-1.47	-1.34	-1.17	-1.22	-1.37	-1.46	-1.59	-1.58	-1.47	-1.43
Net Debt to NOPAT	2.05	1.95	1.44	0.92	0.68	0.57	0.62	0.47	0.11	-0.19	-0.10
Long-Term Debt to NOPAT	-1.57	-1.47	-1.34	-1.17	-1.22	-1.37	-1.46	-1.59	-1.58	-1.47	-1.43
Altman Z-Score	5.23	4.78	4.52	2.34	2.15	3.10	3.19	1.91	2.10	0.73	-0.14
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.64	4.40	3.98	3.86	4.12	4.62	4.50	3.52	3.37	4.31	3.58
Quick Ratio	4.44	3.58	2.98	2.71	2.80	3.34	3.23	2.38	2.21	2.95	2.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-55	-41	-42	-22	-17	-23	-24	-23	-21	-8.17	-11
Operating Cash Flow to CapEx	-271.72%	23.67%	-183.88%	-803.76%	-413.62%	-136.86%	118.49%	-63.98%	-323.67%	-334.70%	236.45%
Free Cash Flow to Firm to Interest Expense	-42.29	-31.06	-31.85	-16.68	-13.18	-17.44	-18.36	-17.72	-15.65	-2.00	-6.71
Operating Cash Flow to Interest Expense	-7.34	0.41	-5.48	-10.59	-9.02	-3.20	3.20	-2.31	-6.80	-1.96	4.61
Operating Cash Flow Less CapEx to Interest Expense	-10.04	-1.32	-8.46	-11.91	-11.20	-5.54	0.50	-5.92	-8.89	-2.55	2.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.91	0.80	0.83	0.90	0.89	0.94	0.99	1.07	1.04	1.06
Accounts Receivable Turnover	8.02	5.56	7.07	7.52	8.25	5.31	6.89	7.65	7.66	5.13	6.75
Inventory Turnover	1.42	1.45	1.28	1.14	1.08	1.20	1.13	1.02	1.04	1.14	1.13
Fixed Asset Turnover	9.79	9.94	9.70	9.09	8.69	8.68	8.16	7.92	7.94	7.64	7.00
Accounts Payable Turnover	3.95	3.43	2.84	2.93	2.88	3.68	2.42	2.23	2.54	4.98	3.14
Days Sales Outstanding (DSO)	45.49	65.60	51.62	48.53	44.24	68.75	52.97	47.72	47.64	71.18	54.11
Days Inventory Outstanding (DIO)	257.06	251.98	285.87	320.44	338.37	304.22	323.43	359.34	352.29	319.99	322.48
Days Payable Outstanding (DPO)	92.33	106.36	128.42	124.69	126.81	99.29	150.63	163.33	143.97	73.31	116.13
Cash Conversion Cycle (CCC)	210.22	211.22	209.07	244.28	255.80	273.68	225.77	243.74	255.96	317.86	260.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	69	68	69	70	75	91	83	82	85	95	81
Invested Capital Turnover	3.68	3.75	3.56	2.97	2.82	2.65	2.77	2.81	2.73	2.30	2.53
Increase / (Decrease) in Invested Capital	42	36	29	6.91	6.71	23	13	12	9.96	4.03	-1.48
Enterprise Value (EV)	738	716	748	370	331	441	503	354	420	163	91
Market Capitalization	807	786	805	412	361	463	525	370	424	156	87
Book Value per Share	$2.24	$2.24	$2.05	$1.81	$1.69	$1.81	$1.68	$1.55	$1.41	$1.37	$1.20
Tangible Book Value per Share	$1.88	$1.88	$1.70	$1.46	$1.35	$1.48	$1.35	$1.23	$1.09	$1.06	$0.89
Total Capital	191	191	179	165	158	166	159	151	143	143	133
Total Debt	53	53	53	53	53	53	53	53	54	56	56
Total Long-Term Debt	53	53	53	53	53	53	53	53	54	56	56
Net Debt	-69	-70	-57	-42	-30	-22	-23	-16	-3.89	7.22	3.97
Capital Expenditures (CapEx)	3.50	2.25	3.93	1.73	2.86	3.07	3.54	4.77	2.81	2.40	3.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	32	30	30	32	37	51	40	36	40	53	37
Debt-free Net Working Capital (DFNWC)	154	153	140	127	119	126	116	106	97	101	89
Net Working Capital (NWC)	154	153	140	127	119	126	116	106	97	101	89
Net Nonoperating Expense (NNE)	5.05	1.53	5.40	6.24	4.77	0.36	5.01	5.52	5.31	5.25	5.94
Net Nonoperating Obligations (NNO)	-69	-70	-57	-42	-30	-22	-23	-16	-3.89	7.22	3.97
Total Depreciation and Amortization (D&A)	1.27	1.47	1.65	1.84	2.00	2.09	2.46	2.61	2.85	2.87	1.17
Debt-free, Cash-free Net Working Capital to Revenue	18.22%	16.10%	15.48%	16.15%	18.01%	24.26%	19.05%	17.04%	18.13%	24.94%	17.91%
Debt-free Net Working Capital to Revenue	88.16%	81.94%	71.59%	64.02%	58.83%	60.41%	55.15%	49.45%	44.36%	47.68%	42.92%
Net Working Capital to Revenue	88.16%	81.94%	71.59%	64.02%	58.83%	60.41%	55.15%	49.45%	44.36%	47.68%	42.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	($0.10)	($0.30)	($0.34)	($0.25)	($0.01)	($0.25)	($0.28)	($0.26)	($0.14)	($0.28)
Adjusted Weighted Average Basic Shares Outstanding	61.56M	60.85M	61.79M	62.08M	62.23M	62.11M	62.66M	63.01M	63.52M	63.27M	64.59M
Adjusted Diluted Earnings per Share	($0.28)	($0.10)	($0.30)	($0.34)	($0.25)	($0.01)	($0.25)	($0.28)	($0.26)	($0.14)	($0.28)
Adjusted Weighted Average Diluted Shares Outstanding	61.56M	60.85M	61.79M	62.08M	62.23M	62.11M	62.66M	63.01M	63.52M	63.27M	64.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.68M	61.76M	62.01M	62.19M	62.30M	62.62M	62.90M	63.17M	63.72M	64.59M	64.87M
Normalized Net Operating Profit after Tax (NOPAT)	-12	-4.75	-13	-15	-11	-0.14	-11	-12	-11	-4.15	-12
Normalized NOPAT Margin	-30.60%	-7.63%	-25.98%	-33.67%	-23.50%	-0.21%	-20.75%	-25.07%	-21.85%	-6.63%	-25.46%
Pre Tax Income Margin	-43.04%	-10.46%	-36.30%	-47.77%	-34.13%	-1.47%	-30.29%	-36.71%	-32.62%	-15.57%	-38.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.75	-5.20	-14.25	-16.24	-11.53	-0.45	-11.79	-12.76	-11.72	-1.45	-10.76
NOPAT to Interest Expense	-9.62	-3.64	-10.08	-11.41	-8.07	-0.11	-8.32	-8.99	-8.20	-1.01	-7.65
EBIT Less CapEx to Interest Expense	-16.45	-6.92	-17.23	-17.55	-13.71	-2.79	-14.49	-16.37	-13.82	-2.04	-12.71
NOPAT Less CapEx to Interest Expense	-12.33	-5.36	-13.06	-12.73	-10.25	-2.45	-11.02	-12.60	-10.30	-1.60	-9.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Treace Medical Concepts (NASDAQ: TMCI) continues to grow revenue, but profitability remains a major challenge. In Q1 2026, revenue declined from the prior quarter, operating losses widened sharply, and the company remained unprofitable. That said, Treace still generated positive operating cash flow and ended the quarter with a sizable cash and investment balance, which gives it some financial flexibility.

TMCI generated $7.2 million in operating cash flow in Q1 2026, showing the business can still produce cash despite accounting losses.
The balance sheet remains liquid, with $9.5 million in cash and $42.3 million in short-term investments at the end of Q1 2026.
Total current assets of $123.5 million still exceed current liabilities of $34.5 million, supporting near-term operating flexibility.
Revenue in Q1 2026 was still sizable at $47.2 million, indicating the company has meaningful commercial traction.
Gross margin remained strong, with gross profit of $37.4 million on $47.2 million of revenue, even though operating expenses were too high to reach profitability.
Inventory stayed elevated at $36.4 million, which may reflect ongoing demand support but also deserves monitoring for buildup risk.
Long-term debt was relatively stable at $55.8 million, so leverage is present but not rapidly worsening in the latest quarter.
Q1 2026 net loss widened to $18.0 million, compared with $9.4 million in Q4 2025 and $15.9 million in Q1 2025.
Revenue fell sequentially to $47.2 million from $62.5 million in Q4 2025, showing a sharp quarterly slowdown.
Operating expenses were very heavy at $54.6 million in Q1 2026, leading to an operating loss of $17.2 million.
Marketing spending remained especially high at $33.8 million, which is a key reason the company is still losing money at the operating level.
TMCI’s cash and equivalents declined to $9.5 million from $7.7 million in Q3 2025, but the broader cash/investment balance was reduced by ongoing losses and capital spending over time.

Longer-term trend: Revenue has generally moved higher over the past several years, rising from the low-$40 million range in early 2023 to the high-$40 million/low-$50 million range more recently. However, operating costs have also remained high, especially marketing, so the company has struggled to convert growth into earnings. That combination makes TMCI a classic “growth vs. profitability” story.

Bottom line: Treace Medical Concepts has a workable liquidity position and continues to generate strong gross profit, but the trend in quarterly results still points to persistent operating losses and heavy cash burn pressure. Investors will likely want to see sustained revenue growth and clear expense leverage before the stock’s fundamentals improve meaningfully.

07/05/26 03:14 PM ETAI Generated. May Contain Errors.

Treace Medical Concepts Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Treace Medical Concepts' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Treace Medical Concepts' net income appears to be on an upward trend, with a most recent value of -$59.00 million in 2025, rising from -$4.27 million in 2019. The previous period was -$55.74 million in 2024. Find out what analysts predict for Treace Medical Concepts in the coming months.

Treace Medical Concepts' total operating income in 2025 was -$54.15 million, based on the following breakdown:

Total Gross Profit: $169.75 million
Total Operating Expenses: $223.47 million

Over the last 6 years, Treace Medical Concepts' total revenue changed from $39.42 million in 2019 to $212.69 million in 2025, a change of 439.6%.

Treace Medical Concepts' total liabilities were at $103.25 million at the end of 2025, a 0.9% decrease from 2024, and a 151.6% increase since 2020.

In the past 5 years, Treace Medical Concepts' cash and equivalents has ranged from $10.71 million in 2025 to $105.83 million in 2021, and is currently $10.71 million as of their latest financial filing in 2025.

Over the last 6 years, Treace Medical Concepts' book value per share changed from 0.00 in 2019 to 1.37 in 2025, a change of 137.1%.

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Financial statements for NASDAQ:TMCI last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Treace Medical Concepts (TMCI) Financials

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Treace Medical Concepts (TMCI) Financials

Annual Income Statements for Treace Medical Concepts

Quarterly Income Statements for Treace Medical Concepts

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Quarterly Cash Flow Statements for Treace Medical Concepts

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Quarterly Balance Sheets for Treace Medical Concepts

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Quarterly Metrics And Ratios for Treace Medical Concepts

Financials Breakdown Chart

Key Financial Trends

Treace Medical Concepts Financials - Frequently Asked Questions

When does Treace Medical Concepts' fiscal year end?

How has Treace Medical Concepts' net income changed over the last 6 years?

What is Treace Medical Concepts' operating income?

How has Treace Medical Concepts' revenue changed over the last 6 years?

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How has Treace Medical Concepts' book value per share changed over the last 6 years?

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