Tandem Diabetes Care Inc (TNDM)

Tandem Diabetes Care, Inc. designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. It's flagship products are the t:slim X2 insulin delivery system; and Tandem Mobi insulin pump, an automated insulin delivery system. The company also sells single-use products, including cartridges for storing and delivering insulin, and infusion sets that connect the insulin pump to the user's body. In addition, it offers Tandem Device Updater used to update the pump software from a personal computer; Tandem Source, a web-based data management platform, which provides a visual way to display diabetes therapy management data from the pumps, integrated CGMs; and Sugarmate, a mobile app used to help people visualize diabetes therapy data. The company has collaboration agreement with the University of Virginia Center for Diabetes Technology for research and development of fully automated closed-loop insulin delivery systems. The company was formerly known as Phluid Inc. and changed its name to Tandem Diabetes Care, Inc. in January 2008. Tandem Diabetes Care, Inc. was incorporated in 2006 and is headquartered in San Diego, California.

Ticker: TNDM
Exchange: Nasdaq
Sector: Healthcare
Industry: Medical Devices
Market cap: $1.18B
52-week range: $12.26 - $29.65

Valuation

Share price: $16.91 (close of Nov 6, 2026)
P/E (TTM): -23.49x
Price to book: 8.73x
Price to free cash flow: -32.50x
Enterprise value: $1.47B
Book value per share: $1.94

Price performance

Period	Change
1 day	-6.00%
5 days	-11.51%
1 month	+4.64%
3 months	-10.01%
6 months	-6.21%
Year to date	-23.07%
1 year	+26.86%
3 years	+10.45%
5 years	-87.06%
10 years	-15.45%
All time	-91.22%

Short interest

As of: Oct 15, 2026
Short % of float: 29.04%
Shares short: 15.09M
Days to cover: 6.86
Change since prior report: +12.85%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -131.93%
Return on invested capital: -31.23%
Return on assets: -23.23%
Return on capital employed: -29.33%
Gross margin: 53.81%
Net margin: -20.17%
EBITDA margin: -16.71%
Revenue growth: 7.93%

Cash flow and balance sheet

Free cash flow yield (TTM): -3.08%
Current ratio: 3.21x
Net debt to EBITDA: -18.40x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.01B
Cost of revenue: $468.72M
Gross profit: $546.01M
EBITDA: -$169.59M
Net income: -$204.71M
Earnings per share: $-3.04
Research and development: $193.11M
Interest expense: $7.91M
Shares outstanding: 67.28M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$1.01B	$546.01M	-$204.71M	-$3.04
2024-12-31	$940.20M	$489.57M	-$96.03M	-$1.47
2023-12-31	$747.72M	$367.69M	-$222.61M	-$3.43
2022-12-31	$801.22M	$412.99M	-$94.59M	-$1.47
2021-12-31	$702.80M	$376.21M	$15.57M	$0.25
2020-12-31	$498.83M	$260.52M	-$34.38M	-$0.56
2019-12-31	$362.31M	$194.21M	-$24.75M	-$0.42
2018-12-31	$183.87M	$89.82M	-$122.61M	-$2.55
2017-12-31	$107.60M	$44.09M	-$73.03M	-$12.87
2016-12-31	$84.25M	$23.59M	-$83.45M	-$27.30

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	53.81%	-20.17%	-131.93%	-31.23%
2024-12-31	52.07%	-10.21%	-36.50%	-13.46%
2023-12-31	49.17%	-29.77%	-70.98%	-31.98%
2022-12-31	51.54%	-11.81%	-21.50%	-10.80%
2021-12-31	53.53%	2.21%	3.59%	2.98%
2020-12-31	52.23%	-6.89%	-9.39%	-1.02%
2019-12-31	53.60%	-6.83%	-12.70%	-7.76%
2018-12-31	48.85%	-66.68%	-93.40%	-34.00%
2017-12-31	40.98%	-67.87%	-	-117.46%
2016-12-31	28.00%	-99.05%	-	-103.84%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$292.67M	$310.04M
2024-12-31	$438.33M	$308.27M
2023-12-31	$467.91M	$285.04M
2022-12-31	$616.90M	$283.23M
2021-12-31	$623.81M	$281.47M
2020-12-31	$484.94M	$202.98M
2019-12-31	$176.50M	-
2018-12-31	$129.00M	-
2017-12-31	$14.18M	$82.74M
2016-12-31	$53.50M	$81.08M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$29.67M	$92.38M
2024-12-31	$4.99M	$101.38M
2023-12-31	-$58.61M	$88.08M
2022-12-31	$16.37M	$84.92M
2021-12-31	$97.18M	$60.75M
2020-12-31	-$2.74M	$58.43M
2019-12-31	$22.36M	$58.07M
2018-12-31	-$11.30M	$23.74M
2017-12-31	-$71.85M	$12.63M
2016-12-31	-$70.10M	$11.66M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-05	Sep 2026	-$0.27
2026-08-06	Jun 2026	-$0.34
2026-05-07	Mar 2026	-$0.46
2026-02-19	Dec 2025	-$0.05
2025-11-06	Sep 2025	-$0.31
2025-08-06	Jun 2025	-$0.40
2025-04-30	Mar 2025	-$0.60
2025-02-26	Dec 2024	-$0.25

Filings and sources

Company website: tandemdiabetes.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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