Treace Medical Concepts, Inc.
TMCI Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2019โFY2025
Last close ยท Oct 23, 2026
$4.27
0.2%
Revenue
Total sales reported in the income statement.
$213M
1.6%
vs prior year
Operating margin
Operating income as a share of revenue.
โ25.5%
1.1ย pts
Net income
Profit after all expenses, interest and tax.
โ$59.0M
Free cash flow
Cash from operations minus capital spending.
โ$29.5M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ44.4%
4.2ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$278M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.92 EPS (TTM)
What Treace Medical Concepts, Inc. does
No business description yet.
- Legal name
- TREACE MEDICAL CONCEPTS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Feb 27, 2026
- Accession ยท CIK
- 0001193125-26-079167
0001630627
Revenue and margins
Treace Medical Concepts, Inc. had $213M of revenue in fiscal 2025, up 1.6% on the year before.
FY19
Revenue $39.4M
FY20
Revenue $57.4M
FY21
Revenue $94.4M
FY22
Revenue $142M
FY23
Revenue $187M
FY24
Revenue $209M
FY25
Revenue $213M
Q3 '23
Revenue $40.8M
Q4 '23
Revenue $62.2M
Q1 '24
Revenue $51.1M
Q2 '24
Revenue $44.5M
Q3 '24
Revenue $45.1M
Q4 '24
Revenue $68.7M
Q1 '25
Revenue $52.6M
Q2 '25
Revenue $47.4M
Q3 '25
Revenue $50.2M
Q4 '25
Revenue $62.5M
Q1 '26
Revenue $47.2M
Q2 '26
Revenue $45.4M
FY19
Gross 80.6%
Operating โ9.0%
Net โ10.8%
FCF โ22.5%
FY20
Gross 78.3%
Operating 1.5%
Net โ6.4%
FCF โ9.7%
FY21
Gross 82.1%
Operating โ17.5%
Net โ21.8%
FCF โ21.1%
FY22
Gross 82.0%
Operating โ24.6%
Net โ30.2%
FCF โ32.1%
FY23
Gross 81.2%
Operating โ27.5%
Net โ26.5%
FCF โ24.6%
FY24
Gross 80.4%
Operating โ26.6%
Net โ26.6%
FCF โ23.3%
FY25
Gross 79.8%
Operating โ25.5%
Net โ27.7%
FCF โ13.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 80.4%
Operating โ43.7%
Net โ43.0%
FCF โ31.9%
Q4 '23
Gross 81.6%
Operating โ10.9%
Net โ10.1%
FCF โ2.8%
Q1 '24
Gross 80.2%
Operating โ37.1%
Net โ36.5%
FCF โ21.8%
Q2 '24
Gross 80.2%
Operating โ48.1%
Net โ47.7%
FCF โ35.2%
Q3 '24
Gross 80.1%
Operating โ33.6%
Net โ34.1%
FCF โ32.6%
Q4 '24
Gross 80.7%
Operating โ0.3%
Net โ0.7%
FCF โ10.6%
Q1 '25
Gross 79.7%
Operating โ29.6%
Net โ30.3%
FCF 1.2%
Q2 '25
Gross 79.7%
Operating โ35.8%
Net โ36.7%
FCF โ16.5%
Q3 '25
Gross 79.1%
Operating โ31.2%
Net โ32.4%
FCF โ23.7%
Q4 '25
Gross 80.6%
Operating โ9.5%
Net โ15.0%
FCF โ16.7%
Q1 '26
Gross 79.3%
Operating โ36.4%
Net โ38.1%
FCF 8.9%
Q2 '26
Gross 78.5%
Operating โ33.0%
Net โ35.0%
FCF โ15.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income โ$4.3M
FY20
Net income โ$3.7M
FY21
Net income โ$20.6M
FY22
Net income โ$42.8M
FY23
Net income โ$49.5M
FY24
Net income โ$55.7M
FY25
Net income โ$59.0M
Q3 '23
Net income โ$17.5M
Q4 '23
Net income โ$6.3M
Q1 '24
Net income โ$18.7M
Q2 '24
Net income โ$21.2M
Q3 '24
Net income โ$15.4M
Q4 '24
Net income โ$0.5M
Q1 '25
Net income โ$15.9M
Q2 '25
Net income โ$17.4M
Q3 '25
Net income โ$16.3M
Q4 '25
Net income โ$9.4M
Q1 '26
Net income โ$18.0M
Q2 '26
Net income โ$15.9M
FY19
Diluted EPS โ$0.13
FY20
Diluted EPS โ$0.12
FY21
Diluted EPS โ$0.43
FY22
Diluted EPS โ$0.77
FY23
Diluted EPS โ$0.81
FY24
Diluted EPS โ$0.90
FY25
Diluted EPS โ$0.93
Q3 '23
Diluted EPS โ$0.28
Q4 '23
Diluted EPS โ$0.10
Q1 '24
Diluted EPS โ$0.30
Q2 '24
Diluted EPS โ$0.34
Q3 '24
Diluted EPS โ$0.25
Q4 '24
Diluted EPS โ$0.01
Q1 '25
Diluted EPS โ$0.25
Q2 '25
Diluted EPS โ$0.28
Q3 '25
Diluted EPS โ$0.26
Q4 '25
Diluted EPS โ$0.14
Q1 '26
Diluted EPS โ$0.28
Q2 '26
Diluted EPS โ$0.24
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital โ
Return on equity โ134.9%
Return on assets โ
FY20
Return on capital 4.9%
Return on equity โ186.3%
Return on assets โ8.8%
FY21
Return on capital โ78.5%
Return on equity โ43.8%
Return on assets โ22.5%
FY22
Return on capital โ86.1%
Return on equity โ55.7%
Return on assets โ28.6%
FY23
Return on capital โ60.0%
Return on equity โ49.9%
Return on assets โ24.1%
FY24
Return on capital โ48.6%
Return on equity โ44.4%
Return on assets โ23.8%
FY25
Return on capital โ44.4%
Return on equity โ58.9%
Return on assets โ28.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$29.5M in fiscal 2025, โ13.9% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow โ$8.9M
FY20
Free cash flow โ$5.6M
FY21
Free cash flow โ$19.9M
FY22
Free cash flow โ$45.5M
FY23
Free cash flow โ$46.0M
FY24
Free cash flow โ$48.8M
FY25
Free cash flow โ$29.5M
Q3 '23
Free cash flow โ$13.0M
Q4 '23
Free cash flow โ$1.7M
Q1 '24
Free cash flow โ$11.1M
Q2 '24
Free cash flow โ$15.6M
Q3 '24
Free cash flow โ$14.7M
Q4 '24
Free cash flow โ$7.3M
Q1 '25
Free cash flow $0.7M
Q2 '25
Free cash flow โ$7.8M
Q3 '25
Free cash flow โ$11.9M
Q4 '25
Free cash flow โ$10.4M
Q1 '26
Free cash flow $4.2M
Q2 '26
Free cash flow โ$6.9M
FY19
Cash from operations โ$7.7M
Capital spending $1.2M
FY20
Cash from operations โ$4.5M
Capital spending $1.1M
FY21
Cash from operations โ$17.2M
Capital spending $2.7M
FY22
Cash from operations โ$30.6M
Capital spending $14.8M
FY23
Cash from operations โ$34.6M
Capital spending $11.5M
FY24
Cash from operations โ$37.2M
Capital spending $11.6M
FY25
Cash from operations โ$16.0M
Capital spending $13.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations โ$9.5M
Capital spending $3.5M
Q4 '23
Cash from operations $0.5M
Capital spending $2.2M
Q1 '24
Cash from operations โ$7.2M
Capital spending $3.9M
Q2 '24
Cash from operations โ$13.9M
Capital spending $1.7M
Q3 '24
Cash from operations โ$11.8M
Capital spending $2.9M
Q4 '24
Cash from operations โ$4.2M
Capital spending $3.1M
Q1 '25
Cash from operations $4.2M
Capital spending $3.5M
Q2 '25
Cash from operations โ$3.1M
Capital spending $4.8M
Q3 '25
Cash from operations โ$9.1M
Capital spending $2.8M
Q4 '25
Cash from operations โ$8.0M
Capital spending $2.4M
Q1 '26
Cash from operations $7.2M
Capital spending $3.1M
Q2 '26
Cash from operations โ$4.7M
Capital spending $2.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Treace Medical Concepts, Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 1.9%.
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Treace Medical Concepts, Inc. can carry it.
FY19
Cash $12.1M
Debt โ
FY20
Cash $18.1M
Debt $31.0M
FY21
Cash $106M
Debt $29.4M
FY22
Cash $81.3M
Debt $52.7M
FY23
Cash $123M
Debt $53.0M
FY24
Cash $75.7M
Debt $53.3M
FY25
Cash $48.4M
Debt $57.3M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $106M | $81.3M | $123M | $75.7M | $48.4M |
| Debt incl. finance leases | $29.4M | $52.7M | $53.0M | $53.3M | $57.3M |
| Debt / equity | 0.3x | 0.9x | 0.4x | 0.5x | 0.7x |
| Interest coverage | โ4.1x | โ7.9x | โ10.0x | โ10.6x | โ10.2x |
| Current ratio | 7.6x | 4.4x | 4.4x | 4.6x | 4.3x |
| Quick ratio | 7.0x | 3.8x | 3.8x | 3.5x | 3.1x |
| Total assets | $141M | $159M | $252M | $217M | $191M |
| Total liabilities | $47.7M | $98.5M | $114M | $104M | $103M |
| Shareholders' equity | $93.1M | $60.5M | $138M | $113M | $87.3M |
| Net debt (โ = net cash) | โ$76.5M | โ$28.5M | โ$70.2M | โ$22.4M | $9.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 4 / 9 | 2 / 9 | 3 / 9 | 3 / 9 | 2 / 9 |
| Accruals ratio | โ | 2.0% | โ3.7% | โ8.1% | โ7.3% | โ7.9% | โ21.1% |
| Altman Z'' | โ | 3.10 | 5.87 | 1.69 | 2.15 | 0.38 | โ1.79 |
7 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $39.4M | $57.4M | $94.4M | $142M | $187M | $209M | $213M |
| Gross profit | $31.8M | $44.9M | $77.5M | $116M | $152M | $168M | $170M |
| Research and development | $5.1M | $5.8M | $10.2M | $13.6M | $15.4M | $20.6M | $20.3M |
| Operating income | โ$3.5M | $0.9M | โ$16.5M | โ$34.8M | โ$51.4M | โ$55.7M | โ$54.2M |
| Interest expense | $0.8M | $2.8M | $4.1M | $4.4M | $5.2M | $5.3M | $5.3M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | โ$4.3M | โ$3.7M | โ$20.6M | โ$42.8M | โ$49.5M | โ$55.7M | โ$59.0M |
| Net income to common | โ$4.9M | โ$4.3M | โ$20.7M | โ$42.8M | โ$49.5M | โ | โ |
| Diluted EPS | โ$0.13 | โ$0.12 | โ$0.43 | โ$0.77 | โ$0.81 | โ$0.90 | โ$0.93 |
| Diluted shares | 0.04B | 0.04B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | |||||||
| Cash from operations | โ$7.7M | โ$4.5M | โ$17.2M | โ$30.6M | โ$34.6M | โ$37.2M | โ$16.0M |
| Capital expenditure | $1.2M | $1.1M | $2.7M | $14.8M | $11.5M | $11.6M | $13.5M |
| Free cash flow | โ$8.9M | โ$5.6M | โ$19.9M | โ$45.5M | โ$46.0M | โ$48.8M | โ$29.5M |
| Depreciation and amortization | $0.8M | $1.2M | $0.7M | $2.1M | $5.4M | $8.4M | $10.6M |
| Stock-based compensation | $0.8M | $0.9M | $3.4M | $8.1M | $17.4M | $30.6M | $33.8M |
| Acquisitions | โ | โ | $0.0M | $0.0M | $20.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $12.1M | $18.1M | $106M | $81.3M | $123M | $75.7M | $48.4M |
| Total debt | โ | $31.0M | $29.4M | $52.7M | $53.0M | $53.3M | $57.3M |
| Current assets | โ | $41.0M | $138M | $133M | $198M | $161M | $132M |
| Current liabilities | โ | $11.6M | $18.2M | $30.2M | $45.0M | $34.9M | $30.6M |
| Inventory | โ | $7.8M | $10.6M | $19.3M | $29.2M | $39.3M | $36.0M |
| Property and equipment, net | โ | $0.8M | $2.8M | $15.3M | $22.3M | $26.0M | $29.8M |
| Goodwill | โ | โ | โ | $0.0M | $12.8M | $12.8M | $12.8M |
| Intangible assets | โ | โ | โ | $0.0M | $9.0M | $8.1M | $7.1M |
| Total assets | โ | $41.8M | $141M | $159M | $252M | $217M | $191M |
| Total liabilities | โ | $41.0M | $47.7M | $98.5M | $114M | $104M | $103M |
| Preferred stock | โ | โ | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $3.2M | $0.8M | $93.1M | $60.5M | $138M | $113M | $87.3M |
| Margins | |||||||
| Gross margin | 80.6% | 78.3% | 82.1% | 82.0% | 81.2% | 80.4% | 79.8% |
| Operating margin | โ9.0% | 1.5% | โ17.5% | โ24.6% | โ27.5% | โ26.6% | โ25.5% |
| EBITDA margin | โ7.0% | 3.6% | โ16.8% | โ23.1% | โ24.6% | โ22.6% | โ20.5% |
| Net margin | โ10.8% | โ6.4% | โ21.8% | โ30.2% | โ26.5% | โ26.6% | โ27.7% |
| FCF margin | โ22.5% | โ9.7% | โ21.1% | โ32.1% | โ24.6% | โ23.3% | โ13.9% |
| Returns | |||||||
| Return on capital | โ | 4.9% | โ78.5% | โ86.1% | โ60.0% | โ48.6% | โ44.4% |
| Return on capital employed | โ | 2.8% | โ13.5% | โ27.1% | โ24.9% | โ30.6% | โ33.9% |
| Return on equity | โ134.9% | โ186.3% | โ43.8% | โ55.7% | โ49.9% | โ44.4% | โ58.9% |
| Return on assets | โ | โ8.8% | โ22.5% | โ28.6% | โ24.1% | โ23.8% | โ28.9% |
| Return on tangible equity | โ155.2% | โ555.2% | โ22.3% | โ70.7% | โ42.7% | โ60.6% | โ87.6% |
| Growth | |||||||
| Revenue growth | โ | 45.5% | 64.6% | 50.2% | 31.9% | 11.9% | 1.6% |
| Share count change | โ | 0.4% | 30.6% | 14.2% | 10.1% | 2.1% | 1.9% |
| Financial health | |||||||
| Net debt / EBITDA | โ | 6.2x | โ | โ | โ | โ | โ |
| Debt / equity | โ | 39.9x | 0.3x | 0.9x | 0.4x | 0.5x | 0.7x |
| Interest coverage | โ4.2x | 0.3x | โ4.1x | โ7.9x | โ10.0x | โ10.6x | โ10.2x |
| Current ratio | โ | 3.5x | 7.6x | 4.4x | 4.4x | 4.6x | 4.3x |
| Quick ratio | โ | 2.9x | 7.0x | 3.8x | 3.8x | 3.5x | 3.1x |
| Capital allocation | |||||||
| Capex / revenue | 3.1% | 1.9% | 2.9% | 10.5% | 6.1% | 5.5% | 6.4% |
| Stock comp / revenue | 2.1% | 1.6% | 3.6% | 5.7% | 9.3% | 14.6% | 15.9% |
| Quality scores | |||||||
| Piotroski F-score | โ | โ | 4.0 | 2.0 | 3.0 | 3.0 | 2.0 |
| Altman Z'' | โ | 3.1 | 5.9 | 1.7 | 2.2 | 0.4 | โ1.8 |
| Accruals ratio | โ | 2.0% | โ3.7% | โ8.1% | โ7.3% | โ7.9% | โ21.1% |
Source: SEC EDGAR XBRL filings (CIK 0001630627). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.