Tenon Medical, Inc.
TNON Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2021โFY2025
Last close ยท Oct 23, 2026
$2.20
1.8%
Revenue
Total sales reported in the income statement.
$3.9M
20.4%
vs prior year
Operating margin
Operating income as a share of revenue.
โ324.3%
95.7ย pts
Net income
Profit after all expenses, interest and tax.
โ$12.6M
Free cash flow
Cash from operations minus capital spending.
โ$11.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$0.0M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$1.99 EPS (TTM)
What Tenon Medical, Inc. does
No business description yet.
- Legal name
- Tenon Medical, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Mar 27, 2026
- Accession ยท CIK
- 0001213900-26-035707
0001560293
Revenue and margins
Tenon Medical, Inc. had $3.9M of revenue in fiscal 2025, up 20.4% on the year before.
FY21
Revenue $0.2M
FY22
Revenue $0.7M
FY23
Revenue $2.9M
FY24
Revenue $3.3M
FY25
Revenue $3.9M
Q3 '23
Revenue $0.9M
Q4 '23
Revenue $0.8M
Q1 '24
Revenue $0.7M
Q2 '24
Revenue $0.9M
Q3 '24
Revenue $0.9M
Q4 '24
Revenue $0.8M
Q1 '25
Revenue $0.7M
Q2 '25
Revenue $0.6M
Q3 '25
Revenue $1.2M
Q4 '25
Revenue $1.5M
Q1 '26
Revenue $1.4M
Q2 '26
Revenue $1.3M
FY21
Gross 65.6%
Operating โ4,038.1%
Net โ4,405.0%
FCF โ2,746.3%
FY22
Gross โ92.8%
Operating โ2,709.8%
Net โ2,737.6%
FCF โ1,862.8%
FY23
Gross 42.4%
Operating โ537.1%
Net โ532.1%
FCF โ428.4%
FY24
Gross 52.2%
Operating โ420.1%
Net โ417.2%
FCF โ307.1%
FY25
Gross 59.8%
Operating โ324.3%
Net โ318.4%
FCF โ279.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 56.7%
Operating โ357.8%
Net โ353.0%
FCF โ340.0%
Q4 '23
Gross 69.2%
Operating โ388.7%
Net โ387.9%
FCF โ293.3%
Q1 '24
Gross 65.4%
Operating โ487.6%
Net โ497.4%
FCF โ341.7%
Q2 '24
Gross 52.2%
Operating โ429.7%
Net โ424.6%
FCF โ268.6%
Q3 '24
Gross 47.1%
Operating โ362.5%
Net โ359.0%
FCF โ275.9%
Q4 '24
Gross 45.8%
Operating โ412.1%
Net โ400.9%
FCF โ355.8%
Q1 '25
Gross 44.5%
Operating โ506.5%
Net โ498.1%
FCF โ
Q2 '25
Gross 43.4%
Operating โ506.6%
Net โ491.0%
FCF โ
Q3 '25
Gross 65.9%
Operating โ289.2%
Net โ284.7%
FCF โ316.5%
Q4 '25
Gross 68.7%
Operating โ193.5%
Net โ191.2%
FCF โ163.1%
Q1 '26
Gross 68.5%
Operating โ237.9%
Net โ252.1%
FCF โ218.7%
Q2 '26
Gross 63.6%
Operating โ262.2%
Net โ316.7%
FCF โ229.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income โ$7.0M
FY22
Net income โ$18.9M
FY23
Net income โ$15.6M
FY24
Net income โ$13.7M
FY25
Net income โ$12.6M
Q3 '23
Net income โ$3.3M
Q4 '23
Net income โ$3.1M
Q1 '24
Net income โ$3.6M
Q2 '24
Net income โ$3.8M
Q3 '24
Net income โ$3.2M
Q4 '24
Net income โ$3.1M
Q1 '25
Net income โ$3.6M
Q2 '25
Net income โ$2.8M
Q3 '25
Net income โ$3.3M
Q4 '25
Net income โ$2.8M
Q1 '26
Net income โ$3.5M
Q2 '26
Net income โ$4.1M
FY21
Diluted EPS โ$7.81
FY22
Diluted EPS โ$23.62
FY23
Diluted EPS โ$68.64
FY24
Diluted EPS โ$11.26
FY25
Diluted EPS โ$1.70
Q3 '23
Diluted EPS โ$11.69
Q4 '23
Diluted EPS โ$49.37
Q1 '24
Diluted EPS โ$10.02
Q2 '24
Diluted EPS โ$8.16
Q3 '24
Diluted EPS โ$3.63
Q4 '24
Diluted EPS $10.55
Q1 '25
Diluted EPS $1.01
Q2 '25
Diluted EPS โ$12.76
Q3 '25
Diluted EPS โ$0.40
Q4 '25
Diluted EPS $10.45
Q1 '26
Diluted EPS $0.31
Q2 '26
Diluted EPS โ$12.35
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital โ
Return on equity โ
Return on assets โ76.0%
FY22
Return on capital โ
Return on equity โ
Return on assets โ185.8%
FY23
Return on capital โ
Return on equity โ443.3%
Return on assets โ178.7%
FY24
Return on capital โ
Return on equity โ405.2%
Return on assets โ168.9%
FY25
Return on capital โ
Return on equity โ228.1%
Return on assets โ121.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$11.0M in fiscal 2025, โ279.4% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow โ$4.4M
FY22
Free cash flow โ$12.9M
FY23
Free cash flow โ$12.5M
FY24
Free cash flow โ$10.1M
FY25
Free cash flow โ$11.0M
Q3 '23
Free cash flow โ$3.2M
Q4 '23
Free cash flow โ$2.4M
Q1 '24
Free cash flow โ$2.5M
Q2 '24
Free cash flow โ$2.4M
Q3 '24
Free cash flow โ$2.4M
Q4 '24
Free cash flow โ$2.7M
Q1 '25
Free cash flow โ
Q2 '25
Free cash flow โ
Q3 '25
Free cash flow โ$3.7M
Q4 '25
Free cash flow โ$2.4M
Q1 '26
Free cash flow โ$3.0M
Q2 '26
Free cash flow โ$2.9M
FY21
Cash from operations โ$4.3M
Capital spending $0.1M
FY22
Cash from operations โ$12.0M
Capital spending $0.8M
FY23
Cash from operations โ$12.2M
Capital spending $0.4M
FY24
Cash from operations โ$9.9M
Capital spending $0.2M
FY25
Cash from operations โ$10.7M
Capital spending $0.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations โ$3.2M
Capital spending $0.1M
Q4 '23
Cash from operations โ$2.3M
Capital spending $0.1M
Q1 '24
Cash from operations โ$2.3M
Capital spending $0.1M
Q2 '24
Cash from operations โ$2.4M
Capital spending $0.0M
Q3 '24
Cash from operations โ$2.3M
Capital spending $0.1M
Q4 '24
Cash from operations โ$2.8M
Capital spending โ$0.0M
Q1 '25
Cash from operations โ$2.5M
Capital spending โ
Q2 '25
Cash from operations โ$2.2M
Capital spending โ
Q3 '25
Cash from operations โ$3.8M
Capital spending โ$0.1M
Q4 '25
Cash from operations โ$2.2M
Capital spending $0.2M
Q1 '26
Cash from operations โ$3.0M
Capital spending $0.1M
Q2 '26
Cash from operations โ$2.8M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Tenon Medical, Inc. returned โ to shareholders in fiscal 2025. The diluted share count rose 516.7%.
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
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Tenon Medical, Inc. can carry it.
FY21
Cash $7.3M
Debt โ
FY22
Cash $8.6M
Debt โ
FY23
Cash $2.4M
Debt โ
FY24
Cash $6.5M
Debt โ
FY25
Cash $3.8M
Debt โ
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.3M | $8.6M | $2.4M | $6.5M | $3.8M |
| Interest coverage | โ10.4x | โ52.9x | โ748.9x | โ404.9x | โ |
| Current ratio | 0.5x | 3.7x | 1.2x | 4.4x | 2.1x |
| Quick ratio | 0.5x | 3.5x | 1.1x | 4.1x | 1.8x |
| Total assets | $9.3M | $11.1M | $6.3M | $9.8M | $10.8M |
| Total liabilities | $16.2M | $4.8M | $5.6M | $3.9M | $5.7M |
| Shareholders' equity | โ$20.6M | $6.3M | $0.8M | $6.0M | $5.0M |
| Net debt (โ = net cash) | โ | โ | โ | โ | โ |
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 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 4 / 8 | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | โ29.7% | โ67.7% | โ39.0% | โ46.9% | โ17.6% |
| Altman Z'' | โ18.63 | โ17.57 | โ44.03 | โ26.32 | โ29.53 |
5 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $0.2M | $0.7M | $2.9M | $3.3M | $3.9M |
| Gross profit | $0.1M | โ$0.6M | $1.2M | $1.7M | $2.4M |
| Research and development | $1.7M | $2.8M | $3.2M | $2.6M | $2.1M |
| Operating income | โ$6.5M | โ$18.7M | โ$15.7M | โ$13.8M | โ$12.8M |
| Interest expense | $0.6M | $0.4M | $0.0M | $0.0M | โ |
| Pretax income | โ$7.1M | โ$18.9M | โ$15.6M | โ$13.7M | โ$12.6M |
| Net income | โ$7.0M | โ$18.9M | โ$15.6M | โ$13.7M | โ$12.6M |
| Diluted EPS | โ$7.81 | โ$23.62 | โ$68.64 | โ$11.26 | โ$1.70 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | |||||
| Cash from operations | โ$4.3M | โ$12.0M | โ$12.2M | โ$9.9M | โ$10.7M |
| Capital expenditure | $0.1M | $0.8M | $0.4M | $0.2M | $0.3M |
| Free cash flow | โ$4.4M | โ$12.9M | โ$12.5M | โ$10.1M | โ$11.0M |
| Depreciation and amortization | $0.0M | $0.1M | $0.2M | $0.4M | $0.3M |
| Stock-based compensation | $0.4M | $2.9M | $4.1M | $3.8M | $1.7M |
| Balance sheet | |||||
| Cash and short-term investments | $7.3M | $8.6M | $2.4M | $6.5M | $3.8M |
| Current assets | $7.7M | $9.3M | $3.9M | $8.2M | $6.8M |
| Current liabilities | $15.3M | $2.5M | $3.1M | $1.9M | $3.2M |
| Inventory | $0.2M | $0.4M | $0.6M | $0.6M | $1.1M |
| Property and equipment, net | $0.1M | $0.8M | $1.0M | $0.8M | $0.9M |
| Goodwill | โ | โ | โ | โ | $2.4M |
| Intangible assets | โ | โ | โ | โ | $0.5M |
| Total assets | $9.3M | $11.1M | $6.3M | $9.8M | $10.8M |
| Total liabilities | $16.2M | $4.8M | $5.6M | $3.9M | $5.7M |
| Shareholders' equity | โ$20.6M | $6.3M | $0.8M | $6.0M | $5.0M |
| Margins | |||||
| Gross margin | 65.6% | โ92.8% | 42.4% | 52.2% | 59.8% |
| Operating margin | โ4,038.1% | โ2,709.8% | โ537.1% | โ420.1% | โ324.3% |
| EBITDA margin | โ4,036.9% | โ2,698.6% | โ530.3% | โ407.6% | โ317.7% |
| Net margin | โ4,405.0% | โ2,737.6% | โ532.1% | โ417.2% | โ318.4% |
| FCF margin | โ2,746.3% | โ1,862.8% | โ428.4% | โ307.1% | โ279.4% |
| Returns | |||||
| Return on capital employed | 107.6% | โ218.8% | โ490.7% | โ172.6% | โ169.5% |
| Return on equity | โ | โ | โ443.3% | โ405.2% | โ228.1% |
| Return on assets | โ76.0% | โ185.8% | โ178.7% | โ168.9% | โ121.9% |
| Return on tangible equity | โ | โ302.6% | โ2,002.7% | โ229.0% | โ584.5% |
| Growth | |||||
| Revenue growth | โ | 331.9% | 323.7% | 11.9% | 20.4% |
| Share count change | โ | โ11.1% | โ75.0% | 500.0% | 516.7% |
| Financial health | |||||
| Interest coverage | โ10.4x | โ52.9x | โ748.9x | โ404.9x | โ |
| Current ratio | 0.5x | 3.7x | 1.2x | 4.4x | 2.1x |
| Quick ratio | 0.5x | 3.5x | 1.1x | 4.1x | 1.8x |
| Capital allocation | |||||
| Capex / revenue | 63.8% | 122.6% | 12.3% | 5.7% | 6.9% |
| Stock comp / revenue | 235.6% | 419.2% | 141.6% | 117.3% | 42.9% |
| Quality scores | |||||
| Piotroski F-score | โ | 4.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | โ18.6 | โ17.6 | โ44.0 | โ26.3 | โ29.5 |
| Accruals ratio | โ29.7% | โ67.7% | โ39.0% | โ46.9% | โ17.6% |
Source: SEC EDGAR XBRL filings (CIK 0001560293). 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.