ESTA Nasdaq Orthopedic, Prosthetic & Surgical Appliances & Supplies Financials FY2017βFY2025
Establishment Labs Holdings Inc. had $211M of revenue in fiscal 2025, up 27.1% on the year before. Over five years, revenue changed +20.0% a year on average.
Last close Β· Oct 23, 2026
$63.80
0.4%Hi! I read Establishment Labs Holdings Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+27.1%
Yes. Sales grew 27.1% last year.
Does it make a profit?
β24.2%
No. It lost money last year.
Does profit turn into cash?
β27.0%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Establishment Labs Holdings Inc. had $211M of revenue in fiscal 2025, up 27.1% on the year before. Over five years, revenue changed +20.0% a year on average. Its operating margin was β18.5%, up 11.6Β pts: of every 100 in sales, about β18 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Establishment Labs Holdings Inc. lost $51.1M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$56.9M in fiscal 2025, β27.0% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $36.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$36.9M
6 insiders
Of sales under plans
62%
$22.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 28, 2026 | JW Partners, LPSee footnote 3 | Sold | 65,100 | $72.89 | $4.7M | Form 4 |
| May 27, 2026 | JW Partners, LPSee footnote 3 | Sold | 113 | $72.50 | $0.0M | Form 4 |
| May 26, 2026 | JW Partners, LPSee footnote 3 | Sold | 25,320 | $74.39 | $1.9M | Form 4 |
| May 21, 2026 | JW GP, LLC10% owner | Sold | 16,999 | $71.40 | $1.2M | Form 4 |
| May 20, 2026 | JW GP, LLC10% owner | Sold | 3,580 | $70.56 | $0.3M | Form 4 |
| May 6, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 105,000 | $75.42 | $7.9M | Form 4 |
| May 6, 2026 | JW Asset Management, LLC10% owner | Sold | 60,000 | $75.63 | $4.5M | Form 4 |
| May 4, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 7,751 | $70.48 | $0.5M | Form 4 |
| May 1, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 67,249 | $70.78 | $4.8M | Form 4 |
| Apr 27, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 2,180 | $66.26 | $0.1M | Form 4 |
| Apr 24, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 30,178 | $65.78 | $2.0M | Form 4 |
| Apr 23, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 42,642 | $65.43 | $2.8M | Form 4 |
| Apr 14, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 37,500 | $65.23 | $2.4M | Form 4 |
| Mar 25, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 3,575 | $60.08 | $0.2M | Form 4 |
| Mar 23, 2026 | Quiros Juan Jose ChaconDirector | Sold plan | 33,925 | $60.39 | $2.0M | Form 4 |
| Nov 10, 2025 | JW Opportunities Fund, LLC10% owner | Sold | 11,000 | $67.07 | $0.7M | Form 4 |
| Nov 7, 2025 | JW Asset Management, LLC10% owner | Sold | 2,500 | $65.09 | $0.2M | Form 4 |
| Nov 6, 2025 | Jason G. Wild10% owner | Sold | 7,591 | $65.00 | $0.5M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Establishment Labs Holdings Inc. owes $172M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Establishment Labs Holdings Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $53.4M | $66.4M | $40.0M | $90.3M | $75.6M |
| Debt incl. finance leases | $51.9M | $175M | $189M | $0.0M | $248M |
| Debt / equity | 1.0x | β | 10.3x | 0.0x | 10.5x |
| Interest coverage | β2.8x | β3.4x | β4.2x | β2.4x | β1.5x |
| Current ratio | 3.6x | 3.8x | 3.1x | 3.6x | 3.0x |
| Quick ratio | 2.7x | 2.9x | 1.7x | 2.4x | 2.0x |
| Total assets | $140M | $211M | $269M | $347M | $357M |
| Total liabilities | $88.8M | $219M | $250M | $294M | $334M |
| Shareholders' equity | $50.7M | β$8.2M | $18.4M | $53.1M | $23.5M |
| Net debt (β = net cash) | β$1.5M | $109M | $149M | β$90.3M | $172M |
KIRA Β· Its return on capital was β15.8%: every 100 invested in the business earned about β16 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Establishment Labs Holdings Inc. passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 3 / 8 | 5 / 9 | 3 / 9 | 2 / 9 | 2 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | β5.1% | 14.7% | β7.0% | β18.8% | β9.2% | β13.1% | 4.2% | β8.5% | β0.0% |
| Altman Z'' | β8.39 | 2.36 | β0.71 | 0.79 | β1.61 | β2.20 | β3.04 | β1.65 | β2.10 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $34.7M | $61.2M | $89.6M | $84.7M | $127M | $162M | $165M | $166M | $211M |
| Gross profit | $17.7M | $36.1M | $54.9M | $52.5M | $85.4M | $107M | $107M | $110M | $146M |
| Research and development | $6.9M | $12.7M | $15.0M | $13.8M | $18.3M | $20.3M | $26.4M | $19.7M | $20.2M |
| Operating income | β$20.0M | β$23.9M | β$30.9M | β$27.9M | β$25.1M | β$39.7M | β$65.0M | β$50.0M | β$39.0M |
| Interest expense | $10.4M | $8.8M | $8.7M | $9.4M | $9.1M | $11.8M | $15.4M | $20.8M | $25.3M |
| Pretax income | β$34.8M | β$20.9M | β$37.5M | β$38.0M | β$39.7M | β$72.8M | β$78.6M | β$84.6M | β$58.0M |
| Income tax | $0.1M | $0.2M | $0.6M | $0.1M | $1.4M | $2.4M | β$0.1M | β$0.0M | β$7.0M |
| Net income | β$34.9M | β$21.1M | β$38.2M | β$38.1M | β$41.1M | β$75.2M | β$78.5M | β$84.6M | β$51.1M |
| Diluted EPS | β$3.41 | β$1.22 | β$1.86 | β$1.63 | β$1.72 | β$3.08 | β$3.07 | β$3.00 | β$1.72 |
| Diluted shares | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.03B |
| Cash flow | |||||||||
| Cash from operations | β$32.0M | β$33.9M | β$30.0M | β$12.5M | β$27.5M | β$52.2M | β$88.5M | β$58.5M | β$50.9M |
| Capital expenditure | $0.9M | $1.7M | $6.3M | $2.1M | $2.4M | $2.9M | $7.9M | $6.1M | $6.0M |
| Free cash flow | β$32.9M | β$35.6M | β$36.3M | β$14.6M | β$30.0M | β$55.0M | β$96.4M | β$64.6M | β$56.9M |
| Depreciation and amortization | β | β | β | β | $2.5M | $2.5M | $2.8M | $4.7M | $6.2M |
| Stock-based compensation | β | $7.3M | $6.5M | $5.7M | $10.4M | $13.4M | $14.4M | $14.4M | $11.4M |
| Acquisitions | β | β | β | β | β | $0.0M | $0.0M | $0.1M | $0.3M |
| Share buybacks | $4.5M | $0.0M | β | β | β | β | β | β | β |
| Dividends and buybacks | $4.5M | $0.0M | β | β | β | β | β | β | β |
| Balance sheet | |||||||||
| Cash and short-term investments | $10.9M | $52.6M | $37.7M | $84.5M | $53.4M | $66.4M | $40.0M | $90.3M | $75.6M |
| Total debt | β | β | $48.1M | $49.8M | $51.9M | $175M | $189M | $0.0M | $248M |
| Finance lease liabilities | β | β | β | $0.2M | $0.0M | β | β | β | β |
| Current assets | $39.4M | $99.4M | $95.8M | $132M | $113M | $150M | $175M | $243M | $250M |
| Current liabilities | $57.4M | $16.4M | $23.2M | $25.9M | $31.9M | $39.0M | $57.2M | $68.3M | $82.1M |
| Inventory | $13.2M | $24.8M | $28.7M | $23.2M | $28.4M | $36.6M | $79.5M | $78.8M | $85.6M |
| Property and equipment, net | $13.5M | $12.9M | $16.4M | $16.2M | $18.7M | $51.1M | $77.2M | $78.0M | $75.6M |
| Goodwill | $0.5M | $0.5M | $0.5M | $0.5M | $0.5M | $0.5M | $0.5M | $1.2M | $1.2M |
| Intangible assets | $3.4M | $3.4M | $3.4M | $4.1M | $4.4M | $4.6M | $8.0M | $11.7M | $9.9M |
| Total assets | $57.1M | $117M | $117M | $156M | $140M | $211M | $269M | $347M | $357M |
| Total liabilities | $62.1M | $47.1M | $76.9M | $81.4M | $88.8M | $219M | $250M | $294M | $334M |
| Shareholders' equity | β$5.0M | $69.5M | $39.6M | $75.0M | $50.7M | β$8.2M | $18.4M | $53.1M | $23.5M |
| Margins | |||||||||
| Gross margin | 51.0% | 59.0% | 61.3% | 62.0% | 67.4% | 65.9% | 64.8% | 66.0% | 69.3% |
| Operating margin | β57.6% | β39.0% | β34.5% | β33.0% | β19.8% | β24.5% | β39.4% | β30.1% | β18.5% |
| EBITDA margin | β | β | β | β | β17.9% | β23.0% | β37.7% | β27.3% | β15.5% |
| Net margin | β100.6% | β34.5% | β42.6% | β45.0% | β32.5% | β46.5% | β47.5% | β51.0% | β24.2% |
| FCF margin | β94.8% | β58.2% | β40.5% | β17.3% | β23.6% | β34.0% | β58.4% | β38.9% | β27.0% |
| Returns | |||||||||
| Return on capital | β | β | β48.8% | β54.8% | β40.3% | β31.0% | β30.7% | β | β15.8% |
| Return on capital employed | 5,877.4% | β23.8% | β33.2% | β21.4% | β23.4% | β23.0% | β30.7% | β17.9% | β14.2% |
| Return on equity | β | β65.4% | β69.9% | β66.5% | β65.5% | β353.5% | β1,537.7% | β236.7% | β133.3% |
| Return on assets | β61.1% | β24.3% | β32.7% | β27.9% | β27.8% | β42.9% | β32.7% | β27.5% | β14.5% |
| Return on tangible equity | β | β32.2% | β106.8% | β54.2% | β89.6% | β | β789.5% | β210.4% | β411.9% |
| Growth | |||||||||
| Revenue growth | β | 76.5% | 46.3% | β5.5% | 49.6% | 27.6% | 2.1% | 0.5% | 27.1% |
| Share count change | β | 69.6% | 18.4% | 13.5% | 2.8% | 2.0% | 4.7% | 10.0% | 5.2% |
| Financial health | |||||||||
| Debt / equity | β | β | 1.2x | 0.7x | 1.0x | β | 10.3x | 0.0x | 10.5x |
| Interest coverage | β1.9x | β2.7x | β3.6x | β3.0x | β2.8x | β3.4x | β4.2x | β2.4x | β1.5x |
| Current ratio | 0.7x | 6.0x | 4.1x | 5.1x | 3.6x | 3.8x | 3.1x | 3.6x | 3.0x |
| Quick ratio | 0.5x | 4.5x | 2.9x | 4.2x | 2.7x | 2.9x | 1.7x | 2.4x | 2.0x |
| Capital allocation | |||||||||
| Capex / revenue | 2.6% | 2.8% | 7.0% | 2.5% | 1.9% | 1.8% | 4.8% | 3.7% | 2.9% |
| Stock comp / revenue | β | 12.0% | 7.3% | 6.8% | 8.2% | 8.3% | 8.7% | 8.7% | 5.4% |
| Quality scores | |||||||||
| Piotroski F-score | β | 3.0 | 3.0 | 5.0 | 3.0 | 2.0 | 2.0 | 5.0 | 4.0 |
| Altman Z'' | β8.4 | 2.4 | β0.7 | 0.8 | β1.6 | β2.2 | β3.0 | β1.7 | β2.1 |
| Accruals ratio | β5.1% | 14.7% | β7.0% | β18.8% | β9.2% | β13.1% | 4.2% | β8.5% | β0.0% |
Source: SEC EDGAR XBRL filings (CIK 0001688757). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
