SIBN Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2017βFY2025
SI-BONE, Inc. had $201M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +22.3% a year on average.
Last close Β· Oct 23, 2026
$21.48
0.4%Hi! I read SI-BONE, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+20.2%
Yes. Sales grew 20.2% last year.
Does it make a profit?
β9.4%
No. It lost money last year.
Does profit turn into cash?
β4.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 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· SI-BONE, Inc. had $201M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +22.3% a year on average. Its operating margin was β11.1%, up 10.0Β pts: of every 100 in sales, about β11 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· SI-BONE, Inc. lost $18.9M 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$9.1M in fiscal 2025, β4.5% 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 $11.8M 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
$11.8M
7 insiders
Of sales under plans
66%
$7.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | Laura FrancisChief Executive Officer, Director | Sold plan | 38,006 | $20.05 | $0.8M | Form 4 |
| Oct 5, 2026 | Anshul MaheshwariChief Op & Financial Officer | Sold plan | 1,731 | $19.50 | $0.0M | Form 4 |
| Oct 2, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,133 | $18.17 | $0.1M | Form 4 |
| Oct 2, 2026 | Anshul MaheshwariChief Op & Financial Officer | Sold plan | 3,318 | $18.18 | $0.1M | Form 4 |
| Oct 1, 2026 | Jeffrey W DunnDirector | Sold plan | 20,000 | $18.47 | $0.4M | Form 4 |
| Sep 1, 2026 | Jeffrey W DunnDirector | Sold plan | 20,000 | $18.91 | $0.4M | Form 4 |
| Aug 24, 2026 | Laura FrancisChief Executive Officer, Director | Sold plan | 25,972 | $20.12 | $0.5M | Form 4 |
| Aug 24, 2026 | Anshul MaheshwariChief Op & Financial Officer | Sold plan | 11,636 | $20.11 | $0.2M | Form 4 |
| Aug 21, 2026 | Laura FrancisChief Executive Officer, Director | Sold plan | 3,923 | $20.02 | $0.1M | Form 4 |
| Aug 21, 2026 | Anshul MaheshwariChief Op & Financial Officer | Sold plan | 11,228 | $20.02 | $0.2M | Form 4 |
| Aug 20, 2026 | Laura FrancisChief Executive Officer, Director | Sold plan | 51,884 | $19.46 | $1.0M | Form 4 |
| Aug 19, 2026 | Anshul MaheshwariChief Op & Financial Officer | Sold plan | 5,747 | $19.55 | $0.1M | Form 4 |
| Aug 17, 2026 | Laura FrancisChief Executive Officer, Director | Sold | 14,956 | $18.66 | $0.3M | Form 4 |
| Aug 17, 2026 | Anshul MaheshwariChief Financial Officer | Sold | 4,665 | $18.65 | $0.1M | Form 4 |
| Aug 17, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,725 | $18.64 | $0.1M | Form 4 |
| Aug 3, 2026 | Jeffrey W DunnDirector | Sold plan | 20,000 | $18.46 | $0.4M | Form 4 |
| Jul 2, 2026 | Anshul MaheshwariChief Financial Officer | Sold | 3,317 | $16.77 | $0.1M | Form 4 |
| Jul 2, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,134 | $16.71 | $0.1M | Form 4 |
| Jun 5, 2026 | Jeffrey W DunnDirector | Sold | 3,575 | $15.25 | $0.1M | Form 4 |
| May 29, 2026 | Timothy E Davis JRDirector | Sold | 3,500 | $14.14 | $0.0M | Form 4 |
| May 28, 2026 | Timothy E Davis JRDirector | Sold | 3,780 | $14.47 | $0.1M | Form 4 |
| May 18, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,726 | $14.64 | $0.1M | Form 4 |
| May 18, 2026 | Anshul MaheshwariChief Financial Officer | Sold | 4,666 | $14.68 | $0.1M | Form 4 |
| May 18, 2026 | Laura FrancisChief Executive Officer, Director | Sold | 14,957 | $14.71 | $0.2M | Form 4 |
| May 4, 2026 | Jeffrey W DunnDirector | Sold | 337 | $13.15 | $0.0M | Form 4 |
| Apr 2, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 1,335 | $12.85 | $0.0M | Form 4 |
| Apr 2, 2026 | Anshul MaheshwariChief Financial Officer | Sold | 3,318 | $12.87 | $0.0M | Form 4 |
| Apr 1, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 1,799 | $12.95 | $0.0M | Form 4 |
| Mar 12, 2026 | Mika NishimuraDirector | Sold | 4,100 | $13.83 | $0.1M | Form 4 |
| Feb 17, 2026 | Anthony J RecuperoSee Remarks | Sold | 21,049 | $15.40 | $0.3M | Form 4 |
| Feb 17, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 20,756 | $15.35 | $0.3M | Form 4 |
| Feb 17, 2026 | Anshul MaheshwariChief Financial Officer | Sold | 21,528 | $15.38 | $0.3M | Form 4 |
| Feb 17, 2026 | Laura FrancisChief Executive Officer, Director | Sold | 93,475 | $15.32 | $1.4M | Form 4 |
| Feb 2, 2026 | Jeffrey W DunnDirector | Sold | 337 | $16.42 | $0.0M | Form 4 |
| Jan 8, 2026 | Jeffrey W DunnDirector | Sold plan | 20,000 | $21.28 | $0.4M | Form 4 |
| Jan 2, 2026 | Anthony J RecuperoPresident, Commercial Ops | Sold | 3,677 | $19.62 | $0.1M | Form 4 |
| Jan 2, 2026 | Anshul MaheshwariChief Financial Officer | Sold plan | 5,229 | $19.64 | $0.1M | Form 4 |
| Jan 2, 2026 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,460 | $19.62 | $0.1M | Form 4 |
| Dec 18, 2025 | Anshul MaheshwariChief Financial Officer | Sold plan | 18,542 | $20.15 | $0.4M | Form 4 |
| Dec 18, 2025 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold plan | 19,600 | $20.15 | $0.4M | Form 4 |
| Dec 8, 2025 | Jeffrey W DunnDirector | Sold plan | 20,000 | $19.33 | $0.4M | Form 4 |
| Nov 25, 2025 | Anshul MaheshwariChief Financial Officer | Sold plan | 100 | $20.00 | $0.0M | Form 4 |
| Nov 24, 2025 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold plan | 400 | $20.00 | $0.0M | Form 4 |
| Nov 21, 2025 | Anshul MaheshwariChief Financial Officer | Sold plan | 1,200 | $20.01 | $0.0M | Form 4 |
| Nov 18, 2025 | Laura FrancisChief Executive Officer, Director | Sold plan | 5,411 | $17.70 | $0.1M | Form 4 |
| Nov 17, 2025 | Laura FrancisChief Executive Officer, Director | Sold plan | 11,341 | $17.42 | $0.2M | Form 4 |
| Nov 17, 2025 | Anshul MaheshwariChief Financial Officer | Sold | 3,460 | $17.43 | $0.1M | Form 4 |
| Nov 17, 2025 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,328 | $17.41 | $0.1M | Form 4 |
| Nov 17, 2025 | Anthony J RecuperoPresident, Commercial Ops | Sold | 3,833 | $17.44 | $0.1M | Form 4 |
| Nov 11, 2025 | Jeffrey W DunnDirector | Sold plan | 80,000 | $18.95 | $1.5M | Form 4 |
| Nov 11, 2025 | Laura FrancisChief Executive Officer, Director | Sold plan | 5,411 | $17.06 | $0.1M | Form 4 |
| Nov 11, 2025 | Anshul MaheshwariChief Financial Officer | Sold plan | 2,601 | $18.33 | $0.0M | Form 4 |
| Nov 3, 2025 | Jeffrey W DunnDirector | Sold | 293 | $14.80 | $0.0M | Form 4 |
| Oct 2, 2025 | Michael A. PisetskySVP, Ops & Adm/Chief Legal Ofr | Sold | 3,128 | $14.25 | $0.0M | Form 4 |
| Oct 2, 2025 | Anthony J RecuperoPresident, Commercial Ops | Sold | 3,311 | $14.26 | $0.0M | Form 4 |
| Oct 2, 2025 | Anshul MaheshwariChief Financial Officer | Sold | 3,311 | $14.20 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· SI-BONE, Inc. has $6.7M more cash than debt.
Cash, debt and the ratios that show how comfortably SI-BONE, 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 | $147M | $97.3M | $33.3M | $34.9M | $42.2M |
| Debt incl. finance leases | $35.0M | $35.2M | $36.1M | $35.5M | $35.6M |
| Debt / equity | 0.3x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | β9.6x | β21.1x | β13.6x | β10.2x | β8.5x |
| Current ratio | 10.4x | 6.5x | 9.0x | 7.7x | 8.5x |
| Quick ratio | 9.7x | 5.7x | 8.1x | 6.7x | 7.2x |
| Total assets | $191M | $158M | $230M | $230M | $239M |
| Total liabilities | $56.1M | $59.3M | $61.1M | $63.5M | $61.0M |
| Shareholders' equity | $134M | $98.3M | $169M | $167M | $178M |
| Net debt (β = net cash) | β$112M | β$62.1M | $2.8M | $0.5M | β$6.7M |
KIRA Β· Its return on capital was β10.3%: every 100 invested in the business earned about β10 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· SI-BONE, Inc. passes 6 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 | 5 / 9 | 2 / 9 | 4 / 9 | 3 / 9 | 2 / 9 | 4 / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | β15.4% | β3.4% | β5.3% | β7.7% | β8.2% | β11.3% | β12.7% | β8.0% | β7.8% |
| Altman Z'' | β14.10 | 3.70 | β1.10 | 4.67 | 1.11 | β3.34 | 1.23 | 0.77 | 1.52 |
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 | $48.0M | $55.4M | $67.3M | $73.4M | $90.2M | $106M | $139M | $167M | $201M |
| Gross profit | $42.9M | $50.5M | $60.5M | $64.5M | $79.7M | $90.7M | $109M | $132M | $160M |
| Research and development | $5.5M | $5.4M | $7.3M | $9.5M | $12.4M | $13.6M | $15.0M | $16.6M | $17.4M |
| Operating income | β$17.4M | β$12.0M | β$36.0M | β$38.6M | β$51.7M | β$59.6M | β$46.9M | β$35.2M | β$22.3M |
| Interest expense | $6.2M | $5.1M | $4.9M | $6.1M | $5.4M | $2.8M | $3.5M | $3.4M | $2.6M |
| Pretax income | β$23.0M | β$17.5M | β$38.4M | β$43.7M | β$57.0M | β$61.4M | β$43.5M | β$31.1M | β$19.1M |
| Income tax | $0.0M | $0.0M | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$23.0M | β$17.5M | β$38.4M | β$43.7M | β$56.6M | β$61.3M | β$43.3M | β$30.9M | β$18.9M |
| Diluted EPS | β$6.65 | β$2.20 | β$1.55 | β$1.50 | β$1.71 | β$1.79 | β$1.13 | β$0.75 | β$0.44 |
| Diluted shares | 0.00B | 0.01B | 0.02B | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B |
| Cash flow | |||||||||
| Cash from operations | β$17.5M | β$14.5M | β$31.6M | β$30.7M | β$39.5M | β$41.7M | β$18.7M | β$12.4M | β$0.7M |
| Capital expenditure | $0.5M | $0.9M | $2.4M | $2.6M | $6.4M | $9.5M | $7.8M | $10.5M | $8.4M |
| Free cash flow | β$18.0M | β$15.5M | β$34.1M | β$33.2M | β$45.9M | β$51.2M | β$26.5M | β$22.9M | β$9.1M |
| Depreciation and amortization | $1.0M | $0.7M | $0.8M | $1.1M | $2.1M | $3.5M | $5.4M | $4.4M | $5.8M |
| Stock-based compensation | $1.4M | $2.3M | $7.5M | $11.9M | $16.9M | $23.1M | $24.1M | $25.9M | $25.5M |
| Share buybacks | $0.0M | $0.1M | $0.0M | β | β | β | β | β | β |
| Dividends and buybacks | $0.0M | $0.1M | $0.0M | β | β | β | β | β | β |
| Balance sheet | |||||||||
| Cash and short-term investments | $22.4M | $122M | $91.8M | $196M | $147M | $97.3M | $33.3M | $34.9M | $42.2M |
| Total debt | $38.7M | $39.0M | $39.2M | $39.5M | $35.0M | $35.2M | $36.1M | $35.5M | $35.6M |
| Current assets | $33.6M | $136M | $111M | $218M | $176M | $138M | $211M | $208M | $216M |
| Current liabilities | $7.5M | $9.0M | $18.8M | $13.5M | $16.9M | $21.2M | $23.5M | $27.1M | $25.3M |
| Inventory | $2.6M | $3.3M | $5.5M | $5.6M | $11.5M | $17.3M | $20.2M | $27.1M | $33.9M |
| Property and equipment, net | $1.9M | $2.2M | $4.0M | $4.5M | $9.0M | $15.6M | $16.0M | $20.4M | $21.3M |
| Total assets | $35.8M | $139M | $117M | $223M | $191M | $158M | $230M | $230M | $239M |
| Total liabilities | $46.7M | $48.3M | $54.0M | $53.8M | $56.1M | $59.3M | $61.1M | $63.5M | $61.0M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$129M | $90.2M | $63.0M | $169M | $134M | $98.3M | $169M | $167M | $178M |
| Margins | |||||||||
| Gross margin | 89.3% | 91.3% | 89.9% | 87.9% | 88.4% | 85.2% | 78.8% | 79.0% | 79.6% |
| Operating margin | β36.2% | β21.6% | β53.5% | β52.6% | β57.3% | β56.0% | β33.8% | β21.1% | β11.1% |
| EBITDA margin | β34.0% | β20.3% | β52.3% | β51.0% | β55.0% | β52.8% | β29.9% | β18.5% | β8.2% |
| Net margin | β48.0% | β31.5% | β57.1% | β59.5% | β62.8% | β57.6% | β31.2% | β18.5% | β9.4% |
| FCF margin | β37.5% | β27.9% | β50.6% | β45.3% | β50.9% | β48.1% | β19.1% | β13.7% | β4.5% |
| Returns | |||||||||
| Return on capital | β | β136.4% | β272.1% | β246.0% | β182.1% | β130.1% | β21.5% | β16.6% | β10.3% |
| Return on capital employed | β61.3% | β9.2% | β36.6% | β18.4% | β29.8% | β43.7% | β22.7% | β17.3% | β10.5% |
| Return on equity | β | β | β50.1% | β37.6% | β37.2% | β52.6% | β32.4% | β18.4% | β11.0% |
| Return on assets | β64.3% | β20.0% | β30.1% | β25.7% | β27.4% | β35.2% | β22.3% | β13.4% | β8.1% |
| Return on tangible equity | β | β19.4% | β60.9% | β25.8% | β42.1% | β62.3% | β25.6% | β18.5% | β10.6% |
| Growth | |||||||||
| Revenue growth | β | 15.4% | 21.5% | 9.0% | 22.8% | 18.0% | 30.5% | 20.4% | 20.2% |
| Share count change | β | 129.3% | 210.8% | 17.6% | 14.1% | 3.2% | 12.4% | 7.9% | 3.6% |
| Financial health | |||||||||
| Debt / equity | β | 0.4x | 0.6x | 0.2x | 0.3x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | β2.8x | β2.3x | β7.3x | β6.3x | β9.6x | β21.1x | β13.6x | β10.2x | β8.5x |
| Current ratio | 4.5x | 15.1x | 5.9x | 16.2x | 10.4x | 6.5x | 9.0x | 7.7x | 8.5x |
| Quick ratio | 4.1x | 14.7x | 5.6x | 15.8x | 9.7x | 5.7x | 8.1x | 6.7x | 7.2x |
| Capital allocation | |||||||||
| Capex / revenue | 1.0% | 1.7% | 3.6% | 3.5% | 7.1% | 8.9% | 5.6% | 6.3% | 4.2% |
| Stock comp / revenue | 3.0% | 4.2% | 11.1% | 16.3% | 18.7% | 21.7% | 17.3% | 15.5% | 12.7% |
| Quality scores | |||||||||
| Piotroski F-score | β | 5.0 | 2.0 | 4.0 | 3.0 | 2.0 | 4.0 | 5.0 | 6.0 |
| Altman Z'' | β14.1 | 3.7 | β1.1 | 4.7 | 1.1 | β3.3 | 1.2 | 0.8 | 1.5 |
| Accruals ratio | β15.4% | β3.4% | β5.3% | β7.7% | β8.2% | β11.3% | β12.7% | β8.0% | β7.8% |
Source: SEC EDGAR XBRL filings (CIK 0001459839). 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.
