OM Nasdaq Electromedical & Electrotherapeutic Apparatus Financials FY2018βFY2025
Outset Medical, Inc. had $119M of revenue in fiscal 2025, up 5.1% on the year before. Over five years, revenue changed +19.1% a year on average.
Last close Β· Oct 23, 2026
$4.10
1.7%Hi! I read Outset Medical, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+5.1%
Yes. Sales grew 5.1% last year.
Does it make a profit?
β68.3%
No. It lost money last year.
Does profit turn into cash?
β39.4%
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?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Outset Medical, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 7, 2026 | Q1 '26 | After the market closes | 8-K β |
| Jan 7, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 10, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 7, 2025 | Q1 '25 | After the market closes | 8-K β |
| Jan 3, 2025 | Q4 '24 | Time not announced | 8-K β |
| Nov 6, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Outset Medical, Inc. had $119M of revenue in fiscal 2025, up 5.1% on the year before. Over five years, revenue changed +19.1% a year on average. Its operating margin was β55.8%, up 43.9Β pts: of every 100 in sales, about β56 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· Outset Medical, Inc. lost $81.7M 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$47.1M in fiscal 2025, β39.4% 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· No open-market insider trades in the last 12 months.
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
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Outset Medical, Inc. has $72.7M more cash than debt.
Cash, debt and the ratios that show how comfortably Outset Medical, 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 | $339M | $288M | $203M | $159M | $169M |
| Debt incl. finance leases | $31.8M | $101M | $130M | $197M | $96.2M |
| Debt / equity | 0.1x | 0.4x | 1.1x | 7.4x | 0.8x |
| Interest coverage | β76.1x | β45.2x | β13.4x | β4.7x | β4.8x |
| Current ratio | 7.9x | 7.2x | 5.3x | 5.7x | 6.7x |
| Quick ratio | 7.2x | 6.2x | 4.4x | 4.4x | 5.4x |
| Total assets | $463M | $400M | $314M | $276M | $264M |
| Total liabilities | $89.4M | $154M | $191M | $249M | $138M |
| Shareholders' equity | $374M | $246M | $123M | $26.8M | $127M |
| Net debt (β = net cash) | β$308M | β$186M | β$73.2M | $38.7M | β$72.7M |
KIRA Β· Its return on capital was β97.2%: every 100 invested in the business earned about β97 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· Outset Medical, 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 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 5 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 6 / 9 |
| Accruals ratio | β | 2.3% | β9.1% | β0.4% | β4.0% | β11.6% | β4.0% | β13.1% |
| Altman Z'' | β | β22.67 | 3.67 | 3.17 | β2.18 | β8.02 | β10.47 | β9.87 |
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 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $2.0M | $15.1M | $49.9M | $103M | $115M | $130M | $114M | $119M |
| Gross profit | β$6.1M | β$17.8M | β$13.0M | $7.6M | $17.8M | $29.0M | $38.6M | $46.8M |
| Research and development | $22.9M | $23.3M | $28.9M | $36.7M | $48.9M | $57.3M | $38.4M | $21.2M |
| Operating income | β$46.6M | β$70.3M | β$117M | β$131M | β$161M | β$170M | β$113M | β$66.7M |
| Interest expense | $4.6M | $4.3M | $2.9M | $1.7M | $3.6M | $12.7M | $23.9M | $14.0M |
| Pretax income | β$49.8M | β$68.3M | β$121M | β$132M | β$163M | β$172M | β$127M | β$80.9M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.2M | $0.3M | $0.5M | $0.5M | $0.7M |
| Net income | β$49.8M | β$68.3M | β$121M | β$132M | β$163M | β$173M | β$128M | β$81.7M |
| Diluted EPS | β$100.75 | β$99.58 | β$4.85 | β$2.89 | β$3.38 | β$52.28 | β$36.96 | β$5.37 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||
| Cash from operations | β$46.4M | β$70.3M | β$99.0M | β$130M | β$146M | β$131M | β$116M | β$46.3M |
| Capital expenditure | $1.8M | $3.3M | $9.1M | $3.1M | $8.3M | $3.4M | $0.9M | $0.8M |
| Free cash flow | β$48.2M | β$73.6M | β$108M | β$133M | β$154M | β$135M | β$117M | β$47.1M |
| Depreciation and amortization | $1.1M | $1.5M | $3.2M | $5.2M | $5.2M | $5.8M | $5.7M | $4.3M |
| Stock-based compensation | $0.8M | $0.9M | $21.4M | $17.4M | $27.2M | $38.6M | $29.4M | $15.6M |
| Balance sheet | ||||||||
| Cash and short-term investments | β | $70.1M | $315M | $339M | $288M | $203M | $159M | $169M |
| Total debt | β | $29.1M | $31.7M | $31.8M | $101M | $130M | $197M | $96.2M |
| Current assets | β | $79.6M | $346M | $410M | $374M | $291M | $258M | $251M |
| Current liabilities | β | $24.9M | $36.7M | $51.7M | $51.9M | $55.3M | $45.4M | $37.6M |
| Inventory | β | $4.6M | $18.4M | $39.2M | $51.5M | $49.2M | $59.4M | $47.6M |
| Property and equipment, net | β | $7.9M | $15.0M | $13.0M | $15.9M | $13.3M | $8.1M | $4.7M |
| Total assets | β | $88.4M | $404M | $463M | $400M | $314M | $276M | $264M |
| Total liabilities | β | $51.1M | $75.2M | $89.4M | $154M | $191M | $249M | $138M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$288M | β$372M | $329M | $374M | $246M | $123M | $26.8M | $127M |
| Margins | ||||||||
| Gross margin | β304.7% | β118.1% | β26.1% | 7.4% | 15.5% | 22.2% | 33.9% | 39.1% |
| Operating margin | β2,320.0% | β466.3% | β235.2% | β127.2% | β139.6% | β130.2% | β99.7% | β55.8% |
| EBITDA margin | β2,266.8% | β456.4% | β228.9% | β122.2% | β135.1% | β125.8% | β94.7% | β52.2% |
| Net margin | β2,480.3% | β453.0% | β243.3% | β128.6% | β141.2% | β132.5% | β112.6% | β68.3% |
| FCF margin | β2,402.0% | β488.0% | β216.5% | β130.0% | β133.5% | β103.4% | β103.1% | β39.4% |
| Returns | ||||||||
| Return on capital | β | β | β204.2% | β155.3% | β213.5% | β270.0% | β136.7% | β97.2% |
| Return on capital employed | β | β110.8% | β32.0% | β31.7% | β46.2% | β65.7% | β49.2% | β29.4% |
| Return on equity | β | β | β | β37.6% | β52.6% | β93.7% | β171.0% | β106.2% |
| Return on assets | β | β77.3% | β49.4% | β30.4% | β37.7% | β48.4% | β43.4% | β30.2% |
| Return on tangible equity | β | β | β37.0% | β35.3% | β66.2% | β140.6% | β477.2% | β64.3% |
| Growth | ||||||||
| Revenue growth | β | 651.3% | 231.2% | 105.5% | 12.4% | 13.0% | β12.8% | 5.1% |
| Share count change | β | 18.3% | β98.1% | 178.0% | 5.7% | β93.2% | 6.1% | 334.3% |
| Financial health | ||||||||
| Debt / equity | β | β | 0.1x | 0.1x | 0.4x | 1.1x | 7.4x | 0.8x |
| Interest coverage | β10.0x | β16.5x | β40.6x | β76.1x | β45.2x | β13.4x | β4.7x | β4.8x |
| Current ratio | β | 3.2x | 9.4x | 7.9x | 7.2x | 5.3x | 5.7x | 6.7x |
| Quick ratio | β | 3.0x | 8.9x | 7.2x | 6.2x | 4.4x | 4.4x | 5.4x |
| Capital allocation | ||||||||
| Capex / revenue | 88.0% | 21.8% | 18.2% | 3.0% | 7.2% | 2.6% | 0.8% | 0.7% |
| Stock comp / revenue | 39.3% | 5.9% | 42.9% | 17.0% | 23.6% | 29.6% | 25.8% | 13.1% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | 6.0 | 5.0 | 3.0 | 4.0 | 4.0 | 6.0 |
| Altman Z'' | β | β22.7 | 3.7 | 3.2 | β2.2 | β8.0 | β10.5 | β9.9 |
| Accruals ratio | β | 2.3% | β9.1% | β0.4% | β4.0% | β11.6% | β4.0% | β13.1% |
Source: SEC EDGAR XBRL filings (CIK 0001484612). 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.
