TANDEM DIABETES CARE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TANDEM DIABETES CARE INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	84.2	108	184	362	499	703	801	748	940	1,015
Cost of revenue	60.7	63.5	94	168	238	327	388	380	451	469
Gross profit	23.6	44.1	89.8	194	261	376	413	368	490	546
Research and development	18.8	20.7	29.2	45.2	63.6	92.1	139	170	199	193
Selling, general and administrative	82.8	86.4	105	166	205	262	336	353	390	445
Operating expenses	102	107	134	211	268	354	506	601	589	733
Operating income	-78.1	-62.9	-44.6	-16.7	-7.96	22.7	-92.8	-233	-99.1	-187
Interest expense							6.21	9.88	7.42	7.91
Other non-operating income	-5.41	-10.1	-77.9	-7.88	-28.3	-6.75	-0	13	7.26	-13
Pre-tax income	-83.5	-73	-123	-24.6	-36.3	15.9	-92.9	-220	-91.9	-200
Income tax	-0.02	0.01	0.05	0.15	-1.9	0.34	1.74	2.36	4.16	4.44
Net income	-83.4	-73	-123	-24.8	-34.4	15.6	-94.6	-223	-96	-205
EBITDA	-72.6	-56.1	-38.8	-10.7	2.49	36.5	-78.5	-218	-82.5	-170
EPS, basic	-27.30	-12.87	-2.55	-0.42	-0.56	0.25	-1.47	-3.43	-1.47	-3.04
EPS, diluted	-27.30	-12.87	-2.55	-0.42	-0.56	0.24	-1.47	-3.43	-1.47	-3.04
Shares, basic (weighted)	3.06	5.68	48.1	58.5	61	63	64.1	65	65.5	67.3
Shares, diluted (weighted)	3.06	5.68	48.1	58.5	61	64.3	64.1	65	65.5	67.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	44.7	13.7	41.8	51.2	94.6	71.2	173	58.9	69.2	90.6
Short-term investments	8.86	0.48	87.2	125	390	553	444	409	369	202
Receivables	11.2	20.8	35.2	46.6	82.2	111	115	106	115	165
Inventory	21.2	27	19.9	49.1	63.7	68.6	111	158	150	129
Other current assets	4.19	2.19	3.77	4.03	6.38	8.43	7.24	16.6	22	31.2
Total current assets	92.1	64.2	188	276	637	812	850	748	724	618
Property, plant and equipment	18.4	19.6	17.2	32.9	50	50.4	68.6	76.5	78.2	83.6
Lease right-of-use assets				15.6	19.8	27.5	111	87.8	85.3	96.2
Intangible assets						6.64	4.63	2.78	0.93	11.7
Other non-current assets	0.11	0.1	1.26	1.49	9.39	15.7	23.6	40.3	5.17	22.9
Total assets	112	95.3	206	326	716	905	1,053	953	968	881
Accounts payable	7.51	5.15	6.82	17.7	17.8	28	55.7	49.6	44.7	47.1
Accrued liabilities	1.63	2.83	3.93	8.01	4.78	9.42	9.6	12.7	18.2	21
Deferred revenue	5.21	2.53	4.6	3.87	6.08	10.2	18.8	44	11.8	9.53
Short-term debt								0	40.7
Total current liabilities	31.5	36.1	66.3	99.4	104	132	165	195	247	243
Long-term debt	81.1	82.7						285	308	310
Lease liabilities				14.1	15.9	23.9	124	114	106	115
Other non-current liabilities	5.27	7.18	8.73	17.7	27.4	17.8	23.9	31.8	32.4	49.7
Total liabilities	118	124	75	131	350	472	613	639	705	726
Total debt	81.1	82.7						285	349	310
Paid-in capital	399	448	731	820	1,025	1,068	1,171	1,264	1,313	1,402
Retained earnings	-405	-478	-600	-625	-659	-635	-729	-952	-1,048	-1,253
Other comprehensive income	-0		-0.01	0.12	0.22	-0.62	-1.82	1.37	-1.95	5.59
Shareholders' equity	-5.93	-29.1	131	195	366	433	440	314	263	155
Total equity	-5.93	-29.1	131	195	366	433	440	314	263	155
Total liabilities and equity	112	95.3	206	326	716	905	1,053	953	968	881
Shares outstanding	3.11	10.1	57.6	59.4	62.3	63.8	64.5	65.6	66.3	68.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-83.4	-73	-123	-24.8	-34.4	15.6	-94.6	-223	-96	-205
Depreciation and amortization	5.49	6.87	5.82	6.07	10.5	13.8	14.3	15.7	16.6	17.7
Stock-based compensation	11.7	12.6	23.7	58.1	58.4	60.8	84.9	88.1	101	92.4
Deferred income tax		0	0	-0.03	-2.13	0	0	0	0	0
Change in receivables	2.25	-10.4	-15.8	-13.7	-38.8	-31	-7.83	4.28	-20.8	-56.8
Change in inventory	-6.9	-5.89	6.76	-31	-15.4	-4.95	-42.5	-46.1	5.81	24.8
Change in payables	3.23	-1.95	1.64	8.91	1.12	10.3	24.5	-4.86	-2.39	2.23
Cash from operations	-61.2	-66.1	-8.32	41.9	24.7	111	50.5	-31.8	24.2	-9.72
Capital expenditures	-8.93	-5.72	-2.99	-19.5	-27.4	-14.2	-34.1	-26.8	-19.2	-19.9
Purchases of investments	-30.6	0	-124	-165	-497	-733	-468	-511	-264	-85.7
Cash from investing	10.4	2.78	-90.7	-57	-296	-187	33.2	-85.7	-23.5	72.9
Stock issued	2.32	0.57	2.39	23.9	66.9	51.3	17.5	4.18	-6.73
Share buybacks							0	0	-30	0
Cash from financing	52.3	40.4	117	24.2	314	51.9	16.9	4.11	8.37	-43.4
Exchange rate effect		0	0	0.19	0.39	0.15	0.83	-0.21	1.26	1.61
Net change in cash	1.59	-23	18.1	9.35	43.4	-23.4	101	-114	10.4	21.4
Free cash flow	-70.1	-71.9	-11.3	22.4	-2.74	97.2	16.4	-58.6	4.99	-29.7
Interest paid	4.4	7.88	10.8	0	2.71	4.31	4.31	7.57	3.08	5.05
Income taxes paid	0.02	0.02	0.02	0.07	0.18	0.26	0.41	1.92	3.1	5.06

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.0%	Gross profit / revenue.
Operating margin	-4.4%	Operating income / revenue.
EBITDA margin	-2.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.9%	Pre-tax income / revenue.
Net margin	-6.1%	Net income / revenue.
FCF margin	-2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.5%	Cash from operations / revenue.
Return on equity (ROE)	-48.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.5%	Net income / average total assets.
Return on invested capital (ROIC)	-5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.0%	Research and development expense / revenue.
SG&A / revenue	42.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-140.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-694.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-41.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-29.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-15.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.18x	Current assets / current liabilities.
Quick ratio	2.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	4.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	52.2%	Total debt / total assets.
Liabilities / assets	88.7%	Total liabilities / total assets.
Net debt	$146.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-5.21x	Operating income / interest expense.
Working capital	$551.6M	Current assets - current liabilities.
Tangible book value	$130.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	12.3x	Revenue / average property, plant and equipment.
Inventory turnover	3.39x	Cost of revenue / average inventory.
Days inventory	108 days	365 x average inventory / cost of revenue.
Receivables turnover	6.43x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	113 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.09	Revenue / diluted weighted shares.
FCF per share	-$0.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.08	Cash from operations / diluted weighted shares.
Book value per share	$1.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.88	Tangible book value / shares outstanding.
Cash per share	$6.56	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.09B	Share price x shares outstanding.
Enterprise value	$1.24B	Market cap + total debt - cash - short-term investments.
P/S	1.05x	Market cap / revenue.
P/B	8.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.39x	Market cap / tangible book value, when positive.
EV/Sales	1.19x	Enterprise value / revenue.
FCF yield	-2.4%	Free cash flow / market cap.
Earnings yield	-5.8%	Net income / market cap (the inverse of P/E).

What was TANDEM DIABETES CARE INC's revenue in fiscal 2025?

TANDEM DIABETES CARE INC reported revenue of $1.01B for fiscal 2025, 7.9% higher than the year before.

Was TANDEM DIABETES CARE INC profitable in fiscal 2025?

No. It reported a net loss of $204.7M.

How much free cash flow did TANDEM DIABETES CARE INC generate in fiscal 2025?

Cash from operations of $9.7M minus capital expenditures of $19.9M left free cash flow of -$29.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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