TMDXTransMedics Group, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (2.3×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Margin-driven, fat margins on slower asset turns. ROE 33% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is TMDX?
TransMedics Group, Inc. keeps 12% of every revenue dollar as operating profit, against 2.1% for the median Medical Devices name.
Operating margin · Medical Devices median 2.1% · 12 months to Q2 2026
- Cash conversion
- 2.26×
Cash conversion · 1.56× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.37%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 14%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −103% |
| FY2021 | −130% |
| FY2022 | −34% |
| FY2023 | −12% |
| FY2024 | 8.5% |
| FY2025 | 18% |
Details›
- Gross margin12 months to Q2 2026
- 59%
- Operating margin12 months to Q2 2026
- 12%
- Net margin12 months to Q2 2026
- 23%
- Free cash flow margin
- 12%
- R&D as % of revenue
- 14%
- Revenue, trailing twelve months
- $668M
- Free cash flow, trailing twelve months
- $79M
- Net income, trailing twelve months
- $152M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.