Tactile Systems Technology, Inc. (TCMD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+150.7%

$57.34

vs $22.87 price

Levered DCF

$72.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.3

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.94×	24.13×	11.53×	-12.9×	-31.72×	-1,498×	116.4×	133.97×
P/B	3.03×	1.89×	1.69×	1.9×	2.93×	6.97×	11.34×	9.87×
P/S	2.01×	1.4×	1.19×	0.93×	1.8×	4.65×	6.74×	6.13×
EV / EBITDA	15.27×	11.12×	12.01×	-43.74×	303.94×	-1,010.78×	90.56×	288.02×
Gross margin	75.2%	74.0%	71.1%	71.3%	71.2%	71.0%	70.8%	71.1%
Operating margin	8.9%	7.6%	6.6%	-5.2%	-0.8%	-1.9%	5.5%	2.1%
Net margin	5.8%	5.8%	10.4%	-7.2%	-5.7%	-0.3%	5.8%	4.6%
Current ratio	4.03×	4.36×	3.54×	1.86×	3.29×	4.63×	5.06×	5.28×
Debt / equity	0.07×	0.21×	0.26×	0.59×	0.63×	0.17×	0.15×	0×
Interest coverage	28.21×	10.64×	4.35×	-4.58×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	7.8%	14.7%	-14.7%	-9.2%	-0.5%	9.7%	7.4%
Return on invested capital	7.5%	6.1%	7.3%	-6.5%	-0.8%	-0.7%	7.9%	3.3%
Return on assets	7.0%	5.7%	10.1%	-7.0%	-4.8%	-0.4%	7.2%	6.2%
Free cash flow yield	6.1%	9.3%	10.2%	1.4%	0.1%	0.1%	-0.3%	-0.1%
Earnings yield	2.9%	4.1%	8.7%	-7.8%	-3.1%	-0.1%	0.9%	0.8%
Enterprise value	$595.8M	$359.9M	$317.2M	$280.7M	$427.6M	$843M	$1.3B	$861.2M
Net debt / EBITDA	-1.73×	-1.52×	-0.4×	-7.84×	37.23×	31.73×	-0.44×	-6.72×
Cash conversion cycle (days)	89	118	130	149	173	182	165	120