Tenon Medical, Inc. (TNON) 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

-116666.0%

-$2,249.72

vs $1.93 price

Levered DCF

-$2,638.78

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-16.68

Distress zone

Rating

Overall 2 / 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
P/E	-0.56×	-0.17×	-0.18×	-0.67×	-2.88×	-31.91×	-36.64×
P/B	1.39×	0.38×	3.69×	2.04×	-0.99×	-5.93×	-7.15×
P/S	1.78×	0.7×	0.98×	18.48×	127.18×	425.56×	347.65×
EV / EBITDA	-0.28×	0.29×	-0.15×	-0.63×	-5.05×	-35.31×	-647,461.2×
Gross margin	59.8%	52.2%	42.4%	-92.8%	65.6%	58.3%	66.0%
Operating margin	-324.3%	-420.1%	-537.1%	-2709.8%	-4038.1%	-1223.8%	-994.5%
Net margin	-318.4%	-417.2%	-532.1%	-2737.6%	-4405.0%	-1335.4%	-950.0%
Current ratio	2.11×	4.39×	1.24×	3.69×	0.5×	0.2×	0.16×
Debt / equity	0.03×	0.07×	2.39×	0.15×	-0.71×	-0.18×	-0.36×
Interest coverage	0×	-404.88×	-748.9×	-52.9×	-10.4×	-3.2×	-10.19×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-249.1%	-229.0%	-2002.7%	-302.6%	34.3%	18.6%	19.5%
Return on invested capital	-166.4%	-166.6%	-339.4%	-213.1%	-83.8%	62.2%	77.7%
Return on assets	-116.7%	-138.9%	-245.6%	-170.6%	-76.0%	-149.7%	-189.8%
Free cash flow yield	-156.8%	-441.0%	-437.2%	-100.8%	-21.6%	-0.9%	-1.3%
Earnings yield	-178.7%	-599.1%	-543.0%	-148.2%	-34.6%	-3.1%	-2.7%
Enterprise value	$3.4M	-$3.8M	$2.3M	$11.5M	$32.1M	$19M	$19.4M
Net debt / EBITDA	0.3×	0.47×	0.04×	0.07×	-1.84×	-0.61×	-25,861.2×
Cash conversion cycle (days)	205	151	92	90	-1,751	-10,793	-7,351