TMDX
TransMedics Group, Inc.
TMDX's fundamentals are mixed, but it looks cheap: trading at 25x earnings, less than half its usual 59x. Analysts expect earnings growth, though they disagree widely on how much.
TMDX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Stable | |
| Strong |
TMDX's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
TMDX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $75.93 | -17% |
| Current | 25x | $92.00 | — |
| Forward | 43x | $92.00 | — |
| Fair | 59x | $217 | +136% |
| Expensive | 91x | $335 | +264% |
Historical ranges are pointers, not guarantees.
TMDX's PE is in its cheap range at 25x. On analysts' estimates for next year's earnings, today's price would be 43x.
TMDX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for TMDX, but weaker profitability. However, they disagree widely on these estimates.
TMDX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.13 | -42% |
| Q3 2026 | $3.66 | +48% |
| Q2 2026 | $3.86 | +100% |
| Q1 2026 | $4.37 | +221% |
| Q4 2025 | $4.87 | +382% |
| Q3 2025 | $2.47 | +163% |
| Q2 2025 | $1.93 | +4725% |
| Q1 2025 | $1.36 | +$1.70 |
| Q4 2024 | $1.01 | +$1.78 |
TMDX's earnings per share have climbed steadily: $3.66 over the past year, up 48% from the year before, and higher year over year for 16 quarters in a row.
TMDX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $203M | +41% |
| Q2 2026 | $189.9M | +21% |
| Q1 2026 | $173.9M | +21% |
| Q4 2025 | $160.8M | +32% |
| Q3 2025 | $143.8M | +32% |
| Q2 2025 | $157.4M | +38% |
| Q1 2025 | $143.5M | +48% |
| Q4 2024 | $121.6M | +50% |
TMDX's revenue has grown year over year for 20 quarters in a row: $203M last quarter, up 41% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -2.3 points |
| Q2 2026 | 13% | -11 points |
| Q1 2026 | 7.6% | -12 points |
| Q4 2025 | 13% | +6.1 points |
| Q3 2025 | 16% | +13 points |
| Q2 2025 | 23% | +12 points |
| Q1 2025 | 19% | +6.3 points |
| Q4 2024 | 7.1% | +3.9 points |
TMDX's operating margin was 14% last quarter, down 2.3 points from the same quarter a year ago.
TMDX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $27.6M | -55% |
| Q2 2026 | $10.2M | -88% |
| Q1 2026 | -$12.1M | +$17.8M |
| Q4 2025 | $19M | +214% |
| Q3 2025 | $61.9M | +$103.3M |
| Q2 2025 | $82.5M | +4122% |
| Q1 2025 | -$29.9M | +$17.7M |
| Q4 2024 | $6.1M | +$39.6M |
TMDX has burned cash in most quarters: $45M over the past year, down 63% from the year before.
TMDX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +124K shares |
| 1 year | +0.2% | +85.2K shares |
| 3 years | +25% | +8.2M shares |
| 5 years | +47% | +13.1M shares |
| Available history | +92% | +19.6M shares |
TMDX has 41M diluted shares, about the same as a year ago.
TMDX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -3.5x | Net Cash |
| Q2 2026 | -3.8x | Net Cash |
| Q1 2026 | -3.5x | Net Cash |
| Q4 2025 | -3.5x | Net Cash |
| Q3 2025 | -3.8x | Net Cash |
| Q2 2025 | -4.0x | Net Cash |
| Q1 2025 | -4.2x | Net Cash |
| Q4 2024 | -5.9x | Net Cash |
TMDX has more cash than debt.
TMDX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 54.9 | Neutral |
TMDX's weekly RSI is 55 (neutral) and its Stochastic is 55 (neutral).
TMDX PE vs Healthcare Sector
| Metric | TMDX | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 26x | 2.7% below |
| PE % | 29 | 29 | Same percentile |
TMDX is trading at 25x earnings, in line with the Healthcare sector's median of 26x.
TMDX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $78.8 | 17% above |
| 20 week MA | $80.4 | 14% above |
| 50 week MA | $98.1 | 6.2% below |
| 100 week MA | $99.8 | 7.9% below |
| 200 week MA | $96.2 | 4.4% below |
TMDX has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 4.4% below its 200-week average.
TMDX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.6 | $18.8 | +1% |
| 2021 | $18.8 | $21.0 | +12% |
| 2022 | $21.0 | $59.5 | +183% |
| 2023 | $59.5 | $78.9 | +33% |
| 2024 | $78.9 | $61.0 | -23% |
| 2025 | $61.0 | $124.2 | +104% |
| 2026 YTD | $124.2 | $92.0 | -26% |
TMDX has finished higher in five of the last six years, two of them by more than 50%. It's down 26% so far in 2026.