5 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 122.8% per year over the past 4 years.
Operating margin has expanded, at -324.3% in the latest year.
Financial health
The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$4M
-$13M
59.8%
-324.3%
-249.1%
-116.7%
-$11M
—
$4M
2024
$3M
-$14M
52.2%
-420.1%
-229.0%
-138.9%
-$10M
—
$7M
2023
$3M
-$16M
42.4%
-537.1%
-2002.7%
-245.6%
-$13M
—
$2M
2022
$691000
-$19M
-92.8%
-2709.8%
-302.6%
-170.6%
-$13M
—
$2M
2021
$160000
-$7M
65.6%
-4038.1%
34.3%
-76.0%
-$4M
—
$3M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$1M
-$4M
63.6%
-262.2%
232.4%
-40.8%
-$3M
—
$2M
Mar '26
$1M
-$3M
68.5%
-237.9%
-183.4%
-27.1%
-$3M
—
$5M
Dec '25
$1M
-$3M
68.7%
-193.5%
-56.2%
-26.3%
-$2M
—
$4M
Sep '25
$1M
-$3M
65.9%
-289.2%
-69.6%
-32.2%
-$4M
—
$3M
Jun '25
$564000
-$3M
43.4%
-506.6%
-41.2%
-24.9%
—
—
$8M
Mar '25
$726000
-$4M
44.5%
-506.5%
-38.6%
-27.0%
—
—
$10M
Dec '24
$770000
-$3M
45.8%
-412.1%
-51.7%
-31.4%
-$3M
—
$7M
Sep '24
$887000
-$3M
47.1%
-362.5%
-38.9%
-24.4%
-$2M
—
$9M
Jun '24
$901000
-$4M
52.2%
-429.7%
-459.9%
-63.7%
-$2M
—
$2M
Mar '24
$719000
-$4M
65.4%
-487.6%
-98.7%
-44.6%
-$2M
—
$4M
Dec '23
$808000
-$3M
69.2%
-388.7%
-402.8%
-49.4%
-$2M
—
$2M
Sep '23
$944000
-$3M
56.7%
-357.8%
-132.4%
-45.5%
-$3M
—
$3M
Jun '23
$743000
-$4M
26.1%
-581.7%
-474.5%
-43.5%
-$3M
—
$6M
Mar '23
$433000
-$5M
-10.9%
-1128.4%
-195.2%
-63.3%
-$4M
—
$3M
Dec '22
$277000
-$8M
-74.7%
-2862.1%
-126.4%
-71.3%
-$4M
—
$2M
Sep '22
$208000
-$3M
-45.2%
-1568.3%
-24.5%
-21.2%
-$3M
—
$3M
Jun '22
$135000
-$5M
-100.7%
-4041.5%
-36.3%
-30.3%
-$3M
—
$8M
Mar '22
$71000
-$2M
-287.3%
-2928.2%
10.3%
-32.9%
-$3M
—
$5M
Dec '21
$53000
-$3M
67.9%
-4834.0%
13.8%
-30.7%
-$2M
—
$3M
Sep '21
$70000
-$2M
74.3%
-2995.7%
39.5%
—
-$1M
—
—
Valuation over time
How the market has priced TNON against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-sales ratio has fallen from 113.4× (Mar '23) to 0.6× (Sep '26).
Price / sales (P/S)
P/S
Frequently asked questions
Is TNON growing its revenue and profit?
Over the past 4 years, Tenon Medical, Inc.'s revenue has grown 122.8% per year. These are computed facts, not advice.
How much debt does TNON have?
As of FY2025, Tenon Medical, Inc. reported — of total debt against $4M of cash.
What is TNON's profit margin?
In FY2025, gross margin was 59.8%, operating margin -324.3%, and net margin -318.4%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.