Tandem Diabetes Care

TNDM

Medical - Devices · Healthcare

Price

$22.32

-0.25 (-1.11%)

Market Cap

$1.53B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+4.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 64.3M (2021) → 67.3M (2025)

Winston Score History

The full picture

Tandem Diabetes Care makes insulin pumps and related software for people with Type 1 and Type 2 diabetes. Its main product is the t:slim X2 insulin pump, a small touchscreen device that delivers precise doses of insulin throughout the day. The company also offers the Control-IQ technology system, which uses an algorithm to automatically adjust insulin delivery based on continuous glucose monitor readings.

Tandem earns money by selling its pumps as hardware and generating recurring revenue from disposable cartridges and infusion sets that customers replace regularly. It operates primarily in the United States but has been expanding into Europe and other international markets, with roughly half of new customers coming from outside the US in recent periods. The company faces stiff competition from Medtronic and newer patch-pump rivals like Insulet, and it is not yet consistently profitable, so its key challenge is scaling revenue fast enough to reach sustained operating profitability.

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2 Congressional buys and 2 sells on TNDM in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+60.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$175M/ year

↓ Declining (-12% vs prior year)

17.2% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

8.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$588M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$588M cash & investments at current burn rate

Growth context

Tandem Diabetes Care is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

56.9%

Premium pricing power — 56.9% gross margin

Profit after running costs

Operating Margin

-5.4%

Losing money on operations — -5.4%

Return on the money invested

ROCE

-5.9%

Weak — -5.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.1%

Shrinking sales (-7.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-2.6%

Burning cash (-2.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

4.62

Heavy debt load (4.62)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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