# Tandem Diabetes Care, Inc. (TNDM)

> Source: Nexqual · https://nexqual.com/TNDM · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Tandem Diabetes Care, Inc. (TNDM), nexqual.com/TNDM" · informational, not investment advice.

**Price:** USD 19.79 (+0.56% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 19.68 · day 19.46–20.25 · 52w 12.26–29.65 · market cap $1.38B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.04B, net income -$63.3M (-6.1% margin), free cash flow -$26.6M (SEC filings).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (25 analysts), mean target USD 27.76 (range 18–50).
- Total return with dividends: 1Y +34.9% vs S&P 500 +14.8%; 5Y -85.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.24, revenue estimate $266M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: TNDM paid no cash dividend in the last five years.
- Short interest: 29.04% of float (as of 2026-10-15), 6.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $703M | $801M | $748M | $940M | $1.01B | $1.04B |
| Gross profit | $376M | $413M | $368M | $490M | $546M | — |
| Operating income | $22.7M | -$92.8M | -$233M | -$99.1M | -$187M | -$45.8M |
| Net income | $15.6M | -$94.6M | -$223M | -$96.0M | -$205M | -$63.3M |
| EPS (diluted) | $0.24 | -$1.47 | -$3.43 | -$1.47 | -$3.04 | — |
| Free cash flow | $97.2M | $16.4M | -$58.6M | $5.0M | -$29.7M | -$26.6M |
| Gross margin | 53.5% | 51.5% | 49.2% | 52.1% | 53.8% | — |
| Operating margin | 3.2% | -11.6% | -31.2% | -10.5% | -18.5% | -4.4% |
| Net margin | 2.2% | -11.8% | -29.8% | -10.2% | -20.2% | -6.1% |
| Revenue growth | +40.9% | +14.0% | -6.7% | +25.7% | +7.9% | — |
| Cash + short-term investments | $624M | $617M | $468M | $438M | $293M | — |
| Total debt | $281M | $283M | $285M | $349M | $310M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.3x · EV/Sales 1.5x · P/B 10.6x · FCF yield -1.93% · Earnings yield -4.60% · Net debt $147M · EV $1.52B

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 25 analysts; mean target USD 27.76 (low 18, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Equal-Weight | $18 |
| 2026-09-30 | Citigroup | Target lowered | Neutral | $24 → $20 |
| 2026-09-24 | Truist Securities | Target lowered | Buy | $31 → $28 |
| 2026-08-21 | William Blair | Initiated | Outperform |  |
| 2026-08-07 | Citigroup | Target raised | Neutral | $17 → $21 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $30 → $26 |
| 2026-07-15 | Mizuho | Target lowered | Neutral | $24 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +34.9% | -85.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +35.1% | -32.0% |
| Volatility (annualized) | 74.7% | 69.3% |
| Max drawdown | -54.6% (Feb 2026→May 2026) | -92.9% (Dec 2021→Aug 2025) |

## Dividends
TNDM paid no cash dividend in the last five years.

## Short interest
15,086,560 shares sold short, 29.04% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 12,474,385 shares (+20.9%). Days to cover: 6.3 (short shares ÷ average daily volume).

## Peers (Medical Devices)
INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33% · ALMR (Alamar Biosciences, Inc.) USD 34.04 -0.76%

## More
Full page: https://nexqual.com/TNDM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.24 | $-0.20 | −$0.04 | $265.8M | 20 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.13 | +41.1% | $304.4M | 20 |
| Current fiscal year (ends 2026-12-31) | $-0.66 | $-0.71 | +$0.05 | $1.07B | 21 |
| Next fiscal year (ends 2027-12-31) | $0.16 | $0.07 | +129.2% | $1.20B | 21 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.31 | −$0.32 | Beat +3.1% | — |
| — | Quarter ended Mar 31, 2026 | −$0.30 | −$0.44 | Beat +31.8% | — |
| — | Quarter ended Dec 31, 2025 | −$0.01 | −$0.09 | Beat +88.9% | — |
| — | Quarter ended Sep 30, 2025 | −$0.31 | −$0.34 | Beat +8.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).