Si-Bone
SIBN on Nasdaq. Surgical & medical instruments & apparatus. Market value $888m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.50 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -22 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$19.55 a share, 70% above its 1-year low
Over the past year the price has ranged from $11.48 to $21.89.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $4 million in the past 12 months, a shortfall of $9 million in the year to December 2025.
| Revenue | |||||
| Revenue | $90m | $106m | $139m | $167m | $201m |
| Operating margin | |||||
| Operating margin | -57.3% | -56.0% | -33.8% | -21.1% | -11.1% |
| Debt to equity | |||||
| Debt to equity | 0.26 | 0.36 | 0.21 | 0.21 | 0.20 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.20× equity
- Revenue growth, five yearsStrong, 22.3% a year
- Buying back its own sharesNo, 30% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $56 million last quarter, up 15% on a year ago.
- A loss of $4 million, compared with a loss of $6 million a year ago.
- It loses 8 cents on each $1 of sales, compared with 15 cents a year earlier.
- Over the past 12 months it spent $4 million more cash than it brought in, compared with $13 million a year earlier.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $3 million more than cash, up from $1 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $40m |
| December 2024 | $49m |
| March 2025 | $47m |
| June 2025 | $49m |
| September 2025 | $49m |
| December 2025 | $56m |
| March 2026 | $53m |
| June 2026 | $56m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | -$4m |
| March 2025 | -$7m |
| June 2025 | -$6m |
| September 2025 | -$5m |
| December 2025 | -$2m |
| March 2026 | -$4m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 168 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $25m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $6m | <0.1% | Added |
Largest holders overall
- First Light Asset Management$133mAdded
- BlackRock$60mAdded
- Cadian Capital Management, LP$55mAdded
- American Century Companies$41m
- Brown Advisory$34mCut
- Granahan Investment Management$32mAdded
- Vanguard Capital Management$30mAdded
- First Eagle Investment Management$25mAdded
- Impax Asset Management Group$23m
- Gilder Gagnon Howe$20mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Mathew P. ArensPassive investorat least 18.4%+6.4 pts(filed with 1 related holder)Since 30 April 2026
- BlackRock, Inc.Passive investor8.0%+1.1 ptsSince 30 June 2026
- Cadian Capital Management, LPPassive investorat least 7.5%(filed with 2 related holders)Since 30 June 2026
- American Century Investment Management, Inc.Passive investorat least 5.3%−1.3 pts(filed with 3 related holders)Since 31 December 2025
- Champlain Investment Partners, LLCPassive investorSold down below 5%Since 30 September 2025
- BROWN INVESTMENT ADVISORY & TRUST COPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- OrbiMed Capital LLCPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Mathew P. Arens Passive investor | at least 18.4%+6.4 pts (filed with 1 related holder) | 30 April 2026 | |
BlackRock, Inc. Passive investor | 8.0%+1.1 pts | 30 June 2026 | |
Cadian Capital Management, LP Passive investor | at least 7.5% (filed with 2 related holders) | 30 June 2026 | |
American Century Investment Management, Inc. Passive investor | at least 5.3%−1.3 pts (filed with 3 related holders) | 31 December 2025 | |
Champlain Investment Partners, LLC Passive investor | Sold down below 5% | 30 September 2025 | |
BROWN INVESTMENT ADVISORY & TRUST CO Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
OrbiMed Capital LLC Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $11m, $6m of it under preset trading plans.
- Maheshwari AnshulChief Op & Financial OfficerSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 1,731
- Price
- $19.50
- Value
- $33,755
- Maheshwari AnshulChief Op & Financial OfficerSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 3,318
- Price
- $18.18
- Value
- $60,325
- PISETSKY MICHAEL A.SVP, Ops & Adm/Chief Legal OfrSold
- Date
- 2 October 2026
- Shares
- 3,133
- Price
- $18.17
- Value
- $56,918
- DUNN JEFFREY WDirectorSold
- Date
- 1 October 2026
- Shares
- 20,000
- Price
- $18.47
- Value
- $369,400
- DUNN JEFFREY WDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 20,000
- Price
- $18.91
- Value
- $378,160
- Maheshwari AnshulChief Op & Financial OfficerSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 11,636
- Price
- $20.11
- Value
- $233,971
- FRANCIS LAURAChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 25,972
- Price
- $20.12
- Value
- $522,596
- Maheshwari AnshulChief Op & Financial OfficerSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 11,228
- Price
- $20.02
- Value
- $224,785
- FRANCIS LAURAChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 3,923
- Price
- $20.02
- Value
- $78,538
- FRANCIS LAURAChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 51,884
- Price
- $19.46
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Maheshwari Anshul Chief Op & Financial Officer | Sold under a preset trading plan | 1,731 | $19.50 | $33,755 |
| 2 October 2026 | Maheshwari Anshul Chief Op & Financial Officer | Sold under a preset trading plan | 3,318 | $18.18 | $60,325 |
| 2 October 2026 | PISETSKY MICHAEL A. SVP, Ops & Adm/Chief Legal Ofr | Sold | 3,133 | $18.17 | $56,918 |
| 1 October 2026 | DUNN JEFFREY W Director | Sold | 20,000 | $18.47 | $369,400 |
| 1 September 2026 | DUNN JEFFREY W Director | Sold under a preset trading plan | 20,000 | $18.91 | $378,160 |
| 24 August 2026 | Maheshwari Anshul Chief Op & Financial Officer | Sold under a preset trading plan | 11,636 | $20.11 | $233,971 |
| 24 August 2026 | FRANCIS LAURA Chief Executive Officer, Director | Sold under a preset trading plan | 25,972 | $20.12 | $522,596 |
| 21 August 2026 | Maheshwari Anshul Chief Op & Financial Officer | Sold under a preset trading plan | 11,228 | $20.02 | $224,785 |
| 21 August 2026 | FRANCIS LAURA Chief Executive Officer, Director | Sold under a preset trading plan | 3,923 | $20.02 | $78,538 |
| 20 August 2026 | FRANCIS LAURA Chief Executive Officer, Director | Sold under a preset trading plan | 51,884 | $19.46 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.