Teleflex
TFX on NYSE. Surgical & medical instruments & apparatus. Market value $5.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
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 $3.19 of spare cash in the past 12 months. A savings account pays about $4.
You pay 54.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 64 of 100. Price score: 17 of 100. Our list needs 70 on quality and 60 on price.
$124.74 a share, 25% above its 1-year low
Over the past year the price has ranged from $100.18 to $145.00.
Dividend: 1.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $168 million in the past 12 months, $1 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.8bn | $2.8bn | $1.7bn | $1.7bn | $2.0bn |
| Operating margin | |||||
| Operating margin | 22.4% | 17.9% | 15.1% | 6.1% | 5.9% |
| Debt to equity | |||||
| Debt to equity | 0.49 | 0.43 | 0.41 | 0.39 | 0.85 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.85× equity
- Revenue growth, five yearsShrinking, 4.7% a year
- Buying back its own sharesYes, 10% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $570 million last quarter, up 29% on a year ago.
- Profit: $100 million, down 19% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, down from 15 cents a year earlier.
- Spare cash over the past 12 months: $168 million, up from $19 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $2.5 billion more than cash, up from $1.6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $426m |
| December 2024 | $442m |
| March 2025 | $414m |
| June 2025 | $443m |
| September 2025 | $567m |
| December 2025 | $569m |
| March 2026 | $548m |
| June 2026 | $570m |
| Quarter to | Amount |
|---|---|
| September 2024 | $111m |
| December 2024 | -$137m |
| March 2025 | $95m |
| June 2025 | $123m |
| September 2025 | -$409m |
| December 2025 | -$714m |
| March 2026 | -$8m |
| June 2026 | $100m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
12 long-term investors we follow own it, down from 13 last quarter. 383 funds in all.
- Irenic CapitalAdam Katz
- Value
- $110m
- Share of fund
- 7.9%
- Heartland AdvisorsBill Nasgovitz
- Value
- $27m
- Share of fund
- 1.2%
- Marathon Asset ManagementNeil Ostrer
- Value
- $18m
- Share of fund
- 0.7%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Baupost GroupSeth Klarman | $179m | 3.3% | Cut |
| Cooke & BielerCooke & Bieler partners | $128m | 1.5% | Cut |
| Irenic CapitalAdam Katz | $110m | 7.9% | |
| Pzena Investment ManagementRichard Pzena | $76m | 0.2% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $39m | 0.3% | Cut |
| Heartland AdvisorsBill Nasgovitz | $27m | 1.2% | |
| Marathon Asset ManagementNeil Ostrer | $18m | 0.7% | |
| Select Equity GroupGeorge Loening | $17m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $12m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $11m | <0.1% | Added |
| Brandes Investment PartnersCharles Brandes | $5m | <0.1% | Added |
| Boston PartnersBoston Partners team | $2m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$689m
- Jupiter Topco$550m
- T. Rowe Price Investment Management$405mCut
- Vanguard Portfolio Management$306m
- Vanguard Capital Management$253m
- Sessa Capital IM, L.P.$193m
- State Street$188m
- Millennium Management$183mAdded
- Baupost Group$179mCut
- Fuller & Thaler Asset Management$167mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- BlackRock, Inc.Passive investor11.7%−1.0 ptsSince 30 September 2025
- JANUS HENDERSON GROUP Ltd.Passive investorat least 10.3%+0.9 pts(filed with 1 related holder)Since 31 August 2026
- T. Rowe Price Investment Management, Inc.Passive investor7.2%−1.5 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.6%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Morgan StanleyPassive investorat least 4.9%(filed with 1 related holder)Since 31 December 2025
- AQR Capital Management, LLCPassive investorat least 4.3%−1.0 pts(filed with 1 related holder)Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.7%−1.0 pts | 30 September 2025 | |
JANUS HENDERSON GROUP Ltd. Passive investor | at least 10.3%+0.9 pts (filed with 1 related holder) | 31 August 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 7.2%−1.5 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.6% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Morgan Stanley Passive investor | at least 4.9% (filed with 1 related holder) | 31 December 2025 | |
AQR Capital Management, LLC Passive investor | at least 4.3%−1.0 pts (filed with 1 related holder) | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 4.7% a year.
- It isn't cheap on profits: 54.0× operating profit.
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.