TransMedics Group
TMDX on Nasdaq. TransMedics sells organ preservation machines and transplant services to hospitals. Market value $2.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
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 $2.84 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.
The filings do not give us enough to work this out.
Quality score: 44 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.
$80.28 a share, 34% above its 1-year low
Over the past year the price has ranged from $60.10 to $156.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $79 million in the past 12 months, $134 million in the year to December 2025.
| Revenue | |||||
| Revenue | $30m | $93m | $242m | $442m | $605m |
| Operating margin | |||||
| Operating margin | -130.3% | -33.6% | -11.9% | 8.5% | 17.9% |
| Debt to equity | |||||
| Debt to equity | 0.52 | 0.31 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 88.2% a year
- Buying back its own sharesNo, 9% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $190 million last quarter, up 21% on a year ago.
- Profit: $15 million, down 58% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, down from 14 cents a year earlier.
- Spare cash over the past 12 months: $79 million, up from $17 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $109m |
| December 2024 | $122m |
| March 2025 | $144m |
| June 2025 | $157m |
| September 2025 | $144m |
| December 2025 | $161m |
| March 2026 | $174m |
| June 2026 | $190m |
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $7m |
| March 2025 | $26m |
| June 2025 | $35m |
| September 2025 | $24m |
| December 2025 | $105m |
| March 2026 | $7m |
| June 2026 | $15m |
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
None of the long-term investors we follow own it. 374 funds in all.
Sold out this quarter
- Gotham Asset ManagementJoel GreenblattSold out
- Polen CapitalDan DavidowitzSold out
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$372mAdded
- FMR$341m
- Vanguard Portfolio Management$128m
- Vanguard Capital Management$99m
- State Street$94mAdded
- Nomura Asset Management International$60mAdded
- Geode Capital Management$59mAdded
- Hood River Capital Management$50mAdded
- Dimensional Fund Advisors LP$41mAdded
- Braidwell LP$40mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- FMR LLCPassive investorat least 15.0%(filed with 1 related holder)Since 31 March 2025
- BlackRock, Inc.Passive investor14.6%Since 30 June 2025
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 15.0% (filed with 1 related holder) | 31 March 2025 | |
BlackRock, Inc. Passive investor | 14.6% | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
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
In the last 12 months, 2 insiders bought $1m of shares on the open market. 7 sold $5m, $540,324 of it under preset trading plans.
- Weill DavidDirectorBought
- Date
- 11 September 2026
- Shares
- 1,336
- Price
- $81.63
- Value
- $109,058
- Gunderson Thomas J.DirectorSold
- Date
- 15 June 2026
- Shares
- 9,624
- Price
- $75.06
- Value
- $722,377
- Lovell StephanieDirectorSold
- Date
- 4 March 2026
- Shares
- 1,193
- Price
- $149.62
- Value
- $178,497
- Weill DavidDirectorSold
- Date
- 4 March 2026
- Shares
- 3,571
- Price
- $146.82
- Value
- $524,294
- Hernandez GerardoChief Financial OfficerSold
- Date
- 4 March 2026
- Shares
- 7,236
- Price
- $147.21
- Value
- $1m
- Hernandez GerardoChief Financial OfficerSold
- Date
- 2 March 2026
- Shares
- 375
- Price
- $139.12
- Value
- $52,170
- Ranganath Anil P.See remarksSold
- Date
- 2 March 2026
- Shares
- 864
- Price
- $139.12
- Value
- $120,200
- Corcoran NicholasSee remarksSold
- Date
- 2 March 2026
- Shares
- 2,966
- Price
- $139.12
- Value
- $412,630
- Hernandez GerardoChief Financial OfficerSold
- Date
- 4 December 2025
- Shares
- 920
- Price
- $139.62
- Value
- $128,450
- Weill DavidDirectorSold
- Date
- 3 December 2025
- Shares
- 5,000
- Price
- $138.64
- Value
- $693,200
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Weill David Director | Bought | 1,336 | $81.63 | $109,058 |
| 15 June 2026 | Gunderson Thomas J. Director | Sold | 9,624 | $75.06 | $722,377 |
| 4 March 2026 | Lovell Stephanie Director | Sold | 1,193 | $149.62 | $178,497 |
| 4 March 2026 | Weill David Director | Sold | 3,571 | $146.82 | $524,294 |
| 4 March 2026 | Hernandez Gerardo Chief Financial Officer | Sold | 7,236 | $147.21 | $1m |
| 2 March 2026 | Hernandez Gerardo Chief Financial Officer | Sold | 375 | $139.12 | $52,170 |
| 2 March 2026 | Ranganath Anil P. See remarks | Sold | 864 | $139.12 | $120,200 |
| 2 March 2026 | Corcoran Nicholas See remarks | Sold | 2,966 | $139.12 | $412,630 |
| 4 December 2025 | Hernandez Gerardo Chief Financial Officer | Sold | 920 | $139.62 | $128,450 |
| 3 December 2025 | Weill David Director | Sold | 5,000 | $138.64 | $693,200 |
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.