Tandem Diabetes Care
TNDM on Nasdaq. Tandem Diabetes Care sells insulin pumps and software to people with diabetes. Market value $1.1bn.
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
Nothing stands out yet.
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 $-2.37 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 -34 cents a year. Above 10 is good.
Quality score: 42 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$16.16 a share, 32% above its 1-year low
Over the past year the price has ranged from $12.26 to $29.65.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $703m | $801m | $748m | $940m | $1.0bn |
| Operating margin | |||||
| Operating margin | 3.2% | -11.6% | -31.2% | -10.5% | -18.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.91 | 1.33 | 2.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.07bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt2.00× equity
- Revenue growth, five yearsStrong, 15.3% a year
- Buying back its own sharesNo, 8% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $255 million last quarter, up 6% on a year ago.
- A loss of $21 million, compared with a loss of $52 million a year ago.
- It loses 4 cents on each $1 of sales, compared with 20 cents a year earlier.
- Over the past 12 months it spent $27 million more cash than it brought in, compared with $8 million a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $540 million more than cash, up from $245 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $244m |
| December 2024 | $283m |
| March 2025 | $234m |
| June 2025 | $241m |
| September 2025 | $249m |
| December 2025 | $290m |
| March 2026 | $247m |
| June 2026 | $255m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$23m |
| December 2024 | $755,000 |
| March 2025 | -$131m |
| June 2025 | -$52m |
| September 2025 | -$21m |
| December 2025 | -$589,000 |
| March 2026 | -$20m |
| June 2026 | -$21m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 274 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $14m | 0.1% | Added |
Largest holders overall
- BlackRock$175mAdded
- Sessa Capital IM, L.P.$77mAdded
- Vanguard Portfolio Management$65mAdded
- First Light Asset Management$51mAdded
- Vanguard Capital Management$47m
- State Street$43mAdded
- GW&K Investment Management$39mCut
- Jennison Associates$35mAdded
- Paradice Investment Management$31m
- Jacobs Levy Equity Management$30mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor15.2%Since 31 March 2025
- Sessa Capital (Master), L.P.Passive investorat least 6.7%(filed with 4 related holders)Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor5.9%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- ArrowMark Colorado Holdings, LLCPassive investorSold down below 5%Since 31 December 2025
- Voya Financial, Inc.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.2% | 31 March 2025 | |
Sessa Capital (Master), L.P. Passive investor | at least 6.7% (filed with 4 related holders) | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 5.9% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
ArrowMark Colorado Holdings, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
Voya Financial, Inc. Passive investor | Sold down below 5% | 30 June 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
No insider bought shares on the open market in the last 12 months. 1 sold $4,356, $46 of it under preset trading plans.
- Novara Mark DavidEVP & CHIEF COMMERCIAL OFFICERSold
- Date
- 17 March 2026
- Shares
- 187
- Price
- $23.05
- Value
- $4,310
- Novara Mark DavidEVP & CHIEF COMMERCIAL OFFICERSoldunder a preset trading plan
- Date
- 5 March 2026
- Shares
- 2
- Price
- $22.81
- Value
- $46
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 March 2026 | Novara Mark David EVP & CHIEF COMMERCIAL OFFICER | Sold | 187 | $23.05 | $4,310 |
| 5 March 2026 | Novara Mark David EVP & CHIEF COMMERCIAL OFFICER | Sold under a preset trading plan | 2 | $22.81 | $46 |
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.