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Tactile Systems Technology, Inc.

Rank #10Capital Return

TCMD · Nasdaq · Healthcare

Tactile Systems Technology, Inc. (TCMD) — Rank #10 by gross profitability (GP/assets 0.89) · ROE 8.5% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001027838 · all metrics point-in-time as of the filing date.

About

Tactile Systems Technology, Inc., a medical technology company, develops and provides medical devices to treat underserved chronic diseases in the United States.

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It offers Flexitouch Plus system, a pneumatic compression device for the treatment of lymphedema, phlebolymphedema, lipedema, venous insufficiencies, and other types of edema and leg ulcers; Entre Plus System, a pneumatic compression device for the at-home treatment of lymphedema, chronic edema, venous insufficiency, and chronic wounds. The company also provides Nimbl, a pneumatic compression platform for the treatment of upper extremity lymphedema; Kylee, a mobile application to help patients learn about lymphedema, track their symptoms, and treatment, as well as to share their progress with their doctor; and AffloVest, a portable high frequency chest wall oscillation vest to treat patients with retained pulmonary secretions resulting from bronchiectasis, cystic fibrosis, and various neuromuscular disorders. Tactile Systems Technology, Inc.

was incorporated in 1995 and is headquartered in Minneapolis, Minnesota.

Industry
Medical Devices
Sector
Healthcare
State
MN
Filer Category
Accelerated filer
Fiscal Year End
December 31

Price History

TCMD-47.7% · -12.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$507.75M

P/E (annual)

27.3

P/S (annual)

1.5

P/B

2.3

P/OCF (annual)

11.9

Shareholder Yield

3.5%

Employees

1,086

Industry

Medical Devices

Exchange

Nasdaq

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.89
Return on equity
8.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.25
Current ratio
4.12×
Net cash
$69.85M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.5%

Growth

2/2 pass
Revenue growth
12.5%
Piotroski F-Score
N/A
Share dilution
-3.5%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

1.7%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -3.5% — per-share value needs a total required return of -1.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 11.2%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-2.2%

r = 10% (base)

1.7%

r = 12%

5.1%

Net debt / market cap: -13.4%

Base FCF: $40.4M3Y mean FCF: $37.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

34.2xFair
11.5xmed 96.6x506.7x

P / S

Price / revenue per share

2.0xFair
1.1xmed 3.8x13.1x

P / B

Price / book value per share

3.0xFair
1.7xmed 5.9x19.7x

P / GP

Price / gross profit per share

2.6xFair
1.5xmed 5.3x17.9x

P / FCF

Price / free cash flow per share

16.2xCheap
9.8xmed 130.7x3217.3x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.89

Primary signal (Novy-Marx).

1st of 17 SIC 3841 peers

Return on equity

8.5%

Gross margin

75.9%

1st of 17 SIC 3841 peers

Revenue growth (YoY)

12.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

10.1%

Revenue CAGR (5Y)

12.0%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

127.6%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.25

2nd of 16 SIC 3841 peers (best = lowest)

Current ratio

4.12×

6th of 17 SIC 3841 peers

Quick ratio

2.95×

Net cash

$69.85M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$40.43M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.12

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Startup
Op. Leverage
Value
Capital Return
View full financial statements →