TNDMTANDEM DIABETES CARE INC

Surgical & Medical Instruments & Apparatus

Revenue: $1.0B; 7.9% YoY
Operating margin: -18.5%; 75% YoY
EBITDA: −$170M; 106% YoY
Market cap: $1.3B
Employees: 500,000; $2K revenue each
Net debt / EBITDA: —; $20M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$2K · 1st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$37K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$703M	$801M	$748M	$940M	$1.0B	7.9%
Operating income	$23M	−$93M	−$233M	−$99M	−$187M	89%
Net income	$16M	−$95M	−$223M	−$96M	−$205M	113%
Operating cash flow	$111M	$50M	−$32M	$24M	−$10M	140%
Capex	$14M	$34M	$27M	$19M	$20M	3.7%
Stock-based comp	$61M	$85M	$88M	$101M	$92M	8.9%
Buybacks	—	$0	$0	$30M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $37K · 3
Net: −$37K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$3M	23	99
FY2024	$9M	$7M	60	105
FY2023	$5M	$2M	50	106
FY2022	$6M	−$8M	75	100
FY2021	$6M	$16M	253	125