Detailed financial statements for Teleflex Incorporated (TFX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Teleflex Incorporated is a global medical technology company dedicated to designing, developing, manufacturing, and distributing single-use medical devices. These products are crucial for diagnostic and therapeutic procedures, particularly within critical care and surgical environments worldwide.
Analysis Summary
Teleflex Incorporated reported revenue of $1.99B in the most recent fiscal year, growing at a 5-year CAGR of -4.7%.
Trailing-twelve-month margins: gross margin 53.8%, operating margin 3.3%, net margin -39.6%. Free cash flow grew at -6.6% CAGR over 5 years.
At the current price of $125.24, TFX has negative trailing earnings (P/E not meaningful) and an ROE of -31.83%. Market capitalisation stands at $5.5B.
Balance sheet quality for TFX: current ratio of 2.5, net debt of $2.33B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.87B | $2.15B | $2.45B | $2.60B | $2.54B | $2.81B | $2.79B | $2.97B | $3.05B | $1.99B |
| Cost of Revenue | $871.8M | $974.5M | $1.06B | $1.19B | $1.21B | $1.26B | $1.26B | $1.33B | $1.34B | $872.0M |
| Gross Profit | $996.2M | $1.17B | $1.38B | $1.41B | $1.32B | $1.55B | $1.53B | $1.65B | $1.70B | $1.12B |
| Research & Development | $58.6M | $84.8M | $106.2M | $113.9M | $119.7M | $130.8M | $153.8M | $154.4M | $161.7M | $144.8M |
| Selling, General & Admin | $563.3M | $700.0M | $878.7M | $851.8M | $743.6M | $860.1M | $863.7M | $929.9M | $995.3M | $720.2M |
| Operating Expenses | $621.9M | $784.7M | $984.9M | $981.8M | $901.8M | $921.5M | $1.03B | $1.14B | $1.55B | $865.0M |
| Operating Income | $319.5M | $372.3M | $321.7M | $427.3M | $423.1M | $628.1M | $499.7M | $506.3M | $151.0M | $255.8M |
| EBITDA | $418.6M | $522.7M | $532.6M | $634.2M | $651.5M | $853.8M | $730.8M | $761.2M | $433.6M | $302.5M |
| Interest Expense | $54.9M | $82.5M | $103.0M | $80.3M | $66.5M | $57.0M | $54.3M | $85.1M | $83.5M | $100.2M |
| Pre-tax Income | $245.7M | $284.9M | $219.6M | $339.9M | $357.7M | $559.5M | $445.9M | $434.0M | $75.5M | $24.6M |
| Income Tax | $8.1M | $129.6M | $23.2M | -$122.1M | $21.9M | $74.3M | $83.0M | $76.4M | $5.3M | -$34.0M |
| Net Income | $237.4M | $152.5M | $200.8M | $461.5M | $335.3M | $485.4M | $363.1M | $356.3M | $69.7M | -$905.6M |
| EPS | $5.48 | $3.39 | $4.39 | $9.99 | $7.21 | $10.38 | $7.74 | $7.58 | $1.49 | $-20.30 |
| EPS (Diluted) | $4.98 | $3.27 | $4.29 | $9.80 | $7.09 | $10.23 | $7.68 | $7.53 | $1.48 | $-20.25 |
| Shares Outstanding (Diluted) | $47.6M | $46.7M | $46.8M | $47.1M | $47.3M | $47.4M | $47.3M | $47.3M | $47.1M | $44.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $913.0M | $569.0M | $548.3M | $570.3M |
| Gross Profit | $451.6M | $307.4M | $307.4M | $331.7M |
| Operating Income | -$29.7M | $36.3M | $20.2M | $60.3M |
| EBITDA | -$323.0M | $15.7M | -$3.8M | $73.1M |
| Net Income | -$408.9M | -$714.3M | -$8.2M | $102.0M |
| EPS | $-9.24 | $-16.15 | $-0.18 | $2.29 |
| EPS (Diluted) | $-9.24 | $-16.15 | $-0.18 | $2.28 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $543.8M | $333.6M | $357.2M | $301.1M | $375.9M | $445.1M | $292.0M | $222.8M | $290.2M | $393.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $16.0M | 0 |
| Receivables | $272.0M | $345.9M | $366.3M | $418.7M | $395.1M | $383.6M | $408.8M | $443.5M | $459.5M | $345.6M |
| Inventory | $316.2M | $395.7M | $427.8M | $476.6M | $513.2M | $477.6M | $578.5M | $626.2M | $600.1M | $404.4M |
| Total Current Assets | $1.18B | $1.13B | $1.24B | $1.31B | $1.42B | $1.43B | $1.41B | $1.41B | $1.47B | $1.94B |
| Property, Plant & Equipment | $302.9M | $383.0M | $432.8M | $543.9M | $574.5M | $573.4M | $578.4M | $603.4M | $611.8M | $590.1M |
| Goodwill | $1.28B | $2.24B | $2.25B | $2.25B | $2.59B | $2.50B | $2.54B | $2.91B | $2.63B | $2.31B |
| Intangible Assets | $1.09B | $2.38B | $2.33B | $2.16B | $2.52B | $2.29B | $2.31B | $2.50B | $2.27B | $1.52B |
| Total Assets | $3.89B | $6.18B | $6.28B | $6.31B | $7.15B | $6.87B | $6.93B | $7.53B | $7.10B | $6.95B |
| Accounts Payable | $69.4M | $92.0M | $106.7M | $102.9M | $102.5M | $118.2M | $126.8M | $132.2M | $141.0M | $130.2M |
| Short-term Debt | $183.1M | $86.6M | $86.6M | $50.0M | $100.5M | $110.0M | $87.5M | $87.5M | $100.0M | $100.0M |
| Total Current Liabilities | $427.6M | $483.9M | $582.5M | $563.1M | $540.0M | $680.1M | $581.5M | $606.7M | $649.4M | $762.0M |
| Long-term Debt | $850.3M | $2.16B | $2.07B | $1.86B | $2.38B | $1.74B | $1.62B | $1.73B | $1.56B | $2.54B |
| Total Liabilities | $1.75B | $3.75B | $3.74B | $3.33B | $3.82B | $3.12B | $2.91B | $3.09B | $2.82B | $3.82B |
| Retained Earnings | $2.19B | $2.29B | $2.43B | $2.82B | $3.10B | $3.52B | $3.82B | $4.11B | $4.12B | $3.15B |
| Total Equity | $2.14B | $2.43B | $2.54B | $2.98B | $3.34B | $3.75B | $4.02B | $4.44B | $4.28B | $3.12B |
| Total Debt | $1.03B | $2.25B | $2.16B | $2.01B | $2.56B | $1.97B | $1.83B | $1.93B | $1.76B | $2.73B |
| Net Debt | $489.5M | $1.92B | $1.80B | $1.71B | $2.19B | $1.52B | $1.54B | $1.70B | $1.45B | $2.33B |
| Working Capital | $755.7M | $644.9M | $653.7M | $743.3M | $882.4M | $749.0M | $829.5M | $800.7M | $821.8M | $1.18B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $354.0M | $393.3M | $309.4M | $300.2M |
| Total Assets | $7.87B | $6.95B | $6.78B | $6.79B |
| Total Liabilities | $4.05B | $3.82B | $3.70B | $3.88B |
| Total Equity | $3.82B | $3.12B | $3.08B | $2.90B |
| Total Debt | $2.77B | $2.73B | $2.69B | $2.87B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $237.8M | $152.5M | $200.8M | $461.5M | $335.3M | $485.4M | $363.1M | $356.3M | $69.7M | $58.5M |
| Depreciation & Amortization | $117.9M | $155.3M | $210.0M | $214.1M | $227.3M | $237.4M | $230.6M | $242.1M | $274.6M | $177.7M |
| Stock-based Compensation | $16.9M | $19.4M | $22.4M | $26.9M | $20.7M | $22.9M | $27.2M | $31.5M | $31.3M | 0 |
| Change in Working Capital | $18.6M | $132.0M | -$44.3M | -$114.5M | $22.3M | $127.3M | -$240.0M | -$111.8M | -$1.8M | -$81.1M |
| Operating Cash Flow | $408.5M | $419.9M | $437.4M | $439.5M | $436.4M | $651.4M | $342.1M | $510.6M | $635.7M | $340.7M |
| Capital Expenditure | -$53.1M | -$70.9M | -$80.8M | -$102.7M | -$90.7M | -$71.6M | -$79.2M | -$91.4M | -$126.4M | -$95.2M |
| Acquisitions | -$3.8M | -$1.76B | -$117.1M | $10.9M | -$766.4M | $220.3M | -$186.0M | -$588.9M | -$120,000 | -$825.1M |
| Stock Repurchased | 0 | 0 | 0 | -$21.2M | 0 | 0 | -$4.3M | 0 | -$200.0M | -$300.0M |
| Dividends Paid | -$59.0M | -$61.2M | -$62.2M | -$62.8M | -$63.2M | -$63.6M | -$63.8M | -$63.9M | -$63.5M | -$60.3M |
| Free Cash Flow | $355.3M | $349.0M | $356.6M | $336.8M | $345.7M | $579.8M | $263.0M | $419.2M | $509.3M | $245.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $107.6M | $152.2M | $46.7M | $95.9M |
| Capital Expenditure | -$29.9M | -$651,000 | 0 | $18.8M |
| Free Cash Flow | $77.7M | $151.6M | $46.7M | $114.7M |
| Dividends Paid | -$15.0M | -$15.0M | -$15.1M | -$14.8M |
| Stock-based Compensation | $8.0M | 0 | $6.7M | $5.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.9% | +14.1% | +6.0% | -2.2% | +10.7% | -0.7% | +6.6% | +2.4% | -34.6% | |
| Net Income Growth (YoY) | -35.7% | +31.6% | +129.8% | -27.3% | +44.7% | -25.2% | -1.9% | -80.4% | -1,399.8% | |
| EPS Growth (YoY) | -38.1% | +29.5% | +127.6% | -27.8% | +44.0% | -25.4% | -2.1% | -80.3% | -1,462.4% | |
| Shares Change (YoY) | -2.1% | +0.3% | +0.6% | +0.4% | +0.3% | -0.2% | -0.0% | -0.4% | -5.0% | |
| FCF Growth (YoY) | -1.8% | +2.2% | -5.5% | +2.6% | +67.7% | -54.6% | +59.4% | +21.5% | -51.8% | |
| Gross Margin | 53.3% | 54.6% | 56.5% | 54.3% | 52.2% | 55.2% | 54.9% | 55.4% | 55.9% | 56.2% |
| Operating Margin | 17.1% | 17.3% | 13.1% | 16.5% | 16.7% | 22.4% | 17.9% | 17.0% | 5.0% | 12.8% |
| EBITDA Margin | 22.4% | 24.4% | 21.8% | 24.4% | 25.7% | 30.4% | 26.2% | 25.6% | 14.2% | 15.2% |
| Net Margin | 12.7% | 7.1% | 8.2% | 17.8% | 13.2% | 17.3% | 13.0% | 12.0% | 2.3% | -45.4% |
| FCF Margin | 19.0% | 16.3% | 14.6% | 13.0% | 13.6% | 20.6% | 9.4% | 14.1% | 16.7% | 12.3% |
| Effective Tax Rate | 3.3% | 45.5% | 10.6% | -35.9% | 6.1% | 13.3% | 18.6% | 17.6% | 7.0% | -138.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.46 | $7.48 | $7.62 | $7.15 | $7.31 | $12.23 | $5.56 | $8.86 | $10.81 | $5.49 |
| Dividends Per Share | $1.24 | $1.31 | $1.33 | $1.33 | $1.34 | $1.34 | $1.35 | $1.35 | $1.35 | $1.35 |
| Shares Outstanding (Basic) | $43.3M | $45.0M | $45.7M | $46.2M | $46.5M | $46.8M | $46.9M | $47.0M | $46.8M | $44.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -31.83% |
| Return on Invested Capital | 1.30% |
| Return on Assets | -15.17% |
| Gross Margin | 53.77% |
| Operating Margin | 3.35% |
| Net Margin | -39.58% |
Financial Health
| Debt / Equity | 0.99 |
| Current Ratio | 2.60 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.41 | 73.40 | 58.88 | 37.68 | 57.08 | 31.65 | 32.25 | 32.89 | 119.45 | -6.01 |
| P/B | 3.26 | 4.61 | 4.65 | 5.84 | 5.73 | 4.09 | 2.91 | 2.64 | 1.95 | 1.74 |
| P/S | 3.74 | 5.22 | 4.82 | 6.70 | 7.54 | 5.47 | 4.19 | 3.94 | 2.74 | 2.73 |
| Gross Margin | 53.3% | 54.6% | 56.5% | 54.3% | 52.2% | 55.2% | 54.9% | 55.4% | 55.9% | 56.2% |
| Operating Margin | 17.1% | 17.3% | 13.1% | 16.5% | 16.7% | 22.4% | 17.9% | 17.0% | 5.0% | 12.8% |
| Net Margin | 12.7% | 7.1% | 8.2% | 17.8% | 13.2% | 17.3% | 13.0% | 12.0% | 2.3% | -45.4% |
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