Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 2026
Tactile Systems Technology Inc (TCMD)
A forensic read on Tactile Systems Technology Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
14.0
Distress distance
Clean
Earnings quality
3
Forensic signals
20.2
P / E (ttm)
8.7%
ROE
$508M
Market cap
12.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tactile Systems Technology Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 14.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+10.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 12% against +4% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 18% of net operating assets, against an accruals ratio of 10.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
12.7%
FY2025
Return on invested capital.Return on invested capital is 12.7% in the latest fiscal year and rising across FY2023–FY2025 from 9%. The capital base behind it came down -17% across FY2023–FY2025, from $179M to $150M, so this is a return struck on a smaller base rather than a record of money put to work.
+0.3%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.3%/yr). Roughly flat — buybacks ($27M) are about offsetting stock comp ($8M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$329.5M
Revenue Growth YoY+12.5%
Revenue CAGR (2yr)+9.6%
Net Margin5.8%
Free Cash Flow$40.4M
Return on Equity8.7%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tactile Systems Technology Inc's actual 10-K/10-Q/8-K filings?