Forensic Analysis · Medical Devices · as of Nov 9, 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.
A · High-quality compounder
Forensic grade
Safe
Financial health
8.5
Distress distance
Clean
Earnings quality
2
Forensic signals
8.8%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 8.5, placing it in the Safe zone. 2 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
12.2%
FY2025
Return on invested capital.Return on invested capital is 12.2% in the latest fiscal year and rising across FY2023–FY2025 from 9.1%. After-tax operating profit was $16M in FY2023 and $19M in FY2025, with operating income at 6.6% of revenue in FY2023, 7.6% in FY2024 and 8.9% in FY2025. The capital base behind it came down -13% across FY2023–FY2025, from $179M to $156M, so this return is struck on a smaller base than it started on.
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 Equity8.8%
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?