Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Tandem Diabetes Care Inc (TNDM)
A forensic read on Tandem Diabetes Care Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-36.2
P / E (ttm)
-131.9%
ROE
$1.6B
Market cap
0.00%
Dividend yield
7.9%
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). 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.
Tandem Diabetes Care Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-27.0%
FY2025
Return on invested capital.Return on invested capital is -27.0% in the latest fiscal year and slipping from -10% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +5% over the last 3 years to FY2025 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $30M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
50d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 43 to 50 days FY2024→FY2025 (receivables +44% vs revenue +8%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 50 → 51 → 54 → 43 → 50 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-19%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 6 consecutive quarters (Mar 2025 +4, Jun 2025 +8, Sep 2025 +6, Dec 2025 +15, Mar 2026 +3, Jun 2026 +9 days). In the latest of them the receivable balance grew +26% against sales +6%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
Key fundamentals
Latest Revenue$1.01B
Revenue Growth YoY+7.9%
Revenue CAGR (3yr)+8.2%
Net Margin-20.2%
Free Cash Flow-$29.7M
Return on Equity-131.9%
Debt / Equity2.26x
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 Tandem Diabetes Care Inc's actual 10-K/10-Q/8-K filings?