Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-1.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-18.2
P / E (ttm)
-131.9%
ROE
$1.1B
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, 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.
Tandem Diabetes Care Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.6, 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, against -26.4% in FY2023, having run between -27.0% and -11.3% across FY2023–FY2025 with no direction held. After-tax operating profit was ($184M) in FY2023 and ($148M) in FY2025, with operating income at -31.2% of revenue in FY2023, -10.5% in FY2024 and -18.5% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+1.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+1.8%/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 ~1.8% 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 FY2023 has been diluted ~3%.
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.
60d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 44 to 60 days FY2024→FY2025 (receivables +44% vs revenue +8%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 52 → 44 → 60 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. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$1.01B
Revenue Growth YoY+7.9%
Revenue CAGR (2yr)+16.5%
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?