Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Tenon Medical, Inc. (TNON)
A forensic read on Tenon Medical, 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
-29.5
Distress distance
Watch
Earnings quality
5
Forensic signals
-249.1%
ROE
20.4%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Tenon Medical, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -29.5, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
119d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 77 to 119 days FY2024→FY2025 (receivables +97% vs revenue +20%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 61 → 77 → 119 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. 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 7 consecutive quarters (Sep 2024 +16, Dec 2024 +44, Mar 2025 +38, Jun 2025 +56, Sep 2025 +12, Dec 2025 +2, Mar 2026 +19 days). In the latest of them the receivable balance grew +122% against sales +90%, 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.
191d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 135 to 191 FY2024→FY2025 (against cost of goods sold; inventory +74% vs +1% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-0.6M to FY2025 $+1.3M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2022–FY2025
Key fundamentals
Latest Revenue$3.9M
Revenue Growth YoY+20.4%
Revenue CAGR (3yr)+78.7%
Net Margin-318.4%
Free Cash Flow-$11.0M
Return on Equity-249.1%
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 Tenon Medical, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Tenon Medical, Inc. (TNON) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Share count (stock split).Diluted share count changed +822% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +109.7%/yr figure isn't a real buyback/dilution read here.
43% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 43% of revenue in FY2025. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. The bill lands on the share count instead, and this filer's count is not on file in enough years to say how much of the company changed hands to pay it.