Tenon Medical, Inc. (TNON) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
F · Poor — capital at risk
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, 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.
Tenon Medical, Inc. earns an F (Poor — capital at risk) 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 inventory days.
What the filings flag
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.
157d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 96 to 157 days FY2024→FY2025 (receivables +97% vs revenue +20%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 84 → 96 → 157 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. 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 (Dec 2024 +44, Mar 2025 +38, Jun 2025 +56, Sep 2025 +12, Dec 2025 +2, Mar 2026 +19, Jun 2026 +14 days). In the latest of them the receivable balance grew +153% against sales +127%, 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$3.9M
Revenue Growth YoY+20.4%
Revenue CAGR (2yr)+32.4%
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +3153% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 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 +470.3%/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. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.