Tactile Systems Technology Inc. (TCMD) intrinsic value & 10-year financials
Tactile Systems Technology Inc. (TCMD) has a Graham intrinsic value of $27.24 per share. At $22.52 on Oct 17, 2026, the stock trades 17% below that value. Over the last 10 fiscal years revenue grew 16.3% a year to $329.5M, with an average return on invested capital of 4.7%.
- Graham intrinsic value
- $27.24
- Share price (Oct 17, 2026)
- $22.52
- Price vs Graham value
- 17% below
- Market cap
- $524.6M
- Revenue (FY2025)
- $329.5M
- Revenue growth (10-yr CAGR)
- 16.3%
- ROIC (10-yr avg)
- 4.7%
- Free cash flow (FY2025)
- $40.4M
TCMD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $329.5M | $19.1M | $0.82 | $40.4M | 8.9% | 12.5% |
| FY2024 | $293.0M | $17.0M | $0.70 | $38.3M | 7.6% | 11.1% |
| FY2023 | $274.4M | $28.5M | $1.23 | $33.5M | 6.6% | 13.3% |
| FY2022 | $246.8M | -$17.9M | -$0.89 | $3.4M | -5.2% | -10.5% |
| FY2021 | $208.1M | -$11.8M | -$0.60 | $528.0K | -0.8% | -1.6% |
| FY2020 | $187.1M | -$620.0K | -$0.03 | $735.0K | -1.9% | -1.8% |
| FY2019 | $189.5M | $11.0M | $0.56 | -$2.9M | 5.5% | 9.9% |
| FY2018 | $143.8M | $6.6M | $0.34 | $4.8M | 2.1% | 3.7% |
| FY2017 | $109.3M | $5.9M | $0.31 | $446.0K | 3.6% | 5.9% |
| FY2016 | $84.5M | $2.9M | $0.15 | $6.3M | 5.1% | 4.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TACTILE SYSTEMS TECHNOLOGY INC is a consistent compounder, expanding top-line revenue at 16.3% annually over the past decade.
TACTILE SYSTEMS TECHNOLOGY INC has historically struggled to out-earn its cost of capital, averaging just 4.7% ROIC.
TACTILE SYSTEMS TECHNOLOGY INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TACTILE SYSTEMS TECHNOLOGY INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $27.24 per share.