TransMedics Group, Inc.

NasdaqGM-TMDX

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22
Stock Price	137.4	62.4	78.9	61.7
Total Shares Outstanding	34.2	33.6	32.7	32.1
Market Cap	4,696.2	2,096.1	2,578.7	1,983.8
Total Enterprise Value (TEV)	4,749.4	2,277.7	2,699.8	1,850.1
Buyback Yield	-0.3%	-1.1%	-0.3%	-7.3%
Debt Paydown Yield	—	—	-17.3%	-1.1%
Shareholder Yield	-0.3%	-1.1%	-17.5%	-8.5%
P/S	8.3	4.7	10.7	21.2
P/Gross Profit	13.8	8	16.7	30.4
P/E	55.6	61.7	-102.5	-50.2
Earnings Yield	1.8%	1.6%	-1%	-2%
P/OCF	26.4	42.9	-197.9	-43.3
P/FCF	38.9	-25.9	-15.6	-34.4
FCF Yield	2.6%	-3.9%	-6.4%	-2.9%
P/B	13.2	9.2	18.8	10.6
EV/Sales	8.4	5.2	11.2	19.8
EV/Gross Profit	13.9	8.7	17.5	28.3
EV/EBITDA	39.1	39.8	-131.4	-66.2
EV/EBIT	49.5	60.7	-94	-58.9
EV/OCF	26.7	46.7	-207.2	-40.4
EV/FCF	39.4	-28.1	-16.4	-32.1

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22
Gross Profit Margin	60.3%	59.4%	63.8%	69.8%
Operating Margin	16.9%	8.5%	-11.9%	-33.6%
EBITDA Margin	21.4%	13%	-8.5%	-29.9%
Net Profit Margin	16.2%	8%	-10.4%	-38.8%
Effective Tax Rate	1.2%	0.9%	6.2%	-0.2%
Pre-Tax Profit Margin	16.4%	8.1%	-11%	-38.7%
Free Cash Flow Margin	21.3%	-18.3%	-68.2%	-61.8%
OCF / Sales	31.4%	11.1%	-5.4%	-49%
OCF / Net Income	194%	137.6%	52.1%	126.5%
FCF / OCF	67.8%	-165.9%	1,265.5%	126%
FCF / Net Income	131.5%	-228.2%	658.8%	159.3%
FCF / EBITDA	99.4%	-141.4%	802.3%	206.5%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22
Return on Invested Capital	23%	11.1%	-17.2%	-85.8%
Return on Assets	10.8%	4.9%	-5.5%	-15.3%
Return on Equity	31.4%	19.4%	-15.4%	-28.4%
Return on Total Capital	7.5%	3.1%	-2.9%	-4.9%
Return on Capital Employed	11.1%	5.4%	-6.4%	-17.2%
Return on Tangible Assets	9.8%	4.8%	-5.2%	-17.6%
Receivables Turnover	6.3	5.5	5.3	5.6
Days Sales Outstanding	57.5	66.7	68.9	65.5
Payables Turnover	20	15.6	10.9	5.6
Days Payables Outstanding	18.2	23.4	33.5	64.7
Inventory Turnover	4.9	4	2.7	1.6
Days Inventory Outstanding	73.9	92.3	135.2	229.6
Cash Conversion Cycle	113.2	135.6	170.6	230.4
Asset Turnover	0.6	0.6	0.5	0.5
Fixed Asset Turnover	1.9	1.9	2.4	4.7
Operating Cycle	131.4	159	204.1	295.1
CapEx to OCF	0.3	2.7	-11.7	-0.3
CapEx to Revenue	0.1	0.3	0.6	0.1
CapEx to Depreciation	2.3	6.6	18.6	3.4

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22
Total Debt	519.3	518.3	515.9	67.6
Net Debt	53.2	181.6	121.1	-133.6
Current Ratio	7.7	8.3	9.3	10.7
Quick Ratio	6.9	7.3	8.3	9.7
Cash Ratio	5.8	5.6	7.2	8.5
Debt Ratio	0.5	0.6	0.7	0.2
Assets to Equity	2.7	3.5	5.1	1.5
Cash Flow to Debt Ratio	0.3	0.1	-0	-0.7
Long-term Debt to Assets	0.5	0.6	0.7	0.2
Intangibles to Total Assets	0	0	0	—
Net Current Asset Value	22.2	-78.3	-58.2	162.5
Goodwill / Assets	0	0	0	—
Debt / Equity	1.5	2.3	3.8	0.4
Total Debt / Capitalization	0.4	0.4	0.4	0.1
Long Term Debt / Capitalization	0.4	0.4	0.4	0.1
Long-Term Debt / Equity	1.4	2.3	3.7	0.4
Net Debt / EBITDA	0.4	3.2	-5.9	4.8
EBIT / Interest Expense	6.9	2.6	-2.7	-8.4
EBITDA / Interest Expense	8.7	4	-1.9	-7.5
(EBITDA - Capex) / Interest Expense	4.6	-5	-16	-10.7

Per Share	LTM	Dec '24	Dec '23	Dec '22
Revenue per Share	14.5	12.5	7.4	3.2
Basic EPS	2.7	1.1	-0.8	-1.2
Diluted EPS	2.5	1	-0.8	-1.2
Book Value per Share	9.1	6.5	4.2	6.3
Tangible Book Value per Share	8.7	6.1	3.8	6.3
Cash per Share	11.9	9.6	12.1	6.8
Operating Cash Flow per Share	4.6	1.4	-0.4	-1.6
Free Cash Flow per Share	3.1	-2.3	-5.1	-2
CapEx per Share	1.5	3.7	4.7	0.4
Weighted Avg. Shares Outstanding	33.8	33.2	32.5	29.6
Weighted Avg. Shares Outstanding Diluted	39.1	35.2	32.5	29.6

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22
R&D to Revenue	11.4%	12.7%	26.2%	28.7%
SG&A to Revenue	31.9%	38.2%	49.5%	74.8%
Stock-based Comp to Revenue	6.8%	7.5%	8.2%	11%