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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Teleflex reported revenue of $2B in the fiscal year ended Dec 2025, up 17.2% from the year before. Operating income was $118M, an operating margin of 5.9%, and net income was −$906M. Operating cash flow of $97M less capital expenditure of $95M left free cash flow of $1M. Net debt was $2.3B.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,810 | 2,791 | 1,712 | 1,700 | 1,993 |
| Cost of revenue | 1,260 | 1,260 | 672 | 662 | 872 |
| Gross profit | 1,550 | 1,531 | 1,040 | 1,037 | 1,121 |
| Research & development | 131 | 154 | 114 | 109 | 145 |
| Selling, general & admin | 860 | 864 | 623 | 675 | 720 |
| Operating income | 628 | 500 | 259 | 104 | 118 |
| Interest expense | 57.0 | 54.3 | 85.1 | 83.5 | 100 |
| Pre-tax income | 559 | 446 | 185 | 26.3 | 24.6 |
| Income tax | 74.3 | 83.0 | 41.9 | −30.9 | −34.0 |
| Net income | 485 | 363 | 356 | 69.7 | −906 |
| Diluted EPS | 10.23 | 7.68 | 7.53 | 1.48 | −20.25 |
| Diluted shares | 47.4 | 47.3 | 47.3 | 47.1 | 44.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 445 | 292 | 223 | 248 | 379 |
| Receivables | 384 | 409 | 443 | 227 | 346 |
| Inventory | 478 | 579 | 626 | 307 | 404 |
| Current assets | 1,429 | 1,411 | 1,407 | 1,471 | 1,938 |
| Net PP&E | 444 | 447 | 480 | 308 | 498 |
| Goodwill | 2,504 | 2,537 | 2,914 | 1,992 | 2,305 |
| Total assets | 6,872 | 6,928 | 7,533 | 7,098 | 6,947 |
| Payables | 118 | 127 | 132 | 97.9 | 130 |
| Current liabilities | 680 | 581 | 607 | 649 | 762 |
| Short-term debt | 110 | 87.5 | 87.5 | 100 | 100 |
| Long-term debt | 1,740 | 1,624 | 1,728 | 1,556 | 2,541 |
| Total liabilities | 3,117 | 2,906 | 3,092 | 2,820 | 3,822 |
| Shareholders' equity | 3,755 | 4,022 | 4,441 | 4,278 | 3,125 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 652 | 343 | 206 | 302 | 96.7 |
| Capital expenditure | 71.6 | 79.2 | 46.4 | 90.4 | 95.2 |
| Free cash flow | 581 | 264 | 160 | 211 | 1.4 |
| Depreciation & amortisation | 237 | 231 | 148 | 162 | 178 |
| Stock-based compensation | 22.9 | 27.2 | 27.3 | 26.0 | 25.7 |
| Share buybacks | – | 0.0 | 0.0 | 200 | 300 |
| Dividends paid | 63.6 | 63.8 | 63.9 | 63.5 | 60.3 |
| Dividend per share | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.7% | −38.6% | −0.8% | 17.2% |
| Operating income growth (YoY) | – | −20.4% | −48.2% | −59.9% | 14.2% |
| EPS growth (YoY) | – | −24.9% | −2.0% | −80.3% | −1468.2% |
| Gross margin | 55.2% | 54.9% | 60.7% | 61.0% | 56.2% |
| Operating margin | 22.4% | 17.9% | 15.1% | 6.1% | 5.9% |
| Net margin | 17.3% | 13.0% | 20.8% | 4.1% | −45.4% |
| Return on equityBlank when equity is negative | 12.9% | 9.0% | 8.0% | 1.6% | −29.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.1% | 7.9% | 3.7% | 1.6% | 1.9% |
| Free cash flow margin | 20.7% | 9.4% | 9.3% | 12.4% | 0.1% |
| Cash conversion (CFO ÷ net income) | 1.34x | 0.94x | 0.58x | 4.33x | −0.11x |
| Receivable days | 50 | 53 | 95 | 49 | 63 |
| Inventory days | 138 | 168 | 340 | 169 | 169 |
| Payable days | 34 | 37 | 72 | 54 | 55 |
| Interest cover | 11.0x | 9.21x | 3.04x | 1.24x | 1.18x |
| Debt ÷ equity | 0.49x | 0.43x | 0.41x | 0.39x | 0.85x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,405 | 1,419 | 1,592 | 1,408 | 2,263 |
| Current ratio | 2.10x | 2.43x | 2.32x | 2.27x | 2.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.