TNON

Company Overview — What Does Tenon Medical, Inc. Do?

Tenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It focuses on sells The CATAMARAN SIJ Fusion System that includes instruments and implants designed to prepare and fixate the SI-Joint for fusion in the United States and Puerto Rico. The company was incorporated in 2012 and is based in Los Gatos, California. Tenon Medical, Inc. (TNON) is classified as a micro-cap stock in the Healthcare sector, specifically within the Medical Equipment industry. The company is led by CEO Steven M. Foster and employs approximately 8 people. With a market capitalization of $8M, TNON is one of the notable companies in the Healthcare sector.

Tenon Medical, Inc. (TNON) Stock Rating — Avoid (April 2026)

As of April 2026, Tenon Medical, Inc. receives a Avoid rating with a composite score of 18.5/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.TNON ranks #4,370 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Tenon Medical, Inc. ranks #810 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

TNON Stock Price and 52-Week Range

Tenon Medical, Inc. (TNON) currently trades at $0.77. The stock gained $0.03 (3.9%) in the most recent trading session. The 52-week high for TNON is $5.85, which means the stock is currently trading -86.9% from its annual peak. The 52-week low is $0.64, putting the stock 20.0% above its annual trough. Recent trading volume was 97K shares, suggesting relatively thin trading activity.

Is TNON Overvalued or Undervalued? — Valuation Analysis

Tenon Medical, Inc. (TNON) carries a value factor score of 9/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 1.68x, versus the sector average of 2.75x. The price-to-sales ratio is 2.53x, compared to 1.66x for the average Healthcare stock.

At current multiples, Tenon Medical, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Tenon Medical, Inc. Profitability — ROE, Margins, and Quality Score

Tenon Medical, Inc. (TNON) earns a quality factor score of 15/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -256.1%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -120.0% versus the sector average of -33.1%.

On a margin basis, Tenon Medical, Inc. reports gross margins of 50.2%, compared to 71.5% for the sector. The operating margin is -416.2% (sector: -66.1%). Net profit margin stands at -408.2%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 30.2% on a trailing basis, compared to 10.6% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

TNON Debt, Balance Sheet, and Financial Health

Tenon Medical, Inc. has a debt-to-equity ratio of 113.0%, compared to the Healthcare sector average of 32.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.11x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $3M.

TNON has a beta of 1.32, meaning it is more volatile than the broader market — a $10,000 investment in TNON would be expected to move 31.6% more than the S&P 500 on any given day. The stability factor score for Tenon Medical, Inc. is 18/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Tenon Medical, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Tenon Medical, Inc. reported revenue of $3M and earnings per share (EPS) of $-1.70. Net income for the quarter was $-13M. Gross margin was 50.2%. Operating income came in at $-13M.

In FY 2025, Tenon Medical, Inc. reported revenue of $4M and earnings per share (EPS) of $-1.70. Net income for the quarter was $-13M. Gross margin was 59.8%. Revenue grew 20.4% year-over-year compared to FY 2024. Operating income came in at $-13M.

In Q3 2025, Tenon Medical, Inc. reported revenue of $1M and earnings per share (EPS) of $-0.40. Net income for the quarter was $-3M. Gross margin was 65.9%. Revenue grew 32.2% year-over-year compared to Q3 2024. Operating income came in at $-3M.

In Q2 2025, Tenon Medical, Inc. reported revenue of $564,000 and earnings per share (EPS) of $-0.36. Net income for the quarter was $-3M. Gross margin was 43.4%. Revenue grew -37.4% year-over-year compared to Q2 2024. Operating income came in at $-3M.

Over the past 8 quarters, Tenon Medical, Inc. has demonstrated a growth trajectory, with revenue expanding from $901,000 to $3M. Investors analyzing TNON stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

TNON Dividend Yield and Income Analysis

Tenon Medical, Inc. (TNON) does not currently pay a dividend. This is common among smaller companies in the Medical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

TNON Momentum and Technical Analysis Profile

Tenon Medical, Inc. (TNON) has a momentum factor score of 13/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 51/100 reflects moderate short selling activity.

TNON vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Tenon Medical, Inc. (TNON) ranks #810 out of 838 stocks based on the Blank Capital composite score. This places TNON in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing TNON against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TNON vs S&P 500 (SPY) comparison to assess how Tenon Medical, Inc. stacks up against the broader market across all factor dimensions.

TNON Next Earnings Date

No upcoming earnings date has been announced for Tenon Medical, Inc. (TNON) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy TNON? — Investment Thesis Summary

The quantitative profile for Tenon Medical, Inc. suggests caution. The quality score of 15/100 flags below-average profitability. The value score of 9/100 indicates premium valuation. Momentum is weak at 13/100, a headwind for near-term performance. High volatility (stability score 18/100) increases portfolio risk.

In summary, Tenon Medical, Inc. (TNON) earns a Avoid rating with a composite score of 18.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TNON stock.

Related Resources for TNON Investors

Explore more research and tools: TNON vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare TNON head-to-head with peers: TNON vs AZN, TNON vs SLGL, TNON vs VMD.