At a glance
Tandem Diabetes Care Inc is worth $1.37B. Revenue grew 7.9% to $1.01B in fiscal 2025, at a loss; over 5 years it has grown 15.3% a year. It pays no dividend; it spent $30.0M buying back its shares over FY2021–FY2025. The stock returned +30.3% over the past year with dividends reinvested and −31.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.4% in the 2020 crash (S&P 500: 33.7%) and 70.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Tandem Diabetes Care makes insulin pumps, small devices that deliver insulin under the skin for people with diabetes who need insulin. It sells two pumps: the t:slim X2, with a color touchscreen, and the smaller Tandem Mobi, worn on the body and run from a smartphone. Both use Control-IQ+ software. The software reads data from a continuous glucose monitor (CGM), a wearable blood-sugar sensor from makers such as Dexcom and Abbott, and adjusts insulin doses automatically. Tandem says it serves nearly 500,000 people in more than 25 countries.
The business earns repeat revenue. A pump is built to last years, but users replace insulin cartridges and infusion sets every few days. An infusion set connects the pump to the body through a thin tube called a cannula. In fiscal 2025, which ended December 31, 2025, supplies and other items brought in $550.6 million, or 54.3% of $1.01 billion in revenue. Pumps brought in $464.1 million, or 45.7%.
The US supplied 69.7% of fiscal 2025 revenue and international markets 30.3%. In the US and Canada, Tandem sells directly, and a few independent distributors fill orders. Two distributors each made up more than 10% of worldwide sales. Abroad, distributors have done most of the selling, but Tandem began switching to direct sales in 2026, starting with the UK, Austria and Switzerland.
Price history
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TNDM +30.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Supplies and other | $550.6M | 54.3% |
| Pump | $464.1M | 45.7% |
By geography
| United States | $706.9M | 69.7% |
| International | $307.8M | 30.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $254.6M, up 5.8% from a year earlier, and net income was $-21.2M.
- For fiscal 2025, revenue was $1.01B (+7.9% year over year; +15.3% a year from FY2020 to FY2025) with a -20.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.3% good |
|---|---|
| Operating margin | -18.5% weak |
| Free cash flow margin | -2.9% weak |
| Return on equity (FY2025) | -131.9% weak |
| Return on assets (FY2025) | -23.2% weak |
| Net cash (cash minus debt) | $-146.6M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $498.8M | $-34.4M | $-2.7M |
| FY2021 | $702.8M | $15.6M | $97.2M |
| FY2022 | $801.2M | $-94.6M | $16.4M |
| FY2023 | $747.7M | $-222.6M | $-58.6M |
| FY2024 | $940.2M | $-96.0M | $5.0M |
| FY2025 | $1.01B | $-204.7M | $-29.7M |
Valuation snapshot
| Market value | $1.37B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Tandem Diabetes Care’s market value went from $2.18B at the end of 2018 to $1.37B on Oct 28, 2026, down 37%; since the end of 2025 it is down 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.37B | -8.1% |
| 2025 | $1.49B | -37.0% |
| 2024 | $2.37B | +22.6% |
| 2023 | $1.93B | -33.3% |
| 2022 | $2.89B | -69.8% |
| 2021 | $9.56B | +60.7% |
| 2020 | $5.95B | +68.9% |
| 2019 | $3.52B | +61.7% |
| 2018 | $2.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TNDM price data to Oct 28, 2026 | -10.5% | +30.3% | +3.0% | -31.9% | -10.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.5% |
| 2025 | -39.0% |
| 2024 | +21.8% |
| 2023 | -34.2% |
| 2022 | -70.1% |
| 2021 | +57.3% |
| 2020 | +60.5% |
| 2019 | +57.0% |
| 2018 | +1508.9% |
| 2017 | -89.0% |
| 2016 | -81.8% |
| 2015 | -7.0% |
| 2014 | -50.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.6% over that stretch · deepest drop along the way 47.4%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 65.7% over that stretch · deepest drop along the way 70.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($33K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | Christopher J Twomey Director | sell (plan) | $33K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| Sessa Capital (Master), L.P. | 6.71% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.91% | Mar 31, 2026 |
| Vanguard Capital Management | 5.18% | Mar 31, 2026 |
| ArrowMark Colorado Holdings, LLC | 4.26% | Dec 31, 2025 |
| Voya Financial, Inc. | 0.2% | Jun 30, 2026 |
ETFs with the most weight in TNDM
| HEAL Global X HealthTech ETF | 1.6% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 0.53% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.28% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.21% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.19% |
| PSC Principal U.S. Small-Cap ETF | 0.19% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.19% |
| ISMD Inspire Small/Mid Cap ETF | 0.19% |
What could go wrong
- Heavy reliance on pumps in a crowded field. Almost all revenue comes from insulin pumps and their supplies. Rivals include Insulet, Medtronic, Beta Bionics, mylife (formerly Ypsomed) and Sequel, and medical breakthroughs could make pumps obsolete or less desirable.
- Pharmacy-channel shift could backfire. Tandem is selling more in the US through pharmacy insurance benefits, not just medical-equipment coverage. That changes how its pumps and supplies are priced. If this shift falls short, growth and results could suffer.
- Long history of losses. Tandem had an accumulated deficit (total past losses) of $1.3 billion as of December 31, 2025, and lost money in 2023, 2024 and 2025. It expects expenses to keep rising.
- Convertible debt could strain cash or dilute. Total debt was $602.6 million against $456.0 million of cash and investments as of June 30, 2026. Its 2029 convertible notes, debt that can turn into stock, could dilute shareholders or strain cash.
- Concentrated suppliers, distributors and manufacturing. Pumps are assembled in San Diego, some parts come from single or limited sources, and two distributors each handled over 10% of 2025 sales. A problem at any of these could hurt sales.
- Depends on insurers' coverage and payment rates. Sales depend on insurers and other payors covering pumps and supplies. Healthcare reforms, lower payment rates or strict price controls abroad could reduce demand or push prices down.
Recent events
- Quarterly results released
- Change to shareholder rights; Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Executive or board change
- Quarterly results released
For income and retirement investors
Tandem Diabetes Care pays no dividend and paid none from fiscal 2021 through fiscal 2025. In fiscal 2025 it had a net loss and negative free cash flow (cash left after running and investing in the business), so there was nothing to pay out. An income investor would get no regular cash and would need to sell shares to raise any. Buybacks totaled $30 million over those five years, all in fiscal 2024. Even so, the share count rose 9.5% between October 29, 2021 and August 3, 2026. In the 2020 COVID crash the stock fell 47.4% from February 19 to March 18, 2020, and regained its peak by May 11. In the 2022 bear market it fell 70.8% from January 3 to September 6, 2022, and had not recovered as of October 28, 2026. Over its trading history it has fallen as much as 99.3% from a peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Tandem Diabetes Care make money?
Tandem makes money by selling insulin pumps and the supplies used with them. In fiscal 2025, which ended December 31, 2025, supplies and other items made up 54.3% of its $1.01 billion in revenue, and pumps made up 45.7%. A pump lasts for years, but insulin cartridges and infusion sets are replaced every few days, which creates repeat sales. The United States provided 69.7% of revenue and international markets 30.3%.
Is Tandem Diabetes Care profitable?
No. Tandem lost $204.7 million in fiscal 2025 on revenue of $1.01 billion, a loss equal to about 20% of sales. From fiscal 2020 through 2025, its only profitable year was 2021, with net income of $15.6 million. In the quarter ended June 30, 2026, it lost $21.2 million on revenue of $254.6 million, up 5.8% from a year earlier. It had an accumulated deficit (total past losses) of $1.3 billion as of December 31, 2025, and warns it may keep losing money.
Does Tandem Diabetes Care pay a dividend?
No. Tandem paid no dividends from fiscal 2021 through fiscal 2025, so it has no dividend record to build on. In fiscal 2025 it posted a net loss of $204.7 million and negative free cash flow (cash left after running and investing in the business) of $29.7 million. The only cash it returned to shareholders in that span was a $30 million share buyback in fiscal 2024. Investors who need regular income would have to sell shares to draw cash from this stock.
Who are Tandem Diabetes Care's competitors?
Tandem's fiscal 2025 annual report names Beta Bionics, Insulet, Medtronic, mylife (formerly Ypsomed) and Sequel as its key insulin pump competitors. It also warns that new treatments or breakthroughs in diabetes care could make pumps less desirable or shrink its market. Tandem's pumps connect to glucose sensors made by Dexcom and Abbott. Its strategy is to offer a choice of pumps, from the touchscreen t:slim X2 to the smaller Tandem Mobi. Both run its Control-IQ+ automated insulin delivery software.
Is Tandem Diabetes Care stock volatile?
Yes, very. As of October 28, 2026, its volatility (a measure of how widely the price swings) was 75.3% over the past year. Within that year the stock had fallen as much as 54.6% from a peak. It still gained 30.3% over that year but lost 85% over five years. Calendar years show the swings: down 70.1% in 2022, up 21.8% in 2024 and down 39.0% in 2025. Its stock market value was about $1.37 billion.