Stocktoria
ESTABLISHMENT LABS HOLDINGS INC. ESTA
Nasdaq · XNAS · stock · Orthopedic, Prosthetic & Surgical Appliances & Supplies · website · IPO 2018-07-19
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4/9
Piotroski F — financial health
-2.1
Altman Z″ — distress risk · distress
—
Dividend payout · no dividend
Financials & ratios (annual, from 10-K)
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Financials | |||||
| Revenue | $211.1M | $166.0M | $165.2M | $161.7M | $126.7M |
| Gross profit | $146.3M | $109.5M | $107.0M | $106.6M | $85.4M |
| Operating income | -$39.0M | -$50.0M | -$65.0M | -$39.7M | -$25.1M |
| Net income | -$51.1M | -$84.6M | -$78.5M | -$75.2M | -$41.1M |
| Operating cash flow | -$50.9M | -$58.5M | -$88.5M | -$52.2M | -$27.5M |
| Free cash flow | -$56.9M | -$64.6M | -$96.4M | -$55.0M | -$30.0M |
| Total assets | $357.2M | $346.8M | $268.6M | $211.1M | $139.5M |
| Total liabilities | $333.6M | $293.7M | $250.2M | $219.2M | $88.8M |
| Shareholders' equity | $23.5M | $53.1M | $18.4M | -$8.2M | $50.7M |
| Ratios | |||||
| Gross margin | 69.3% | 66.0% | 64.8% | 65.9% | 67.4% |
| Operating margin | -18.5% | -30.1% | -39.4% | -24.5% | -19.8% |
| Net margin | -24.2% | -51.0% | -47.5% | -46.5% | -32.5% |
| FCF margin | -27.0% | -38.9% | -58.4% | -34.0% | -23.6% |
| Return on assets | -14.3% | -24.4% | -29.2% | -35.6% | -29.5% |
| Return on equity | -216.9% | -159.3% | -426.8% | 918.9% | -81.1% |
| Debt / equity | 10.51× | 4.14× | 10.26× | -21.44× | 1.02× |
| Current ratio | 3.04 | 3.56 | 3.06 | 3.85 | 3.55 |
| Revenue growth | 27.1% | 0.5% | 2.1% | 27.6% | 49.6% |
Why these scores methodology →
Piotroski F-score: 4/9
- Positive return on assets
- Positive operating cash flow
- Rising ROA
- Cash flow exceeds net income
- Lower long-term debt
- Rising current ratio
- No share dilution
- Rising gross margin
- Rising asset turnover
Altman Z″: -2.1 (distress)
- Working capital / assets 0.47
- Retained earnings / assets -1.388
- EBIT / assets -0.109
- Equity / liabilities 0.071
Sector peers
VFS · TM · HMC · SONY · AAPL · XOM · all Manufacturing →
Source: SEC EDGAR filings · CIK 0001688757 · as of 2025-12-31. Figures are facts from filings plus Stocktoria's own computed scores — not investment advice.