# Teleflex (TFX.US)

Canonical: https://gigainvestors.com/s/TFX

Analysis as of: 2026-10-16T07:32:21.445Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $128.22 per share; close as of 2026-10-15.

Estimated value: low $120.20 per share, central $135.97 per share, high $156.96 per share. Buy at or below the central value $135.97 per share. Valuation as of 2026-10-16T07:32:21.445Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.17×

- FY2018: 0.13×

- FY2019: 0.16×

- FY2020: 0.17×

- FY2021: 0.22×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.05×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 13.5%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 55.0%

- Recent gross margin (lower of latest and 3-year median): 55.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.9%

- FY2017: 11.5%

- FY2018: 13.7%

- FY2019: 17.5%

- FY2020: 13.5%

- FY2021: 19.7%

- FY2022: 13.4%

- FY2023: 12.9%

- FY2024: 3.8%

- FY2025: 8.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 2.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $369M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 30.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.34×

- FY2022: 1.42×

- FY2023: 1.42×

- FY2024: 3.13×

- FY2025: 0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.7% vs 8.1%

- Per-share earnings: 4.98 to 1.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: -$2.2B

- Cumulative retained earnings: $955M

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.1%

- Per-share value change: -$3.50

- Per-share value, starting three-year median: $4.98

- Per-share value, ending three-year median: $1.48

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $4.0B

- Cumulative net income, 10 years: $1.8B

- ROIC, first three-year median: 13.7%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.98

- FY2017: $3.27

- FY2018: $4.29

- FY2019: $9.80

- FY2020: $7.09

- FY2021: $10.23

- FY2022: $7.68

- FY2023: $7.53

- FY2024: $1.48

- FY2025: -$20.25

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -17.9%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 7.5%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -4.3%

- FY2018: -3.8%

- FY2019: 0.3%

- FY2020: -1.4%

- FY2021: -2.4%

- FY2022: 0.3%

- FY2023: -2.0%

- FY2024: -8.0%

- FY2025: -17.9%

## Holders

- [Gavin Abrams](https://gigainvestors.com/ABI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Seth Klarman](https://gigainvestors.com/BAUPOST): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 64% since Oct 2021 · "Teleflex Q4 Loss Sharply Widens; Provides Weak FY26 Outlook; Shares Tumble 8.9%" (nasdaq.com, Feb 2026) · sales -34.6%

Story as of 2026-10-16T09:59:41.215Z; price observation 2026-10-15.

Price needs cash profits to grow 0.1% a year for ten years

- 2025-05-14: TFX Q1 Earnings Call: Guidance Cut and Strategic Shifts Dominate Amid Tariff Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/tfx-q1-earnings-call-guidance-215713343.html))

- 2025-08-21: Teleflex Stock Gains Following Barrigel's Launch in Japan ([finance.yahoo.com](https://finance.yahoo.com/news/teleflex-stock-gains-following-barrigels-135000885.html))

- 2025-11-13: TFX Stock Falls Despite Q3 Earnings and Revenue Beat, '25 View Down ([finance.yahoo.com](https://finance.yahoo.com/news/tfx-stock-falls-despite-q3-130800141.html))

- 2026-02-26: Teleflex Q4 Loss Sharply Widens; Provides Weak FY26 Outlook; Shares Tumble 8.9% ([nasdaq.com](https://www.nasdaq.com/articles/teleflex-q4-loss-sharply-widens-provides-weak-fy26-outlook-shares-tumble-89))

- 2026-08-24: Can Teleflex's OEM Sale and Higher EPS Outlook Reshape 2026 Returns? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/teleflexs-oem-sale-higher-eps-132600722.html))

- 2026-09-04: Teleflex (TFX): Guidance Cut Meets A Bigger Buyback Push ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/teleflex-tfx-guidance-cut-meets-093747101.html))

### Sales · FY2024–2025

sales -34.6%; source https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm; observed 2026-02-27.

- FY2016: $1.9B 

- FY2017: $2.1B 

- FY2018: $2.4B 

- FY2019: $2.6B 

- FY2020: $2.5B 

- FY2021: $2.8B 

- FY2022: $2.8B 

- FY2023: $3.0B 

- FY2024: $3.0B 

- FY2025: $2.0B 

### Gross margin · FY2025

gross margin 56.2%; source https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm; observed 2026-02-27.

- FY2016: 53.3% 

- FY2017: 54.6% 

- FY2018: 56.5% 

- FY2019: 54.3% 

- FY2020: 52.2% 

- FY2021: 55.2% 

- FY2022: 54.9% 

- FY2023: 55.4% 

- FY2024: 55.9% 

- FY2025: 56.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm (filed 2026-02-27); FY2025: revenue 1992713000; grossProfit 1120754000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TFX.US: Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company offers vascular and emergency medicine products comprising Arrow branded catheters, catheter navigation and tip positioning systems, and intraosseous bone access systems for the administration of intravenous therapies, measurement of blood pressure, and collection of blood samples; intraosseous access systems consisting of EZ-IO intraosseous vascular access systems, and Arrow FAST1 sternal intraosseous infusion systems; and hemostatic products, including external hemostats and trauma products under the QuikClot brand. It also provides interventional products, including various coronary catheters, structural heart support devices, and peripheral intervention products platforms; GuideLiner, Turnpike, and TrapLiner catheters; MANTA vascular closure devices and Arrow OnControl powered bone biopsy systems; and coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters. In addition, the company offers surgical products, including metal and polymer ligating clips using manual and automatic applier system, fascial closure surgical systems used in laparoscopic surgical procedures, percutaneous surgical systems, powered bariatric staplers, and other surgical instruments under the Weck, MiniLap, Pleur-Evac, Deknatel, KMedic, Pilling, and Titan SGS brands. It serves hospitals, healthcare providers, and medical device manufacturers. The company also sells its products online. Teleflex Incorporated was incorporated in 1943 and is headquartered in Wayne, Pennsylvania.

### Why customers stay

Margins ranged from 55.4% to 56.2% during 2023–25; it earns 13.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 55.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 55.9%.

- Source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 56.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.22880053482617932],[2017,0.1146324160927893],[2018,0.13733584549710132],[2019,0.17487139040792846],[2020,0.13512029982484478],[2021,0.19650259356426839],[2022,0.1344411724189846],[2023,0.12912694610377976],[2024,0.037585940507074866],[2025,0.08115318200838612]]; median 0.13478073612191468. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 55% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.5515455606441286],[2022,0.5485720202605407],[2023,0.5536853557031141]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 300 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 53135000; owner earnings 302148000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 70903000; owner earnings 236890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 80795000; owner earnings 329987000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 102695000; owner earnings 572833000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 90694000; owner earnings 471882000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 71618000; owner earnings 651118000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 79190000; cash acquisitions 185995000; owner earnings 514539000. Growth capex plus acquisitions / owner earnings = 0.36147891607827587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 91442000; cash acquisitions 0; owner earnings 507004000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 126434000; cash acquisitions 120000; owner earnings 217842000. Growth capex plus acquisitions / owner earnings = 0.0005508579612746854.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,58960000],[2017,61237000],[2018,62165000],[2019,62828000],[2020,63221000],[2021,63648000],[2022,63789000],[2023,63896000],[2024,63541000],[2025,60268000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 300000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TFX.US SharesStats.PercentInsiders = 0.627 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate -0.010913488666133453. Price 128.22; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.0719963377585415 → FY2025 -18.404838565423486. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $143.13 per share

- 2016-11: $147.93 per share

- 2016-12: $161.15 per share

- 2017-01: $167.73 per share

- 2017-02: $191.18 per share

- 2017-03: $193.73 per share

- 2017-04: $206.89 per share

- 2017-05: $200.02 per share

- 2017-06: $207.76 per share

- 2017-07: $207.22 per share

- 2017-08: $211.75 per share

- 2017-09: $241.97 per share

- 2017-10: $236.98 per share

- 2017-11: $265.52 per share

- 2017-12: $248.82 per share

- 2018-01: $277.75 per share

- 2018-02: $249.83 per share

- 2018-03: $254.98 per share

- 2018-04: $267.88 per share

- 2018-05: $267.16 per share

- 2018-06: $268.21 per share

- 2018-07: $272.71 per share

- 2018-08: $247.43 per share

- 2018-09: $266.09 per share

- 2018-10: $240.74 per share

- 2018-11: $275.42 per share

- 2018-12: $258.48 per share

- 2019-01: $273.50 per share

- 2019-02: $289.84 per share

- 2019-03: $302.16 per share

- 2019-04: $286.18 per share

- 2019-05: $288.30 per share

- 2019-06: $331.15 per share

- 2019-07: $339.74 per share

- 2019-08: $363.92 per share

- 2019-09: $339.75 per share

- 2019-10: $347.41 per share

- 2019-11: $353.34 per share

- 2019-12: $376.44 per share

- 2020-01: $371.51 per share

- 2020-02: $335.02 per share

- 2020-03: $292.86 per share

- 2020-04: $335.40 per share

- 2020-05: $362.86 per share

- 2020-06: $363.98 per share

- 2020-07: $373.10 per share

- 2020-08: $392.95 per share

- 2020-09: $340.42 per share

- 2020-10: $318.23 per share

- 2020-11: $382.75 per share

- 2020-12: $411.57 per share

- 2021-01: $377.63 per share

- 2021-02: $398.12 per share

- 2021-03: $415.46 per share

- 2021-04: $422.48 per share

- 2021-05: $402.19 per share

- 2021-06: $401.79 per share

- 2021-07: $397.43 per share

- 2021-08: $395.46 per share

- 2021-09: $376.55 per share

- 2021-10: $356.94 per share

- 2021-11: $297.42 per share

- 2021-12: $328.48 per share

- 2022-01: $310.19 per share

- 2022-02: $336.31 per share

- 2022-03: $354.83 per share

- 2022-04: $285.62 per share

- 2022-05: $287.74 per share

- 2022-06: $245.85 per share

- 2022-07: $240.46 per share

- 2022-08: $226.26 per share

- 2022-09: $201.46 per share

- 2022-10: $214.56 per share

- 2022-11: $234.12 per share

- 2022-12: $249.63 per share

- 2023-01: $243.42 per share

- 2023-02: $238.23 per share

- 2023-03: $253.31 per share

- 2023-04: $272.52 per share

- 2023-05: $234.75 per share

- 2023-06: $242.03 per share

- 2023-07: $251.17 per share

- 2023-08: $212.74 per share

- 2023-09: $196.41 per share

- 2023-10: $184.75 per share

- 2023-11: $225.69 per share

- 2023-12: $249.34 per share

- 2024-01: $242.83 per share

- 2024-02: $222.79 per share

- 2024-03: $226.17 per share

- 2024-04: $208.75 per share

- 2024-05: $209.07 per share

- 2024-06: $210.33 per share

- 2024-07: $220.92 per share

- 2024-08: $245.17 per share

- 2024-09: $247.32 per share

- 2024-10: $201.06 per share

- 2024-11: $192.85 per share

- 2024-12: $177.98 per share

- 2025-01: $180.24 per share

- 2025-02: $132.75 per share

- 2025-03: $138.19 per share

- 2025-04: $137.05 per share

- 2025-05: $122.27 per share

- 2025-06: $118.36 per share

- 2025-07: $119.50 per share

- 2025-08: $126.41 per share

- 2025-09: $122.36 per share

- 2025-10: $124.47 per share

- 2025-11: $114.42 per share

- 2025-12: $122.04 per share

- 2026-01: $104.37 per share

- 2026-02: $122.06 per share

- 2026-03: $119.61 per share

- 2026-04: $123.91 per share

- 2026-05: $128.64 per share

- 2026-06: $126.76 per share

- 2026-07: $136.71 per share

- 2026-08: $142.05 per share

- 2026-09: $125.04 per share

- 2026-10: $128.22 per share

## Annual estimated value (USD per share)

- FY2016: low $64.49 per share, central $71.92 per share, high $81.80 per share

- FY2017: low $69.41 per share, central $78.13 per share, high $89.72 per share

- FY2018: low $83.65 per share, central $94.28 per share, high $108.42 per share

- FY2019: low $102.43 per share, central $115.82 per share, high $133.65 per share

- FY2020: low $101.73 per share, central $114.81 per share, high $132.22 per share

- FY2021: low $128.63 per share, central $145.23 per share, high $167.34 per share

- FY2022: low $124.93 per share, central $141.46 per share, high $163.48 per share

- FY2023: low $131.28 per share, central $148.91 per share, high $172.37 per share

- FY2024: low $135.59 per share, central $153.57 per share, high $177.50 per share

- FY2025: low $90.91 per share, central $102.36 per share, high $117.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.