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The Moat Index

TransMedics Group, Inc.

TMDX · Healthcare · $2.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

44/ 100
Shallow moat

The four filters

Pricing power85

Median gross margin 59.6% over 8y, stable.

Returns on capital0

Median ROIC -37.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety70

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$73.98
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

TransMedics Group, Inc. booked $605.5M of revenue in FY2025 in the Healthcare sector and kept 59.9% of it as gross profit — a high-margin business by that measure. After every other cost, 31.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $14.7M (FY2018) to $605.5M (FY2025) — about 70.2% a year compounded over 7 years.

It earned −55.3% on invested capital in FY2022, with a median of −37.1% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $10.0M of total debt in FY2025 against $190.3M of owner earnings — roughly 0.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 70/100.

The share count rose 26.1% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (85/100) and Returns on Capital the weakest (0/100), which is how TMDX lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from TMDX’s SEC filings

RevenueSales, as filed$605.5M FY2025
$0$250M$500M2017202020232025
Gross marginRevenue kept after cost of goods59.9% FY2025
0%50%2017202020232025
Return on invested capitalOperating profit on the capital employed−55.3% FY2022
−40%−20%0%2017202020232025
Owner earningsCash an owner could take out$190.3M FY2025
$0$100M$200M2017202020232025

Gaps in a line mean that item isn’t in TMDX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TMDX has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#181 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #179LUNG PULMONX CORPORATION44.4Shallow moat
  2. #180CLSDQ Clearside Biomedical, Inc.44.4Shallow moat
  3. #182LHX L3HARRIS TECHNOLOGIES, INC.44.1Shallow moat
  4. #183OFIX ORTHOFIX MEDICAL INC.44.1Shallow moat

Compare TMDX with its nearest peers →All Healthcare companies on the Index →

Common questions about TMDX

Does TransMedics Group, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores TransMedics Group, Inc. (TMDX) 44.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 0, balance-sheet safety 70, capital discipline 24.
How has TMDX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 44.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TMDX. See the disclaimer.

TransMedics Group, Inc. (TMDX) Moat Score — The Moat Index · Buy Like Buffett