Tenon Medical, Inc (TNON) Fair Value & Analysis

Healthcare · US · Market cap $4.7M

Below-average quality, and screening another 77% overvalued on our models.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price sits above even our optimistic bull case ($1.96). The favourable scenario is already priced in.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range ($1.04 to $1.96) leaves room in how you read the outcome.

Price vs Fair Value (4 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

52‑month range $4.59 – $139,440 · fair‑value band $1.04 – $1.96 · the $6.83 price screens above the $1.57 fair value. Dashed = 300-day average. As of Aug 22, 2026.

Full chart & analysis →

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Analysis

Tenon Medical, Inc (TNON) currently trades at $6.83, while our model-based Fair Value estimate is $1.57, implying the stock looks roughly 77.0% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at $4.6M. Revenue grew 89.9% year over year. The balance sheet holds a net cash position of $3.6M. Fundamentals as of Aug 22, 2026

Our scenario range runs from $1.04 (bear case) to $1.96 (bull case); at $6.83, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Healthcare peers we cover trades at -33% fair-value upside, at -77%, TNON screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Key figures & financial health

Quality Score breakdown

About the company

Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States.

Full company description

Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States. The company offers Catamaran SI-Joint Fusion System, an invasive inferior-posterior approach to the sacroiliac joint (SI Joint) using a titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. It also provides Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, transfixing the SI Joint along its longitudinal axis. Tenon Medical, Inc. was incorporated in 2012 and is headquartered in Los Gatos, California.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tenon Medical, Inc reported revenue of $3.9M in FY2025 versus $160K in FY2021, a compound +122.8%/yr. Reported net income was −$12.6M in FY2025.

TNON screens 77% overvalued. Compare with Abbott Laboratories, →

Peer Group

Medical Devices · 361 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Medical Devices median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.