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Establishment Labs Holdings (ESTA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Establishment Labs Holdings
NasdaqCM•Healthcare•Medical Devices
$71.16-0.32(<0.01%)Pre-market
Market Cap
$2.09B
P/S
8.5x
P/B
96.6x

Establishment Labs Holdings Inc., a medical technology company, manufactures and markets medical devices for breast aesthetic and reconstructive plastic surgeries in Europe, the Middle East, Africa, Latin America, Asia, and the United States. The company offers silicone gel-filled breast implants under the Motiva Implants brand. It also provides breast tissue expanders. The company sells products to physicians, hospitals, and clinics through distributors and its direct sales force. Establishment Labs Holdings Inc. was incorporated in 2004 and is based in Austin, Texas.

C

How this company scores

AverageMetricSide Score: 49/100

Strongest: Growth (20/25); weakest: Balance Sheet & Red Flags (6/25).

Profitability15/25
Growth20/25
Balance Sheet & Red Flags6/25
Cash & Earnings Quality8/25
Strengths
Growing revenueProfit converts from growthConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 8.5x5y range 4.1x – 13.8x
P/S 8.5x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 96.6x5y range 23.8x – 853.6x
P/B 96.6x · above its 18-quarter median

Currently above its 18-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $2.09B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$245.82M
7Q
Q. Revenue
$67.54M
32%
TTM EBITDA
$-14.16M
4Q
TTM Op. Income
$-18.76M
4Q
Q. Op. Income
$-4.29M
70%
TTM Net Income
$-38.89M
5Q
Q. Net Income
$-11.75M
29%
EPS
$-0.39
32%
Shares Out.
$30.12M
4%
$245.82M in TTM revenue grew 38.6% YoY, reaching $67.54M last quarter. TTM EBITDA of $-14.16M and TTM operating income of $-18.76M show growth is flowing through to the bottom line. However, net income is negative at $38.89M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
70.6%
3%
EBITDA Margin
-6.4%
74%
Op. Margin
-6.4%
77%
Net Margin
-17.4%
46%
Op. margin of -6.4% is up 21.1% YoY — cost efficiency is improving. Net margin at -17.4% and gross margin of 70.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 77% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
8.5x
22%
P/B Ratio
96.6x
78%
P/S of 8.5x and P/B of 96.6x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$351.93M
7%
Cash
$71.16M
30%
Long-Term Debt
$261.70M
7Q
Book Value
$21.61M
5%
D/E Ratio
12.1
25%
Debt/EBITDA
N/A
With $351.93M in assets and $261.70M in long-term debt, D/E is 12.1and book value is $21.61M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 25% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-16.60M
2Q
TTM Free Cash Flow
$-41.51M
4Q
FCF Margin
-16.9%
4Q
FCF / Net Income
1.1
23%
TTM FCF of $-41.51M on $-16.60M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.

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Leverage Risk

Red Flag

D/E ratio is 12.1 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 6.6% — significant dilution, likely from stock compensation or capital raises.