ESTA Healthcare

Establishment Labs Holdings Inc.

$61.40+0.54%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 1.8B USD
Enterprise value: 2.0B USD
Full-time employees: 1,004

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.63) and more debt relative to equity (12.11× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.06 vs peers 0.63) and more debt vs equity (12.11× vs peers 0.22×)

Ranks #967 of 1,157 healthcare companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 22% from December 2022 to August 2026.
Establishment Labs had 22% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Establishment Labs had 22% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 12.1× equity vs a peer median of 0.2×.Debt is 12.1× equity vs peers 0.2×.
Debt is 12.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 12.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Operating loss narrowing. Operating margin -18% in 2025, the smallest loss relative to revenue of the last 6 years.
Establishment Labs still lost money on operations in 2025 (margin -18%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Establishment Labs looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

31/ 100

Oct 5 31 → Nov 4 31

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield1.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

77/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.1%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth11.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.68Sector median: 0.0584 · MAD: 0.0840

Revenue growth38.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.33Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

29/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 4.8 points to -7.6%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.21Sector median: 0.0706 · MAD: 0.1217

Return on assets-11.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.37Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-7.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.16Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin70.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-180.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.06

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.28Sector median: 0.6250 · MAD: 0.3380

Current ratio3.84×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.90Sector median: 2.5860 · MAD: 1.3850

Debt / equity12.11×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Establishment Labs

Is Establishment Labs getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 4.8 points to -7.6%. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is Establishment Labs valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.1% vs peers 1.5% (weaker than 100% of peers).
Is Establishment Labs growing?: Yes, faster than most of its peers. Growth scores 77/100 against 1,393 healthcare peers. Revenue growth 38.6% vs a peer median of 6.1% (stronger than 88% of peers).Revenue growth 38.6% vs peers 6.1% (stronger than 88% of peers).
How profitable is Establishment Labs?: Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -11.1% vs a peer median of 1.7% (weaker than 76% of peers).Return on assets -11.1% vs peers 1.7% (weaker than 76% of peers).
How risky is Establishment Labs?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.84× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.84× vs peers 2.59× (stronger than 65% of peers). Debt / equity 12.11× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 12.11× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 4.8 points to -7.6%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	229.6M USD	245.8M USD	+7.1%
Net income (12 months)	−43.7M USD	−38.9M USD	−11.1%
Operating margin	-12.4%	-7.6%	+4.8 pts
Free cash flow (12 months)	−41.6M USD	−41.5M USD	−0.3%
Debt	248.6M USD	261.7M USD	+5.3%
Cash	68.1M USD	71.2M USD	+4.5%
Shares outstanding	29.4M	29.8M	+1.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	67.4%	65.9%	64.8%	66.0%	69.3%	▲ 3.3 pts
Operating margin	-19.8%	-24.5%	-39.4%	-30.1%	-18.5%	▲ 12 pts
Net margin	-32.5%	-46.5%	-47.5%	-51.0%	-24.2%	▲ 27 pts
Return on assets (ROA)	-29.5%	-35.6%	-29.2%	-24.4%	-14.3%	▲ 10 pts
Return on equity (ROE)	-81.1%	—	-426.8%	-159.3%	-216.9%	▼ 58 pts
Free cash flow margin	-23.6%	-34.0%	-58.4%	-38.9%	-27.0%	▲ 12 pts
Current ratio	3.55×	3.85×	3.06×	3.56×	3.04×	▼ 15%
Quick ratio	2.66×	2.91×	1.67×	2.41×	2.00×	▼ 17%
Debt to equity	—	—	10.26×	4.14×	10.51×	▲ 154%
Interest coverage	-2.77×	-3.37×	-4.22×	-2.40×	-1.54×	▲ 36%

ESTA price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.63) and more debt relative to equity (12.11× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.06 vs peers 0.63) and more debt vs equity (12.11× vs peers 0.22×)

Ranks #967 of 1,157 healthcare companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 22% from December 2022 to August 2026.

Establishment Labs had 22% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Establishment Labs had 22% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 12.1× equity vs a peer median of 0.2×.Debt is 12.1× equity vs peers 0.2×.

Debt is 12.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 12.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Operating loss narrowing. Operating margin -18% in 2025, the smallest loss relative to revenue of the last 6 years.

Establishment Labs still lost money on operations in 2025 (margin -18%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Establishment Labs looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Establishment Labs

Is Establishment Labs getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 4.8 points to -7.6%. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is Establishment Labs valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.1% vs peers 1.5% (weaker than 100% of peers).

Is Establishment Labs growing?

Yes, faster than most of its peers. Growth scores 77/100 against 1,393 healthcare peers. Revenue growth 38.6% vs a peer median of 6.1% (stronger than 88% of peers).Revenue growth 38.6% vs peers 6.1% (stronger than 88% of peers).

How profitable is Establishment Labs?

Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -11.1% vs a peer median of 1.7% (weaker than 76% of peers).Return on assets -11.1% vs peers 1.7% (weaker than 76% of peers).

How risky is Establishment Labs?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.84× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.84× vs peers 2.59× (stronger than 65% of peers). Debt / equity 12.11× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 12.11× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

229.6M USD

245.8M USD

+7.1%

Net income (12 months)

−43.7M USD

−38.9M USD

−11.1%

Operating margin

-12.4%

-7.6%

+4.8 pts

Free cash flow (12 months)

−41.6M USD

−41.5M USD

−0.3%

Debt

248.6M USD

261.7M USD

+5.3%

Cash

68.1M USD

71.2M USD

+4.5%

Shares outstanding

29.4M

29.8M

+1.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

67.4%

65.9%

64.8%

66.0%

69.3%

▲ 3.3 pts

Operating margin

-19.8%

-24.5%

-39.4%

-30.1%

-18.5%

▲ 12 pts

Net margin

-32.5%

-46.5%

-47.5%

-51.0%

-24.2%

▲ 27 pts

Return on assets (ROA)

-29.5%

-35.6%

-29.2%

-24.4%

-14.3%

▲ 10 pts

Return on equity (ROE)

-81.1%

—

-426.8%

-159.3%

-216.9%

▼ 58 pts

Free cash flow margin

-23.6%

-34.0%

-58.4%

-38.9%

-27.0%

▲ 12 pts

Current ratio

3.55×

3.85×

3.06×

3.56×

3.04×

▼ 15%

Quick ratio

2.66×

2.91×

1.67×

2.41×

2.00×

▼ 17%

Debt to equity

—

10.26×

4.14×

10.51×

▲ 154%

Interest coverage

-2.77×

-3.37×

-4.22×

-2.40×

-1.54×

▲ 36%