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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
TFX — frequently asked questions
Is Teleflex Incorporated overvalued?
In our latest published analysis dated 2026-10-16, TFX screens modestly overvalued. The price recorded at analysis is 130 USD versus our fair value of 123 USD; the high endpoint is presented separately as potential value of 191 USD. That implies roughly 5.8% downside to fair value at that date.
Our latest published report, analyzed 2026-10-16, gives TFX a fair value of 123 USD and a potential value of 191 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Teleflex Incorporated's archetype; it is a dated research output, not a live price.
Should I buy TFX now?
Our latest published rating for TFX, analyzed 2026-10-16, is Hold. Teleflex Incorporated screens modestly overvalued at the analysis-date price of 130 USD versus fair value of 123 USD; potential value is 191 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for TFX?
The dedicated bear-case section in our report analyzed 2026-10-16 documents Teleflex Incorporated's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is TFX's rating?
Our latest published rating for TFX, analyzed 2026-10-16, is Hold, with a published moat assessment of 6.8/10 (Narrow). It reflects our fair value of 123 USD, the potential value of 191 USD, and the price recorded at analysis (130 USD).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyHold
Giá so với giá trị
Giá
$130.43
Giá trị hợp lý
$122.83
Giá trị tiềm năng
$190.97
Tính đến
2026-10-16
Vì sao luận điểm có thể đúng
The primary opportunity is the structural expansion of operating margins from 19.0% guided in FY2026 to 23.0% steady-state as stranded overhead rolls off and transition agreements expire, combined with $1.25B+ in divestiture proceeds funding an $800M debt reduction and $1.0B in share repurchases that drive consensus FY2027 EPS to $10.95.
Điều gì sẽ thay đổi quan điểm của chúng tôi
Biotronik Vascular Intervention integration timeline extends past year-end 2026 while stranded corporate costs from the OEM, Acute Care, and Interventional Urology divestitures persist longer than anticipated.
Teleflex Incorporated (NYSE: TFX) is executing a transformative corporate restructuring, divesting its OEM, Acute Care, and Interventional Urology businesses to emerge as a focused, higher-margin medtech leader in Vascular, Interventional, and Surgical therapies. We maintain a Hold rating with a mid-case fair value of $122.83, as the current share price of $130.43 reflects a 6.2% premium (-5.8% implied return) that fairly prices near-term balance-sheet deleveraging while under-compensating for integration delays in the acquired Biotronik business and stranded cost elimination risks.3,4
Teleflex's corporate transformation is designed to reshape the company's financial profile into a faster-growing, more profitable pure-play medical device company. The completed sale of the OEM business for $1.5B in gross cash ($1.25B after tax) has already allowed management to pay down the $700M Term Loan A-2 and execute $250M in share repurchases during Q2 2026, with an additional $250M accelerated share repurchase (ASR) initiated in August 2026. Closing the pending Acute Care and Interventional Urology divestitures will provide the capital required to fulfill the remainder of the $1.0B authorization and complete $800M in cumulative debt paydown.
Operationally, performance is currently bifurcated. While core Vascular Access and Surgical franchises delivered strong constant currency pro forma revenue growth of 8.0% and 9.2% respectively in Q2 2026, the Interventional business contracted 1.0% due to extended sales force transitions and distributor inventory destocking following the Biotronik acquisition. This integration bottleneck compelled management to reduce full-year 2026 pro forma adjusted constant currency revenue growth guidance to 3.5%-4.5%. Nevertheless, adjusted EPS guidance was raised to $6.90-$7.20, buoyed by capital deployment benefits.4
At $130.43 per share, Teleflex trades at 11.01x forward earnings, slightly below peer median forward multiples of 12.35x. However, our fundamental valuation yields a mid-case fair value of $122.83, reflecting an implied return of -5.8%. While the long-term margin target of 23.0% and innovative clinical catalysts (such as Freesolve RMS and EZPLAZ) offer compelling future upside, the lack of valuation discount and near-term operational friction justify a Hold recommendation until post-divestiture execution is proven.3,4
Divestitures eliminate dilutive manufacturing overhead, positioning the company to expand adjusted operating margins from ~19.0% in FY2026 to ~23.0% steady-state as transition agreements mature and restructuring generates $50M in annualized savings.4
Accretive Capital Reallocation and Deleveraging
Net divestiture proceeds fund an $800M debt paydown and a $1.0B share repurchase program ($500M already deployed across Q2 buybacks and the August ASR), reducing share count from 44.7M to 42.9M and driving consensus FY2027 EPS to $10.95.1,3,4
Differentiated Clinical Innovation Pipeline
Newly FDA-approved EZPLAZ freeze-dried plasma and 4-year clinical validation of Freesolve resorbable magnesium scaffold (BIOMAG-I) position Teleflex to capture share in specialized trauma and coronary intervention procedures.4
Khuyến nghị của hãng
Hold: Teleflex is executing a sound operational transformation, but at $130.43 the stock trades at a 6.2% premium to mid fair value ($122.83). Investors should hold existing positions and await operational proof that Biotronik distributor bottlenecks have cleared before committing fresh capital.3
Tổng quan công ty
Teleflex Incorporated (NYSE: TFX) is a global provider of medical technologies focused on critical care and surgical applications. Through an ongoing portfolio transformation, the company has divested its contract manufacturing OEM business and entered into definitive agreements to divest its Acute Care and Interventional Urology units, repositioning the enterprise around three higher-margin core franchises: Vascular Access, Interventional Access, and Surgical Instrumentation.
The company's commercial portfolio includes widely recognized healthcare brands such as Arrow central venous catheters and vascular management systems, Weck surgical ligation clips and instruments, Pilling surgical tools, QuikClot hemostatic dressings, and newly approved innovations such as EZPLAZ freeze-dried plasma. Teleflex serves hospitals, healthcare systems, and emergency medical providers globally, with the Americas generating $1.28B and Europe generating $484.7M of reported revenues in FY2025.
§2 Kịch bản tiêu cựcEN
Under compound operational and financial stress, Teleflex faces synchronous headwinds across portfolio execution and balance sheet deleveraging. If the integration of Biotronik's Vascular Intervention business stalls permanently, pro forma revenue growth remains pinned near 1.5%. Concurrently, if stranded overhead costs from the OEM, Acute Care, and Urology separations cannot be carved out, operating margin stagnates near 17.0% rather than expanding toward the 23.0% steady-state objective. Should regulatory reviews delay closing of the remaining divestitures, net proceeds will fail to extinguish the $2.94B in outstanding debt, leaving interest costs elevated at 14.43% pre-tax debt yields and lifting WACC by 200 bps to 11.67%. In this stressed operating state, free cash flow generation contracts, eliminating capital allocation flexibility for incremental share repurchases and forcing a severe valuation de-rating toward peer trough multiples.
Pro forma revenue growth decelerates below 1.5% due to persistent distributor transitions and sales force turnover.
Adjusted operating margin fails to reach 23.0% steady-state, stagnating at or below 17.0% due to sticky corporate overhead.
Gross debt remains elevated near $2.94B due to delayed divestiture proceeds, keeping pre-tax debt carrying costs at 14.43% and lifting WACC by 200 bps to 11.67%.2,3
Exit multiple compresses by 20% toward peer lows near 11.2x.
Integration challenges in the Biotronik Vascular Intervention business persist into 2027 while distributor destocking across Vascular and Surgical lines intensifies. Corporate overhead left behind by divested operations proves difficult to eliminate, capping operating margins near 17.0%. Meanwhile, regulatory delays in closing the Acute Care and Urology sales postpone debt paydown, keeping leverage high and driving capital costs up.
Các cách luận điểm này có thể đổ vỡ
Protracted Interventional Integration Failure and Severe Stranded Cost Stickiness
Management reduced full-year constant currency revenue growthguidance to 3.5%-4.5% due to Biotronik VI integration bottlenecks. If stranded corporate overhead cannot be eliminated and integration costs persist, operating margin fails to reach the 23% steady-state target and drops 6 percentage points below the 23% terminal assumption.4
FV impact
-8.7%
Operating margin 6 points lower throughout
Trigger
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
Inability to eliminate stranded corporate overhead from the OEM, Acute Care, and Urology divestitures, combined with lingering Biotronik integration expenses, holds operating margin below 17.0%, falsifying the thesis of post-separation margin expansion toward 23.0%.
Teleflex possesses a Narrow economic moat grounded in specialized procedural switching costs and institutional hospital distribution relationships across its Vascular and Surgical franchises. In critical care environments, the company's Arrow vascular access platform and Weck surgical closure lines represent established clinical standards. Clinicians and surgical technicians are trained specifically on Arrow insertion kits and Weck ligation instruments, creating meaningful inertia against product substitution due to the procedural risks and retraining costs associated with acute hospital care.
The durability of this moat is reinforced by institutional procurement dynamics. Teleflex's global scale—generating $1.28B in Americas revenue and $484.7M in Europe during FY2025—enables deep participation in hospital group purchasing organization (GPO) agreements and multi-year supply contracts. While acute surgical and vascular lines demonstrate steady mid-to-high single-digit procedural growth, the Interventional business has exhibited lower structural barriers, as evidenced by recent Biotronik integration bottlenecks and distributor realignment frictions that triggered full-year growth guidance reductions.
Looking forward, the divestiture of commoditized OEM manufacturing and slower-growth urology assets sharpens the moat around higher-margin, clinically differentiated therapies. Emerging proprietary technologies, including the newly approved EZPLAZ freeze-dried plasma and investigational Freesolve bioresorbable magnesium scaffold, provide potential technological differentiation. However, because these platforms are still in early commercialization or late-stage clinical evaluation (BIOMAG-II readout slated for late 2027), they do not yet confer Wide-moat pricing power.
Lợi nhuận kinh tế
Historical FY2025 financial results showed an unrepresentative accounting net loss of -$905.64M and GAAP operating income of $118.37M on $1,992.71M in revenue (5.94% operating margin), heavily burdened by divestiture-related asset charges and discontinued operations reclassifications. With management guiding FY2026 adjusted operating margin to ~19.0% and targeting 23.0% steady-state, operating profit is modeled to expand from $430.94M in FY2026 to $496.88M in FY2027 and $608.04M by FY2030. Comparing expected post-restructuring returns on invested capital against a current computed WACC of 9.67% (cost of equity 8.87%, pre-tax debt yield 14.43%, debt weight 34.7%), economic value addition turns solidly positive as debt is retired using divestiture proceeds.2,4,5
6.8/ 10
Narrow
Sources of advantage
01High Switching Costs in Vascular Access and Surgical Instrumentation — Arrow central venous catheters and Weck surgical ligation clips are standard items in intensive care units and operating rooms, backed by extensive clinical habituation, proprietary insertion kits, and established nursing protocols that create high clinical switching costs.Moderate
02Global Acute Care Distribution Scale and Institutional Hospital Access — Teleflex maintains extensive multi-tier hospital and GPO direct-contract access across North America ($1.28B Americas revenue in FY2025) and Europe ($484.7M revenue in FY2025), securing reliable hospital shelf placement for high-volume sterile procedural kits.Moderate
03
Mối đe dọa đã biết với lợi thế cạnh tranh
Mối đe dọa
Mức độ
Mốc thời gian
Giảm thiểu
Distributor inventory rationalization and hospital GPO vendor consolidation in vascular access lines
medium
6 to 18 months
Expanding direct clinician education, bundling core access catheters with antimicrobial technologies, and expanding proprietary emergency care kits like QuikClot and EZPLAZ to preserve shelf space.4
The highlighted cell is Fair value when every assumption sits at its base level ($122.83). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $272.3M after modeled reinvestment of $105.9M, with terminal value at 73.5% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Teleflex delivers on its stated restructuring objectives, stabilizing Interventional growth while Vascular and Surgical maintain steady procedural gains. Operating margins expand from guided 19.0% in FY2026 to 21.0% in FY2027 and 23.0% by FY2030 as transition service agreements offset separation friction and restructuring generates $50M in pre-tax savings. Debt paydown of $800M and $1.0B in cumulative share repurchases support consensus FY2027 EPS of $10.95, yielding a mid-case fair value of $122.83.1,4
Pro forma constant currency revenue growth re-accelerates to 5.5%-6.5% annually across the 5-year forecast horizon.
Adjusted operating margin expands beyond steady-state target to reach 24.5% by FY2030 through operational and restructuring savings.
§7 Cây quyết định lợi nhuậnEN
Vượt
Upgrade the rating; Verify pro forma revenue re-acceleration across Interventional and confirm that corporate stranded overhead is rolling off in line with transition service agreements. Re-evaluate valuation upside if steady-state margin expansion is established ahead of schedule.
Kích hoạt: Pro forma adjusted constant currency revenue growth exceeding 4.5% for FY2026, Q4 2026 adjusted diluted EPS exceeding $2.12 consensus, and adjusted operating margin exceeding 19.5%.4
A beat exceeding the top end of 2026 guidance (pro forma constant currency revenue growth > 4.5% and adjusted EPS > $7.20) would demonstrate that Biotronik distributor integrations have normalized and that post-divestiture margin expansion is materializing faster than anticipated.
Đúng kỳ vọng
Maintain Hold; Maintain existing equity allocation without adding fresh capital. Track the closing timeline for the Acute Care and Interventional Urology sales and verify that OEM net proceeds continue to be deployed toward debt paydown and share repurchases.
Kích hoạt: FY2026 pro forma adjusted constant currency revenue growth of 3.5% to 4.5%, adjusted diluted EPS within $6.90 to $7.20, and adjusted operating margin of approximately 19.0%.4
Delivering in-line FY2026 performance confirms stabilization but keeps shares fairly valued at $130.43 relative to mid fair value ($122.83), as the benefits of debt paydown and stranded cost elimination remain balanced against ongoing integration execution risks.
Hụt
Downgrade the rating; Examine gross margin erosion, persistent Biotronik integration bottlenecks, and any delay in divestiture closings. Re-assess the position sizing and consider reducing exposure if steady-state margin expansion fails to materialize.
A guidance miss (pro forma growth < 3.5% or adjusted EPS < $6.90) would signal that distributor transitions in Interventional are deteriorating further and that stranded corporate costs cannot be absorbed, directly threatening the 23.0% margin trajectory.
Chất lượng lợi nhuận
Teleflex's earnings quality reflects significant variance between GAAP results and non-GAAP operational measures due to massive corporate restructuring and strategic divestitures. In FY2025, GAAP diluted EPS was -$20.25 (net loss of -$905.64M on 44.72M shares) as a consequence of pre-divestiture impairments and discontinued operations reclassifications. For the six months ended June 30, 2026, GAAP diluted EPS from continuing operations was $0.84 compared to adjusted diluted EPS of $3.14. Pre-tax non-GAAP adjustments during H1 2026 totaled $119.2M ($2.30 per share after tax), driven primarily by intangible asset amortization ($67.9M pre-tax, $1.34/share), restructuring and optimization charges ($39.0M pre-tax, $0.73/share), and acquisition/integration expenses ($22.9M pre-tax, $0.41/share). Encouragingly, operating cash flow from continuing operations rebounded to $138.56M in H1 2026 from -$9.30M in H1 2025, validating underlying cash generation despite heavy transitional charges.3
Xu hướng dự báo
Consensus earnings estimates have remained essentially flat across recent revision cohorts following the Q2 2026 release. For FY2026, consensus adjusted diluted EPS stands at $7.08 (11 contributors, dispersion 0.035), nestled comfortably inside management's revised guidance range of $6.90 to $7.20. For FY2027, consensus adjusted EPS is $10.95 (13 contributors, range $9.84 to $11.35). While revenue expectations were trimmed to reflect Biotronik integration bottlenecks (FY2026 consensus revenue of $2,268.07M), EPS estimates were buffered by the positive earnings accretion of share repurchases and debt retirement.1,4
Chỉ số cần theo dõi trước khi công bố
01
Chỉ số:
Biotronik Vascular Intervention Integration and Distributor Transitions
Hiện tạiManagement implemented mitigation actions to realign sales forces and transition distributors, expressing confidence that bottlenecks will resolve by year-end 2026.
Vì sao quan trọng
Integration delays reduced full-year pro forma revenue growthguidance from 5.0%-6.0% down to 3.5%-4.5% and caused Q2 2026 Interventional pro forma revenue to contract 1.0%.4
Operating cash flow from continuing operations reached $138.56M in H1 2026, a marked improvement over -$9.30M in H1 2025. For full-year FY2025, operating cash flow stood at $340.68M against capex of $95.24M. Free cash flow conversion is projected to expand over the forecast horizon: the house schedule models free cash flow to firm (FCFF) rising from $272.27M in FY2026 (reinvestment rate 28% of NOPAT) to $322.35M in FY2027 (reinvestment rate 25%) and reaching $413.46M by FY2030 (reinvestment rate 20%). This cash flow trajectory supports ongoing capital returns while comfortably covering normalized dividend payments ($1.36/share).3
Phân bổ vốn
Teleflex's capital allocation strategy is centered on deploying divestiture cash to optimize its balance sheet and shrink its equity base. Net after-tax proceeds from the $1.5B OEM transaction were approximately $1.25B. Management immediately used these proceeds to retire the $700M Term Loan A-2 incurred for the Biotronik transaction and funded $250M of open-market share repurchases in Q2 2026 (1.9M shares at an average price of $130.85). On August 7, 2026, an additional $250M accelerated share repurchase was launched, leaving $500M under the $1.0B authorization to be executed using proceeds from the pending Acute Care and Interventional Urology divestitures. Cumulative debt reduction of $800M will lower gross debt from $2.94B and reduce pre-tax interest obligations. is modeled at a disciplined 4.5% of , supporting maintenance needs while R&D was increased to ~8% of revenue in H1 2026 to support core innovation.
Historical FY2025 returns were depressed by $905.64M in GAAP net losses, write-downs, and separation costs. As the business sheds lower-margin contract manufacturing and corporate stranded costs are eliminated, adjusted operating profit is modeled to rise from $430.94M in FY2026 to $608.04M by FY2030. With invested capital being trimmed via debt reduction ($800M target) and share buybacks ($1.0B authorization), return on invested capital is on an upward trajectory.
Current cost of capital calculations reflect a WACC of 9.67% (based on cost of equity 8.87%, pre-tax cost of debt 14.43%, debt weight 34.7%, and effective tax rate 22.59%). As NOPAT expands from $378.15M in FY2026 to $516.83M in FY2030, economic spread over WACC widens steadily, confirming positive economic profit generation.
FY2025 reported GAAP operating income was $118.37M (5.94% on $1,992.71M ). FY2026 calls for ~19.0% adjusted operating margin ($430.94M modeled on $2,268.11M revenue), with management targeting ~23.0% steady-state ($608.04M EBIT by FY2030) as stranded costs and restructuring run off.
Doanh thu mới nhất2 T US$CAGR doanh thu +0,7%
Biên hoạt động5,9%10 kỳ tài chính
Dòng tiền tự do mới nhất245,4 Tr US$FY2025
Nợ ròng2,3 T US$FY2025
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Doanh thu2 T US$Giá vốn doanh thu−872 Tr US$Lợi nhuận gộp1,1 T US$Chi phí hoạt động−1 T US$Lợi nhuận hoạt động118,4 Tr US$Các khoản ngoài hoạt động và thuế−1 T US$Lợi nhuận ròng-905,6 Tr US$
Dữ liệu lịch sử tài chính
Doanh thu
1.992.713.000 US$
Giá vốn doanh thu
871.959.000 US$
Lợi nhuận gộp
1.120.754.000 US$
Chi phí hoạt động
1.002.381.000 US$
Lợi nhuận hoạt động
118.373.000 US$
Các khoản ngoài hoạt động và thuế
-1.024.013.000 US$
Lợi nhuận ròng
-905.640.000 US$
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản6,9 T US$Tiền mặt378,6 Tr US$Tài sản ngắn hạn1,9 T US$Tổng nợ phải trả3,8 T US$Nợ ngắn hạn762 Tr US$Vốn chủ sở hữu3,1 T US$
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
6.947.239.000 US$
Tiền mặt
378.564.000 US$
Tài sản ngắn hạn
1.938.338.000 US$
Tổng nợ phải trả
3.822.471.000 US$
Nợ ngắn hạn
762.026.000 US$
Vốn chủ sở hữu
3.124.768.000 US$
Cầu nối dòng tiềnDòng tiền từ hoạt động chuyển thành dòng tiền tự do như thế nào trong FY2024.
StockMarketAgent.AI
Đối chiếu dòng tiền hoạt động
Lợi nhuận ròng69,7 Tr US$Khấu hao và phân bổ+161,5 Tr US$Thù lao bằng cổ phiếu+26 Tr US$Điều chỉnh hoạt động khác+378,6 Tr US$Dòng tiền hoạt động635,7 Tr US$
Đối chiếu tiền đầu kỳ đến cuối kỳ
Tiền đầu kỳ222,8 Tr US$Dòng tiền hoạt động+635,7 Tr US$Dòng tiền đầu tư−99,4 Tr US$Dòng tiền tài chính−421,9 Tr US$Ảnh hưởng tỷ giá−9,7 Tr US$Tiền cuối kỳ327,6 Tr US$
635,7 Tr US$ − 90,4 Tr US$Dòng tiền tự do 545,3 Tr US$
Dữ liệu cầu nối dòng tiền
Lợi nhuận ròng
69.675.000 US$
Dòng tiền vào từ hoạt động
635.739.000 US$
Khấu hao và phân bổ
161.534.000 US$
Thù lao bằng cổ phiếu
25.960.000 US$
Điều chỉnh hoạt động khác
378.570.000 US$
Dòng tiền hoạt động
635.739.000 US$
Tiền sẵn có
858.587.000 US$
Tiền đầu kỳ
222.848.000 US$
Dòng tiền ra từ đầu tư
99.358.000 US$
Capex
90.437.000 US$
Hoạt động đầu tư khác
8.921.000 US$
Dòng tiền ra từ tài chính
421.925.000 US$
Mua lại cổ phiếu
200.000.000 US$
Cổ tức đã trả
63.541.000 US$
Hoàn trả nợ ròng
161.500.000 US$
Ảnh hưởng tỷ giá
9.654.000 US$
Tiền cuối kỳ
327.649.000 US$
Dòng tiền đầu tư
-99.358.000 US$
Dòng tiền tài chính
-421.925.000 US$
Doanh thu theo phân khúc hoạt độngTỷ trọng trong tổng doanh thu của 2025-12-31.
2 T US$Tổng doanh thu
Doanh thu theo phân khúc hoạt độngTỷ trọng
Americas1,3 T US$64,2%+10,6% so với cùng kỳ
EMEA472,4 Tr US$23,7%+38,8% so với cùng kỳ
Asia241,1 Tr US$12,1%+19,2% so với cùng kỳ
Nguồn: SEC EDGAR · Nộp ngày 2026-02-27 · SEC EDGAR
Dữ liệu cơ cấu doanh thu: Doanh thu theo phân khúc hoạt động
Doanh thu theo phân khúc hoạt động
Doanh thu
Tỷ trọng
so với cùng kỳ
Americas
1,3 T US$
64,2%
10,6%
EMEA
472,4 Tr US$
23,7%
38,8%
Asia
241,1 Tr US$
12,1%
19,2%
Doanh thu theo khu vựcTỷ trọng trong tổng doanh thu của 2025-12-31.
2 T US$Tổng doanh thu
Doanh thu theo khu vựcTỷ trọng
United States1,2 T US$59,3%+9,5% so với cùng kỳ
Europe484,7 Tr US$24,3%+39,3% so với cùng kỳ
Asia And Asia Pacific218 Tr US$10,9%+21,4% so với cùng kỳ
All Other108,1 Tr US$5,4%+16,6% so với cùng kỳ
Nguồn: SEC EDGAR · Nộp ngày 2026-02-27 · SEC EDGAR
Dữ liệu cơ cấu doanh thu: Doanh thu theo khu vực
Doanh thu theo khu vực
Doanh thu
Tỷ trọng
so với cùng kỳ
United States
1,2 T US$
59,3%
9,5%
Europe
484,7 Tr US$
24,3%
39,3%
Asia And Asia Pacific
218 Tr US$
10,9%
21,4%
All Other
108,1 Tr US$
5,4%
16,6%
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-10-16.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2016-12-31
1,9 T US$
418,6 Tr US$
237,4 Tr US$
408,5 Tr US$
355,3 Tr US$
53,1 Tr US$
128,3 Tr US$
16,9 Tr US$
—
59 Tr US$
—
-57 Tr US$
-118,7 Tr US$
—
543,8 Tr US$
543,8 Tr US$
1 T US$
17,1%
—
5,8%
—
2017-12-31
2,1 T US$
522,7 Tr US$
152,5 Tr US$
419,9 Tr US$
349 Tr US$
70,9 Tr US$
160,3 Tr US$
19,4 Tr US$
—
61,2 Tr US$
—
-1,8 T US$
1,1 T US$
543,8 Tr US$
333,6 Tr US$
333,6 Tr US$
2,2 T US$
17,3%
—
5,5%
—
2018-12-31
2,4 T US$
532,6 Tr US$
200,8 Tr US$
437,4 Tr US$
356,6 Tr US$
80,8 Tr US$
214,7 Tr US$
22,4 Tr US$
—
62,2 Tr US$
—
-196,4 Tr US$
-206,4 Tr US$
333,6 Tr US$
357,2 Tr US$
371,9 Tr US$
2,2 T US$
13,1%
—
6,0%
—
2019-12-31
2,6 T US$
634,2 Tr US$
461,5 Tr US$
439,5 Tr US$
336,8 Tr US$
102,7 Tr US$
218,4 Tr US$
26,9 Tr US$
—
62,8 Tr US$
—
-73,5 Tr US$
-418,8 Tr US$
357,2 Tr US$
301,1 Tr US$
322,7 Tr US$
1,9 T US$
16,5%
—
5,6%
—
2020-12-31
2,5 T US$
651,5 Tr US$
335,3 Tr US$
436,4 Tr US$
345,7 Tr US$
90,7 Tr US$
227,3 Tr US$
20,7 Tr US$
—
63,2 Tr US$
—
-837,8 Tr US$
455,2 Tr US$
301,1 Tr US$
375,9 Tr US$
396 Tr US$
2,5 T US$
16,7%
—
4,4%
—
2021-12-31
2,8 T US$
853,8 Tr US$
485,4 Tr US$
651,4 Tr US$
579,8 Tr US$
71,6 Tr US$
237,4 Tr US$
22,9 Tr US$
—
63,6 Tr US$
—
156,7 Tr US$
-715,8 Tr US$
375,9 Tr US$
445,1 Tr US$
466,8 Tr US$
1,9 T US$
22,4%
—
4,8%
—
2022-12-31
2,8 T US$
730,8 Tr US$
363,1 Tr US$
342,1 Tr US$
263 Tr US$
79,2 Tr US$
230,6 Tr US$
27,2 Tr US$
0 US$
63,8 Tr US$
-140,3 Tr US$
-257,9 Tr US$
-217,5 Tr US$
445,1 Tr US$
292 Tr US$
340,5 Tr US$
1,7 T US$
17,9%
—
7,0%
—
2023-12-31
1,7 T US$
761,2 Tr US$
356,3 Tr US$
510,6 Tr US$
464,2 Tr US$
46,4 Tr US$
148,1 Tr US$
27,3 Tr US$
0 US$
63,9 Tr US$
101,3 Tr US$
-621,2 Tr US$
38,5 Tr US$
292 Tr US$
222,8 Tr US$
239,7 Tr US$
1,8 T US$
15,1%
—
7,2%
—
2024-12-31
1,7 T US$
433,6 Tr US$
69,7 Tr US$
635,7 Tr US$
545,3 Tr US$
90,4 Tr US$
161,5 Tr US$
26 Tr US$
200 Tr US$
63,5 Tr US$
-161,5 Tr US$
-99,4 Tr US$
-421,9 Tr US$
222,8 Tr US$
327,6 Tr US$
263,8 Tr US$
1,7 T US$
6,1%
—
9,0%
—
2025-12-31
2 T US$
302,5 Tr US$
-905,6 Tr US$
340,7 Tr US$
245,4 Tr US$
95,2 Tr US$
177,7 Tr US$
25,7 Tr US$
300 Tr US$
60,3 Tr US$
987 Tr US$
-849,2 Tr US$
611,5 Tr US$
327,6 Tr US$
378,6 Tr US$
378,6 Tr US$
2,6 T US$
5,9%
—
8,2%
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
Giá trị hợp lýReport-date price
Teleflex IncorporatedTFX
Giá / giá trị hợp lý
Giá trị hợp lý122,83 US$Report-date price130,43 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư52 / 100
Baxter International Inc.BAX
Giá / giá trị hợp lý
Giá trị hợp lý26,92 US$Report-date price22,8 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư52 / 100
Charles River Laboratories International Inc.CRL
Giá / giá trị hợp lý
Giá trị hợp lý131,31 US$Report-date price278,06 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư40 / 100
Teleflex IncorporatedTFX
Giá / giá trị hợp lý
Giá trị hợp lý122,83 US$Report-date price130,43 US$
Teleflex Incorporated (TFX) trades at 11.0x forward earnings against a peer median of 12.4x. Its EV/EBITDA of 20.2x compares with a peer median of 12.8x. The comparison uses 4 peers: Baxter International Inc., Charles River Laboratories International Inc., Align Technology Inc. and The Cooper Companies Inc., as of 2026-10-16.
§10 Ngành và chu kỳEN
Pha chu kỳ
Contraction
Industry peer benchmarks indicate an industry capex-to-revenue ratio of 4.5% and an industry capex-to-depreciation ratio of 0.80x. Teleflex's FY2025 capex of $95.24M represents approximately 4.8% of revenue, aligned with industry capex norms. Direct industry capacity utilization and manufacturing lead-time benchmarks are not published; thus, this capital cycle assessment is demand-led and evidence-limited.5
Chu kỳ tăng giá
During procedural recovery and expanding surgical volumes, inpatient catheter utilization and outpatient interventional volume surge, driving high single-digit consumable reordering and enabling medtech suppliers to achieve strong operating leverage on fixed production lines.
Chu kỳ giảm giá
In a healthcare downturn or hospital capex retrenchment, health systems push aggressively for price concessions through GPOs, delay non-emergent surgical cases, and compress distributor stocking levels, amplifying inventory destocking headwinds across vascular and interventional consumables.
Xu hướng dài hạn
Xu hướng
Tác động
Ghi chú
Demographic Aging and Expansion of Inpatient Surgical Volumes
positive
An aging demographic across developed markets is driving sustained mid-single-digit procedure volume growth in acute hospital admissions, vascular access interventions, and general laparoscopic surgeries.
Adoption of Bioresorbable and Minimally Invasive Devices
positive
Interventional cardiology and peripheral vascular therapies are shifting away from permanent metallic implants toward bioresorbable scaffolds that restore natural vascular function and 'leave nothing behind'.
Định vị
Teleflex is repositioning defensively within the industry capital cycle by divesting lower-margin, contract-manufacturing OEM operations and concentrating invested capital into proprietary, procedure-critical consumables in Vascular, Interventional, and Surgical segments. While this focus elevates procedural gross margins, the company remains exposed in the medium term to distributor destocking dynamics and acute integration bottlenecks in acquired interventional product lines.4
§11 Quản lý vị thếEN
Quy mô vị thế
1.5% - 2.0%
Teleflex's business transformation to higher-margin vascular and surgical lines is strategically compelling, but near-term execution risk around Biotronik integration bottlenecks and stranded cost elimination, combined with the lack of a valuation discount at $130.43, warrants an average portfolio weighting without adding fresh capital.3,4
Rủi ro
Maintain strict risk management by sizing positions to 1.5%-2.0% of portfolios and enforcing disciplined checkpoints around operating margin progress. While procedural consumable demand in Vascular and Surgical franchises provides cash flow downside protection, share price sensitivity remains elevated due to the 34.7% debt weight and the need to eliminate stranded overhead following large-scale business separations.
Đợt vào lệnh
Mức
Hành động
Lý do
$130.43
Hold existing positions; avoid fresh capital allocation at current valuation
Valuation at $130.43 reflects -5.8% to Fair value of $122.83, offering an insufficient margin of safety.
$122.83
Accumulate fresh shares on pullback to an attractive valuation discount
Provides a >5-10% discount to mid-case fair value ($122.83) and establishes a favorable risk-reward entry point relative to 2027 consensus earnings ($10.95 EPS).
Đợt thoát lệnh
Mức
Hành động
$122.83
Trim position by half as shares approach consensus high targets
$190.97
Fully exit position as shares approach bull-case intrinsic valuation
The strategic refocusing on higher-margin Vascular, Interventional, and Surgical segments is fundamentally sound, but at $130.43 the stock trades at a 6.2% premium to mid-case fair value ($122.83), offering limited near-term upside while integration risks persist.3,4
Value / Re-Rating
Hold
Forward P/E of 11.01x provides reasonable valuation support relative to medtech peers (median 12.35x), but multiple re-rating toward the 14.0x terminal assumption depends on achieving the $800M debt paydown and closing pending divestitures.3,4
Tactical / Momentum
Avoid
Top-line momentum faces near-term headline risk following the reduction of full-year pro forma revenue growthguidance to 3.5%-4.5% and potential distributor inventory destocking in H2 2026.4
§14 Khuyến nghị cuối cùngEN
Hành động
Giữ
We maintain a Hold rating on Teleflex Incorporated with Fair value of $122.83 compared to $130.43 (-5.8% implied return). While the company's portfolio transformation to a focused, higher-margin vascular and surgical medtech provider is strategically sound, valuation levels adequately reflect the initial benefits of OEM divestiture proceeds while under-pricing ongoing execution risks associated with Biotronik integration bottlenecks and stranded cost absorption.3,4
Investors should maintain existing equity exposure and observe upcoming quarterly checkpoints to confirm that Interventional sales force transitions have stabilized and that the 23.0% steady-state margin expansion trajectory remains intact before committing additional capital.
§15Your notes
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Distributor Destocking and Organic Deceleration Across Core Franchises
Vascular distributor inventory buildup in H1 2026 unwinds, while Interventional pro forma growth stagnates at 0.9%, shocking multi-year revenue growth down across the 5-year forecast horizon below procedural baseline.4
FV impact
-8.5%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 18 months
Divestiture Execution Failure and Balance Sheet Distress Re-Rating
If the Acute Care and Urology divestitures fail to close or yield insufficient net proceeds to eliminate remaining gross debt ($2.94B), multiple expansion from current 11.01x forward P/E to the modeled 14.0x terminal multiple evaporates, compressing the exit multiple by 20% toward peer lows.3
FV impact
-8.5%
Terminal multiple 20% lower
Trigger
Within 12 months
Capital Cost Escalation Under Elevated Debt and Refinancing Strain
With computed pre-tax cost of debt at 14.43% and debt weight at 34.7%, credit spread widening or delayed debt reduction increases WACC by 200 bps above base 9.67%.2
Distributor destocking in Vascular compounding with persistent sales-force territory realignment disruptions in Interventional depresses pro forma growth below 1.5%, impairing volume leverage across hospital accounts.
Hiện tại:3.5% - 4.5% FY2026 guidance, 4.7% Q2 2026
Cảnh báo nếu< 1.5%
03
Total Gross Debt Outstanding
Regulatory delays or net proceed shortfalls on the Acute Care and Interventional Urology sales leave gross debt elevated above $2.5B, maintaining high capital costs (14.43% pre-tax debt cost) and preventing multiple expansion.
Elevated leverage (34.7% debt weight) combined with credit spread widening or refinancing strain increases WACC by more than 200 bps above the 9.67% baseline, sharply reducing discounted cash flow valuations.
Hiện tại:9.67% as of October 2026
Cảnh báo nếu> 11.67%
05
Interventional Pro Forma Constant Currency Growth
Persistent negative pro forma constant currency growth in Interventional indicates that distributor transitions and sales force realignments have failed, threatening long-term market position in coronary and peripheral products.
Hiện tại:-1.0% Q2 2026, 0.9% H1 2026 pro forma
Cảnh báo nếu< 0.0% for FY2026
Proprietary Clinical Formulations and Interventional Device IP
— FDA BLA approval of EZPLAZ freeze-dried plasma in July 2026 provides a first-in-class trauma resuscitation asset, while four-year clinical data for Freesolve resorbable magnesium scaffold (BIOMAG-I) and advancing pivotal trials (BIOMAG-II, BIOMAG-III) establish differentiated IP in bioresorbable interventional implants.
Narrow
Aggressive pricing and product bundling by larger diversified medtech competitors in interventional access
medium
12 to 36 months
Divesting lower-margin Acute Care and Interventional Urology assets to refocus R&D (increased to nearly 8% of revenue in H1 2026) on differentiated platforms such as Freesolve RMS.4
Discounted forecast-period cash flows (30,42 US$) plus discounted terminal value (84,46 US$) minus signed per current share (53,40 US$) equals the 61,48 US$ lens value shown above. Negative net debt is , so subtracting it raises value.
Divestiture proceeds fund $800M debt paydown and complete the $1.0B buyback, reducing share count toward 41.5M shares.4
Terminal P/E multiple expands to 16.0x as business quality improves and Freesolve BIOMAG-II data impresses in late 2027.4
Biotronik integration bottlenecks resolve rapidly by year-end 2026, allowing Interventional to re-accelerate alongside Vascular (8.0% Q2 growth) and Surgical (9.2% Q2 growth) franchises. Transition services and restructuring programs eliminate all stranded corporate costs, expanding operating margin to 24.5%. Proceeds from all three divestitures fund the complete $1.0B repurchase and $800M debt reduction, driving adjusted EPS past consensus and supporting a bull-case valuation of $190.97.4
02
Chỉ số:
Stranded Corporate Cost Elimination and Margin Normalization
Hiện tạiFY2026 adjusted operating margin is guided at ~19.0% with transition service agreements in place, while mid-2028 restructuring programs target $50M in annualized pre-tax savings to reach 23.0%.
Vì sao quan trọng
Expanding operating margin from 19.0% guided in FY2026 to 23.0% steady-state requires full elimination of corporate overhead left behind by divested business units.4
03
Chỉ số:
Acute Care and Interventional Urology Divestiture Closings
Hiện tạiOEM sale closed for $1.5B ($1.25B after-tax); Acute Care and Urology sales remain subject to customary closing conditions.
Vì sao quan trọng
Proceeds from the remaining divestitures are required to complete the targeted $800M total debt paydown and fund the remaining $500M of share repurchases.4
04
Chỉ số:
Vascular Distributor Inventory Dynamics
Hiện tạiVascular grew 8.0% pro forma constant currency in Q2 2026, but management expects modest distributor inventory normalization in H2 2026.
Vì sao quan trọng
Inventory buildup in major distributor channels during H1 2026 could create temporary destocking headwinds for core catheter shipments during H2 2026.4
Hiện tạiBIOMAG-I 4-year data demonstrated zero new cardiac events; BIOMAG-II completed enrollment ahead of schedule with 1-year data expected late 2027; BIOMAG-III U.S. pivotal trial initiated.
Vì sao quan trọng
Freesolve represents Teleflex's primary proprietary technology to capture share in the rapidly growing bioresorbable 'leave nothing behind' coronary intervention market.
Achieving the 400 bps margin expansion between FY2026 and FY2030 represents the central operational value driver, requiring flawless stranded overhead elimination and transition agreement execution.
Bifurcated Top-Line Growth Across Core Operating Franchises
In Q2 2026, Vascular pro forma constant currency revenue grew 8.0% and Surgical grew 9.2%, while Interventional contracted 1.0% (pro forma H1 growth of 0.9%) due to Biotronik integration bottlenecks. Pro forma full-year constant currency growth guidance was reduced to 3.5%-4.5%.
Operational friction in Interventional sales force realignments and distributor handoffs temporarily masks healthy procedural demand in vascular and surgical access consumables.
Accretive EPS Growth Driven by Divestiture Cash Reallocation
Teleflex generated ~$1.25B after-tax proceeds from the OEM sale, retired $700M in Term Loan A-2 borrowings, repurchased $250M of shares in Q2 2026, and initiated a $250M ASR. Total debt stands at $2.94B with pre-tax debt costs at 14.43%. Diluted share count decreases from 44.72M in FY2025 to 42.95M in FY2027.
Aggressive share repurchases and debt reduction magnify per-share earnings growth, lifting consensus FY2027 EPS to $10.95 despite trimmed revenue projections.
Align Technology Inc.ALGN
Giá / giá trị hợp lý
Giá trị hợp lý121,31 US$Report-date price147,61 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư55 / 100
The Cooper Companies, Inc.COO
Giá / giá trị hợp lý
Giá trị hợp lý78,48 US$Report-date price55,29 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư62 / 100
Biên
TFX
Teleflex Incorporated
$5.5B
11.0x
2.5x
20.2x
-0.7%
—
BAX
Baxter International Inc.
$13.1B
12.4x
1.1x
10.9x
-14.4%
14.4%
CRL
Charles River Laboratories International Inc.
$14.3B
23.5x
3.6x
20.3x
-7.5%
15.1%
ALGN
Align Technology Inc.
$10.5B
11.9x
2.5x
10.2x
10.2%
18.2%
COO
The Cooper Companies Inc.
$11.0B
12.3x
2.6x
14.7x
6.8%
20.8%
Hospital Procurement Centralization and Value-Based Care
neutral
Health systems and payers continue to exert pricing pressure and demand clinical health-economic justification, favoring broad-line suppliers with reliable regulatory compliance under European Medical Device Regulation (MDR) and established distribution scale.
>= 3.5% full-year FY2026
Trim position if sales territory realignments fail to stabilize and core organic growth stagnates.4
Cumulative Debt Reduction
$800M total debt retired upon closing of Acute Care & Urology sales
Re-evaluate WACC and multiple assumptions if leverage remains elevated post-transaction closings.3,4