Establishment Labs (ESTA)


Market Price (9/29/2026): $65.27 | Market Cap: $2.0 BilSector: Health Care | Industry: Life Sciences Tools & Services

Establishment Labs (ESTA)


Market Price (9/29/2026): $65.27
Market Cap: $2.0 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%

Megatrend and thematic drivers
Megatrends include Advanced Materials, Aging Population & Chronic Disease, and Precision Medicine. Themes include Specialty Chemicals for Performance, Show more.

Weak multi-year price returns
3Y Excs Rtn is -42%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.76, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.9%

Key risks
ESTA key risks include [1] potential adverse long-term safety data for its specific products drawing regulatory scrutiny, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1 Megatrend and thematic drivers
Megatrends include Advanced Materials, Aging Population & Chronic Disease, and Precision Medicine. Themes include Specialty Chemicals for Performance, Show more.
2 Weak multi-year price returns
3Y Excs Rtn is -42%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.76, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.6%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.9%
7 Key risks
ESTA key risks include [1] potential adverse long-term safety data for its specific products drawing regulatory scrutiny, Show more.

ESTA in ETFs

Weight = ESTA's share of each fund

IWM0.06%
IWO0.12%
VTWO0.06%
ESML0.05%
VHT0.02%
ONEQ0.01%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/24/2026

Establishment Labs (ESTA) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Disappointing Fiscal Q2 2026 GAAP Earnings and Persistent Cash Flow Concerns.

Despite reporting strong revenue of $67.5 million, up 31.7% year-over-year, and achieving positive adjusted EBITDA of $3.7 million for fiscal Q2 2026 (which ended June 30, 2026), Establishment Labs reported a diluted net loss per share of $0.39, missing analyst estimates by $0.05. The company remained loss-making under GAAP and experienced negative first-half operating cash flow, with $20.9 million net cash used in operating activities. This, coupled with $261.7 million in net notes payable, highlighted ongoing financial challenges and a slower-than-expected path to overall profitability and positive free cash flow. This contributed to investor apprehension, leading to a 13.37% stock decline on August 6, 2026, the day the results were announced.

2. Increased Operating Expenses Due to Debt Refinancing and Restructuring.

Establishment Labs reported an increase in total operating expenses, which reached $52.0 million in fiscal Q2 2026, up from $49.4 million in the same period of 2025. This rise included $2.2 million in one-time charges related to debt refinancing and restructuring, a significant increase from the $0.5 million reported in the prior-year period. These elevated expenses, particularly those associated with managing debt, likely weighed on investor sentiment regarding the company's financial health and its trajectory toward sustainable profitability.

Show more
Updated on 9/24/2026

Establishment Labs (ESTA) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Disappointing Fiscal Q2 2026 GAAP Earnings and Persistent Cash Flow Concerns.

Despite reporting strong revenue of $67.5 million, up 31.7% year-over-year, and achieving positive adjusted EBITDA of $3.7 million for fiscal Q2 2026 (which ended June 30, 2026), Establishment Labs reported a diluted net loss per share of $0.39, missing analyst estimates by $0.05. The company remained loss-making under GAAP and experienced negative first-half operating cash flow, with $20.9 million net cash used in operating activities. This, coupled with $261.7 million in net notes payable, highlighted ongoing financial challenges and a slower-than-expected path to overall profitability and positive free cash flow. This contributed to investor apprehension, leading to a 13.37% stock decline on August 6, 2026, the day the results were announced.

2. Increased Operating Expenses Due to Debt Refinancing and Restructuring.

Establishment Labs reported an increase in total operating expenses, which reached $52.0 million in fiscal Q2 2026, up from $49.4 million in the same period of 2025. This rise included $2.2 million in one-time charges related to debt refinancing and restructuring, a significant increase from the $0.5 million reported in the prior-year period. These elevated expenses, particularly those associated with managing debt, likely weighed on investor sentiment regarding the company's financial health and its trajectory toward sustainable profitability.

3. Significant Insider Selling by a Founder.

On May 6, 2026, just prior to the specified period, Founder and former CEO Juan José Chacón Quirós indirectly sold 105,000 shares of Establishment Labs for approximately $7.92 million. This substantial transaction, which exceeded the $5 million threshold for inclusion, represented 9.74% of his total holdings. Such a significant sale by a key insider could have signaled a lack of conviction and contributed to a negative market sentiment that extended into and influenced the stock's performance during the period of analysis.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -7.6% change in ESTA stock from 5/31/2026 to 9/28/2026 was primarily driven by a -13.2% change in the company's P/S Multiple.
(LTM values as of)53120269282026Change
Stock Price ($)70.6965.34-7.6%
Change Contribution By: 
Total Revenues ($ Mil)2302467.1%
P/S Multiple9.28.0-13.2%
Shares Outstanding (Mil)3030-0.6%
Cumulative Contribution-7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/28/2026
ReturnCorrelation
ESTA-7.6% 
Market (SPY)1.5%22.2%
Sector (XLV)15.1%13.3%

Fundamental Drivers

The -17.0% change in ESTA stock from 2/28/2026 to 9/28/2026 was primarily driven by a -28.0% change in the company's P/S Multiple.
(LTM values as of)22820269282026Change
Stock Price ($)78.7065.34-17.0%
Change Contribution By: 
Total Revenues ($ Mil)21124616.5%
P/S Multiple11.18.0-28.0%
Shares Outstanding (Mil)3030-1.0%
Cumulative Contribution-17.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/28/2026
ReturnCorrelation
ESTA-17.0% 
Market (SPY)12.2%41.9%
Sector (XLV)7.8%29.6%

Fundamental Drivers

The 58.3% change in ESTA stock from 8/31/2025 to 9/28/2026 was primarily driven by a 38.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259282026Change
Stock Price ($)41.2765.3458.3%
Change Contribution By: 
Total Revenues ($ Mil)17724638.6%
P/S Multiple6.78.019.0%
Shares Outstanding (Mil)2930-4.0%
Cumulative Contribution58.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/28/2026
ReturnCorrelation
ESTA58.3% 
Market (SPY)20.0%29.3%
Sector (XLV)26.8%22.3%

Fundamental Drivers

The 8.2% change in ESTA stock from 8/31/2023 to 9/28/2026 was primarily driven by a 38.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239282026Change
Stock Price ($)60.3765.348.2%
Change Contribution By: 
Total Revenues ($ Mil)17724638.8%
P/S Multiple8.78.0-8.3%
Shares Outstanding (Mil)2630-15.0%
Cumulative Contribution8.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/28/2026
ReturnCorrelation
ESTA8.2% 
Market (SPY)76.5%40.9%
Sector (XLV)35.2%28.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ESTA Return80%-3%-61%78%58%-9%75%
Peers Return19%-20%-8%-19%37%10%7%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
ESTA Win Rate58%67%50%58%50%56% 
Peers Win Rate60%50%48%42%54%56% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
ESTA Max Drawdown-33%-41%-71%-43%-42%-31% 
Peers Max Drawdown-29%-44%-49%-37%-37%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: A, TECH, ATEC, CERS, FRNM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)

How Low Can It Go

EventESTAS&P 500
2025 US Tariff Shock
  % Loss-24.3%-18.8%
  % Gain to Breakeven32.1%23.1%
  Time to Breakeven36 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.6%-7.8%
  % Gain to Breakeven25.9%8.5%
  Time to Breakeven14 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-68.8%-9.5%
  % Gain to Breakeven220.0%10.5%
  Time to Breakeven755 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.7%-24.5%
  % Gain to Breakeven40.2%32.4%
  Time to Breakeven61 days427 days
2020 COVID-19 Crash
  % Loss-69.6%-33.7%
  % Gain to Breakeven229.2%50.9%
  Time to Breakeven224 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-11.1%-19.2%
  % Gain to Breakeven12.4%23.8%
  Time to Breakeven3 days105 days

Compare to A, TECH, ATEC, CERS, FRNM

In The Past

Establishment Labs's stock fell -24.3% during the 2025 US Tariff Shock. Such a loss loss requires a 32.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventESTAS&P 500
2025 US Tariff Shock
  % Loss-24.3%-18.8%
  % Gain to Breakeven32.1%23.1%
  Time to Breakeven36 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.6%-7.8%
  % Gain to Breakeven25.9%8.5%
  Time to Breakeven14 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-68.8%-9.5%
  % Gain to Breakeven220.0%10.5%
  Time to Breakeven755 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.7%-24.5%
  % Gain to Breakeven40.2%32.4%
  Time to Breakeven61 days427 days
2020 COVID-19 Crash
  % Loss-69.6%-33.7%
  % Gain to Breakeven229.2%50.9%
  Time to Breakeven224 days140 days

Compare to A, TECH, ATEC, CERS, FRNM

In The Past

Establishment Labs's stock fell -24.3% during the 2025 US Tariff Shock. Such a loss loss requires a 32.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Establishment Labs (ESTA)

Establishment Labs Holdings Inc. (ESTA) is a medical technology company focused on innovating and providing medical devices for aesthetic and reconstructive plastic surgery. The company's primary business centers around the design, manufacturing, and marketing of advanced silicone gel-filled breast implants, which are sold under its well-known Motiva Implants brand name.

The product portfolio extends beyond its core Motiva Implants to include specialized offerings such as Motiva Ergonomix and Motiva Ergonomix2, which are gravity-sensitive, soft silicone-gel-filled breast implants designed for enhanced aesthetic outcomes. Additionally, the company provides the Motiva Flora Tissue Expander, a device used in breast reconstruction, and distributes the Puregraft line of products, which are utilized for harvesting and redistributing a patient's own adipose (fat) tissue.

Establishment Labs serves a broad international market, selling its products to medical professionals and institutions across Europe, Latin America, and the Asia-Pacific region, as well as other international territories. The company employs a strategic sales approach, leveraging both an extensive network of exclusive distributors and its own direct sales force to reach its global customer base from its headquarters in Alajuela, Costa Rica.

AI Analysis | Feedback

Here are 1-3 brief analogies for Establishment Labs (ESTA):

  • It's like the Medtronic of breast implants.
  • Think of it as the Allergan of modern breast implants.

AI Analysis | Feedback

  • Motiva Implants: Silicone gel-filled breast implants.
  • Motiva Ergonomix and Motiva Ergonomix2: Gravity sensitive round soft silicone-gel-filled breast implants.
  • Motiva Flora Tissue Expander: A breast tissue expander.
  • Puregraft line of products: Products for autologous adipose tissue harvesting and redistribution.

AI Analysis | Feedback

Establishment Labs (ESTA) sells its medical devices, such as breast implants and tissue expanders, primarily to other companies and organizations within the healthcare sector, rather than directly to individual consumers.

Based on the provided company description, its major customers fall into the following categories:

  • Exclusive Distributors: Establishment Labs utilizes a network of exclusive distributors across Europe, Latin America, the Asia-Pacific, and other international markets. These distributors purchase products from Establishment Labs and then sell them to medical professionals, clinics, and hospitals in their respective regions. The specific names of these individual distribution companies are not disclosed in the provided background information.
  • Medical Professionals and Facilities: The company also employs a direct sales force, which sells products directly to plastic surgeons, aesthetic clinics, and hospitals that perform aesthetic and reconstructive plastic surgery. These entities are direct purchasers of Establishment Labs' products.

As the company operates through a broad network of distributors and direct sales to numerous medical facilities globally, the specific names of major customer companies that are publicly disclosed and account for a significant portion of its revenue are not available in the provided background information or typically in public domains for this business model.

AI Analysis | Feedback

null

AI Analysis | Feedback

Fillipo "Peter" Caldini, Chief Executive Officer

Fillipo "Peter" Caldini assumed the role of Chief Executive Officer of Establishment Labs in March 2025. Prior to this appointment, he served as the President of the company.

Raj Denhoy, Chief Financial Officer

Raj Denhoy holds the position of Chief Financial Officer at Establishment Labs.

Juan José Chacón-Quirós, Founder, Board Member & Advisor

Juan José Chacón-Quirós founded Establishment Labs in 2004. He served as the Chief Executive Officer and a Board Director from 2004 until his retirement from the CEO position on March 1, 2025, continuing as a board member and active advisor. Mr. Chacón-Quirós has extensive experience in the aesthetics industry, having spent a decade as General Manager of an aesthetic medical device distribution business in Latin America, and previously as Business Development Manager for a plastic and reconstructive surgery clinic in Costa Rica. He is a co-author of over 50 patents related to Medtech, including implantable devices, biocompatible surfaces, RFID, biosensors, 3D technology, and minimally invasive surgical instruments. He was recognized as the Entrepreneur of the Year in Costa Rica in both 2017 and 2018.

Roberto de Mezerville, Chief Technology Officer

Roberto de Mezerville serves as the Chief Technology Officer for Establishment Labs.

Paul Rodio, Chief Operating Officer

Paul Rodio holds the title of Chief Operating Officer at Establishment Labs.

AI Analysis | Feedback

The key risks to Establishment Labs' business are primarily centered around safety outcomes and regulatory scrutiny, its path to sustained profitability and positive cash flow, and the intense competitive landscape against larger medical technology companies.

  1. Safety Outcomes and Regulatory Scrutiny: A significant risk stems from the potential for adverse safety outcomes related to breast implants, which could undermine physician confidence and patient demand. Breast implants generally carry risks such as rupture, capsular contracture, and the potential need for future surgeries. The FDA has historically tightened regulations on implants due to concerns about "implant illness," and unfavorable long-term data for Establishment Labs' products could severely impact its market position and brand reputation. Past reports have also questioned the validity of the company's safety studies and alleged problems with implants, drawing scrutiny from regulatory bodies and short-sellers. The industry as a whole faces ongoing concerns, including the association of breast implants with Breast Implant-Associated Anaplastic Large Cell Lymphoma (BIA-ALCL).

  2. Profitability and Cash Flow: Establishment Labs continues to face challenges in achieving sustained profitability and positive cash flow. Despite rapid revenue growth and improving gross margins, the company has operated with negative operating margins due to significant investments in scaling its sales force and product adoption. The company has been burning cash and has not yet proven its ability to sustain itself purely on internal cash flow. If operating losses and negative cash flow persist, Establishment Labs may face investor dilution or constraints on future growth investments, posing a critical financial risk.

  3. Scale Disadvantage and Competition: Establishment Labs operates in a highly competitive medical technology niche. Its revenue base is considerably smaller compared to established, larger players like AbbVie's aesthetics division and Johnson & Johnson's MedTech sector, leaving it vulnerable to competitive pressures. These larger competitors have entrenched surgeon relationships and extensive resources, which could challenge Establishment Labs' efforts to scale its U.S. sales force and maintain surgeon adoption of its products and new techniques.

AI Analysis | Feedback

null

AI Analysis | Feedback

Establishment Labs (symbol: ESTA) primarily operates in the breast aesthetics and reconstruction market with its silicone gel-filled breast implants under the Motiva Implants brand and the Motiva Flora Tissue Expander.

The global addressable market for these main products is substantial:

  • For **breast implants**, which include products like Motiva Implants, Motiva Ergonomix, and Motiva Ergonomix2, the global market size was approximately USD 2.25 billion in 2025 and is projected to grow to USD 3.22 billion by 2031, with a compound annual growth rate (CAGR) of 6.18% from 2026 to 2031. Other estimates place the global market at USD 2.8 billion in 2025, growing to USD 5.2 billion by 2033 at a CAGR of 7.7% from 2026 to 2033. North America accounted for a significant portion of this market, holding approximately 40.68% of the global breast implants market share in 2025. Establishment Labs also expects the breast reconstruction market to be roughly the same size as the breast augmentation market, which would effectively double their addressable market once they have approval for reconstruction indications.
  • For the **Motiva Flora Tissue Expander**, which falls under the breast tissue expander market, the global market size was estimated at USD 795.0 million in 2025 and is projected to reach USD 1,360.8 million by 2033, growing at a CAGR of 7.0% from 2026 to 2033. Another report estimates the global breast tissue expander market to be valued at US$ 1.4 billion in 2026, reaching US$ 2.3 billion by 2033 at a CAGR of 7.3%. North America leads this market, accounting for approximately 43% of the share in 2025.
  • Establishment Labs has also identified a new product category in breast aesthetics related to its Minimally Invasive Augmentation (MIA® System), which represents a total addressable market of USD 4-5 billion.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Establishment Labs (ESTA) over the next 2-3 years:

  1. Expansion and Growth in the U.S. Market: Establishment Labs received FDA approval for its Motiva Implants in September 2024 and commenced commercial sales in the United States in October 2024, opening up a significant growth opportunity in one of the world's largest breast implant markets. The U.S. business has shown rapid expansion, with U.S. revenue increasing substantially in the first and second quarters of 2026. Management anticipates the U.S. market to contribute over 30% of total revenue in 2026, a notable increase from approximately 22% in 2025.
  2. Growth of the Minimally Invasive Platform: The company's Minimally Invasive Platform, which includes Mia Femtech and Preservé, is a crucial strategic initiative designed to expand beyond traditional implant sales by offering comprehensive, packaged procedures for breast augmentation. This platform has demonstrated significant potential, generating substantial revenue in Q1 and Q2 2026, with expectations to exceed $35 million in revenue for 2026. This approach is attracting new patient demographics and enabling surgeons to enhance procedure throughput and pricing.
  3. International Market Penetration, particularly in Asia: Establishment Labs has pursued an "international-first" strategy, successfully expanding its presence to over 85 markets outside the United States. A key driver for future growth is the recent regulatory approval in China, identified as one of the largest and fastest-growing aesthetic markets globally. The company also plans further entries into other significant Asian markets, such as Japan.
  4. New Product Launches and Line Extensions: The company is committed to broadening its product portfolio through continuous innovation and additional launches within its minimally invasive offerings, including expanded sizes and supporting tools for Mia and Preservé. Preservé, which launched initially in Brazil in February 2025, with a full U.S. launch expected in 2026, represents a newer product expected to contribute significantly to revenue growth.
  5. Expansion into New Surgical Categories: Beyond breast aesthetics, Establishment Labs is exploring pipeline expansion into new areas such as breast reconstruction, with FDA approval pending, which could potentially double its U.S. addressable market. There's also a potential future entry into the gluteal implant market with products like GEM (Minimally Invasive Gluteal Modeling).

AI Analysis | Feedback

Here's a summary of Establishment Labs' (ESTA) capital allocation decisions over the last 3-5 years:

Share Issuance

  • In April 2023, Establishment Labs priced a public offering of 1,100,000 common shares at $71.50 per share, with expected gross proceeds of approximately $78.7 million. The company also granted underwriters an option to purchase up to an additional 165,000 common shares.
  • In November 2024, the company announced a registered direct offering for the purchase of common shares and pre-funded warrants, expecting aggregate gross proceeds of approximately $50 million.

Inbound Investments

  • In April 2026, Establishment Labs entered into a new $300 million senior secured term loan facility with funds managed by Oaktree Capital Management, L.P. This facility refinances existing debt and provides additional capital to support ongoing operations and future strategic growth initiatives, extending debt maturity until 2031.
  • Previously, the company had entered into a $225 million credit facility with Oaktree Capital on April 26, 2022.

Capital Expenditures

  • Capital expenditures for the first six months of 2026 totaled $5.5 million.
  • In the first quarter of 2022, cash decreased partly due to investments in facility expansion.
  • Proceeds from share issuances are intended for general corporate purposes, which include capital expenditures.

Better Bets vs. Establishment Labs (ESTA)

Peer Outperformance in Life Sciences Tools & Services

ESTA has outperformed 83% of its 112 Life Sciences Tools & Services peers over 5Y. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that ESTA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
82%
of 130 industry peers · 67.1% return
3Y
66%
of 120 industry peers · 33.2% return
5Y
83%
of 112 industry peers · -3.9% return
No Life Sciences Tools & Services peer with a comparable growth profile has beaten ESTA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is ESTA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 6.4%44.5%85.7% CAH 376% · MCK 327% · COR 161%
Health Care Services 20 19.3%36.2%5.5% HIMS 282% · RDNT 143% · DGX 77%
Managed Health Care 8 30.8%-7.0%3.4% OSCR 69% · HQY 32% · ELV 9%
Health Care Facilities 24 2.4%7.1%-2.7% THC 276% · NHC 260% · ENSG 137%
Health Care Equipment 50 -0.1%-0.8%-15.8% POCI 11213% · UFPT 377% · GKOS 225%
Pharmaceuticals 63 -5.2%3.1%-36.6% LQDA 2541% · INDV 1125% · ETON 1074%
Health Care Supplies 12 27.3%-7.0%-37.6% LNTH 287% · HAE 50% · MMSI 21%
Life Sciences Tools & Services ← 113 -1.0%-11.7%-65.0% SNWV 1798% · NTRA 283% · MEDP 228%
Health Care Technology 21 -27.8%-50.9%-73.0% SPOK 72% · HSTM 3% · VEEV -1%
Biotechnology 373 -10.0%-25.4%-78.4% CELZ 1343% · DNTH 1123% · ELVN 1028%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ESTAATECHATECCERSFRNMMedian
NameEstablis.Agilent .Bio-Tech.Alphatec Cerus Freenome  
Mkt Price65.27175.2172.5110.052.4417.6041.44
Mkt Cap2.049.411.31.60.5-2.0
Rev LTM2467,3721,215815222-815
Op Inc LTM-191,639273-39-2--2
FCF LTM-421,267263-6-2--2
FCF 3Y Avg-701,257252-83-8--8
CFO LTM-321,609292572-57
CFO 3Y Avg-571,630293-7-5--5

Growth & Margins

ESTAATECHATECCERSFRNMMedian
NameEstablis.Agilent .Bio-Tech.Alphatec Cerus Freenome  
Rev Chg LTM38.6%8.6%-0.4%19.5%15.1%-15.1%
Rev Chg 3Y Avg13.7%2.0%2.3%24.6%13.0%-13.0%
Rev Chg Q31.7%8.1%1.3%15.1%9.5%-9.5%
QoQ Delta Rev Chg LTM7.1%1.9%0.3%3.6%2.3%-2.3%
Op Inc Chg LTM70.2%13.5%12.3%59.1%86.2%-59.1%
Op Inc Chg 3Y Avg11.0%5.3%-1.5%29.6%56.7%-11.0%
Op Mgn LTM-7.6%22.2%22.4%-4.8%-0.7%--0.7%
Op Mgn 3Y Avg-27.9%22.1%21.2%-15.0%-5.1%--5.1%
QoQ Delta Op Mgn LTM4.8%0.7%-1.9%1.4%0.7%-0.7%
CFO/Rev LTM-13.1%21.8%24.0%6.9%1.1%-6.9%
CFO/Rev 3Y Avg-32.3%23.8%24.5%-2.6%-3.2%--2.6%
FCF/Rev LTM-16.9%17.2%21.7%-0.7%-0.8%--0.7%
FCF/Rev 3Y Avg-39.9%18.3%21.0%-14.8%-5.0%--5.0%

Valuation

ESTAATECHATECCERSFRNMMedian
NameEstablis.Agilent .Bio-Tech.Alphatec Cerus Freenome  
Mkt Cap2.049.411.31.60.5-2.0
P/S8.06.79.31.92.2-6.7
P/Op Inc-104.830.141.5-40.5-302.6--40.5
P/EBIT-98.828.045.2-25.7399.5-28.0
P/E-50.634.362.3-14.3-72.1--14.3
P/CFO-60.830.738.827.8202.5-30.7
Total Yield-2.0%3.5%2.0%-7.0%-1.4%--1.4%
Dividend Yield0.0%0.6%0.4%0.0%0.0%-0.0%
FCF Yield 3Y Avg-5.0%3.5%2.6%-5.5%-2.5%--2.5%
D/E0.10.10.00.40.2-0.1
Net D/E0.10.00.00.30.0-0.0

Returns

ESTAATECHATECCERSFRNMMedian
NameEstablis.Agilent .Bio-Tech.Alphatec Cerus Freenome  
1M Rtn-7.6%13.9%0.2%6.5%-7.9%19.0%3.3%
3M Rtn-25.3%32.2%2.4%5.8%-18.4%35.3%4.1%
6M Rtn19.3%57.1%39.7%-8.6%41.0%35.3%37.5%
12M Rtn66.9%43.1%40.6%-33.1%69.4%35.3%41.9%
3Y Rtn33.0%60.3%8.2%-22.5%50.6%35.3%34.1%
1M Excs Rtn-8.5%11.7%0.7%5.6%-9.7%26.9%3.1%
3M Excs Rtn-28.6%28.9%-0.9%2.5%-21.7%31.7%0.8%
6M Excs Rtn-2.6%39.0%22.1%-28.7%16.5%12.8%14.7%
12M Excs Rtn50.6%28.6%28.1%-51.0%45.3%17.5%28.3%
3Y Excs Rtn-42.0%-14.1%-72.1%-96.5%-15.5%-48.9%-45.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment211166165162127
Total211166165162127


Price Behavior

Price Behavior
Market Price$65.34 
Market Cap ($ Bil)2.0 
First Trading Date07/19/2018 
Distance from 52W High-31.7% 
   50 Days200 Days
DMA Price$77.65$73.28
DMA Trendupdown
Distance from DMA-15.9%-10.8%
 3M1YR
Volatility46.1%54.4%
Downside Capture247.15105.58
Upside Capture53.57146.52
Correlation (SPY)16.0%30.6%
ESTA Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.071.320.991.691.351.91
Up Beta0.390.660.991.912.072.31
Down Beta0.47-0.910.160.580.861.85
Up Capture51%100%127%186%180%406%
Bmk +ve Days10213268138427
Stock +ve Days9203363126379
Down Capture753%332%138%192%104%111%
Bmk -ve Days11213259113324
Stock -ve Days12223164122367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESTA
ESTA67.4%54.5%1.13-
Sector ETF (XLV)29.5%16.1%1.4120.8%
Equity (SPY)17.4%13.0%0.9630.6%
Gold (GLD)9.7%29.6%0.3118.1%
Commodities (DBC)42.7%20.7%1.60-18.4%
Real Estate (VNQ)4.3%13.6%0.0626.3%
Bitcoin (BTCUSD)-23.0%44.8%-0.468.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESTA
ESTA-2.3%64.0%0.23-
Sector ETF (XLV)7.1%15.2%0.2832.4%
Equity (SPY)13.5%17.2%0.6044.5%
Gold (GLD)18.1%18.9%0.7713.0%
Commodities (DBC)11.0%19.5%0.449.2%
Real Estate (VNQ)0.9%18.9%-0.0638.5%
Bitcoin (BTCUSD)14.4%52.4%0.4520.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESTA
ESTA9.8%66.3%0.46-
Sector ETF (XLV)10.9%16.7%0.5328.6%
Equity (SPY)15.4%17.9%0.7338.5%
Gold (GLD)11.7%16.4%0.587.6%
Commodities (DBC)8.5%18.1%0.3813.1%
Real Estate (VNQ)4.7%20.7%0.1934.9%
Bitcoin (BTCUSD)63.8%66.2%1.0314.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity4.4 Mil
Short Interest: % Change Since 8312026-0.2%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest12.8 days
Basic Shares Quantity30.1 Mil
Short % of Basic Shares14.6%

Earnings Returns History

Updated 9/23/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/12/2026-2.3%-1.2%6.2%
11/5/202522.5%38.6%43.2%
8/7/2025-14.0%-8.3%-6.6%
4/10/2025-12.7%-12.6%-1.7%
11/7/2024-3.9%-22.0%-10.1%
8/6/2024-2.7%16.0%16.3%
5/8/202410.9%16.8%-6.1%
2/28/202418.8%28.1%32.3%
...
SUMMARY STATS   
# Positive131213
# Negative111211
Median Positive3.3%15.4%15.7%
Median Negative-6.0%-7.2%-6.6%
Max Positive22.5%38.6%43.2%
Max Negative-23.2%-22.0%-29.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/12/2026-2.3%-1.2%6.2%
11/5/202522.5%38.6%43.2%
8/7/2025-14.0%-8.3%-6.6%
4/10/2025-12.7%-12.6%-1.7%
11/7/2024-3.9%-22.0%-10.1%
8/6/2024-2.7%16.0%16.3%
5/8/202410.9%16.8%-6.1%
2/28/202418.8%28.1%32.3%
1/9/202411.5%21.8%35.0%
11/7/2023-23.2%-21.1%-29.1%
8/8/2023-5.3%-8.3%-9.3%
5/8/20231.8%1.8%-1.9%
2/27/20236.9%11.1%2.4%
1/9/2023-3.7%8.6%7.9%
11/7/2022-6.0%20.8%29.4%
8/8/2022-6.2%1.6%-3.8%
5/9/202210.2%14.9%26.0%
3/1/20223.3%0.1%15.7%
1/10/20220.1%-1.8%-12.2%
11/9/2021-7.6%-13.0%-11.5%
7/29/20213.0%-5.0%-3.9%
5/5/20212.6%-1.5%7.6%
3/10/20210.1%-6.2%10.8%
11/9/20202.8%-1.6%15.7%
SUMMARY STATS   
# Positive131213
# Negative111211
Median Positive3.3%15.4%15.7%
Median Negative-6.0%-7.2%-6.6%
Max Positive22.5%38.6%43.2%
Max Negative-23.2%-22.0%-29.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/07/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/04/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/07/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/04/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202107/30/202110-Q
03/31/202105/06/202110-Q
12/31/202003/15/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/16/202010-K
09/30/201911/12/201910-Q
Core Cache Last Updated: 9/28/2026