Company Analysis

Establishment Labs Holdings Inc. (ESTA)

Nasdaq: ESTA · Orthopedic, Prosthetic & Surgical Appliances & Supplies · Alajuela, CR · filing with the SEC since 2017
Grade4.9
◀ Past 4.7● Present 4.5▶ Future 5.7
1 est.

The grade of Establishment Labs Holdings Inc.

Nine metrics read from its own filings, by tense
Headline grade
4.9/10
◀ Past4.730% of the headline
● Present4.540% of the headline
▶ Future5.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
3.8/10

Has it survived what it has been through?

2 warning events since 2017; the latest 2025-05-22.

weight 33% of this tense · 38th percentile among 29 sector filers · read for itself

From the record

Establishment Labs Holdings Inc.'s filings since 2017 show 2 warning events of 2 kinds: an auditor change (8-K item 4.01, the latest 2025-05-22); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2024-03-01) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
5.7/10

What has it actually done, year after year?

+19.3% a year over 8 filed years; profitable in 0 of 8.

weight 45% of this tense · 57th percentile among 25 sector filers · read for its customers

From the record

Establishment Labs Holdings Inc.'s 8 filed years say what it did: revenue went from $61 million in fiscal 2018 to $211 million in fiscal 2025, up 19.3% a year; it rose in 6 of 7 years; the deepest fall was 5% from fiscal 2019 to fiscal 2020; net income was positive in 0 of 8 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span19.3%top 18% of its family
  • the share of years revenue rosetop 48% of its family
  • the share of filed years with a profitbottom 22% of its family
  • the deepest fall from a revenue peak5.5%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
4.0/10

How has it treated the people who own it?

SI estimate 4.0/10, confidence 35 of 100 (one part).

weight 22% of this tense · 40th percentile among 26 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 40% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 26 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Establishment Labs Holdings Inc.'s shareholder treatment is put at 4.0 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 40% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.5/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
3.8/10

Is it financially healthy right now?

ROE -217%: lost 217¢ per shareholder dollar. Leverage 93%: owes 93¢ per asset dollar.

weight 45% of this tense · 38th percentile among 27 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Establishment Labs Holdings Inc. lost about 217 cents for every dollar of shareholders' money, and gross profitability: its products earned about 41 cents per dollar of everything the company owns. Leverage: it owed about 93 cents per dollar of assets, and net share issuance: its share count grew 5.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 13% of its family
  • return on equitybottom 15% of its family
  • gross profit against assetstop 22% of its family
  • the share count against the year beforebottom 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.4/10

How strong is its position in its industry?

top 46% of 26 in its family; net margin -24.2%.

weight 33% of this tense · 54th percentile among 26 sector filers · read for its customers

From the record

Establishment Labs Holdings Inc.'s standing among 26 graded names in its industry family: revenue of $211 million in fiscal 2025 ranks in the top 44% by size; a net margin of -24.2% ranks in the bottom 48%; revenue growth of 9.3% a year over the last 3 filed years ranks in the top 43% (its annual reports).

What it rests on

  • revenue against the family$211Mtop 44% of its family
  • net margin-24.2%bottom 48% of its family
  • three-year revenue growth9.3%top 43% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
4.7/10

What are the people in charge doing?

bottom 47% of 17 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 47th percentile among 17 sector filers · read for its shareholders

From the record

Establishment Labs Holdings Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Caldini, Filippo (Chief Executive Officer, as filed), filing under that title since 2025-03-20, 1.7 years (bottom 26% of its family); the 9 officers and directors filing in the last fifteen months have been on the record a median of 5.3 years (bottom 41%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 9 people in charge now (top 25%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge4 in three years among 9 peopletop 25% of its family
  • the median years the people in charge have filed5.3 yearsbottom 41% of its family
  • the chief executive's years on the record1.7 yearsbottom 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.7/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
4.3/10

How much room does it have to grow?

bottom 43% of 25 in its family for room to expand.

weight 45% of this tense · 43rd percentile among 25 sector filers · read for itself

From the record

Establishment Labs Holdings Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $76 million against debt of $248 million leaves -48.1% of its assets as net cash, bottom 2% of its family; cash from operations less capital spending is -27% of revenue (bottom 42%); a gross margin of 69.3% (top 22%); research spending of 9.6% of revenue (top 50%) (its annual report).

What it rests on

  • cash less debt against assets-48.1%bottom 2% of its family
  • cash from operations less capital spending against revenue-27.0%bottom 42% of its family
  • gross margin69.3%top 22% of its family
  • research spending against revenue9.6%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.6/10

What could actually drive growth from here?

top 44% of 25 in its family for growth drivers.

weight 33% of this tense · 56th percentile among 25 sector filers · read for its customers

From the record

Establishment Labs Holdings Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 9.3% a year over the last three filed years against 19.3% over all 8, slowing (bottom 18% of its family); the newest year grew 27.2% (top 6%); research spending grew -0% a year (bottom 35%); capital spending grew 28.5% a year (top 23%) (its annual reports). Establishment Labs Holdings Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-10.1 points a yearbottom 18% of its family
  • the newest year's revenue growth27.2%top 6% of its family
  • three-year growth of research spending0.0%bottom 35% of its family
  • three-year growth of capital spending28.5%top 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
8.5/10

Did its newest year beat what its own record pointed to?

top 15% of 23 in its family for expectations against reality.

weight 22% of this tense · 85th percentile among 23 sector filers · read for its shareholders

From the record

Establishment Labs Holdings Inc.'s newest year against its own record: revenue of $211 million in fiscal 2025 came in 25.5% above the $168 million its prior three years' pace pointed to (top 6% of its family); net income of $51 million against a prior three-year average of $79 million (top 28%); a net margin of -24.2% against -48.3% before (top 11%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace25.5%top 6% of its family
  • net income against the prior three years' average+36%top 28% of its family
  • net margin against its prior average+24.1 pointstop 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ESTA · research, not advice