Pro-Dex

PDEX

Medical - Instruments & Supplies · Healthcare

Price

$57.38

-1.70 (-2.88%)

Market Cap

$183.2M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−14.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.9M (2021) → 3.4M (2025)

Pro-Dex, Inc. designs, develops, and manufactures powered surgical instruments for medical device original equipment manufacturers worldwide. The company offers autoclavable, battery-powered and electric, and multi-function surgical drivers and shavers that are primarily used in the orthopedic, thoracic, and craniomaxillofacial markets. It also provides engineering, quality, and regulatory consulting services; and manufactures and sells rotary air motors to various industries. The company was fo

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+23.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$4M/ year

↑ Rising (+14% vs prior year)

5.5% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

45.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Pro-Dex is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

30.7%

Modest — 30.7% gross margin

Operating Margin

15.5%

Healthy — 15.5% operating margin

ROCE

4.8%

Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+13.7%

Fast-growing sales (13.7% YoY)

EPS YoY

+20.2%

Earnings growing fast (20.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

55%

Weak — only 55% of profit becomes cash

FCF Margin

7.3%

Modest free cash flow (7.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.43

Conservative — low debt load (0.43)

Interest Cover

13.91x

Comfortably covers interest (13.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-4.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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