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Artivion

AORT NYSE Health Care Equipment Financials FY2016–FY2025

Artivion's revenue rose 13.6% to $441 million in fiscal 2025. Its operating margin was 7.7%, down from 10.0% a year earlier. Free cash flow was $1 million, down 92.4%. The diluted share count rose 13.2%.

Last close · Oct 23, 2026

$23.30

2.8%
Value it Compare
Revenue Total sales reported in the income statement.
$441M
13.6% vs prior year
Operating margin Operating income as a share of revenue.
7.7%
2.4 pts
Net income Profit after all expenses, interest and tax.
$9.8M
Free cash flow Cash from operations minus capital spending.
$0.8M
92.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.9%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Artivion does

No business description yet.

Legal name
ARTIVION, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-009046
0000784199

Revenue and margins

Artivion had $441M of revenue in fiscal 2025, up 13.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −4.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $0.8M in fiscal 2025, 0.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Artivion returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 13.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Artivion yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$154M and divides by 47.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Artivion can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $55.0M$39.4M$58.9M$53.5M$64.9M
Debt incl. finance leases $314M$312M$311M$318M$219M
Net debt / EBITDA 8.1x9.5x8.8x4.2x2.7x
Debt / equity 1.0x1.1x1.1x1.2x0.5x
Interest coverage 0.5x0.3x0.2x1.1x1.3x
Current ratio 5.5x5.0x4.9x4.3x3.5x
Quick ratio 3.8x3.5x3.4x3.2x2.6x
Total assets $793M$763M$792M$789M$885M
Total liabilities $492M$479M$511M$513M$437M
Shareholders' equity $301M$284M$282M$276M$448M
Net debt (− = net cash) $259M$273M$252M$264M$154M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.9M

5 insiders

Of sales under plans

18%

$0.9M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Andrew M GreenSVP, Regulatory and Quality Sold 11,480 $24.97 $0.3M Form 4
Sep 3, 2026 Andrew M GreenSVP, Regulatory and Quality Sold 1,493 $26.02 $0.0M Form 4
Sep 2, 2026 Andrew M GreenSVP, Regulatory and Quality Sold 6,510 $27.27 $0.2M Form 4
Aug 19, 2026 James P MackinPresident & CEO Sold 70,000 $28.96 $2.0M Form 4
Aug 14, 2026 Andrew M GreenSVP, Regulatory and Quality Sold 616 $28.55 $0.0M Form 4
Aug 14, 2026 Lance A BerryEVP, COO, CFO & Treasurer Sold 715 $28.55 $0.0M Form 4
Aug 12, 2026 Jean F HollowaySVP, General Counsel Sold 977 $28.49 $0.0M Form 4
Jun 11, 2026 Andrew M GreenSVP, Regulatory and Quality Sold plan 44,001 $20.70 $0.9M Form 4
Mar 4, 2026 Jean F HollowaySVP, General Counsel Sold 8,962 $38.00 $0.3M Form 4
Mar 3, 2026 James P MackinPresident & CEO Sold 17,887 $37.78 $0.7M Form 4
Mar 3, 2026 John E DavisChief Commercial Officer Sold 4,573 $37.78 $0.2M Form 4
Mar 3, 2026 Lance A BerryEVP, COO, CFO & Treasurer Sold 6,316 $37.78 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 94 / 97 / 9
Accruals ratio −6.4%−4.5%−3.6%
Altman Z'' 2.282.503.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Artivion AORT $1.1B 13.6% 7.7% 0.2% 3.9% — 7
Glaukos GKOS $10.5B 32.3% −39.3% −4.4% — — — Compare →
LeMaitre Vascular LMAT $2.1B 13.5% 27.2% 29.8% 25.5% 29.6x 5 Compare →
Inspire Medical Systems INSP $2.1B 13.6% 5.6% 8.6% 14.2% 15.7x 5 Compare →
CONMED CNMD $1.5B 5.2% 7.5% 11.0% 3.7% 32.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $180M $190M $263M $276M $253M $299M $314M $354M $389M $441M
Gross profit $119M $129M $173M $183M $168M $198M $203M $229M $249M $284M
Research and development $13.4M $19.5M $23.1M $23.0M $24.2M $35.5M $38.9M $28.7M $28.5M $31.0M
Operating income $21.8M $8.0M $9.3M $17.0M $2.4M $8.1M $6.2M $5.7M $38.9M $33.7M
Interest expense $3.0M $4.9M $15.8M $14.9M $16.7M $16.9M $18.2M $25.3M $34.3M $26.6M
Pretax income $18.4M $3.6M −$6.4M $1.6M −$17.2M −$14.8M −$15.0M −$21.6M −$7.5M $14.8M
Income tax $7.6M −$0.1M −$3.6M −$0.1M −$0.5M $0.0M $4.2M $9.1M $5.8M $5.0M
Net income $10.8M $3.7M −$2.8M $1.7M −$16.7M −$14.8M −$19.2M −$30.7M −$13.4M $9.8M
Diluted EPS $0.32 $0.11 −$0.08 $0.05 −$0.44 −$0.38 −$0.48 −$0.75 −$0.32 $0.21
Diluted shares 0.03B 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.05B
Cash flow
Cash from operations $19.7M $10.8M $9.9M $15.8M $12.4M −$2.6M −$5.2M $18.8M $22.2M $39.9M
Capital expenditure $6.2M $6.6M $5.8M $8.1M $7.3M $13.1M $10.7M $9.8M $11.2M $39.0M
Free cash flow $13.5M $4.2M $4.1M $7.8M $5.0M −$15.7M −$15.9M $9.1M $11.1M $0.8M
Depreciation and amortization $8.4M $9.7M $18.1M $18.3M $20.7M $24.0M $22.4M $23.1M $24.2M $22.5M
Stock-based compensation $6.3M $6.9M $6.3M $8.8M $6.9M $10.7M $12.3M $14.4M $14.2M $24.4M
Acquisitions $91.2M $0.4M $0.0M $0.0M $59.1M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $56.6M $40.0M $41.5M $33.8M $61.4M $55.0M $39.4M $58.9M $53.5M $64.9M
Total debt $71.6M $219M $217M $216M $292M $309M $308M $307M $314M $215M
Finance lease liabilities $0.0M $0.0M $6.7M $6.0M $5.9M $4.9M $4.2M $4.0M $3.4M $3.4M
Current assets $147M $179M $179M $187M $235M $248M $247M $281M $290M $358M
Current liabilities $30.1M $42.9M $34.5M $45.2M $60.5M $45.0M $49.7M $57.9M $66.8M $102M
Inventory $26.3M $46.7M $45.5M $53.1M $73.0M $77.0M $74.5M $82.0M $79.8M $92.4M
Property and equipment, net $18.5M $33.6M $31.0M $32.1M $33.1M $37.5M $38.7M $38.4M $36.4M $65.0M
Total assets $316M $590M $571M $606M $789M $793M $763M $792M $789M $885M
Total liabilities $107M $313M $296M $320M $461M $492M $479M $511M $513M $437M
Shareholders' equity $209M $277M $275M $286M $329M $301M $284M $282M $276M $448M
Margins
Gross margin 65.9% 67.8% 65.8% 66.3% 66.3% 66.1% 64.5% 64.7% 64.0% 64.4%
Operating margin 12.1% 4.2% 3.5% 6.2% 1.0% 2.7% 2.0% 1.6% 10.0% 7.7%
EBITDA margin 16.7% 9.3% 10.4% 12.8% 9.1% 10.7% 9.1% 8.1% 16.2% 12.7%
Net margin 6.0% 2.0% −1.1% 0.6% −6.6% −5.0% −6.1% −8.7% −3.4% 2.2%
FCF margin 7.5% 2.2% 1.6% 2.8% 2.0% −5.3% −5.1% 2.6% 2.8% 0.2%
Returns
Return on capital — 2.3% 1.6% 3.7% 0.4% 1.1% 0.9% 0.8% 5.7% 3.9%
Return on capital employed 9.8% 1.9% 1.7% 3.1% 0.4% 1.1% 0.9% 0.8% 5.3% 4.5%
Return on equity 5.9% 1.5% −1.0% 0.6% −5.4% −4.7% −6.6% −10.8% −4.8% 2.7%
Return on assets 4.3% 0.8% −0.5% 0.3% −2.4% −1.9% −2.5% −4.0% −1.7% 1.2%
Growth
Revenue growth 23.6% 5.2% 38.6% 5.1% −8.3% 18.0% 5.0% 12.8% 9.8% 13.6%
Net income growth 169.1% −65.6% −176.7% — −1,069.9% — — — — —
EPS growth 128.6% −65.6% −172.7% — −980.0% — — — — —
FCF growth 70.0% −69.2% −1.8% 89.4% −35.0% −411.0% — — 21.8% −92.4%
Share count change 15.0% 4.1% 6.6% 4.0% 0.0% 3.0% 2.7% 1.8% 2.3% 13.2%
Financial health
Net debt / EBITDA 0.5x 10.1x 6.6x 5.3x 10.2x 8.1x 9.5x 8.8x 4.2x 2.7x
Debt / equity 0.3x 0.8x 0.8x 0.8x 0.9x 1.0x 1.1x 1.1x 1.2x 0.5x
Interest coverage 7.3x 1.6x 0.6x 1.1x 0.2x 0.5x 0.3x 0.2x 1.1x 1.3x
Current ratio 4.9x 4.2x 5.2x 4.2x 3.9x 5.5x 5.0x 4.9x 4.3x 3.5x
Quick ratio 4.0x 3.1x 3.9x 3.0x 2.7x 3.8x 3.5x 3.4x 3.2x 2.6x
Capital allocation
Capex / revenue 3.4% 3.5% 2.2% 2.9% 2.9% 4.4% 3.4% 2.8% 2.9% 8.9%
Stock comp / revenue 3.5% 3.7% 2.4% 3.2% 2.7% 3.6% 3.9% 4.1% 3.7% 5.5%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% — — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — 4.0 4.0 7.0 3.0 4.0 2.0 5.0 4.0 7.0
Altman Z'' 5.3 2.8 3.0 2.9 2.3 2.4 2.3 2.3 2.5 3.1
Accruals ratio −3.6% −1.6% −2.2% −2.4% −4.2% −1.6% −1.8% −6.4% −4.5% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0000784199). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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