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LivaNova

LIVN Nasdaq Health Care Equipment Financials FY2016–FY2025

LivaNova's revenue rose 10.7% to $1.4 billion in fiscal 2025. Its operating margin was 14.4%, up from 10.3% a year earlier. Free cash flow was $173 million, up 27.5%.

Last close · Oct 23, 2026

$80.90

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
10.7% vs prior year
Operating margin Operating income as a share of revenue.
14.4%
4.1 pts
Net income Profit after all expenses, interest and tax.
−$243M
483.7%
Free cash flow Cash from operations minus capital spending.
$173M
27.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.8%
6.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.9x
On $3.38 EPS (TTM)

About these figures. LivaNova's filings tag only its depreciation as its depreciation and amortization total for 2019 to 2022, leaving out its amortization of intangibles, so depreciation and amortization, EBITDA and the ratios built on it are left blank.

What LivaNova does

No business description yet.

Legal name
LivaNova PLC
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001639691-26-000010
0001639691

Revenue and margins

LivaNova had $1.4B of revenue in fiscal 2025, up 10.7% 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

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 $173M in fiscal 2025, 12.5% 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

LivaNova returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 0.1%.

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

Value LivaNova 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

—

Adds net cash of $260M and divides by 54.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.9x · peers 52.4x · sector 28.4x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $208M$214M$267M$429M$636M
Debt incl. finance leases $237M$539M$586M$627M$376M
Debt / equity 0.2x0.5x0.5x0.5x0.3x
Interest coverage −0.0x−1.6x−1.2x2.1x4.1x
Current ratio 1.0x3.0x3.0x2.9x1.4x
Quick ratio 0.8x2.5x2.5x2.5x1.2x
Total assets $2.2B$2.3B$2.4B$2.5B$2.6B
Total liabilities $906M$1.1B$1.2B$1.2B$1.4B
Shareholders' equity $1.3B$1.2B$1.3B$1.3B$1.2B
Net debt (− = net cash) $28.8M$325M$320M$198M−$260M

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

$1.0M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Francesco BianchiDirector Sold 3,500 $78.01 $0.3M Form 4
Sep 4, 2026 Brooke StoryDirector Sold 2,300 $81.42 $0.2M Form 4
Aug 31, 2026 Francesco BianchiDirector Sold 1,650 $79.72 $0.1M Form 4
Aug 11, 2026 Ahmet TezelChief Innovation Officer Sold 2,675 $77.74 $0.2M Form 4
Jun 15, 2026 Francesco BianchiDirector Sold 1,200 $80.19 $0.1M Form 4
May 26, 2026 Francesco BianchiDirector Sold 1,800 $75.75 $0.1M Form 4
Nov 18, 2025 Brooke StoryDirector Sold 250 $53.94 $0.0M 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 / 96 / 95 / 9
Accruals ratio −2.4%−4.9%−19.4%
Altman Z'' 1.442.260.72

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
LivaNova LIVN $4.6B 10.7% 14.4% 12.5% 12.8% 23.9x 5
CONMED CNMD $1.5B 5.2% 7.5% 11.0% 3.7% 32.6x 6 Compare →
Penumbra PEN $12.8B 17.5% 13.5% 12.5% 18.8% 79.7x 7 Compare →
Integra Lifesciences IART $936M 1.5% −30.2% −1.9% −22.0% 70.1x 5 Compare →
Integer ITGR $4.3B 8.0% 11.9% 5.7% 6.6% 34.7x 7 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $965M $1.0B $1.1B $1.1B $934M $1.0B $1.0B $1.2B $1.3B $1.4B
Gross profit $560M $652M $746M $724M $595M $706M $707M $756M $854M $940M
Research and development $82.1M $110M $146M $147M $153M $183M $156M $194M $183M $186M
Operating income $33.4M $96.5M −$248M −$172M −$274M −$0.8M −$76.8M −$68.5M $129M $199M
Interest expense $10.6M $7.8M $9.8M $15.1M $40.8M $50.2M $48.2M $58.9M $63.1M $49.3M
Pretax income $25.7M $121M −$247M −$188M −$348M −$125M −$75.1M −$81.2M $88.3M −$221M
Income tax $5.1M $50.0M −$69.6M −$30.4M −$1.0M $11.2M $11.1M −$98.9M $25.1M $21.6M
Net income −$62.8M −$25.1M −$189M −$158M −$349M −$136M −$86.2M $17.5M $63.2M −$243M
Diluted EPS −$1.28 −$0.52 −$3.91 −$3.26 −$7.18 −$2.68 −$1.61 $0.32 $1.16 −$4.45
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $90.2M $91.3M $121M −$91.1M −$79.4M $103M $69.9M $74.9M $183M $254M
Capital expenditure $38.4M $32.9M $37.2M $24.7M $35.0M $25.5M $26.5M $35.0M $47.1M $81.0M
Free cash flow $51.8M $58.4M $83.3M −$116M −$114M $77.1M $43.4M $39.9M $136M $173M
Stock-based compensation $19.6M $19.1M $26.9M $32.6M $35.1M $40.6M $44.8M $36.4M $33.9M $36.3M
Acquisitions $0.0M $14.2M $280M $10.8M $1.7M $1.7M $8.9M $0.0M $0.0M $0.0M
Share buybacks $54.5M $0.0M $50.0M $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 $54.5M $0.0M $50.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $39.8M $93.6M $47.2M $61.1M $253M $208M $214M $267M $429M $636M
Total debt $149M — $163M $334M $651M $237M $539M $586M $627M $376M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $813M $870M $533M $549M $708M $679M $886M $988M $1.1B $1.1B
Current liabilities $350M $406M $497M $513M $309M $697M $297M $335M $392M $808M
Inventory $133M $145M $154M $164M $115M $106M $129M $148M $148M $165M
Property and equipment, net $204M $192M $191M $181M $164M $150M $147M $154M $170M $243M
Total assets $2.3B $2.5B $2.5B $2.4B $2.4B $2.2B $2.3B $2.4B $2.5B $2.6B
Total liabilities $636M $689M $1.0B $1.0B $1.3B $906M $1.1B $1.2B $1.2B $1.4B
Shareholders' equity $1.7B $1.8B $1.5B $1.4B $1.1B $1.3B $1.2B $1.3B $1.3B $1.2B
Margins
Gross margin 58.0% 64.4% 67.4% 66.8% 63.7% 68.2% 69.2% 65.5% 68.1% 67.7%
Operating margin 3.5% 9.5% −22.4% −15.8% −29.3% −0.1% −7.5% −5.9% 10.3% 14.4%
Net margin −6.5% −2.5% −17.1% −14.5% −37.3% −13.1% −8.4% 1.5% 5.0% −17.5%
FCF margin 5.4% 5.8% 7.5% −10.7% −12.3% 7.4% 4.3% 3.5% 10.8% 12.5%
Returns
Return on capital 2.7% — — −8.3% −13.7% −0.0% −4.3% −3.5% 5.9% 12.8%
Return on capital employed 2.9% 4.7% −12.0% −8.7% −13.7% −0.0% −4.4% −3.4% 6.1% 10.2%
Return on equity −6.3% −1.4% −11.4% −11.0% −28.1% −11.3% −6.9% 1.4% 4.9% −19.2%
Return on assets −4.7% −1.0% −7.5% −6.4% −14.5% −5.9% −3.8% 0.7% 2.6% −9.5%
Growth
Revenue growth 230.9% 4.9% 9.4% −2.1% −13.8% 10.8% −1.3% 12.9% 8.7% 10.7%
Net income growth −208.5% — — — — — — — 260.4% −483.5%
EPS growth −159.0% — — — — — — — 262.5% −483.6%
FCF growth −29.1% 12.8% 42.6% −239.1% — — −43.7% −8.0% 240.4% 27.5%
Share count change 84.1% −1.1% −0.0% −0.3% 0.5% 4.2% 5.6% 1.4% 0.7% −0.1%
Financial health
Debt / equity 0.1x — 0.1x 0.2x 0.6x 0.2x 0.5x 0.5x 0.5x 0.3x
Interest coverage 3.2x 12.4x −25.3x −11.4x −6.7x −0.0x −1.6x −1.2x 2.1x 4.1x
Current ratio 2.3x 2.1x 1.1x 1.1x 2.3x 1.0x 3.0x 3.0x 2.9x 1.4x
Quick ratio 1.9x 1.8x 0.8x 0.8x 1.9x 0.8x 2.5x 2.5x 2.5x 1.2x
Capital allocation
Capex / revenue 4.0% 3.3% 3.4% 2.3% 3.8% 2.5% 2.6% 3.0% 3.8% 5.8%
Stock comp / revenue 2.0% 1.9% 2.4% 3.0% 3.8% 3.9% 4.4% 3.2% 2.7% 2.6%
Payouts / FCF 105.2% 0.0% 60.0% — — 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 3.0 — — 3.0 2.0 6.0 6.0 5.0 6.0 5.0
Altman Z'' 4.2 4.2 0.6 0.5 0.2 0.1 1.2 1.4 2.3 0.7
Accruals ratio −11.5% −4.8% −12.3% −2.7% −11.2% −10.4% −7.0% −2.4% −4.9% −19.4%

Source: SEC EDGAR XBRL filings (CIK 0001639691). Data updated October 16, 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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