Inspire Medical Systems vs LeMaitre Vascular
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The short version
- Inspire Medical Systems is the larger business, with $912M of revenue in fiscal 2025 against $250M for LeMaitre Vascular, about 3.7 times as much.
- LeMaitre Vascular kept more of each dollar of sales as operating profit (27.2% operating margin, against 5.6%).
- LeMaitre Vascular turned more of its sales into free cash flow (29.8% FCF margin, against 8.6%).
- LeMaitre Vascular earned a higher return on the capital invested in it (25.5%, against 14.2%).
- Investors pay more for each dollar of LeMaitre Vascular’s earnings: a P/E of 29.6x against 15.7x for Inspire Medical Systems.
| Latest fiscal year | INSP · FY25 | LMAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $2.1B |
| Revenue | $912M | $250M |
| Free cash flow | $78.5M | $74.5M |
| Net income | $145M | $57.7M |
| Growth | ||
| Revenue growth | 13.6% | 13.5% |
| 5-year growth | 51.2% | 14.0% |
| Share count change | −2.6% | 0.7% |
| Profitability | ||
| Gross margin | 85.4% | 71.5% |
| Operating margin | 5.6% | 27.2% |
| Net margin | 16.0% | 23.1% |
| FCF margin | 8.6% | 29.8% |
| Return on capital | 14.2% | 25.5% |
| Return on equity | 19.8% | 15.8% |
| Balance sheet | ||
| Net debt | −$308M | −$191M |
| Net debt / EBITDA | −4.8x | −2.4x |
| Dividends and buybacks | $175M | $19.9M |
| Valuation & quality | ||
| P/E | 15.7x | 29.6x |
| Piotroski F-score | 5 | 5 |
FY16
INSP $16.4M
LMAT $89.2M
FY17
INSP $28.6M
LMAT $101M
FY18
INSP $50.6M
LMAT $106M
FY19
INSP $82.0M
LMAT $117M
FY20
INSP $115M
LMAT $129M
FY21
INSP $233M
LMAT $154M
FY22
INSP $408M
LMAT $162M
FY23
INSP $625M
LMAT $194M
FY24
INSP $803M
LMAT $220M
FY25
INSP $912M
LMAT $250M
INSP
LMAT
FY16
INSP −105.0%
LMAT 18.3%
FY17
INSP −56.0%
LMAT 20.9%
FY18
INSP −40.3%
LMAT 26.7%
FY19
INSP −42.5%
LMAT 18.1%
FY20
INSP −48.7%
LMAT 22.3%
FY21
INSP −17.1%
LMAT 23.6%
FY22
INSP −11.7%
LMAT 16.6%
FY23
INSP −6.5%
LMAT 19.0%
FY24
INSP 4.5%
LMAT 23.8%
FY25
INSP 5.6%
LMAT 27.2%
INSP
LMAT
FY16
INSP −$18.3M
LMAT $14.1M
FY17
INSP −$16.2M
LMAT $16.5M
FY18
INSP −$18.9M
LMAT $16.5M
FY19
INSP −$35.6M
LMAT $10.4M
FY20
INSP −$55.5M
LMAT $31.8M
FY21
INSP −$24.8M
LMAT $30.2M
FY22
INSP $2.5M
LMAT $22.2M
FY23
INSP $1.0M
LMAT $29.5M
FY24
INSP $91.1M
LMAT $37.2M
FY25
INSP $78.5M
LMAT $74.5M
INSP
LMAT
FY16
INSP —
LMAT —
FY17
INSP —
LMAT —
FY18
INSP —
LMAT —
FY19
INSP —
LMAT —
FY20
INSP —
LMAT —
FY21
INSP −106.8%
LMAT —
FY22
INSP —
LMAT —
FY23
INSP −40.6%
LMAT —
FY24
INSP 18.5%
LMAT 20.3%
FY25
INSP 14.2%
LMAT 25.5%
INSP
LMAT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.