Glaukos vs LeMaitre Vascular
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KIRAβs take AI analyst
I put Glaukos and LeMaitre Vascular side by side, using each oneβs latest annual report. Here is what stands out:
- Glaukos is the larger business, with $507M of revenue in fiscal 2025 against $250M for LeMaitre Vascular, about 2.0 times as much.
- Glaukos grew revenue faster (32.3%, against 13.5%).
- LeMaitre Vascular kept more of each dollar of sales as operating profit (27.2% operating margin, against β39.3%).
- LeMaitre Vascular turned more of its sales into free cash flow (29.8% FCF margin, against β4.4%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Glaukos
GKOS
2/8
Revenue growth5-year growth
LeMaitre Vascular
LMAT
6/8
Gross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | GKOS FY25 | LMAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.5B | $2.1B |
| Revenue | $507M | $250M |
| Free cash flow | β$22.5M | $74.5M |
| Net income | β$188M | $57.7M |
| Growth | ||
| Revenue growth | 32.3% | 13.5% |
| 5-year growth | 17.7% | 14.0% |
| Share count change | 8.4% | 0.7% |
| Profitability | ||
| Gross margin | 55.7% | 71.5% |
| Operating margin | β39.3% | 27.2% |
| Net margin | β37.0% | 23.1% |
| FCF margin | β4.4% | 29.8% |
| Return on capital | β | 25.5% |
| Return on equity | β26.4% | 15.8% |
| Balance sheet | ||
| Net debt | β | β$191M |
| Net debt / EBITDA | β | β2.4x |
| Dividends and buybacks | $0.0M | $19.9M |
| Valuation & quality | ||
| P/E | β | 29.6x |
| Piotroski F-score | β | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.