Inspire Medical Systems vs LeMaitre Vascular
Add, change or remove companies; up to four.
KIRAβs take AI analyst
I put Inspire Medical Systems and LeMaitre Vascular side by side, using each oneβs latest annual report. Here is what stands out:
- 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 Vascularβs earnings: a P/E of 29.6x against 15.7x for Inspire Medical Systems.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Inspire Medical Systems
INSP
6/11
Revenue growth5-year growthGross marginReturn on equityNet debt / EBITDAShare count change
LeMaitre Vascular
LMAT
4/11
Operating marginNet marginFCF marginReturn on capital
Side by side
Best in the row
| 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 | β2.6% | 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 | β$308M | β$191M |
| Net debt / EBITDA | β4.8x | β2.4x |
| Dividends and buybacks | $175M | $19.9M |
| Valuation & quality | ||
| P/E | 15.7x | 29.6x |
| Piotroski F-score | 5 | 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.