CONMED vs LivaNova
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KIRA’s take AI analyst
I put CONMED and LivaNova side by side, using each one’s latest annual report. Here is what stands out:
- LivaNova is the larger business, with $1.4B of revenue in fiscal 2025 against $1.4B for CONMED.
- LivaNova grew revenue faster (10.7%, against 5.2%).
- LivaNova kept more of each dollar of sales as operating profit (14.4% operating margin, against 7.5%).
- LivaNova turned more of its sales into free cash flow (12.5% FCF margin, against 11.0%).
- LivaNova earned a higher return on the capital invested in it (12.8%, against 3.7%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
CONMED
CNMD
4/10
5-year growthNet marginReturn on equityPiotroski F-score
LivaNova
LIVN
6/10
Revenue growthGross marginOperating marginFCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | CNMD FY25 | LIVN FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $4.6B |
| Revenue | $1.4B | $1.4B |
| Free cash flow | $151M | $173M |
| Net income | $47.1M | −$243M |
| Growth | ||
| Revenue growth | 5.2% | 10.7% |
| 5-year growth | 9.8% | 8.2% |
| Share count change | 0.0% | −0.1% |
| Profitability | ||
| Gross margin | 54.6% | 67.7% |
| Operating margin | 7.5% | 14.4% |
| Net margin | 3.4% | −17.5% |
| FCF margin | 11.0% | 12.5% |
| Return on capital | 3.7% | 12.8% |
| Return on equity | 4.7% | −19.2% |
| Balance sheet | ||
| Net debt | $794M | −$260M |
| Net debt / EBITDA | 5.1x | — |
| Dividends and buybacks | $24.7M | $0.0M |
| Valuation & quality | ||
| P/E | — | 23.9x |
| Piotroski F-score | 6 | 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.