CONMED vs LeMaitre Vascular
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The short version
- CONMED is the larger business, with $1.4B of revenue in fiscal 2025 against $250M for LeMaitre Vascular, about 5.5 times as much.
- LeMaitre Vascular grew revenue faster (13.5%, against 5.2%).
- LeMaitre Vascular kept more of each dollar of sales as operating profit (27.2% operating margin, against 7.5%).
- LeMaitre Vascular turned more of its sales into free cash flow (29.8% FCF margin, against 11.0%).
- LeMaitre Vascular earned a higher return on the capital invested in it (25.5%, against 3.7%).
| Latest fiscal year | CNMD · FY25 | LMAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $2.1B |
| Revenue | $1.4B | $250M |
| Free cash flow | $151M | $74.5M |
| Net income | $47.1M | $57.7M |
| Growth | ||
| Revenue growth | 5.2% | 13.5% |
| 5-year growth | 9.8% | 14.0% |
| Share count change | 0.0% | 0.7% |
| Profitability | ||
| Gross margin | 54.6% | 71.5% |
| Operating margin | 7.5% | 27.2% |
| Net margin | 3.4% | 23.1% |
| FCF margin | 11.0% | 29.8% |
| Return on capital | 3.7% | 25.5% |
| Return on equity | 4.7% | 15.8% |
| Balance sheet | ||
| Net debt | $794M | −$191M |
| Net debt / EBITDA | 5.1x | −2.4x |
| Dividends and buybacks | $24.7M | $19.9M |
| Valuation & quality | ||
| P/E | — | 29.6x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
CNMD $764M
LMAT $89.2M
FY17
CNMD $796M
LMAT $101M
FY18
CNMD $860M
LMAT $106M
FY19
CNMD $955M
LMAT $117M
FY20
CNMD $863M
LMAT $129M
FY21
CNMD $1.0B
LMAT $154M
FY22
CNMD $1.0B
LMAT $162M
FY23
CNMD $1.2B
LMAT $194M
FY24
CNMD $1.3B
LMAT $220M
FY25
CNMD $1.4B
LMAT $250M
CNMD
LMAT
Operating margin
FY16
CNMD 4.9%
LMAT 18.3%
FY17
CNMD 5.9%
LMAT 20.9%
FY18
CNMD 8.3%
LMAT 26.7%
FY19
CNMD 8.3%
LMAT 18.1%
FY20
CNMD 5.3%
LMAT 22.3%
FY21
CNMD 10.9%
LMAT 23.6%
FY22
CNMD 6.7%
LMAT 16.6%
FY23
CNMD 9.7%
LMAT 19.0%
FY24
CNMD 15.3%
LMAT 23.8%
FY25
CNMD 7.5%
LMAT 27.2%
CNMD
LMAT
Free cash flow
FY16
CNMD $25.1M
LMAT $14.1M
FY17
CNMD $52.7M
LMAT $16.5M
FY18
CNMD $58.2M
LMAT $16.5M
FY19
CNMD $75.1M
LMAT $10.4M
FY20
CNMD $51.5M
LMAT $31.8M
FY21
CNMD $96.9M
LMAT $30.2M
FY22
CNMD $11.6M
LMAT $22.2M
FY23
CNMD $106M
LMAT $29.5M
FY24
CNMD $154M
LMAT $37.2M
FY25
CNMD $151M
LMAT $74.5M
CNMD
LMAT
Return on capital
FY16
CNMD 3.1%
LMAT —
FY17
CNMD 4.4%
LMAT —
FY18
CNMD 5.3%
LMAT —
FY19
CNMD 5.7%
LMAT —
FY20
CNMD 3.2%
LMAT —
FY21
CNMD 6.5%
LMAT —
FY22
CNMD 3.4%
LMAT —
FY23
CNMD 5.4%
LMAT —
FY24
CNMD 9.0%
LMAT 20.3%
FY25
CNMD 3.7%
LMAT 25.5%
CNMD
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.