Glaukos vs LeMaitre Vascular
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The short version
- 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%).
| Latest fiscal year | GKOS Β· FY25 | LMAT Β· 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 |
Revenue
FY16
GKOS $114M
LMAT $89.2M
FY17
GKOS $159M
LMAT $101M
FY18
GKOS $181M
LMAT $106M
FY19
GKOS $237M
LMAT $117M
FY20
GKOS $225M
LMAT $129M
FY21
GKOS $294M
LMAT $154M
FY22
GKOS $283M
LMAT $162M
FY23
GKOS $315M
LMAT $194M
FY24
GKOS $384M
LMAT $220M
FY25
GKOS $507M
LMAT $250M
GKOS
LMAT
Operating margin
FY16
GKOS 3.7%
LMAT 18.3%
FY17
GKOS β1.4%
LMAT 20.9%
FY18
GKOS β7.2%
LMAT 26.7%
FY19
GKOS β21.2%
LMAT 18.1%
FY20
GKOS β54.9%
LMAT 22.3%
FY21
GKOS β11.2%
LMAT 23.6%
FY22
GKOS β29.1%
LMAT 16.6%
FY23
GKOS β40.9%
LMAT 19.0%
FY24
GKOS β31.9%
LMAT 23.8%
FY25
GKOS β39.3%
LMAT 27.2%
GKOS
LMAT
Free cash flow
FY16
GKOS $6.0M
LMAT $14.1M
FY17
GKOS $19.8M
LMAT $16.5M
FY18
GKOS $8.6M
LMAT $16.5M
FY19
GKOS β$5.1M
LMAT $10.4M
FY20
GKOS β$29.9M
LMAT $31.8M
FY21
GKOS β$23.1M
LMAT $30.2M
FY22
GKOS β$63.4M
LMAT $22.2M
FY23
GKOS β$78.0M
LMAT $29.5M
FY24
GKOS β$67.6M
LMAT $37.2M
FY25
GKOS β$22.5M
LMAT $74.5M
GKOS
LMAT
Return on capital
FY16
GKOS β
LMAT β
FY17
GKOS β
LMAT β
FY18
GKOS β
LMAT β
FY19
GKOS β
LMAT β
FY20
GKOS β
LMAT β
FY21
GKOS β5.1%
LMAT β
FY22
GKOS β10.2%
LMAT β
FY23
GKOS β13.7%
LMAT β
FY24
GKOS β
LMAT 20.3%
FY25
GKOS β
LMAT 25.5%
GKOS
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.