CONMED vs Penumbra
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The short version
- Penumbra is the larger business, with $1.4B of revenue in fiscal 2025 against $1.4B for CONMED.
- Penumbra grew revenue faster (17.5%, against 5.2%).
- Penumbra kept more of each dollar of sales as operating profit (13.5% operating margin, against 7.5%).
- Penumbra turned more of its sales into free cash flow (12.5% FCF margin, against 11.0%).
- Penumbra earned a higher return on the capital invested in it (18.8%, against 3.7%).
| Latest fiscal year | CNMD · FY25 | PEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $12.8B |
| Revenue | $1.4B | $1.4B |
| Free cash flow | $151M | $175M |
| Net income | $47.1M | $178M |
| Growth | ||
| Revenue growth | 5.2% | 17.5% |
| 5-year growth | 9.8% | 20.2% |
| Share count change | 0.0% | 0.1% |
| Profitability | ||
| Gross margin | 54.6% | 67.1% |
| Operating margin | 7.5% | 13.5% |
| Net margin | 3.4% | 12.7% |
| FCF margin | 11.0% | 12.5% |
| Return on capital | 3.7% | 18.8% |
| Return on equity | 4.7% | 13.8% |
| Balance sheet | ||
| Net debt | $794M | −$522M |
| Net debt / EBITDA | 5.1x | −2.5x |
| Dividends and buybacks | $24.7M | $0.0M |
| Valuation & quality | ||
| P/E | — | 79.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CNMD $764M
PEN $263M
FY17
CNMD $796M
PEN $334M
FY18
CNMD $860M
PEN $445M
FY19
CNMD $955M
PEN $547M
FY20
CNMD $863M
PEN $560M
FY21
CNMD $1.0B
PEN $748M
FY22
CNMD $1.0B
PEN $847M
FY23
CNMD $1.2B
PEN $1.1B
FY24
CNMD $1.3B
PEN $1.2B
FY25
CNMD $1.4B
PEN $1.4B
CNMD
PEN
Operating margin
FY16
CNMD 4.9%
PEN −0.5%
FY17
CNMD 5.9%
PEN 0.4%
FY18
CNMD 8.3%
PEN −0.2%
FY19
CNMD 8.3%
PEN 8.7%
FY20
CNMD 5.3%
PEN −7.0%
FY21
CNMD 10.9%
PEN −1.0%
FY22
CNMD 6.7%
PEN 0.7%
FY23
CNMD 9.7%
PEN 7.0%
FY24
CNMD 15.3%
PEN 0.8%
FY25
CNMD 7.5%
PEN 13.5%
CNMD
PEN
Free cash flow
FY16
CNMD $25.1M
PEN −$26.4M
FY17
CNMD $52.7M
PEN $0.2M
FY18
CNMD $58.2M
PEN $19.2M
FY19
CNMD $75.1M
PEN $4.5M
FY20
CNMD $51.5M
PEN −$58.0M
FY21
CNMD $96.9M
PEN −$11.7M
FY22
CNMD $11.6M
PEN −$75.0M
FY23
CNMD $106M
PEN $82.1M
FY24
CNMD $154M
PEN $147M
FY25
CNMD $151M
PEN $175M
CNMD
PEN
Return on capital
FY16
CNMD 3.1%
PEN −0.5%
FY17
CNMD 4.4%
PEN 0.4%
FY18
CNMD 5.3%
PEN −0.2%
FY19
CNMD 5.7%
PEN 11.2%
FY20
CNMD 3.2%
PEN −7.3%
FY21
CNMD 6.5%
PEN −1.1%
FY22
CNMD 3.4%
PEN 0.4%
FY23
CNMD 5.4%
PEN 8.4%
FY24
CNMD 9.0%
PEN 0.7%
FY25
CNMD 3.7%
PEN 18.8%
CNMD
PEN
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.