Artivion vs LeMaitre Vascular
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The short version
- Artivion is the larger business, with $441M of revenue in fiscal 2025 against $250M for LeMaitre Vascular, about 1.8 times as much.
- LeMaitre Vascular kept more of each dollar of sales as operating profit (27.2% operating margin, against 7.7%).
- LeMaitre Vascular turned more of its sales into free cash flow (29.8% FCF margin, against 0.2%).
- LeMaitre Vascular earned a higher return on the capital invested in it (25.5%, against 3.9%).
| Latest fiscal year | AORT · FY25 | LMAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $2.1B |
| Revenue | $441M | $250M |
| Free cash flow | $0.8M | $74.5M |
| Net income | $9.8M | $57.7M |
| Growth | ||
| Revenue growth | 13.6% | 13.5% |
| 5-year growth | 11.8% | 14.0% |
| Share count change | 13.2% | 0.7% |
| Profitability | ||
| Gross margin | 64.4% | 71.5% |
| Operating margin | 7.7% | 27.2% |
| Net margin | 2.2% | 23.1% |
| FCF margin | 0.2% | 29.8% |
| Return on capital | 3.9% | 25.5% |
| Return on equity | 2.7% | 15.8% |
| Balance sheet | ||
| Net debt | $154M | −$191M |
| Net debt / EBITDA | 2.7x | −2.4x |
| Dividends and buybacks | $0.0M | $19.9M |
| Valuation & quality | ||
| P/E | — | 29.6x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
AORT $180M
LMAT $89.2M
FY17
AORT $190M
LMAT $101M
FY18
AORT $263M
LMAT $106M
FY19
AORT $276M
LMAT $117M
FY20
AORT $253M
LMAT $129M
FY21
AORT $299M
LMAT $154M
FY22
AORT $314M
LMAT $162M
FY23
AORT $354M
LMAT $194M
FY24
AORT $389M
LMAT $220M
FY25
AORT $441M
LMAT $250M
AORT
LMAT
Operating margin
FY16
AORT 12.1%
LMAT 18.3%
FY17
AORT 4.2%
LMAT 20.9%
FY18
AORT 3.5%
LMAT 26.7%
FY19
AORT 6.2%
LMAT 18.1%
FY20
AORT 1.0%
LMAT 22.3%
FY21
AORT 2.7%
LMAT 23.6%
FY22
AORT 2.0%
LMAT 16.6%
FY23
AORT 1.6%
LMAT 19.0%
FY24
AORT 10.0%
LMAT 23.8%
FY25
AORT 7.7%
LMAT 27.2%
AORT
LMAT
Free cash flow
FY16
AORT $13.5M
LMAT $14.1M
FY17
AORT $4.2M
LMAT $16.5M
FY18
AORT $4.1M
LMAT $16.5M
FY19
AORT $7.8M
LMAT $10.4M
FY20
AORT $5.0M
LMAT $31.8M
FY21
AORT −$15.7M
LMAT $30.2M
FY22
AORT −$15.9M
LMAT $22.2M
FY23
AORT $9.1M
LMAT $29.5M
FY24
AORT $11.1M
LMAT $37.2M
FY25
AORT $0.8M
LMAT $74.5M
AORT
LMAT
Return on capital
FY16
AORT —
LMAT —
FY17
AORT 2.3%
LMAT —
FY18
AORT 1.6%
LMAT —
FY19
AORT 3.7%
LMAT —
FY20
AORT 0.4%
LMAT —
FY21
AORT 1.1%
LMAT —
FY22
AORT 0.9%
LMAT —
FY23
AORT 0.8%
LMAT —
FY24
AORT 5.7%
LMAT 20.3%
FY25
AORT 3.9%
LMAT 25.5%
AORT
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.