Quality Investor

Haemonetics Corporation

Rank #180Capital ReturnWatchlistCompare with other stocks

HAE · NYSE · Healthcare

Haemonetics Corporation (HAE) — Rank #180 by gross profitability (GP/assets 0.33) · ROE 11.6% · Piotroski F-Score 7 / 9.

As-of 2026-10-30 · CIK 0000313143 · all metrics point-in-time as of the filing date.

About

Haemonetics Corporation, a medical technology company, provides a suite of hospital technologies solutions.

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The company operates through Plasma, Blood Center, and Hospital segments. It provides automated plasma collection systems, donor management software, and supporting software solutions, such as NexSys PCS plasmapheresis equipment system and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 tools. The company also offers treatment in electrophysiology, critical care, neurocritical care, trauma, burn surgery, spine surgery, and cancer surgery; SavvyWire, a sensor-guided 3-in-1 guidewire for TAVR procedures; and OptoWire, a pressure guidewire that measures fractional flow reserve and diastolic pressure ratio, as well as fiber optic sensor solutions used in medical devices and other critical industrial applications. In addition, it provides hospital products comprising TEG 6s system, smallest cartridge-based viscoelastic analyzer that provides a comprehensive assessment of a patient's overall hemostasis; and TEG Manager software, which connects various TEG analyzers throughout the hospital, providing clinicians remote access to active and historical test results that inform treatment decisions. Further, the company offers Cell Saver Elite +, an autologous blood recovery system for cardiovascular, orthopedic, trauma, transplant, vascular, obstetrical, and gynecological surgeries;vascular closure products comprise VASCADE 5F, VASCADE 6/7F, VASCADE MVP XL, and VASCADE MVP, a technology platform which offers catheter-based delivery system and leverages the natural clot-inducing properties of collagen; and transfusion management solutions. It sells its products through direct sales force and independent distributors.

The company was founded in 1971 and is headquartered in Boston, Massachusetts.

Industry
Medical Devices
Sector
Healthcare
State
MA
Filer Category
Large accelerated filer
Fiscal Year End
April 3

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

3,009

Industry

Medical Devices

Exchange

NYSE

10/12

Flags passed

HAE fails 2 critical flags

Passes 10 of 12 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths RPO outpacing revenue · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.33
Return on equity
11.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.83
Current ratio
3.08×
Net cash
-$950.77M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.5%

Growth

1/2 pass
Revenue growth
-2.0%
Piotroski F-Score
7 / 9
Share dilution
-6.7%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining, Revenue declining YoY · GP/assets 32nd percentile of 20 SIC 3841 peers

Gross profitability (GP / assets)

0.33

Primary signal (Novy-Marx).

32nd pctl of 20 SIC 3841 peers

Return on equity

11.6%

Gross margin

59.0%

26th pctl of 20 SIC 3841 peers

Revenue growth (YoY)

-2.0%

RPO growth (YoY)

8.5%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

4.5%

Revenue CAGR (5Y)

8.9%

Earnings CAGR (3Y)

-5.5%

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 168% above net income

Free cash flow

$260.44M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

167.6%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.5%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $950.77M, F-Score 7/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.83

19th of 19 SIC 3841 peers (best = lowest)

Current ratio

3.08×

53rd pctl of 20 SIC 3841 peers

Quick ratio

1.67×

Net cash

-$950.77M

Cash & equivalents minus total debt.

Piotroski F-Score

7 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend(net buybacks)
-6.7%5/5 Strong
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-2.6%2/5 Fair

Lifecycle Phase History

20212026
Decline
Op. Leverage
Capital Return

Price History

HAE+59.4% · +9.7% CAGRSPY+82.9% · +12.8% CAGR