Quality Investor

LeMaitre Vascular, Inc.

Rank #235Capital ReturnWatchlistCompare with other stocks

LMAT · Nasdaq · Healthcare

LeMaitre Vascular, Inc. (LMAT) — Rank #235 by gross profitability (GP/assets 0.28) · ROE 13.7% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0001158895 · all metrics point-in-time as of the filing date.

About

LeMaitre Vascular, Inc. develops, manufactures, and markets medical devices and implants used in the field of vascular surgery in the Americas, Europe, the Middle Esat, Africa, and the Asia Pacific.

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The company offers allografts, which are cryopreserved human tissue grafts used in vascular reconstruction, and cardiac repair and reconstruction; embolectomy catheters to remove blood clots from arteries; thrombectomy catheters for removing thrombi in the venous system; occlusion catheters that temporarily occlude blood flow; and perfusion catheters to perfuse the blood and other fluids into the vasculature, as well as human cadaver tissue cryopreservation services. It provides a suite of biologic products comprising artegraft biologic graft, a bovine carotid artery used for dialysis access; XenoSure biologic patches used for vessel closure after surgical intervention; VascuCel and CardioCel biologic patches, used in vessel repair, heart repair and reconstruction, and neonatal repairs; carotid shunts that temporarily shunt the blood to the brain; biosynthetic vascular grafts indicated for lower extremity bypass and dialysis access; phlebectomy system for resection and ablation of varicose veins; LifeSpan vascular grafts, which are expanded polytetrafluoroethylene grafts; and vascular grafts used to bypass or replace diseased arteries. In addition, the company offers radiopaque tape, a medical-grade tape; valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc.

was incorporated in 1983 and is headquartered in Burlington, Massachusetts.

Industry
Medical Instruments & Supplies
Sector
Healthcare
Filer Category
Large accelerated filer
Fiscal Year End
December 31

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

646

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

12/12

Flags passed

LMAT passes 12/12 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • 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 Operating leverage expanding · 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
0.28
Return on equity
13.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.52
Current ratio
16.31×
Net cash
$376.24M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.1%

Growth

2/2 pass
Revenue growth
13.5%
Piotroski F-Score
6 / 9
Share dilution
0.7%

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

Profitability

Does it make money well?

No warning flags · GP/assets 21st percentile of 20 SIC 3841 peers

Gross profitability (GP / assets)

0.28

Primary signal (Novy-Marx).

21st pctl of 20 SIC 3841 peers

Return on equity

13.7%

Gross margin

71.5%

84th pctl of 20 SIC 3841 peers

Revenue growth (YoY)

13.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

15.6%

Revenue CAGR (5Y)

14.0%

Earnings CAGR (3Y)

40.9%

FCF CAGR (3Y)

49.8%

Cash Flow Health

Is the cash real?

No warning flags · FCF 29% above net income

Free cash flow

$74.47M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

29.0%

(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

3.1%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $376.24M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.52

9th of 19 SIC 3841 peers (best = lowest)

Current ratio

16.31×

100th pctl of 20 SIC 3841 peers

Quick ratio

13.76×

Net cash

$376.24M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

4.5 / 5

Strong
Payout ratio
31.4%4/5 Strong
FCF coverage
4.11×5/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 0.52 · IC 13.10×4/5 Strong

Capital allocation quality

Composite score

4.0 / 5

Strong
Share count trend
0.7%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency
10 yr5/5 Strong
Net debt trajectory(deleveraging)
9.6%5/5 Strong

Lifecycle Phase History

20202025
Capital Return

Price History

LMAT+45.2% · +7.7% CAGRSPY+82.9% · +12.8% CAGR