Quality Investor

LeMaitre Vascular, Inc.

Rank #246Capital Return

LMAT · Nasdaq · Healthcare

LeMaitre Vascular, Inc. (LMAT) — Rank #246 by gross profitability (GP/assets 0.28) · ROE 13.7% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · 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.

Show more

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

Price History

LMAT+44.5% · +7.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$1.84B

P/E (annual)

32.0

P/S (annual)

7.4

P/B

4.4

P/OCF (annual)

22.7

Shareholder Yield

0.3%

Employees

646

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

Signal Flags

2 green
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

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%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

10.6%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.7% — per-share value needs a total required return of 11.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 13.6%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

6.2%

r = 10% (base)

10.6%

r = 12%

14.5%

Net debt / market cap: -20.4%

Note: current FCF margin is 2.1σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $74.5M3Y mean FCF: $47M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

45.1xFair
24.3xmed 42.8x54.1x

P / S

Price / revenue per share

10.4xExpensive
3.7xmed 6.7x10.4x

P / B

Price / book value per share

6.6xExpensive
2.9xmed 5.1x6.6x

P / GP

Price / gross profit per share

14.6xExpensive
5.4xmed 10.3x14.6x

P / FCF

Price / free cash flow per share

35.0xFair
30.5xmed 36.6x56.3x

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

Profitability

Gross profitability (GP / assets)

0.28

Primary signal (Novy-Marx).

15th of 17 SIC 3841 peers

Return on equity

13.7%

Gross margin

71.5%

4th of 17 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%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.52

7th of 16 SIC 3841 peers (best = lowest)

Current ratio

16.31×

1st of 17 SIC 3841 peers

Quick ratio

13.76×

Net cash

$376.24M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$74.47M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.29

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.1%

Stock-based comp intensity.

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

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Capital Return