LeMaitre Vascular, Inc.
Rank #246Capital ReturnLMAT · 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.
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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
- Website
- lemaitre.com
Price History
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
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 3/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
10.6%
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 historyCost-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.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
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.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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.
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
FCF / net income
0.29
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
3.1%
Stock-based comp intensity.
Dividend safety
Composite score
4.5 / 5
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).