Latest Ratios: P/E Ratio 53.1x · EV/EBITDA 32.9x · ROE 17.2%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $378M | $192M | $133M | $93M | $85M | $101M | $136M | $47M | $47M | $47M | $32M |
| Enterprise Value | $363M | $177M | $117M | $86M | $76M | $89M | $125M | $39M | $40M | $42M | $28M |
| P/E Ratio → | 53.14 | 25.57 | 25.91 | 29.75 | 37.08 | 41.81 | 32.74 | 23.70 | 24.64 | 21.27 | 14.30 |
| P/S Ratio | 5.91 | 3.00 | 2.44 | 1.94 | 2.03 | 2.81 | 4.18 | 1.50 | 1.65 | 1.81 | 1.38 |
| P/B Ratio | 9.22 | 4.44 | 2.99 | 2.47 | 2.47 | 3.10 | 4.49 | 1.83 | 2.13 | 2.45 | 1.95 |
| P/FCF | 34.13 | 17.29 | 15.36 | — | — | 38.27 | 42.20 | 39.15 | 24.98 | 92.84 | 20.03 |
| P/OCF | 33.21 | 16.83 | 14.69 | 70.86 | — | 32.70 | 32.37 | 18.16 | 19.13 | 39.28 | 14.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.76 | 2.14 | 1.79 | 1.83 | 2.48 | 3.86 | 1.25 | 1.43 | 1.64 | 1.21 |
| EV / EBITDA | 32.90 | 15.99 | 15.80 | 18.61 | 21.23 | 23.68 | 21.41 | 10.46 | 11.53 | 9.80 | 7.26 |
| EV / EBIT | 36.80 | 17.89 | 17.82 | 21.45 | 25.71 | 28.28 | 24.51 | 13.88 | 14.88 | 11.87 | 8.98 |
| EV / FCF | — | 15.93 | 13.52 | — | — | 33.78 | 38.97 | 32.69 | 21.58 | 84.06 | 17.57 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 76.3% | 76.0% | 75.5% | 76.4% | 77.6% | 76.2% | 76.9% | 79.5% | 77.7% |
| Operating Margin | 15.4% | 15.4% | 12.0% | 8.3% | 7.1% | 8.8% | 15.8% | 9.0% | 9.6% | 13.8% | 13.5% |
| Net Profit Margin | 11.8% | 11.8% | 9.4% | 6.6% | 5.5% | 6.6% | 12.8% | 6.3% | 6.5% | 8.6% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.2% | 17.2% | 12.5% | 8.8% | 6.9% | 7.5% | 14.9% | 8.3% | 8.9% | 12.6% | 14.6% |
| ROA | 14.2% | 14.2% | 10.5% | 7.3% | 5.9% | 6.7% | 13.3% | 7.1% | 7.4% | 10.2% | 11.6% |
| ROIC | 26.1% | 26.1% | 16.7% | 10.6% | 9.6% | 11.6% | 20.3% | 12.7% | 13.5% | 19.8% | 19.4% |
| ROCE | 22.5% | 22.5% | 16.0% | 11.1% | 8.9% | 10.0% | 18.3% | 11.9% | 12.9% | 18.9% | 19.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.06 | 0.07 |
| Debt / EBITDA | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.02 | 0.01 | 0.01 | 0.31 | 0.27 | 0.31 |
| Net Debt / Equity | — | -0.35 | -0.36 | -0.19 | -0.24 | -0.36 | -0.34 | -0.30 | -0.29 | -0.23 | -0.24 |
| Net Debt / EBITDA | -1.37 | -1.37 | -2.15 | -1.56 | -2.25 | -3.15 | -1.77 | -2.07 | -1.81 | -1.02 | -1.02 |
| Debt / FCF | — | -1.36 | -1.84 | — | — | -4.49 | -3.23 | -6.46 | -3.40 | -8.78 | -2.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | 53.34 | 46.54 |
Net cash position: cash ($15M) exceeds total debt ($198000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.31 | 4.31 | 5.75 | 4.69 | 4.83 | 6.83 | 9.38 | 6.78 | 4.68 | 6.38 | 5.15 |
| Quick Ratio | 3.99 | 3.99 | 5.27 | 4.17 | 4.39 | 6.38 | 8.35 | 6.05 | 4.19 | 5.50 | 4.34 |
| Cash Ratio | 1.46 | 1.46 | 2.09 | 0.92 | 1.14 | 2.56 | 3.51 | 2.16 | 1.57 | 1.92 | 1.67 |
| Asset Turnover | — | 1.19 | 1.05 | 1.05 | 1.01 | 0.96 | 0.98 | 1.07 | 1.06 | 1.12 | 1.12 |
| Inventory Turnover | 4.25 | 4.25 | 3.50 | 2.74 | 3.21 | 4.00 | 2.36 | 2.84 | 2.77 | 2.07 | 2.06 |
| Days Sales Outstanding | — | 146.55 | 160.45 | 186.93 | 186.96 | 177.88 | 155.62 | 160.41 | 162.31 | 140.43 | 123.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 3.9% | 3.9% | 3.4% | 2.7% | 2.4% | 3.1% | 4.2% | 4.1% | 4.7% | 7.0% |
| FCF Yield | 2.9% | 5.8% | 6.5% | — | — | 2.6% | 2.4% | 2.6% | 4.0% | 1.1% | 5.0% |
| Buyback Yield | 2.6% | 5.2% | 0.2% | 0.2% | 1.7% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 5.2% | 0.2% | 0.2% | 1.7% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $8M | $8M |
Single product concentration risk
According to current market data, ELMD trades at a forward P/E of 34.08, a valuation that appears to price in sustained double-digit growth while commanding a premium over broader medical device peers due to its unique combination of high gross margins and a debt-free balance sheet.
The current P/E multiple suggests that investors are paying for the company's ability to scale without the dilution or leverage risks typical of micro-cap peers. While the PEG ratio of 3.75 indicates the stock is not cheap on a growth-adjusted basis, the valuation may be supported by the company's consistent ability to expand operating margins as it scales its sales force.
Based on reported financial figures, Electromed has demonstrated a steady improvement in ROIC, rising from 4.5% in 2024Q3 to 8.9% in 2026Q3, which indicates that the company is effectively deploying its retained earnings to drive incremental growth without the need for external capital infusions.
The upward trend in ROIC suggests that the company's investment in its direct sales force and clinical support infrastructure is yielding higher returns over time. This compounding effect is particularly impressive given the company's conservative capital allocation, which avoids the common pitfall of over-investing in low-return assets.
As reported in recent quarterly filings, the company's cash conversion cycle remains elevated at 156 days in 2026Q3, primarily driven by a high DSO of 135 days, which highlights the inherent administrative friction and payment delays associated with the third-party payer reimbursement model for respiratory devices.
The persistent length of the cash conversion cycle suggests that while the company is operationally efficient in manufacturing, it remains hostage to the reimbursement timelines of Medicare and private insurers. Investors should monitor whether the recent compression in the CCC from 264 days in 2024Q2 represents a structural improvement in billing efficiency or merely a temporary fluctuation.
The asset turnover ratio, currently hovering around 0.32, is frequently misapplied to Electromed's business model because it fails to account for the company's primary value driver, which is not the physical hardware but the proprietary reimbursement logistics and clinical support network that facilitate patient access.
Using asset turnover to judge this company's efficiency is misleading because it treats the SmartVest as a commodity product rather than a service-enabled solution. A more appropriate metric would be revenue per sales representative or referral-to-shipment conversion rates, which better capture the true productivity of the company's core administrative moat.
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Quick answers to the most common questions about buying ELMD stock.
Electromed, Inc.'s current P/E ratio is 53.1x. The historical average is 32.4x. This places it at the 92th percentile of its historical range.
Electromed, Inc.'s current EV/EBITDA is 32.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
Electromed, Inc.'s return on equity (ROE) is 17.2%. The historical average is 8.8%.
Based on historical data, Electromed, Inc. is trading at a P/E of 53.1x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Electromed, Inc. has 78.1% gross margin and 15.4% operating margin. Operating margin between 10-20% is typical for established companies.
Electromed, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.