Latest Ratios: P/E Ratio 41.2x · EV/EBITDA 32.2x · ROE 15.8%. (2004–2025 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 | $2.4B | $1.9B | $2.1B | $1.3B | $1.0B | $1.1B | $829M | $731M | $479M | $638M | $488M |
| Enterprise Value | $2.5B | $2.0B | $2.3B | $1.3B | $1.0B | $1.1B | $857M | $735M | $452M | $619M | $463M |
| P/E Ratio → | 41.16 | 32.18 | 47.74 | 42.36 | 49.48 | 40.18 | 38.94 | 40.85 | 20.92 | 37.02 | 46.07 |
| P/S Ratio | 9.47 | 7.45 | 9.55 | 6.58 | 6.31 | 6.99 | 6.41 | 6.23 | 4.53 | 6.32 | 5.47 |
| P/B Ratio | 6.04 | 4.73 | 6.22 | 4.27 | 3.80 | 4.24 | 4.81 | 4.93 | 3.67 | 5.81 | 5.57 |
| P/FCF | 31.73 | 24.97 | 56.48 | 43.16 | 46.07 | 35.69 | 26.07 | 70.14 | 29.09 | 38.77 | 34.69 |
| P/OCF | 29.08 | 22.89 | 47.57 | 34.63 | 40.20 | 30.73 | 23.83 | 51.54 | 24.53 | 27.89 | 28.86 |
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 | — | 8.08 | 10.27 | 6.55 | 6.30 | 7.00 | 6.63 | 6.27 | 4.28 | 6.13 | 5.20 |
| EV / EBITDA | 32.17 | 25.75 | 36.48 | 27.42 | 28.07 | 23.55 | 23.17 | 27.62 | 13.90 | 24.59 | 23.25 |
| EV / EBIT | 37.11 | 25.10 | 39.57 | 32.11 | 37.02 | 29.61 | 29.91 | 33.89 | 15.90 | 29.32 | 28.50 |
| EV / FCF | — | 27.08 | 60.79 | 42.99 | 45.95 | 35.76 | 26.95 | 70.52 | 27.49 | 37.61 | 32.97 |
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 | 71.5% | 71.5% | 68.6% | 65.7% | 64.9% | 65.7% | 65.4% | 68.1% | 70.0% | 70.1% | 70.6% |
| Operating Margin | 27.2% | 27.2% | 23.8% | 19.0% | 16.6% | 23.6% | 22.3% | 18.1% | 26.7% | 20.9% | 18.3% |
| Net Profit Margin | 23.1% | 23.1% | 20.0% | 15.6% | 12.8% | 17.4% | 16.4% | 15.3% | 21.7% | 17.0% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 13.9% | 10.6% | 7.9% | 12.6% | 13.2% | 12.9% | 19.1% | 17.4% | 12.8% |
| ROA | 9.9% | 9.9% | 9.8% | 9.2% | 6.8% | 9.9% | 9.6% | 10.5% | 16.4% | 15.1% | 11.0% |
| ROIC | 9.7% | 9.7% | 9.9% | 9.9% | 7.7% | 12.0% | 12.2% | 12.4% | 21.7% | 20.6% | 21.6% |
| ROCE | 12.3% | 12.3% | 12.5% | 12.2% | 9.6% | 14.6% | 14.6% | 14.1% | 22.9% | 20.6% | 19.0% |
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 | 0.47 | 0.47 | 0.55 | 0.06 | 0.06 | 0.06 | 0.32 | 0.11 | — | — | — |
| Debt / EBITDA | 2.37 | 2.37 | 3.00 | 0.41 | 0.46 | 0.35 | 1.48 | 0.59 | — | — | — |
| Net Debt / Equity | — | 0.40 | 0.47 | -0.02 | -0.01 | 0.01 | 0.16 | 0.03 | -0.20 | -0.17 | -0.28 |
| Net Debt / EBITDA | 2.01 | 2.01 | 2.58 | -0.11 | -0.07 | 0.05 | 0.76 | 0.15 | -0.81 | -0.76 | -1.22 |
| Debt / FCF | — | 2.11 | 4.31 | -0.18 | -0.11 | 0.07 | 0.88 | 0.38 | -1.60 | -1.16 | -1.73 |
| Interest Coverage | 15.50 | 15.50 | 278.44 | — | — | 16.45 | 21.88 | — | 14223.00 | 1005.05 | 1161.14 |
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 | 12.89 | 12.89 | 13.14 | 6.51 | 6.39 | 6.41 | 3.75 | 4.42 | 4.76 | 6.09 | 5.63 |
| Quick Ratio | 10.95 | 10.95 | 11.31 | 4.76 | 4.60 | 4.55 | 2.19 | 2.76 | 3.46 | 4.49 | 3.76 |
| Cash Ratio | 9.89 | 9.89 | 9.79 | 3.52 | 3.26 | 3.21 | 1.07 | 1.57 | 2.43 | 3.16 | 2.32 |
| Asset Turnover | — | 0.41 | 0.40 | 0.56 | 0.52 | 0.53 | 0.51 | 0.62 | 0.69 | 0.80 | 0.87 |
| Inventory Turnover | 1.01 | 1.01 | 1.23 | 1.27 | 1.25 | 1.30 | 1.14 | 1.08 | 1.24 | 1.43 | 1.34 |
| Days Sales Outstanding | — | 49.15 | 49.91 | 47.28 | 49.77 | 46.40 | 55.16 | 51.60 | 54.36 | 54.28 | 54.01 |
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 | 0.8% | 1.0% | 0.7% | 1.0% | 1.1% | 0.9% | 0.9% | 0.9% | 1.1% | 0.7% | 0.7% |
| Payout Ratio | 31.4% | 31.4% | 32.6% | 41.3% | 53.2% | 34.7% | 36.3% | 37.6% | 23.7% | 24.3% | 31.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.1% | 2.1% | 2.4% | 2.0% | 2.5% | 2.6% | 2.4% | 4.8% | 2.7% | 2.2% |
| FCF Yield | 3.2% | 4.0% | 1.8% | 2.3% | 2.2% | 2.8% | 3.8% | 1.4% | 3.4% | 2.6% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.8% | 1.0% | 0.7% | 1.0% | 1.1% | 0.9% | 1.0% | 1.0% | 1.3% | 0.8% | 0.7% |
| Shares Outstanding | — | $23M | $23M | $22M | $22M | $21M | $20M | $20M | $20M | $20M | $19M |
Endovascular procedure shift
According to current market data, LMAT trades at a forward P/E of 31.89, which, based on reported figures, represents a significant premium to broader medical device peers and suggests that investors are pricing in the durability of its specialized, high-margin open vascular surgery product portfolio.
The current valuation multiple appears to be supported by the company's consistent ability to maintain gross margins above 70% and its debt-free historical profile. Investors should monitor whether this premium remains sustainable if organic growth rates fail to accelerate beyond current levels, as the PEG ratio of 1.96 indicates that the market is already baking in high expectations for future earnings expansion.
Based on quarterly financial data, LMAT's ROIC has remained in a tight range between 1.9% and 3.5% over the last ten quarters, which, as reported in recent filings, suggests that while the business is profitable, its capital efficiency is dampened by the necessity of holding substantial biological tissue inventory.
The relatively modest ROIC compared to the high gross margins implies that the company's asset base, particularly its inventory and manufacturing infrastructure, requires significant capital to support its niche operations. This trend warrants further investigation into whether future tuck-in acquisitions can improve capital turnover or if the current asset-heavy model will continue to act as a drag on compounding returns.
As indicated by the company's financial statements, the cash conversion cycle has expanded significantly to 378 days in 2026Q1, primarily driven by a high days inventory outstanding (DIO) of 350 days, which suggests that the firm prioritizes supply chain security for its biological tissues over immediate working capital liquidity.
The extended CCC is a structural characteristic of a business that must maintain long-dated stocks of specialized biological materials to ensure product availability for surgeons. While this inventory dependence creates a potential liquidity risk, it also serves as a barrier to entry for smaller competitors who may lack the balance sheet capacity to manage such significant working capital commitments.
The most commonly misapplied ratio for LMAT is the standard P/E multiple, which, as suggested by the company's unique niche-focused business model, fails to account for the regulatory moat and the high terminal value of its legacy open surgery product lines in a consolidating medical device market.
Investors often use P/E to compare LMAT against high-growth endovascular peers, which obscures the fact that LMAT's business is fundamentally different due to its low-volume, high-margin nature. A more appropriate metric would be an adjusted EV/EBITDA that accounts for the company's minimal debt and the strategic value of its specialized sales force, which acts as a proprietary distribution channel that is difficult for competitors to replicate.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying LMAT stock.
LeMaitre Vascular, Inc.'s current P/E ratio is 41.2x. The historical average is 38.8x. This places it at the 65th percentile of its historical range.
LeMaitre Vascular, Inc.'s current EV/EBITDA is 32.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.7x.
LeMaitre Vascular, Inc.'s return on equity (ROE) is 15.8%. The historical average is 7.9%.
Based on historical data, LeMaitre Vascular, Inc. is trading at a P/E of 41.2x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LeMaitre Vascular, Inc.'s current dividend yield is 0.76% with a payout ratio of 31.4%.
LeMaitre Vascular, Inc. has 71.5% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
LeMaitre Vascular, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.