CONMED Corporation (CNMD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+119.6%

$102.75

vs $46.79 price

Levered DCF

$132.67

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.96

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.71×	15.95×	52.15×	-33.07×	66.24×	339.39×	110.72×	44.28×
P/B	1.22×	2.19×	4.03×	3.57×	5.26×	4.51×	4.46×	2.73×
P/S	0.92×	1.62×	2.7×	2.55×	4.09×	3.71×	3.32×	2.1×
EV / EBITDA	11.64×	11.89×	25.15×	133.83×	26.75×	33.4×	26.91×	16.86×
Gross margin	52.8%	56.1%	54.3%	54.6%	56.2%	53.4%	54.9%	54.6%
Operating margin	10.3%	15.3%	9.7%	6.7%	10.9%	5.3%	8.3%	8.3%
Net margin	3.4%	10.1%	5.2%	-7.7%	6.2%	1.1%	3.0%	4.8%
Current ratio	2.14×	2.3×	1.98×	1.96×	2.34×	2.19×	2.11×	2.33×
Debt / equity	0.81×	0.94×	1.19×	1.41×	0.87×	1.1×	1.12×	0.69×
Interest coverage	4.54×	5.37×	3.03×	2.42×	3.09×	1.04×	1.85×	3.45×
Dividend yield	2.0%	1.2%	0.7%	0.9%	0.6%	0.7%	0.7%	1.2%
Payout ratio	52.6%	18.6%	38.0%	-29.7%	37.2%	239.8%	79.0%	54.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	13.8%	7.7%	-10.8%	8.0%	1.3%	4.0%	6.2%
Return on invested capital	4.6%	8.0%	4.8%	3.4%	5.9%	2.9%	4.5%	4.7%
Return on assets	2.0%	5.7%	2.8%	-3.5%	3.5%	0.5%	1.6%	3.0%
Free cash flow yield	12.0%	7.3%	3.2%	0.4%	2.3%	1.6%	2.4%	3.2%
Earnings yield	3.7%	6.3%	1.9%	-3.0%	1.5%	0.3%	0.9%	2.3%
Enterprise value	$2.1B	$3B	$4.3B	$3.7B	$4.8B	$4B	$3.9B	$2.2B
Net debt / EBITDA	4.5×	3.5×	5.62×	37.22×	3.7×	6.33×	5.25×	3.3×
Cash conversion cycle (days)	213	222	219	266	209	203	164	172