LeMaitre Vascular, Inc. (LMAT) 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

+19.9%

$97.45

vs $81.26 price

Levered DCF

$115.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.21

Safe 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	31.8×	47.01×	41.74×	48.96×	39.55×	38.57×	39.51×	20.03×
P/B	4.67×	6.13×	4.23×	3.77×	4.18×	4.75×	4.81×	3.53×
P/S	7.36×	9.41×	6.52×	6.26×	6.88×	6.34×	6.08×	4.35×
EV / EBITDA	21.96×	33.39×	25.64×	27.32×	22.38×	22.88×	26.43×	13.21×
Gross margin	71.5%	68.6%	65.7%	64.9%	65.7%	65.4%	68.1%	70.0%
Operating margin	27.2%	23.8%	19.0%	16.6%	23.6%	22.3%	18.1%	26.7%
Net margin	23.1%	20.0%	15.6%	12.8%	17.4%	16.4%	15.3%	21.7%
Current ratio	12.89×	13.14×	6.51×	6.39×	6.41×	3.75×	4.42×	4.76×
Debt / equity	0.47×	0.55×	0.06×	0.06×	0.06×	0.32×	0.11×	0×
Interest coverage	13.1×	254.91×	0×	0×	16.42×	21.98×	0×	14,104.5×
Dividend yield	1.0%	0.7%	1.0%	1.1%	0.9%	0.9%	0.9%	1.2%
Payout ratio	31.4%	32.6%	41.3%	53.2%	34.7%	36.3%	37.6%	23.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	13.1%	10.1%	7.7%	10.6%	12.3%	12.1%	17.6%
Return on invested capital	9.0%	7.7%	8.8%	7.0%	10.5%	9.6%	10.4%	17.1%
Return on assets	9.4%	8.0%	8.7%	6.6%	9.2%	8.4%	9.5%	15.0%
Free cash flow yield	4.1%	1.8%	2.3%	2.2%	2.8%	3.9%	1.5%	3.6%
Earnings yield	3.1%	2.1%	2.4%	2.0%	2.5%	2.6%	2.5%	5.0%
Enterprise value	$2B	$2.2B	$1.3B	$1B	$1.1B	$848M	$716.2M	$432.9M
Net debt / EBITDA	1.73×	2.4×	-0.11×	-0.07×	0.04×	0.76×	0.14×	-0.8×
Cash conversion cycle (days)	392	337	314	322	310	355	364	329