One-glance verdict
Undervalued
$169.08 our estimate vs market $119.97
Wall Street consensus: $124.50 (-26.4% lower than our fair-value estimate)
29% below our estimate, below the bear case
Fundamentals snapshot
Haemonetics Corporation
HAE · NYQ · Healthcare · Medical Devices
Current price
$119.97
52-week range
$48.98 - $123.77
Market cap
$5.46B
Balance sheet
Stretched
8.41x Adequate
Net debt $949.64M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 1.3% last year.
- Reward Returns 11.2% on equity, ahead of 50% of its peers.
- Risk Net debt grew 103.4% over 3 years.
- Risk Stock trades 91.7% above its 5-year average P/E.
What this company does
Haemonetics Corporation
Haemonetics Corporation makes technology for hospitals and blood collection centers, like machines that help collect plasma and devices that monitor blood clotting. Their main income comes from selling these specialized medical devices and the supplies that go with them. This is important because these tools help healthcare providers manage blood, treat patients more effectively, and keep their operations running smoothly.
How the company got here
Haemonetics Corporation was founded in 1971 and has since grown into a global medical technology company. It has evolved by focusing on developing and providing innovative solutions for blood and plasma management, as well as other critical care areas within hospitals. A key part of its history involves adapting to changing healthcare needs and technological advancements to improve patient outcomes and operational efficiency for its customers.
What it actually does
Haemonetics develops and sells technology that helps hospitals and other healthcare facilities manage blood and plasma. Think of it like this: when someone needs a blood transfusion or plasma donation, Haemonetics provides the specialized equipment and software to make that process safer and more efficient. They also offer tools for monitoring patient conditions during critical procedures and managing blood usage within a hospital.
Plasma
This segment focuses on equipment and software for collecting plasma, which is a component of blood used in life-saving therapies. Haemonetics provides automated systems like the NexSys PCS plasmapheresis equipment, along with related supplies, to help plasma collection centers operate smoothly. They also offer software, such as NexLynk DMS, to manage donor information, track operations, and optimize the supply chain for plasma, which is crucial for producing medicines. This business is a significant contributor to Haemonetics' overall revenue.
Blood Center
The Blood Center segment provides solutions that support the collection and processing of blood donations. This includes donor management software and tools that help blood banks efficiently track donors, manage inventory, and ensure the safety and quality of donated blood. These systems are vital for blood centers to meet the constant demand for blood products for transfusions and medical treatments.
Hospital
This segment offers a range of products designed for use within hospitals, particularly in critical care and surgical settings. It includes devices like the TEG 6s system, which helps doctors quickly assess a patient's blood clotting ability to guide treatment decisions during surgery or trauma. Haemonetics also provides systems for recovering a patient's own blood during surgery (Cell Saver Elite +) and technologies for managing vascular access during procedures, aiming to improve patient safety and recovery.
What management is betting on now
Haemonetics' management is focused on driving growth through innovation and expanding its offerings in critical care and blood management. They are investing in new technologies and product enhancements to better serve their hospital and plasma collection customers. The strategy involves strengthening their position in existing markets while exploring opportunities to enter new areas where their expertise in medical technology can make a significant impact on patient care and operational efficiency.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$39.39M
FY2025 Q3
$35.22M
FY2025 Q4
$100.91M
FY2026 Q1
$13.64M
FY2026 Q2
$106.31M
FY2026 Q3
$87.22M
FY2026 Q4
$53.28M
FY2027 Q1
$44.42M
Revenue
$339.38M
Net income
$33.01M
Diluted EPS
0.72
Operating cash flow
$52.32M
Free cash flow
$44.42M
Fetching…
Sources
Revenue
$346.35M
Net income
$-20.15M
Diluted EPS
-0.41
Operating cash flow
$70.94M
Free cash flow
$53.28M
Fetching…
Sources
Revenue
$338.97M
Net income
$44.74M
Diluted EPS
0.95
Operating cash flow
$93.56M
Free cash flow
$87.22M
Fetching…
Sources
Revenue
$327.31M
Net income
$38.68M
Diluted EPS
0.81
Operating cash flow
$111.32M
Free cash flow
$106.31M
Fetching…
Sources
Revenue
$321.39M
Net income
$34.03M
Diluted EPS
0.70
Operating cash flow
$17.39M
Free cash flow
$13.64M
Fetching…
Sources
Revenue
$330.60M
Net income
$57.98M
Diluted EPS
1.17
Operating cash flow
$116.56M
Free cash flow
$100.91M
Fetching…
Sources
Revenue
$348.54M
Net income
$37.49M
Diluted EPS
0.74
Operating cash flow
$43.77M
Free cash flow
$35.22M
Fetching…
Sources
Revenue
$345.51M
Net income
$33.83M
Diluted EPS
0.66
Operating cash flow
$48.82M
Free cash flow
$39.39M
Fetching…
Sources
Is it cheap or expensive?
Fair value $169.08 vs current price $119.97
Wall Street consensus is the average analyst price target: $124.50 (-26.4% lower than our fair-value estimate).
Our most-likely fair value is $169.08 a share — about 40.9% above today's price of $119.97, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $949.6M. Interest coverage 8.4x.
Net debt
$949.64M
Interest coverage
8.41x
Haemonetics Corporation's profit covers its interest bill about 8.4 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
HAE
BASELINE
Haemonetics Corporation
Total debt $1.17B Interest coverage 8.41x This is the baseline the peer rows are being compared against.
Total debt $10.41B Interest coverage 2.17x -74% vs HAE Carries about 3.9x less debt cushion than HAE.
Total debt $351.95M Interest coverage 4.05x -52% vs HAE Carries about 2.1x less debt cushion than HAE.
Total debt $1.29B Interest coverage 1.17x -86% vs HAE Carries about 7.2x less debt cushion than HAE.
Total debt $212.71M Interest coverage 144.35x +1,616% vs HAE Carries about 17.2x more debt cushion than HAE.
Total debt $76.80M Interest coverage -1.04x -100% vs HAE This peer has almost no interest-payment cushion compared with HAE.
What you should know
The case for and against HAE
3 Rewards
3 Risks
Rewards
-
Revenue grew 1.3% last year.
-
Returns 11.2% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 103.4% over 3 years.
-
Stock trades 91.7% above its 5-year average P/E.
-
Insider ownership is only 1.3% (peer median: 1.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
57.96x
Forward P/E
20.77x
P/B
6.52x
P/S
4.04x
EV/EBITDA
17.86x
PEG ratio
1.89x
Profitability
How much profit each dollar creates
Gross margin
59.3%
Operating margin
17.9%
Net margin
7.1%
ROE
11.2%
ROA
6.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.40x
Current ratio
3.08x
Quick ratio
1.67x
Total debt
$1.17B
Total cash
$224.52M
Growth
How the business has been compounding
Revenue TTM
$1.35B
Revenue 5Y CAGR
7.7%
EPS TTM
2.07
EPS 5Y CAGR
-2.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$328.15M
Free CF TTM
$260.44M
FCF margin
19.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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