One-glance verdict
Undervalued
$125.46 our estimate vs market $79.20
Wall Street consensus: $107.00 (-14.7% lower than our fair-value estimate)
37% below our estimate, below the bear case
Fundamentals snapshot
LeMaitre Vascular, Inc.
LMAT · NGM · Healthcare · Medical Instruments & Supplies
Current price
$79.20
52-week range
$78.22 - $118.01
Market cap
$1.81B
Balance sheet
Healthy
13.10x Strong cushion
Net cash $185.99M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 13.5% last year.
- Reward Returns 16.8% on equity, ahead of 75% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 6.5% (peer median: 7.6%).
What this company does
LeMaitre Vascular, Inc.
LeMaitre Vascular makes and sells specialized tools and implants that surgeons use for operations on blood vessels, like arteries and veins. The company earns money by providing these critical products, from clot-removing catheters to vessel-repair patches, to hospitals around the world, building a loyal customer base with surgeons who rely on its specific devices for complex procedures.
How the company got here
LeMaitre Vascular was started in 1983 by Dr. George LeMaitre, a vascular surgeon who was unhappy with the tools available to him. He invented a new device, called a valvulotome, to help with a specific type of leg surgery. Realizing other surgeons could benefit from his invention, he founded the company to sell it. Over the years, with the help of his son, the company grew from a small family business into a global one by acquiring other companies and product lines, and by going public on the NASDAQ stock exchange in 2006.
What it actually does
LeMaitre Vascular makes and sells specialized medical devices and implants that surgeons use to treat diseases of the arteries and veins outside of the heart, a field known as peripheral vascular disease. Think of them as providing the specific tools a plumber would need to repair the body's intricate network of pipes (your blood vessels). Their products are primarily used in traditional open surgeries where a surgeon makes an incision to directly repair the vessel. The company sells its products directly to hospitals, where vascular surgeons are the main customers.
Vascular Grafts & Patches
This is a major part of LeMaitre's business and includes products made from both animal tissue (biologic) and synthetic materials. Grafts are tubes used to bypass or replace a diseased artery, much like replacing a section of a damaged pipe. Patches are used to close up an artery after a surgical procedure. A key product is Artegraft, a graft made from a cow's artery, which has become a cornerstone of their sales, particularly for patients needing dialysis access (a way to connect to a blood-cleansing machine).
Catheters & Shunts
This category includes a variety of thin tubes designed for specific tasks inside blood vessels. Embolectomy catheters are used to remove blood clots from arteries, while thrombectomy catheters do the same for veins. Shunts, like the company's well-known Pruitt-Inahara Carotid Shunt, are temporary tubes that reroute blood flow around a surgical area, for example, to ensure the brain gets blood while a neck artery is being repaired. These are essential tools for many common vascular procedures.
Valvulotomes & Other Surgical Devices
This group includes the product that started the company, the valvulotome, which is a specialized instrument used to cut tiny valves within a leg vein so it can be used as an artery to carry blood to the lower leg or foot. The company also sells a range of other niche surgical tools. While LeMaitre has a broad portfolio, it reports its business as one main segment to investors, focusing on the overall needs of the vascular surgeon.
What management is betting on now
LeMaitre's strategy is to continue focusing on the very specific needs of vascular surgeons by acquiring niche product lines from other companies and then selling them through its own specialized, direct sales force. They are particularly focused on expanding their higher-value biologic products, like the Artegraft, and are working to get these products approved and sold in more countries internationally. The company also aims to increase its direct sales in more markets around the world, rather than relying on third-party distributors (middlemen), which gives them a closer relationship with their hospital customers.
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.
FY2024 Q3
$12.58M
FY2024 Q4
$13.14M
FY2025 Q1
$7.66M
FY2025 Q2
$18.95M
FY2025 Q3
$26.48M
FY2025 Q4
$21.38M
FY2026 Q1
$12.31M
FY2026 Q2
$13.65M
Revenue
—
Net income
$17.05M
Diluted EPS
0.74
Operating cash flow
$15.96M
Free cash flow
$13.65M
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Sources
Revenue
—
Net income
$15.68M
Diluted EPS
0.68
Operating cash flow
$15.09M
Free cash flow
$12.31M
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Sources
Revenue
$249.60M
Net income
$15.58M
Diluted EPS
0.69
Operating cash flow
$23.16M
Free cash flow
$21.38M
Fetching…
Sources
Revenue
—
Net income
$17.36M
Diluted EPS
0.75
Operating cash flow
$28.76M
Free cash flow
$26.48M
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Sources
Revenue
—
Net income
$13.78M
Diluted EPS
0.60
Operating cash flow
$20.29M
Free cash flow
$18.95M
Fetching…
Sources
Revenue
—
Net income
$11.01M
Diluted EPS
0.48
Operating cash flow
$9.04M
Free cash flow
$7.66M
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Sources
Revenue
$55.72M
Net income
$11.18M
Diluted EPS
0.48
Operating cash flow
$15.18M
Free cash flow
$13.14M
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Sources
Revenue
$54.82M
Net income
$11.14M
Diluted EPS
0.49
Operating cash flow
$14.25M
Free cash flow
$12.58M
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Sources
Is it cheap or expensive?
Fair value $125.46 vs current price $79.20
Wall Street consensus is the average analyst price target: $107.00 (-14.7% lower than our fair-value estimate).
Our most-likely fair value is $125.46 a share — about 58.4% above today's price of $79.20, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $186.0M - more cash than debt. Interest coverage 13.1x.
Net debt
$-185.99M
Interest coverage
13.10x
LeMaitre Vascular, Inc.'s profit covers its interest bill about 13.1 times over. which is stronger than every peer shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
LMAT
BASELINE
LeMaitre Vascular, Inc.
Total debt $190.25M Interest coverage 13.10x This is the baseline the peer rows are being compared against.
Total debt $820.12M Interest coverage 7.02x -46% vs LMAT Carries about 1.9x less debt cushion than LMAT.
Total debt $10.96M Interest coverage -8.26x -100% vs LMAT This peer has almost no interest-payment cushion compared with LMAT.
Total debt $2.05B Interest coverage 0.21x -98% vs LMAT Carries about 62.8x less debt cushion than LMAT.
What you should know
The case for and against LMAT
3 Rewards
1 Risk
Rewards
-
Revenue grew 13.5% last year.
-
Returns 16.8% on equity, ahead of 75% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 6.5% (peer median: 7.6%).
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)
27.69x
Forward P/E
24.92x
P/B
4.31x
P/S
6.90x
EV/EBITDA
19.58x
PEG ratio
2.13x
Profitability
How much profit each dollar creates
Gross margin
71.9%
Operating margin
29.0%
Net margin
25.0%
ROE
16.8%
ROA
7.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.45x
Current ratio
16.31x
Quick ratio
13.76x
Total debt
$190.25M
Total cash
$376.24M
Growth
How the business has been compounding
Revenue TTM
$415.99M
Revenue 5Y CAGR
12.8%
EPS TTM
2.86
EPS 5Y CAGR
39.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$82.98M
Free CF TTM
$74.47M
FCF margin
17.9%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
31.5%
Last ex-div date
2026-08-20