Electromed, Inc. (ELMD) 10-Year Financial Performance & Capital Metrics

ELMD • • Industrial / General

HealthcareMedical DevicesRespiratory & Pulmonary DevicesAirway & Pulmonary Therapy

AboutElectromed, Inc. develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system; SmartVest SQL System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment; and SmartVest Connect, a wireless technology with personalized HFCWO therapy management portal for patients with compromised pulmonary function. It also provides single patient use SmartVest and SmartVest Wrap products for health care providers in the acute care setting. The company offers its products primarily to home health care market for patients with bronchiectasis, cystic fibrosis, and neuromuscular disease. Electromed, Inc. markets its products primarily to physicians and health care providers, as well as directly to patients. The company was incorporated in 1992 and is headquartered in New Prague, Minnesota.Show more

Revenue $64M +17.0%
EBITDA $11M +45.9%
Net Income $8M +46.3%
EPS (Diluted) 0.86 +48.3%
Gross Margin 78.08% +2.4%
EBITDA Margin 16.93% +24.8%
Operating Margin 15.09% +25.5%
Net Margin 11.78% +25.1%
ROE 17.18% +37.1%
ROIC 25.57% +52.8%
Debt/Equity 0.00 +134.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 17.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.5%
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.67%

5Y14.53%

3Y15.39%

TTM16.05%

Profit (Net Income) CAGR

10Y21.3%

5Y12.62%

3Y48.43%

TTM26.74%

EPS CAGR

10Y20.8%

5Y12.84%

3Y49%

TTM29.17%

ROCE

10Y Avg14.91%

5Y Avg13.61%

3Y Avg16.37%

Latest21.98%

Peer Comparison

Airway & Pulmonary Therapy

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELMDElectromed, Inc.	239.29M	28.69	33.36	16.97%	12.38%	18.32%	4.63%	0.00
XAIRBeyond Air, Inc.	7.02M	0.88	-0.06	219.67%	-6.32%	-280.24%		0.82
LUNGPulmonx Corporation	82.08M	1.99	-1.38	22.01%	-61.91%	-94.54%		0.66
AVNSAvanos Medical, Inc.	555.63M	11.97	-1.40	2.15%	-67%	-60.27%	14.92%	0.21
INGNInogen, Inc.	168.59M	6.21	-4.09	6.35%	-7.31%	-12.87%		0.11
QIPTQuipt Home Medical Corp.	156.3M	3.55	-14.79	-0.23%	-4.11%	-10.06%	16.21%	0.16
IINNInspira Technologies Oxy B.H.N. Ltd.	34.51M	0.96	-1600			-190.28%		0.58

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	22.99M	25.86M	28.31M	31.3M	32.47M	35.76M	41.66M	48.07M	54.72M	64M
Revenue Growth %	0.18%	0.12%	0.09%	0.11%	0.04%	0.1%	0.17%	0.15%	0.14%	0.17%
Cost of Goods Sold+	5.12M	5.29M	6.53M	7.45M	7.27M	8.45M	10.22M	11.55M	12.99M	14.03M
COGS % of Revenue	0.22%	0.2%	0.23%	0.24%	0.22%	0.24%	0.25%	0.24%	0.24%	0.22%
Gross Profit+	17.88M	20.57M	21.77M	23.85M	25.2M	27.3M	31.44M	36.52M	41.73M	49.97M
Gross Margin %	0.78%	0.8%	0.77%	0.76%	0.78%	0.76%	0.75%	0.76%	0.76%	0.78%
Gross Profit Growth %	0.31%	0.15%	0.06%	0.1%	0.06%	0.08%	0.15%	0.16%	0.14%	0.2%
Operating Expenses+	14.77M	17M	19.06M	21.02M	20.08M	24.16M	28.47M	32.51M	35.15M	40.31M
OpEx % of Revenue	0.64%	0.66%	0.67%	0.67%	0.62%	0.68%	0.68%	0.68%	0.64%	0.63%
Selling, General & Admin	14.39M	16.4M	18.81M	20.44M	19.95M	22.44M	27.11M	31.59M	34.49M	39.31M
SG&A % of Revenue	0.63%	0.63%	0.66%	0.65%	0.61%	0.63%	0.65%	0.66%	0.63%	0.61%
Research & Development	380.39K	596.88K	251.44K	583.31K	1.05M	1.72M	1.36M	916K	656K	996K
R&D % of Revenue	0.02%	0.02%	0.01%	0.02%	0.03%	0.05%	0.03%	0.02%	0.01%	0.02%
Other Operating Expenses	0	0	0	0	-913K	0	0	0	0	0
Operating Income+	3.11M	3.57M	2.71M	2.83M	5.12M	3.14M	2.97M	4.01M	6.58M	9.66M
Operating Margin %	0.14%	0.14%	0.1%	0.09%	0.16%	0.09%	0.07%	0.08%	0.12%	0.15%
Operating Income Growth %	1.37%	0.15%	-0.24%	0.04%	0.81%	-0.39%	-0.05%	0.35%	0.64%	0.47%
EBITDA+	3.85M	4.32M	3.5M	3.75M	5.86M	3.75M	3.6M	4.62M	7.42M	10.83M
EBITDA Margin %	0.17%	0.17%	0.12%	0.12%	0.18%	0.1%	0.09%	0.1%	0.14%	0.17%
EBITDA Growth %	0.88%	0.12%	-0.19%	0.07%	0.56%	-0.36%	-0.04%	0.28%	0.61%	0.46%
D&A (Non-Cash Add-back)	738.7K	755.13K	790.03K	925.23K	741K	610K	628K	613K	841K	1.17M
EBIT	3.11M	3.57M	2.71M	2.83M	5.12M	3.14M	2.97M	4.01M	6.58M	9.66M
Net Interest Income+	-66.81K	-49.87K	19.87K	90.71K	121K	39K	25K	78K	455K	624K
Interest Income	0	17.04K	19.87K	90.71K	120.75K	39K	25K	78K	455K	624K
Interest Expense	66.81K	66.91K	0	0	0	0	0	0	0	0
Other Income/Expense	-66.81K	-49.87K	19.87K	90.71K	121K	27K	25K	78K	455K	624K
Pretax Income+	3.04M	3.52M	2.73M	2.92M	5.24M	3.17M	3M	4.09M	7.04M	10.28M
Pretax Margin %	0.13%	0.14%	0.1%	0.09%	0.16%	0.09%	0.07%	0.09%	0.13%	0.16%
Income Tax+	830K	1.29M	901K	940K	1.08M	805K	692K	920K	1.89M	2.75M
Effective Tax Rate %	0.73%	0.63%	0.67%	0.68%	0.79%	0.75%	0.77%	0.77%	0.73%	0.73%
Net Income+	2.21M	2.23M	1.83M	1.98M	4.16M	2.36M	2.31M	3.17M	5.15M	7.54M
Net Margin %	0.1%	0.09%	0.06%	0.06%	0.13%	0.07%	0.06%	0.07%	0.09%	0.12%
Net Income Growth %	1.03%	0.01%	-0.18%	0.08%	1.1%	-0.43%	-0.02%	0.37%	0.63%	0.46%
Net Income (Continuing)	2.21M	2.23M	1.83M	1.98M	4.16M	2.36M	2.31M	3.17M	5.15M	7.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.27	0.26	0.22	0.23	0.47	0.27	0.26	0.36	0.58	0.86
EPS Growth %	1.08%	-0.04%	-0.15%	0.05%	1.04%	-0.43%	-0.04%	0.38%	0.61%	0.48%
EPS (Basic)	0.27	0.27	0.23	0.24	0.50	0.28	0.27	0.37	0.60	0.90
Diluted Shares Outstanding	8.25M	8.46M	8.62M	8.63M	8.83M	8.91M	8.77M	8.7M	8.86M	8.72M
Basic Shares Outstanding	8.14M	8.17M	8.21M	8.31M	8.4M	8.57M	8.47M	8.46M	8.56M	8.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	15.82M	18.48M	22.21M	24.54M	28.02M	31.7M	34.54M	37.79M	44.17M	45.08M
Cash & Short-Term Investments	5.12M	5.57M	7.46M	7.81M	10.48M	11.89M	8.15M	7.37M	16.08M	15.29M
Cash Only	5.12M	5.57M	7.46M	7.81M	10.48M	11.89M	8.15M	7.37M	16.08M	15.29M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	7.8M	9.95M	12.59M	13.76M	13.84M	17.43M	21.34M	24.62M	24.05M	25.7M
Days Sales Outstanding	123.89	140.43	162.31	160.41	155.62	177.88	186.96	186.93	160.45	146.55
Inventory	2.48M	2.56M	2.36M	2.62M	3.08M	2.11M	3.18M	4.22M	3.71M	3.3M
Days Inventory Outstanding	176.98	176.51	131.87	128.43	154.87	91.3	113.53	133.41	104.3	85.83
Other Current Assets	0	0	0	0	262K	0	0	1.58M	1	408K
Total Non-Current Assets+	4.77M	4.58M	4.43M	4.82M	5.22M	5.41M	6.83M	8.02M	8.06M	8.72M
Property, Plant & Equipment	3.38M	3.3M	3.09M	3.6M	3.87M	3.69M	4.69M	5.67M	5.25M	4.91M
Fixed Asset Turnover	6.81x	7.83x	9.16x	8.68x	8.39x	9.68x	8.89x	8.47x	10.42x	13.03x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	904.03K	721.28K	649.1K	581.41K	598K	663K	599K	605K	657K	1.32M
Long-Term Investments	0	0	0	-44	0	-88K	-120M	0	0	0
Other Non-Current Assets	144.26K	99.87K	91.91K	44	755K	88K	120M	161K	2.15M	2.48M
Total Assets+	20.59M	23.06M	26.64M	29.35M	33.24M	37.11M	41.36M	45.81M	52.23M	53.8M
Asset Turnover	1.12x	1.12x	1.06x	1.07x	0.98x	0.96x	1.01x	1.05x	1.05x	1.19x
Asset Growth %	0.18%	0.12%	0.16%	0.1%	0.13%	0.12%	0.11%	0.11%	0.14%	0.03%
Total Current Liabilities+	3.07M	2.9M	4.74M	3.62M	2.99M	4.64M	7.15M	8.05M	7.68M	10.47M
Accounts Payable	589.23K	663.38K	810.64K	586.58K	556K	685K	1.26M	1.37M	1.01M	2.67M
Days Payables Outstanding	42.04	45.75	45.28	28.73	27.91	29.59	45.05	43.37	28.38	69.39
Short-Term Debt	46.31K	50.7K	1.1M	0	0	33K	0	80K	0	0
Deferred Revenue (Current)	1000K	1000K	397.39K	-30.32K	0	0	1000K	-80K	0	0
Other Current Liabilities	947.19K	1.24M	1.16M	1.13M	740K	940K	-203K	1.45M	1.84M	1.65M
Current Ratio	5.15x	6.38x	4.68x	6.78x	9.38x	6.83x	4.83x	4.69x	5.75x	4.31x
Quick Ratio	4.34x	5.50x	4.19x	6.05x	8.35x	6.38x	4.39x	4.17x	5.27x	3.99x
Cash Conversion Cycle	258.83	271.19	248.9	260.11	282.57	239.59	255.44	276.98	236.37	162.99
Total Non-Current Liabilities+	1.16M	1.1M	0	14.74K	9K	54K	41K	86K	12K	125K
Long-Term Debt	1.15M	1.1M	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	14.74K	9K	54K	41K	81K	12K	125K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	9.74K	0	0	0	-1	0	0	5K	0	0
Total Liabilities	4.23M	3.99M	4.74M	3.62M	2.99M	4.69M	7.19M	8.14M	7.69M	10.59M
Total Debt+	1.2M	1.15M	1.1M	45.06K	81K	87K	41K	161K	87K	198K
Net Debt	-3.92M	-4.43M	-6.35M	-7.76M	-10.4M	-11.8M	-8.11M	-7.21M	-15.99M	-15.09M
Debt / Equity	0.07x	0.06x	0.05x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	0.31x	0.27x	0.31x	0.01x	0.01x	0.02x	0.01x	0.03x	0.01x	0.02x
Net Debt / EBITDA	-1.02x	-1.02x	-1.81x	-2.07x	-1.77x	-3.15x	-2.25x	-1.56x	-2.15x	-1.39x
Interest Coverage	46.54x	53.34x	-	-	-	-	-	-	-	-
Total Equity+	16.36M	19.07M	21.9M	25.73M	30.25M	32.42M	34.17M	37.67M	44.55M	43.21M
Equity Growth %	0.17%	0.17%	0.15%	0.18%	0.18%	0.07%	0.05%	0.1%	0.18%	-0.03%
Book Value per Share	1.98	2.25	2.54	2.98	3.43	3.64	3.90	4.33	5.03	4.96
Total Shareholders' Equity	16.36M	19.07M	21.9M	25.73M	30.25M	32.42M	34.17M	37.67M	44.55M	43.21M
Common Stock	81.87K	82.3K	82.89K	84.08K	86K	85K	85K	86K	87K	83K
Retained Earnings	2.73M	4.96M	6.86M	9.52M	13.68M	14.92M	15.78M	18.79M	23.67M	21.18M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.02M	-3.24M	-3.74M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	2.17M	1.19M	2.44M	2.59M	4.2M	3.08M	-686K	1.31M	9.07M	11.39M
Operating CF Margin %	0.09%	0.05%	0.09%	0.08%	0.13%	0.09%	-0.02%	0.03%	0.17%	0.18%
Operating CF Growth %	-0.22%	-0.45%	1.05%	0.06%	0.62%	-0.27%	-1.22%	2.92%	5.9%	0.26%
Net Income	2.21M	2.23M	1.9M	1.97M	4.16M	2.36M	2.31M	3.17M	5.15M	7.54M
Depreciation & Amortization	738.7K	755.13K	790.03K	925.23K	741K	610K	628K	613K	841K	1.17M
Stock-Based Compensation	222.76K	479.48K	862.67K	924.07K	902K	1.02M	976K	708K	1.69M	3.06M
Deferred Taxes	-343K	-117K	-134K	-265K	-126K	-294K	-489K	-43K	-571K	-310K
Other Non-Cash Items	76.18K	149.09K	36.46K	17.98K	0	0	0	0	0	212K
Working Capital Changes	-740.24K	-2.31M	-1.02M	-981.63K	-1.48M	-625K	-4.11M	-3.13M	1.96M	-277K
Change in Receivables	-1.09M	-2.34M	-1.61M	-948.73K	-350K	-3.58M	-3.91M	-3.28M	565K	-1.64M
Change in Inventory	-347.62K	-28.33K	234.59K	-106.17K	-449K	971K	-1.07M	-1.03M	459K	175K
Change in Payables	873.77M	-337.47K	555.99K	-2.56K	-472K	214K	2.17M	420K	-1.21M	1.65M
Cash from Investing+	-579.52K	-687.15K	-571.78K	-1.39M	-977K	-448K	-1.52M	-1.72M	-395K	-306K
Capital Expenditures	-577.52K	-687.15K	-571.78K	-1.39M	-844K	-287K	-1.52M	-1.72M	-395K	-306K
CapEx % of Revenue	0.03%	0.03%	0.02%	0.04%	0.03%	0.01%	0.04%	0.04%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2K	-68.39K	-45.55K	-56.04K	-133K	-161K	0	0	0	0
Cash from Financing+	-62.27K	-53.62K	11.71K	-851.15K	-548K	-1.22M	-1.52M	-380K	36K	-11.88M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-13.52K	-4.87K	62.41K	251.85K	-548K	-95K	-77K	-227K	311K	-1.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.59M	503.97K	1.87M	1.2M	3.22M	2.63M	-2.21M	-401K	8.67M	11.09M
FCF Margin %	0.07%	0.02%	0.07%	0.04%	0.1%	0.07%	-0.05%	-0.01%	0.16%	0.17%
FCF Growth %	-0.26%	-0.68%	2.71%	-0.36%	1.68%	-0.18%	-1.84%	0.82%	22.63%	0.28%
FCF per Share	0.19	0.06	0.22	0.14	0.36	0.30	-0.25	-0.05	0.98	1.27
FCF Conversion (FCF/Net Income)	0.98x	0.53x	1.33x	1.31x	1.01x	1.30x	-0.30x	0.42x	1.76x	1.51x
Interest Paid	61.56K	59.23K	46K	22.99K	3.13K	0	0	0	0	0
Taxes Paid	1.49M	1.09M	1.02M	1.31M	1.75M	534K	1.42M	676K	2.51M	3.74M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.61%	12.59%	8.94%	8.32%	14.87%	7.54%	6.92%	8.81%	12.53%	17.18%
Return on Invested Capital (ROIC)	19.42%	19.77%	13.48%	12.67%	20.3%	11.64%	9.55%	10.64%	16.73%	25.57%
Gross Margin	77.75%	79.53%	76.92%	76.19%	77.61%	76.36%	75.47%	75.98%	76.26%	78.08%
Net Margin	9.62%	8.62%	6.47%	6.33%	12.81%	6.61%	5.53%	6.59%	9.41%	11.78%
Debt / Equity	0.07x	0.06x	0.05x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage	46.54x	53.34x	-	-	-	-	-	-	-	-
FCF Conversion	0.98x	0.53x	1.33x	1.31x	1.01x	1.30x	-0.30x	0.42x	1.76x	1.51x
Revenue Growth	18.46%	12.48%	9.46%	10.57%	3.74%	10.12%	16.51%	15.38%	13.83%	16.97%

Revenue by Segment

	2014	2015	2019	2020	2021	2022	2023	2024	2025
Home Care	-	-	28.95M	29.32M	32.99M	-	1.78M	841K	-
Home Care Growth	-	-	-	1.29%	12.49%	-	-	-52.81%	-
Other	-	-	-	-	-	-	-	826K	-
Other Growth	-	-	-	-	-	-	-	-	-
Institutional	-	-	1.6M	2M	1.55M	-	-	-	-
Institutional Growth	-	-	-	24.71%	-22.54%	-	-	-	-
Home Care Distributor	-	-	-	430.36K	563K	-	-	-	-
Home Care Distributor Growth	-	-	-	-	30.82%	-	-	-	-
Shipping and Handling	-	-	-	-	-	982K	-	-	-
Shipping and Handling Growth	-	-	-	-	-	-	-	-	-
Demonstration And Rental Equipment	-	-	-	-	658K	-	-	-	-
Demonstration And Rental Equipment Growth	-	-	-	-	-	-	-	-	-
Capital Stock	-	-	-	717.89K	-	-	-	-	-
Capital Stock Growth	-	-	-	-	-	-	-	-	-
International1Member	-	-	747.37K	-	-	-	-	-	-
International1Member Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2019	2020	2021	2022	2023	2024	2025
Non-US	-	-	-	-	-	-	-	-	248K
Non-US Growth	-	-	-	-	-	-	-	-	-
International	801K	854K	-	-	-	521K	-	470K	-
International Growth	-	6.62%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Electromed, Inc. (ELMD) has a price-to-earnings (P/E) ratio of 33.4x. This suggests investors expect higher future growth.

Growth & Financials

Electromed, Inc. (ELMD) reported $66.2M in revenue for fiscal year 2025. This represents a 239% increase from $19.5M in 2012.

Electromed, Inc. (ELMD) grew revenue by 17.0% over the past year. This is strong growth.

Yes, Electromed, Inc. (ELMD) is profitable, generating $8.2M in net income for fiscal year 2025 (11.8% net margin).

Dividend & Returns

Electromed, Inc. (ELMD) has a return on equity (ROE) of 17.2%. This is reasonable for most industries.

Electromed, Inc. (ELMD) generated $8.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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