Latest Ratios: P/E Ratio 104.4x · EV/EBITDA 26.3x · ROE 2.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $2.2B | $1.2B | $728M | $485M | $793M | $894M | $1.0B | $1.0B | $654M | $629M |
| Enterprise Value | $1.3B | $2.4B | $1.5B | $1.0B | $803M | $1.1B | $1.1B | $1.2B | $1.2B | $840M | $643M |
| P/E Ratio → | 104.43 | 217.19 | — | — | — | — | — | 600.67 | — | 174.09 | 59.84 |
| P/S Ratio | 2.41 | 4.87 | 3.07 | 2.06 | 1.55 | 2.65 | 3.53 | 3.71 | 3.93 | 3.45 | 3.48 |
| P/B Ratio | 2.31 | 4.80 | 4.31 | 2.59 | 1.71 | 2.64 | 2.72 | 3.59 | 3.76 | 2.34 | 3.01 |
| P/FCF | — | — | 107.85 | 63.93 | — | — | 177.33 | 132.25 | 252.35 | 173.90 | 51.12 |
| P/OCF | 27.92 | 56.41 | 53.59 | 38.70 | — | — | 72.27 | 64.80 | 104.58 | 60.56 | 31.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.39 | 3.86 | 2.90 | 2.56 | 3.68 | 4.54 | 4.48 | 4.62 | 4.43 | 3.56 |
| EV / EBITDA | 26.25 | 48.33 | 23.78 | 35.67 | 28.02 | 34.28 | 49.66 | 34.98 | 44.35 | 47.44 | 21.28 |
| EV / EBIT | 48.30 | 57.50 | 56.06 | 276.83 | 247.74 | 534.14 | — | 74.83 | 100.35 | 99.49 | 38.02 |
| EV / FCF | — | — | 135.80 | 90.20 | — | — | 228.10 | 159.51 | 296.81 | 223.25 | 52.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.3% | 61.3% | 64.0% | 64.7% | 64.5% | 66.1% | 66.3% | 66.3% | 65.8% | 67.8% | 65.9% |
| Operating Margin | 6.1% | 6.1% | 10.0% | 1.6% | 2.0% | 2.7% | 1.0% | 6.2% | 3.5% | 4.2% | 12.1% |
| Net Profit Margin | 2.2% | 2.2% | -3.4% | -8.7% | -6.1% | -5.0% | -6.6% | 0.6% | -1.4% | 2.0% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.7% | 2.7% | -4.8% | -10.8% | -6.6% | -4.7% | -5.4% | 0.6% | -1.4% | 1.5% | 5.9% |
| ROA | 1.2% | 1.2% | -1.7% | -3.9% | -2.5% | -1.9% | -2.4% | 0.3% | -0.7% | 0.8% | 4.3% |
| ROIC | 3.2% | 3.2% | 5.0% | 0.7% | 0.8% | 1.0% | 0.3% | 2.7% | 1.5% | 1.7% | 9.8% |
| ROCE | 3.6% | 3.6% | 5.3% | 0.8% | 0.8% | 1.1% | 0.4% | 3.1% | 1.7% | 1.9% | 9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.65 | 0.65 | 1.31 | 1.27 | 1.25 | 1.20 | 0.97 | 0.86 | 0.81 | 0.81 | 0.34 |
| Debt / EBITDA | 5.94 | 5.94 | 5.74 | 12.43 | 12.46 | 11.28 | 13.71 | 6.93 | 8.16 | 12.79 | 2.37 |
| Net Debt / Equity | — | 0.51 | 1.12 | 1.06 | 1.12 | 1.02 | 0.78 | 0.74 | 0.66 | 0.67 | 0.07 |
| Net Debt / EBITDA | 4.62 | 4.62 | 4.90 | 10.39 | 11.08 | 9.57 | 11.06 | 5.98 | 6.64 | 10.49 | 0.47 |
| Debt / FCF | — | — | 27.95 | 26.27 | — | — | 50.78 | 27.26 | 44.46 | 49.34 | 1.16 |
| Interest Coverage | 1.56 | 1.56 | 0.78 | 0.15 | 0.18 | 0.12 | -0.03 | 1.11 | 0.77 | 1.73 | 5.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.99 | 2.99 | 4.34 | 4.85 | 4.98 | 5.51 | 3.88 | 4.15 | 5.19 | 4.18 | 4.89 |
| Quick Ratio | 2.08 | 2.08 | 3.15 | 3.43 | 3.48 | 3.80 | 2.67 | 2.97 | 3.87 | 3.09 | 4.02 |
| Cash Ratio | 0.64 | 0.64 | 0.80 | 1.02 | 0.79 | 1.22 | 1.02 | 0.75 | 1.20 | 0.95 | 1.90 |
| Asset Turnover | — | 0.50 | 0.49 | 0.45 | 0.41 | 0.38 | 0.32 | 0.46 | 0.46 | 0.32 | 0.57 |
| Inventory Turnover | 1.85 | 1.85 | 1.75 | 1.52 | 1.49 | 1.32 | 1.17 | 1.76 | 1.98 | 1.31 | 2.34 |
| Days Sales Outstanding | — | 85.75 | 80.69 | 76.44 | 80.94 | 70.97 | 70.27 | 73.81 | 71.42 | 98.98 | 60.90 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 0.5% | — | — | — | — | — | 0.2% | — | 0.6% | 1.7% |
| FCF Yield | — | — | 0.9% | 1.6% | — | — | 0.6% | 0.8% | 0.4% | 0.6% | 2.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.1% |
| Shares Outstanding | — | $47M | $42M | $41M | $40M | $39M | $38M | $38M | $36M | $34M | $33M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AORT stock.
Artivion, Inc.'s current P/E ratio is 104.4x. The historical average is 60.0x. This places it at the 82th percentile of its historical range.
Artivion, Inc.'s current EV/EBITDA is 26.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.2x.
Artivion, Inc.'s return on equity (ROE) is 2.7%. The historical average is -0.4%.
Based on historical data, Artivion, Inc. is trading at a P/E of 104.4x. This is at the 82th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Artivion, Inc. has 61.3% gross margin and 6.1% operating margin.
Artivion, Inc.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory delays for JOTEC portfolio
Metrics are mathematically derived from official filings.
Margin Compression Masks Underlying Strength
Despite a 64.0% gross margin in Q2 2026, operating margin swung to -6.7% from 6.4% in Q1, reflecting a 44% sequential SG&A surge, as per recent financial statements.
The gross margin improvement to 64.0% from 60.1% in Q4 2025 suggests favorable product mix and pricing power, particularly in proprietary devices like On-X and BioGlue. However, the operating margin collapse to -6.7% in Q2 2026, following a 6.4% positive print in Q1, indicates that SG&A and R&D investments are outpacing gross profit gains. This divergence between gross and operating margins suggests deliberate commercial expansion, but investors should monitor whether these costs translate into sustainable operating leverage as revenue scales.
Capital Returns Stalled by Investment Phase
ROIC remained near zero at -0.9% in Q2 2026, down from 3.2% in Q1 2024, as acquisition-driven asset growth outpaces earnings, based on reported figures.
ROIC has been consistently low, hovering between -0.9% and 3.2% over the past ten quarters, indicating that the company is not yet generating returns above its cost of capital. The recent acquisition of JOTEC, which increased total assets by 24.5% and goodwill to 31.8% of assets, has expanded the capital base faster than operating income. This suggests that the company is in an investment phase where returns are temporarily depressed, but the success of U.S. regulatory approvals for the JOTEC portfolio will be critical to determining whether these investments compound or decay.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 241 days in Q2 2026 from 255 days in Q4 2024, driven by DIO of 203 days and DSO of 78 days, as per quarterly data.
The cash conversion cycle remains elevated, with inventory days at 203 in Q2 2026, reflecting the capital-intensive nature of tissue preservation and stent graft manufacturing. DSO has crept up to 78 days from 70 days in Q1 2024, suggesting slower collections, possibly due to hospital consignment arrangements. The negative FCF margin of -9.6% in Q2 2026, despite positive operating income in prior quarters, highlights the working capital intensity that could constrain cash generation if not managed.
Debt-Fueled Expansion Raises Coverage Risk
D/E rose to 0.92 in Q2 2026 from 0.57 in Q1, while interest coverage turned negative at -0.61x, indicating increased leverage and strained debt service, per recent filings.
The acquisition of JOTEC pushed total debt to $408M, lifting D/E to 0.92, a significant increase from 0.57 in Q1 2026. Interest coverage deteriorated to -0.61x in Q2 2026, meaning operating income is insufficient to cover interest expenses, a sharp contrast to the 2.18x coverage in Q4 2025. This suggests that the company is relying on debt to fund growth, and any further deterioration in operating margins could heighten refinancing risk, especially if regulatory delays persist.
Liquidity Buffer Masks Cash Burn
Current ratio improved to 3.47 in Q2 2026 from 2.99 in Q4 2025, but negative FCF margin of -9.6% and inventory-heavy assets suggest potential stress, as reported.
The current ratio of 3.47 and quick ratio of 2.51 indicate a strong short-term liquidity position, providing a cushion against near-term obligations. However, the negative free cash flow margin of -9.6% in Q2 2026, coupled with high inventory days of 203, suggests that a portion of current assets may be less liquid. If revenue growth decelerates or working capital continues to expand, the liquidity buffer could erode, particularly given the company's reliance on debt financing.
Misapplied EV/EBITDA in Asset-Heavy Model
EV/EBITDA of 33.37x appears rich, but this metric ignores the high depreciation and amortization from JOTEC, which distorts true cash generation, as per financial statements.
The EV/EBITDA multiple of 33.37x is commonly used to value Artivion, but it fails to account for the significant depreciation and amortization charges from the JOTEC acquisition, which are non-cash but reduce reported EBITDA. A more appropriate metric would be EV/EBIT or EV/operating cash flow, which better reflects the company's cash-generative capacity after capital expenditures. Investors should adjust for the amortization of intangibles to assess the underlying profitability of the acquired portfolio, as the current multiple may overstate the company's valuation relative to its cash earnings.