CONMED Corporation (CNMD) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
10.05
↓-52% vs avg
5yr avg: 20.89
30Y Low2.6·High35.9
P/FCF
↓
7.63
↓-89% vs avg
5yr avg: 66.36
30Y Low4.7·High185.4
P/B Ratio
↓
1.13
↓-67% vs avg
5yr avg: 3.39
30Y Low0.6·High5.8
ROE
↓
4.7%
-7% vs avg
5yr avg: 5.1%
30Y Low-11%·High15%
Debt/EBITDA
↑
4.32
↓-15% vs avg
5yr avg: 5.08
30Y Low0.1·High11.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CNMD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CONMED Corporation trades at 24.7x earnings, 42% below its 5-year average of 42.4x, sitting at the 48th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 12%. On a free-cash-flow basis, the stock trades at 7.6x P/FCF, 89% below the 5-year average of 66.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.3B | $2.1B | $3.5B | $2.7B | $4.6B | $3.3B | $3.3B | $1.9B | $1.4B | $1.2B |
| Enterprise Value | $1.9B | $2.1B | $3.0B | $4.4B | $3.7B | $5.2B | $4.0B | $4.1B | $2.3B | $1.9B | $1.7B |
| P/E Ratio → | 24.72 | 26.89 | 16.07 | 53.68 | — | 73.07 | 350.00 | 115.29 | 45.53 | 25.87 | 84.94 |
| P/S Ratio | 0.84 | 0.92 | 1.63 | 2.78 | 2.55 | 4.52 | 3.83 | 3.45 | 2.16 | 1.80 | 1.62 |
| P/B Ratio | 1.13 | 1.22 | 2.21 | 4.14 | 3.57 | 5.81 | 4.65 | 4.64 | 2.80 | 2.27 | 2.13 |
| P/FCF | 7.63 | 8.38 | 13.84 | 32.50 | 229.94 | 47.13 | 64.05 | 43.94 | 31.87 | 27.23 | 52.63 |
| P/OCF | 6.74 | 7.41 | 12.75 | 27.56 | 79.81 | 40.86 | 51.14 | 34.67 | 24.83 | 21.90 | 32.32 |
P/E links to full P/E history page with 30-year chart
CNMD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CONMED Corporation's enterprise value stands at 10.1x EBITDA, 52% below its 5-year average of 20.9x. The Healthcare sector median is 14.1x, placing the stock at a 29% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.50 | 2.30 | 3.55 | 3.53 | 5.18 | 4.69 | 4.26 | 2.67 | 2.37 | 2.22 |
| EV / EBITDA | 10.05 | 10.64 | 11.06 | 22.97 | 30.79 | 28.99 | 34.13 | 26.85 | 17.24 | 17.91 | 18.24 |
| EV / EBIT | 13.78 | 14.59 | 15.03 | 36.66 | — | 48.17 | 88.69 | 55.00 | 32.17 | 40.26 | 48.83 |
| EV / FCF | — | 13.64 | 19.56 | 41.59 | 318.53 | 53.98 | 78.60 | 54.16 | 39.42 | 35.84 | 72.27 |
CNMD Profitability
Margins and return-on-capital ratios measuring operating efficiency
CONMED Corporation earns an operating margin of 10.3%. ROE of 4.7% is modest. ROIC of 5.8% represents adequate returns on invested capital.
Margins
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 | 52.8% | 52.8% | 56.1% | 54.3% | 54.6% | 56.2% | 53.4% | 54.9% | 54.6% | 54.1% | 53.5% |
| Operating Margin | 10.3% | 10.3% | 15.3% | 9.7% | 6.7% | 10.9% | 5.3% | 8.3% | 8.3% | 5.9% | 4.9% |
| Net Profit Margin | 3.4% | 3.4% | 10.1% | 5.2% | -7.7% | 6.2% | 1.1% | 3.0% | 4.8% | 7.0% | 1.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 14.7% | 8.2% | -10.5% | 8.4% | 1.3% | 4.2% | 6.3% | 9.2% | 2.5% |
| ROA | 2.0% | 2.0% | 5.7% | 2.8% | -4.0% | 3.6% | 0.5% | 1.8% | 3.0% | 4.1% | 1.2% |
| ROIC | 5.8% | 5.8% | 8.2% | 5.1% | 3.3% | 5.7% | 2.4% | 4.6% | 4.9% | 3.3% | 3.1% |
| ROCE | 7.0% | 7.0% | 10.0% | 6.0% | 3.9% | 7.0% | 2.9% | 5.7% | 5.9% | 3.9% | 3.4% |
CNMD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CONMED Corporation carries a Debt/EBITDA ratio of 4.3x, which is highly leveraged (33% above the sector average of 3.3x). Net debt stands at $794M ($835M total debt minus $41M cash). Interest coverage of 4.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 0.94 | 1.19 | 1.41 | 0.87 | 1.10 | 1.12 | 0.69 | 0.77 | 0.84 |
| Debt / EBITDA | 4.32 | 4.32 | 3.33 | 5.15 | 8.80 | 3.79 | 6.54 | 5.24 | 3.43 | 4.61 | 5.25 |
| Net Debt / Equity | — | 0.77 | 0.92 | 1.16 | 1.38 | 0.85 | 1.06 | 1.08 | 0.66 | 0.72 | 0.79 |
| Net Debt / EBITDA | 4.10 | 4.10 | 3.24 | 5.02 | 8.56 | 3.68 | 6.31 | 5.07 | 3.30 | 4.30 | 4.96 |
| Debt / FCF | — | 5.26 | 5.73 | 9.10 | 88.59 | 6.85 | 14.54 | 10.22 | 7.55 | 8.61 | 19.64 |
| Interest Coverage | 4.54 | 4.54 | 5.37 | 3.03 | -1.45 | 3.06 | 1.04 | 1.73 | 3.45 | 2.58 | 2.26 |
CNMD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
CONMED Corporation's current ratio of 2.14x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.01x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.98x to 2.14x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.14 | 2.14 | 2.30 | 1.98 | 1.96 | 2.34 | 2.19 | 2.11 | 2.33 | 2.38 | 2.90 |
| Quick Ratio | 1.01 | 1.01 | 1.05 | 0.96 | 0.84 | 1.16 | 1.17 | 1.24 | 1.37 | 1.44 | 1.71 |
| Cash Ratio | 0.13 | 0.13 | 0.09 | 0.08 | 0.10 | 0.11 | 0.14 | 0.14 | 0.11 | 0.22 | 0.24 |
| Asset Turnover | — | 0.59 | 0.57 | 0.54 | 0.46 | 0.57 | 0.49 | 0.54 | 0.63 | 0.59 | 0.57 |
| Inventory Turnover | 1.83 | 1.83 | 1.66 | 1.79 | 1.43 | 1.91 | 2.06 | 2.61 | 2.53 | 2.58 | 2.61 |
| Days Sales Outstanding | — | 65.81 | 66.39 | 71.04 | 66.80 | 66.41 | 74.97 | 72.27 | 77.09 | 76.56 | 70.87 |
CNMD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CONMED Corporation returns 2.1% to shareholders annually primarily through dividends. A payout ratio of 52.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.1% | 2.0% | 1.2% | 0.7% | 0.9% | 0.5% | 0.7% | 0.7% | 1.2% | 1.6% | 1.8% |
| Payout Ratio | 52.6% | 52.6% | 18.6% | 38.0% | — | 37.2% | 239.8% | 79.0% | 54.9% | 40.2% | 151.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 3.7% | 6.2% | 1.9% | — | 1.4% | 0.3% | 0.9% | 2.2% | 3.9% | 1.2% |
| FCF Yield | 13.1% | 11.9% | 7.2% | 3.1% | 0.4% | 2.1% | 1.6% | 2.3% | 3.1% | 3.7% | 1.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 2.7% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 2.0% | 1.2% | 0.7% | 3.6% | 0.5% | 0.7% | 1.6% | 1.2% | 1.6% | 1.8% |
| Shares Outstanding | — | $31M | $31M | $32M | $30M | $32M | $29M | $29M | $29M | $28M | $28M |
Peer Comparison
Compare CNMD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CNMDYou | $1B | 24.7 | 10.1 | 7.6 | 52.8% | 10.3% | 4.7% | 5.8% | 4.3 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
 ATRC | $1B | -116.7 | 78.4 | 29.4 | 74.4% | -0.6% | -2.4% | -0.6% | 5.2 |
 NVCR | $2B | -13.5 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 MMSI | $4B | 28.9 | 12.9 | 17.0 | 48.7% | 12.2% | 8.7% | 7.2% | 2.8 |
 LMAT | $3B | 43.7 | 34.1 | 33.7 | 71.5% | 27.2% | 15.8% | 9.7% | 2.4 |
 SYK | $112B | 34.8 | 20.2 | 26.1 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 ZBH | $16B | 23.3 | 9.4 | 11.0 | 61.6% | 16.5% | 5.6% | 5.4% | 3.1 |
 BSX | $83B | 28.9 | 25.1 | 22.8 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 EW | $48B | 45.5 | 25.5 | 35.9 | 78.1% | 27.0% | 10.5% | 15.5% | 0.4 |
 GMED | $12B | 22.8 | 19.4 | 20.5 | 67.4% | 16.3% | 12.3% | 8.9% | 0.2 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCNMD — Frequently Asked Questions
Quick answers to the most common questions about buying CNMD stock.
What is CONMED Corporation's P/E ratio?
CONMED Corporation's current P/E ratio is 24.7x. The historical average is 32.8x. This places it at the 48th percentile of its historical range.
What is CONMED Corporation's EV/EBITDA?
CONMED Corporation's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
What is CONMED Corporation's ROE?
CONMED Corporation's return on equity (ROE) is 4.7%. The historical average is 6.0%.
Is CNMD stock overvalued?
Based on historical data, CONMED Corporation is trading at a P/E of 24.7x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is CONMED Corporation's dividend yield?
CONMED Corporation's current dividend yield is 2.13% with a payout ratio of 52.6%.
What are CONMED Corporation's profit margins?
CONMED Corporation has 52.8% gross margin and 10.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does CONMED Corporation have?
CONMED Corporation's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.