Latest Ratios: P/E Ratio 30.3x · EV/EBITDA 11.2x · ROE 4.7%. (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 | $1.4B | $1.3B | $2.1B | $3.5B | $2.7B | $4.6B | $3.3B | $3.3B | $1.9B | $1.4B | $1.2B |
| Enterprise Value | $2.2B | $2.1B | $3.0B | $4.4B | $3.7B | $5.2B | $4.0B | $4.1B | $2.3B | $1.9B | $1.7B |
| P/E Ratio → | 30.33 | 26.89 | 16.07 | 53.68 | — | 73.07 | 350.00 | 115.29 | 45.53 | 25.87 | 84.94 |
| P/S Ratio | 1.00 | 0.92 | 1.63 | 2.78 | 2.55 | 4.52 | 3.83 | 3.45 | 2.16 | 1.80 | 1.62 |
| P/B Ratio | 1.38 | 1.22 | 2.21 | 4.14 | 3.57 | 5.81 | 4.65 | 4.64 | 2.80 | 2.27 | 2.13 |
| P/FCF | 9.09 | 8.38 | 13.84 | 32.50 | 229.94 | 47.13 | 64.05 | 43.94 | 31.87 | 27.23 | 52.63 |
| P/OCF | 8.04 | 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
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 | — | 1.50 | 2.30 | 3.55 | 3.53 | 5.18 | 4.69 | 4.26 | 2.67 | 2.37 | 2.22 |
| EV / EBITDA | 11.19 | 10.64 | 11.06 | 22.97 | 30.79 | 28.99 | 34.13 | 26.85 | 17.24 | 17.91 | 18.24 |
| EV / EBIT | 15.35 | 20.14 | 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 |
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 | 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% |
| 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% |
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 | 0.81 | 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 | 3.29 | 3.29 | 5.37 | 3.03 | -1.45 | 3.06 | 1.04 | 1.73 | 3.45 | 2.58 | 2.26 |
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 | 2.14 | 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 |
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 | 1.7% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.7% | 6.2% | 1.9% | — | 1.4% | 0.3% | 0.9% | 2.2% | 3.9% | 1.2% |
| FCF Yield | 11.0% | 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 | 1.7% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CNMD stock.
CONMED Corporation's current P/E ratio is 30.3x. The historical average is 32.8x. This places it at the 64th percentile of its historical range.
CONMED Corporation's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
CONMED Corporation's return on equity (ROE) is 4.7%. The historical average is 6.0%.
Based on historical data, CONMED Corporation is trading at a P/E of 30.3x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CONMED Corporation's current dividend yield is 1.73% with a payout ratio of 52.6%.
CONMED Corporation has 52.8% gross margin and 10.3% operating margin. Operating margin between 10-20% is typical for established companies.
CONMED Corporation's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin volatility and leverage
Metrics are mathematically derived from official filings.
Deep Value Discount or Earnings Trap
CNMD trades at 34x trailing earnings but only 11.3x forward, implying the market expects a sharp earnings rebound. According to recent SEC filings, the PEG of 0.94 suggests growth is priced attractively.
The wide gap between trailing and forward P/E reflects the earnings volatility seen in 2025Q3, when EPS fell to $0.09. If the recovery to normalized margins is sustained, the forward multiple appears undemanding relative to peers like HOLX at 30.5x trailing. However, the market may be pricing in a return to peak margins that have proven elusive, as operating margin has swung between 3.6% and 20.7% over the past ten quarters.
Margin Recovery Masks Underlying Volatility
Gross margin recovered to 57.5% in 2026Q2 from a 46.7% trough in 2025Q3, but operating margin at 10.6% remains below the 20.7% peak. Based on reported figures, net margin of 6.7% is still below peer median.
The 2025Q3 margin collapse appears to have been a temporary disruption, yet the subsequent recovery has been uneven. SG&A spiked to $145.6M in 2026Q2, pressuring operating leverage. Investors should monitor whether gross margin can hold above 57% and whether operating margin can sustainably exceed 15%, as it did in 2024Q3 and 2024Q4.
Subdued Returns on Heavy Intangibles
ROIC averaged roughly 1.7% over the last four quarters, well below the cost of capital and peer ROIC of 9.4% at HOLX. As reported in financial statements, ROE of 2.2% in 2026Q2 is far below the 16.4% at LMAT.
The low returns reflect an asset base dominated by goodwill ($796.9M) and limited tangible assets, which depresses capital turnover. While the company is generating positive returns, they are insufficient to create value above the cost of capital. The improvement in D/E from 1.16 to 0.80 suggests deleveraging, but returns on equity remain thin, indicating that the business is not compounding efficiently.
Inventory Drag Extends Cash Cycle
CCC has worsened to 224 days in 2026Q2 from 201 days a year earlier, driven by DIO of 226 days. According to recent financial statements, DSO improved to 62 days, but inventory remains a significant cash drag.
The inventory holding period is exceptionally long, suggesting either slow-moving product lines or deliberate stockpiling. This ties up cash and contributes to working capital volatility, as seen in the $24.3M swings in working capital. The company's low capex intensity (1.2% of revenue) partially offsets this, but the extended CCC remains a concern for cash conversion.
Leverage Eases but Coverage Remains Thin
D/E improved to 0.80 in 2026Q2 from 1.16 in 2024Q1, but D/EBITDA spiked to 14.27x due to depressed EBITDA. As reported in financial statements, interest coverage of 4.98x is adequate but vulnerable to margin shocks.
The deleveraging trend is positive, yet the D/EBITDA ratio is distorted by the 2025Q3 earnings dip. In that quarter, interest coverage fell to 1.56x, highlighting the risk if margins compress again. With cash of only $37.3M against $834.2M debt, the company relies on operating cash flow to service debt, making consistent profitability critical.
Current Ratio Masks Inventory Illiquidity
Current ratio fell to 1.48 in 2026Q2 from 2.30 in 2024Q4, while quick ratio dropped to 0.69. Based on reported figures, the liquidity cushion is thinning, and inventory dependence is rising.
The quick ratio below 1.0 indicates that excluding inventory, current liabilities exceed liquid assets. This suggests that under a severe demand shock, the company could face difficulty meeting short-term obligations without drawing on credit lines. The declining current ratio trend warrants monitoring, especially given the thin cash balance.
Misapplied EV/EBITDA in Volatile Earnings
EV/EBITDA of 12.06x is misleading given EBITDA swings; in 2025Q3, D/EBITDA hit 26.29x. According to recent filings, a normalized EBITDA measure is more appropriate for valuation.
The most commonly misapplied ratio for CNMD is EV/EBITDA, because EBITDA is highly volatile due to margin swings. A single quarter's EBITDA can distort the multiple, as seen in the 2025Q3 collapse. Analysts should use a normalized EBITDA over several years or focus on P/FCF, which at 10.20x reflects the company's strong cash conversion and is more stable.