Operational efficiency remains high, evidenced by a free cash flow margin that peaked at 43.4% in 2025Q3 and a low capital intensity profile with CapEx below 4.5% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 87.31M | 81.25M | 44.12M | 36.75M | 25.38M | 35.1M | 34.8M | 14.18M | 19.51M | 22.87M | 16.9M | 11.44M | 5.51M | 5.39M | 4.72M | 3.17M | 7.05M | 5.44M | 581K | -1.83M | -526K | -1.2M | 1.68M |
| Operating CF Margin % | - | 32.55% | 20.07% | 18.99% | 15.7% | 22.73% | 26.9% | 12.09% | 18.48% | 22.67% | 18.95% | 14.6% | 7.75% | 8.35% | 8.32% | 5.5% | 12.58% | 10.69% | 1.19% | -4.41% | -1.52% | -3.91% | 6.42% |
| Operating CF Growth % | 332.23% | 84.14% | 20.06% | 44.81% | -27.7% | 0.87% | 145.43% | -27.31% | -14.7% | 35.35% | 47.72% | 107.51% | 2.3% | 14.1% | 48.96% | -55.05% | 29.63% | 836.32% | 131.82% | -247.15% | 56.24% | -171.46% | - |
| Net Income | 62.4M | 57.73M | 44.04M | 30.11M | 20.64M | 26.91M | 21.22M | 17.93M | 22.94M | 17.18M | 10.59M | 7.76M | 3.92M | 3.2M | 2.57M | 2.14M | 6.01M | 1.6M | -3.31M | -2.93M | -1.17M | 55K | 927K |
| Depreciation & Amortization | 10.49M | 10.42M | 9.67M | 9.52M | 9.43M | 11.07M | 8.39M | 5.42M | 4.32M | 4.05M | 3.59M | 3.39M | 3.33M | 2.79M | 2.23M | 2.04M | 1.38M | 1.42M | 1.59M | 1.39M | 1.31M | 1.21M | 967K |
| Stock-Based Compensation | 5.78M | 0 | 6.57M | 5.32M | 4.17M | 3.48M | 3.02M | 2.64M | 2.35M | 2.26M | 1.68M | 1.42M | 1.3M | 1.25M | 1.21M | 1.1M | 967K | 985K | 801K | 561K | 404K | 0 | 0 |
| Deferred Taxes | 2.31M | 2.31M | -451K | 783K | -182K | 79K | -328K | 824K | -2.15M | 300K | 140K | -384K | -72K | 287K | 287K | 1.11M | -2.38M | 224K | 249K | 639K | -6K | 182K | 0 |
| Other Non-Cash Items | -414K | 12.54M | 4.4M | 2.28M | 4.72M | 3.53M | 1.63M | 1.25M | -6.31M | 703K | 526K | -65K | 931K | 643K | 1.12M | 1.02M | 1.5M | 769K | 1.78M | 493K | 160K | 33K | 488K |
| Working Capital Changes | 6.74M | -1.75M | -20.1M | -11.25M | -13.4M | -9.96M | 863K | -13.89M | -1.65M | -1.62M | 369K | -689K | -3.9M | -2.79M | -2.71M | -4.24M | -427K | 445K | -525K | -1.98M | -1.22M | -2.14M | -700K |
| Change in Receivables | -809K | -2.95M | -6.42M | -3.13M | -3.53M | -818K | -939K | -1.3M | -1.28M | -1.51M | -922K | -1.88M | -654K | -1.25M | -640K | -174K | -973K | -486K | -353K | 197K | -689K | 0 | 0 |
| Change in Inventory | -7.28M | -7.22M | -10.57M | -9.79M | -7.42M | -5.49M | -2.61M | -11.34M | -4.26M | -1.35M | -134K | 608K | -2.71M | -2.17M | -3.73M | -998K | -1.74M | 164K | 1.47M | -1.8M | -780K | -1.77M | 167K |
| Change in Payables | 7.12M | 4.2M | -779K | 4.6M | 645K | -1.73M | 4.32M | -596K | 4.31M | 1.52M | -103K | 2.62M | -1.09M | 861K | 1.36M | -3.17M | 3.13M | 157K | -2.69M | 2.42M | 1.28M | 0 | 0 |
| Cash from Investing | -73.74M | -64.94M | -200.12M | -24.71M | -10.37M | -61.08M | -52.89M | -24.1M | -7.05M | -28.96M | -17.21M | -3.48M | -7.75M | -6.19M | -5.2M | -1.82M | -5.24M | 2.18M | 9.01M | -9.19M | -15.93M | -1.38M | -2.91M |
| Capital Expenditures | -8.18M | -6.78M | -6.96M | -7.26M | -3.23M | -4.88M | -2.98M | -3.76M | -3.05M | -6.42M | -2.84M | -2.29M | -1.19M | -2.9M | -1.32M | -2.08M | -2.56M | -1.63M | -738K | -1.39M | -969K | -1.01M | -1.56M |
| CapEx % of Revenue | 3.19% | 2.72% | 3.17% | 3.75% | 2% | 3.16% | 2.31% | 3.21% | 2.89% | 6.36% | 3.19% | 2.92% | 1.67% | 4.49% | 2.34% | 3.61% | 4.56% | 3.19% | 1.51% | 3.36% | 2.8% | 3.3% | 5.97% |
| Acquisitions | -1.9M | -1.9M | 0 | -899K | 0 | 0 | -72.63M | -21.24M | -4.88M | 0 | -14.37M | -1.21M | -6.56M | -3.29M | -3.87M | 263K | -3.52M | -759K | -835K | -5.11M | 34K | -1.38M | -500K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 858K | 0 | 2.02M | 0 | 8.28M | -22.54M | -2K | 15K | -15K | -164K | -3.99M | 199K | 127K | -1.05M | -109K | 6K | 399K | 223K | -544K |
| Cash from Financing | -12.52M | -14.54M | 158.1M | -7.13M | -9.23M | 13.7M | 32.16M | -4.62M | -4.42M | 80K | -2.58M | 1.08M | 6.66M | -961K | -3.16M | -3.8M | -2.33M | -376K | -24K | 10K | 31.17M | 2.49M | 1.36M |
| Debt Issued (Net) | 0 | 0 | 169.27M | 0 | 0 | -39M | 39M | 0 | 0 | 0 | 0 | 0 | -1.13M | 0 | 0 | -469K | -21K | 108K | -262K | -32K | -1.88M | -69K | -763K |
| Equity Issued (Net) | 4.53M | 6.82M | 6.44M | 6.17M | 3.47M | 63.24M | 5.4M | 4.17M | 2.23M | 4.72M | 1.13M | 4.57M | 10.62M | 846K | -1.66M | -2.14M | -2.38M | -484K | 238K | 163K | 35.69M | 2.55M | 2.13M |
| Dividends Paid | -19.3M | -18.11M | -14.38M | -12.45M | -10.99M | -9.34M | -7.7M | -6.74M | -5.45M | -4.18M | -3.32M | -2.85M | -2.31M | -1.84M | -1.52M | -1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 601K | 0 | 0 | 0 | 0 | 0 | -570K | -683K | -741K | -778K | -311K | -266K | -211K | -373K | -2.02M | -2.21M | -2.52M | -686K | -66K | -82K | -159K | -561K | -84K |
| Other Financing | 2.26M | -3.25M | -3.23M | -853K | -1.71M | -1.2M | -4.55M | -2.06M | -1.2M | -463K | -385K | -646K | -520K | 31K | 23K | 50K | 70K | 0 | 0 | -121K | -2.65M | 3K | -11K |
| Net Change in Cash | 1.51M | 2.63M | 1.34M | 5.13M | 5.28M | -12.91M | 14.98M | -14.53M | 7.22M | -5.19M | -3.16M | 8.76M | 3.98M | -1.74M | -3.68M | -2.48M | -578K | 7.3M | 9.5M | -10.94M | 14.57M | 93K | 165K |
| Free Cash Flow | 79.12M | 74.47M | 37.16M | 29.49M | 22.15M | 30.22M | 31.82M | 10.42M | 16.45M | 16.45M | 14.05M | 9.15M | 4.32M | 2.49M | 3.4M | 1.08M | 4.49M | 3.81M | -157K | -3.22M | -1.5M | -2.21M | 119K |
| FCF Margin % | 30.87% | 29.83% | 16.9% | 15.24% | 13.7% | 19.57% | 24.6% | 8.89% | 15.58% | 16.31% | 15.76% | 11.68% | 6.08% | 3.86% | 5.99% | 1.88% | 8.02% | 7.49% | -0.32% | -7.77% | -4.32% | -7.21% | 0.45% |
| FCF Growth % | 92.43% | 100.39% | 26.03% | 33.13% | -26.71% | -5.02% | 205.41% | -36.68% | 0.01% | 17.06% | 53.62% | 111.61% | 73.54% | -26.67% | 213.09% | -75.86% | 17.8% | 2529.94% | 95.12% | -115.32% | 32.51% | -1961.34% | - |
| FCF per Share | 3.44 | 3.25 | 1.63 | 1.31 | 1.00 | 1.41 | 1.55 | 0.51 | 0.81 | 0.82 | 0.73 | 0.50 | 0.25 | 0.16 | 0.22 | 0.07 | 0.28 | 0.24 | -0.01 | -0.21 | -0.15 | -0.25 | 0.01 |
| FCF Conversion (FCF/Net Income) | 1.27x | 1.41x | 1.00x | 1.22x | 1.23x | 1.30x | 1.64x | 0.79x | 0.85x | 1.33x | 1.60x | 1.47x | 1.41x | 1.68x | 1.84x | 1.48x | 1.17x | 3.40x | -0.18x | 0.62x | 0.45x | -21.85x | 1.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 8.59M | 0 | 0 | 7.55M | 8.34M | 10.15M | 4.47M | 0 | 5.52M | 3.15M | 4.23M | 4.79M | 2.09M | 1.02M | 544K | 717K | 835K | 0 | 0 | 0 | 0 | 0 | 0 |
Niche market procedure shift
As reported in recent financial statements, LMAT's operating cash flow to net income ratio has frequently exceeded 1.0, with a notable peak of 1.66 in 2025Q3, suggesting that the company's reported earnings are well-supported by actual cash generation from its core vascular device operations.
The consistent alignment between net income and operating cash flow indicates a high quality of earnings, largely devoid of aggressive accrual accounting. Investors should monitor the occasional volatility in this ratio, which appears driven by timing differences in working capital rather than fundamental deterioration in the underlying business model.
Based on quarterly data, LMAT has demonstrated a strong free cash flow trajectory, with margins reaching as high as 43.4% in 2025Q3, indicating that the company's capital-light business model effectively converts a significant portion of its revenue into discretionary cash after accounting for necessary capital expenditures.
The upward trend in FCF margins suggests that the company is successfully scaling its revenue base while maintaining a disciplined approach to infrastructure investment. This robust cash generation provides the firm with significant flexibility to pursue tuck-in acquisitions or return capital to shareholders without relying on external financing.
According to recent SEC filings, LMAT maintains a low capital intensity profile, with CapEx as a percentage of revenue consistently remaining below 4.5%, which highlights the company's ability to sustain its specialized manufacturing operations without requiring heavy, recurring investments in property, plant, or equipment.
The modest level of capital expenditure relative to revenue suggests that the company's primary value driver is its intellectual property and sales force rather than heavy industrial assets. This low-maintenance requirement allows for superior free cash flow conversion, which appears to be a key differentiator compared to more capital-intensive medical device peers.
As indicated by the quarterly cash flow data, working capital changes have shown significant fluctuations, ranging from a $9.9M outflow in 2024Q1 to a $7.8M inflow in 2025Q3, suggesting that inventory management and collection cycles are the primary drivers of short-term cash flow variability.
The periodic swings in working capital appear to be a byproduct of the company's strategy to maintain high inventory levels of biological tissues to mitigate supply chain risks. While these fluctuations are currently manageable, investors should monitor whether these inventory builds become permanent, as they could eventually weigh on long-term cash conversion efficiency.
Quick answers to the most common questions about buying LMAT stock.
LeMaitre Vascular, Inc. (LMAT) generated $81.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LeMaitre Vascular, Inc. (LMAT) generated $74.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
LeMaitre Vascular, Inc. (LMAT) spent $6.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, LeMaitre Vascular, Inc. (LMAT) returned $18.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.