Latest Ratios: P/E Ratio 32.0x · EV/EBITDA 25.5x · ROE 15.8%. (2004–2025 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 | $1.8B | $1.9B | $2.1B | $1.3B | $1.0B | $1.1B | $829M | $731M | $479M | $638M | $488M |
| Enterprise Value | $2.0B | $2.0B | $2.3B | $1.3B | $1.0B | $1.1B | $857M | $735M | $452M | $619M | $463M |
| P/E Ratio → | 31.98 | 32.18 | 47.74 | 42.36 | 49.48 | 40.18 | 38.94 | 40.85 | 20.92 | 37.02 | 46.07 |
| P/S Ratio | 7.38 | 7.45 | 9.55 | 6.58 | 6.31 | 6.99 | 6.41 | 6.23 | 4.53 | 6.32 | 5.47 |
| P/B Ratio | 4.70 | 4.73 | 6.22 | 4.27 | 3.80 | 4.24 | 4.81 | 4.93 | 3.67 | 5.81 | 5.57 |
| P/FCF | 24.73 | 24.97 | 56.48 | 43.16 | 46.07 | 35.69 | 26.07 | 70.14 | 29.09 | 38.77 | 34.69 |
| P/OCF | 22.66 | 22.89 | 47.57 | 34.63 | 40.20 | 30.73 | 23.83 | 51.54 | 24.53 | 27.89 | 28.86 |
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 | — | 8.08 | 10.27 | 6.55 | 6.30 | 7.00 | 6.63 | 6.27 | 4.28 | 6.13 | 5.20 |
| EV / EBITDA | 25.52 | 25.75 | 36.48 | 27.42 | 28.07 | 23.55 | 23.17 | 27.62 | 13.90 | 24.59 | 23.25 |
| EV / EBIT | 29.43 | 25.10 | 39.57 | 32.11 | 37.02 | 29.61 | 29.91 | 33.89 | 15.90 | 29.32 | 28.50 |
| EV / FCF | — | 27.08 | 60.79 | 42.99 | 45.95 | 35.76 | 26.95 | 70.52 | 27.49 | 37.61 | 32.97 |
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 | 71.5% | 71.5% | 68.6% | 65.7% | 64.9% | 65.7% | 65.4% | 68.1% | 70.0% | 70.1% | 70.6% |
| Operating Margin | 27.2% | 27.2% | 23.8% | 19.0% | 16.6% | 23.6% | 22.3% | 18.1% | 26.7% | 20.9% | 18.3% |
| Net Profit Margin | 23.1% | 23.1% | 20.0% | 15.6% | 12.8% | 17.4% | 16.4% | 15.3% | 21.7% | 17.0% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 13.9% | 10.6% | 7.9% | 12.6% | 13.2% | 12.9% | 19.1% | 17.4% | 12.8% |
| ROA | 9.9% | 9.9% | 9.8% | 9.2% | 6.8% | 9.9% | 9.6% | 10.5% | 16.4% | 15.1% | 11.0% |
| ROIC | 9.7% | 9.7% | 9.9% | 9.9% | 7.7% | 12.0% | 12.2% | 12.4% | 21.7% | 20.6% | 21.6% |
| ROCE | 12.3% | 12.3% | 12.5% | 12.2% | 9.6% | 14.6% | 14.6% | 14.1% | 22.9% | 20.6% | 19.0% |
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 | 0.47 | 0.47 | 0.55 | 0.06 | 0.06 | 0.06 | 0.32 | 0.11 | — | — | — |
| Debt / EBITDA | 2.37 | 2.37 | 3.00 | 0.41 | 0.46 | 0.35 | 1.48 | 0.59 | — | — | — |
| Net Debt / Equity | — | 0.40 | 0.47 | -0.02 | -0.01 | 0.01 | 0.16 | 0.03 | -0.20 | -0.17 | -0.28 |
| Net Debt / EBITDA | 2.01 | 2.01 | 2.58 | -0.11 | -0.07 | 0.05 | 0.76 | 0.15 | -0.81 | -0.76 | -1.22 |
| Debt / FCF | — | 2.11 | 4.31 | -0.18 | -0.11 | 0.07 | 0.88 | 0.38 | -1.60 | -1.16 | -1.73 |
| Interest Coverage | 15.50 | 15.50 | 278.44 | — | — | 16.45 | 21.88 | — | 14223.00 | 1005.05 | 1161.14 |
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 | 12.89 | 12.89 | 13.14 | 6.51 | 6.39 | 6.41 | 3.75 | 4.42 | 4.76 | 6.09 | 5.63 |
| Quick Ratio | 10.95 | 10.95 | 11.31 | 4.76 | 4.60 | 4.55 | 2.19 | 2.76 | 3.46 | 4.49 | 3.76 |
| Cash Ratio | 9.89 | 9.89 | 9.79 | 3.52 | 3.26 | 3.21 | 1.07 | 1.57 | 2.43 | 3.16 | 2.32 |
| Asset Turnover | — | 0.41 | 0.40 | 0.56 | 0.52 | 0.53 | 0.51 | 0.62 | 0.69 | 0.80 | 0.87 |
| Inventory Turnover | 1.01 | 1.01 | 1.23 | 1.27 | 1.25 | 1.30 | 1.14 | 1.08 | 1.24 | 1.43 | 1.34 |
| Days Sales Outstanding | — | 49.15 | 49.91 | 47.28 | 49.77 | 46.40 | 55.16 | 51.60 | 54.36 | 54.28 | 54.01 |
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 | 1.0% | 1.0% | 0.7% | 1.0% | 1.1% | 0.9% | 0.9% | 0.9% | 1.1% | 0.7% | 0.7% |
| Payout Ratio | 31.4% | 31.4% | 32.6% | 41.3% | 53.2% | 34.7% | 36.3% | 37.6% | 23.7% | 24.3% | 31.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.1% | 2.1% | 2.4% | 2.0% | 2.5% | 2.6% | 2.4% | 4.8% | 2.7% | 2.2% |
| FCF Yield | 4.0% | 4.0% | 1.8% | 2.3% | 2.2% | 2.8% | 3.8% | 1.4% | 3.4% | 2.6% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% |
| Total Shareholder Yield | 1.0% | 1.0% | 0.7% | 1.0% | 1.1% | 0.9% | 1.0% | 1.0% | 1.3% | 0.8% | 0.7% |
| Shares Outstanding | — | $23M | $23M | $22M | $22M | $21M | $20M | $20M | $20M | $20M | $19M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying LMAT stock.
LeMaitre Vascular, Inc.'s current P/E ratio is 32.0x. The historical average is 38.8x. This places it at the 12th percentile of its historical range.
LeMaitre Vascular, Inc.'s current EV/EBITDA is 25.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.7x.
LeMaitre Vascular, Inc.'s return on equity (ROE) is 15.8%. The historical average is 7.9%.
Based on historical data, LeMaitre Vascular, Inc. is trading at a P/E of 32.0x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LeMaitre Vascular, Inc.'s current dividend yield is 0.98% with a payout ratio of 31.4%.
LeMaitre Vascular, Inc. has 71.5% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
LeMaitre Vascular, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Sales force wage inflation
Metrics are mathematically derived from official filings.
Margin Expansion Reflects Niche Pricing Power
Gross margin improved from 68.6% in Q1 2024 to 72.1% in Q2 2026, while operating margin rose to 29.0%, per quarterly filings, indicating sustained pricing power in niche vascular markets.
The sequential dip from Q3 2025's peak operating margin of 33.3% to 29.0% in Q2 2026 suggests investment in international expansion and warehouse buildouts is temporarily pressuring margins, but the underlying trend remains positive. Net margin of 24.2% in Q2 2026 is supported by a high-margin product mix and disciplined cost control, though investors should monitor whether wage inflation for specialized sales reps erodes this advantage.
ROIC Diluted by Cash and Expansion Spend
ROIC has hovered around 2.4-3.5% over the past ten quarters, per reported data, despite strong margins, as a growing cash pile and recent debt-funded acquisitions expand the capital base faster than operating income.
The low ROIC relative to peers like Merit Medical (7.2%) appears to be a function of the company's fortress balance sheet—$376M in cash and minimal debt—rather than operational inefficiency. As the company deploys cash into higher-returning acquisitions and international expansion, ROIC may improve, but the current sub-3% level suggests capital is not yet being deployed at returns commensurate with its earning power.
Inventory Buildup Stretches Cash Conversion Cycle
CCC extended from 314 days in Q1 2024 to 357 days in Q2 2026, per quarterly data, driven by DIO rising to 328 days, reflecting deliberate inventory stocking of biological tissues and components.
The inventory buildup appears strategic to mitigate supply chain risks, but it ties up cash and masks underlying earnings quality, as evidenced by sub-1.0 OCF/NI conversion in recent quarters. DSO has remained stable around 46-53 days, indicating disciplined receivables management, while DPO has been volatile, suggesting limited supplier leverage. Investors should monitor whether inventory levels normalize as warehouse expansions complete.
Debt Increase Funds Growth, Coverage Remains Strong
Debt-to-equity rose from 0.06 in Q3 2024 to 0.45 in Q2 2026, per balance sheet data, yet interest coverage of 13.3x and D/EBITDA of 7.3x indicate comfortable debt service despite the strategic leverage increase.
The $172M debt increase over the past year appears tied to acquisitions and international expansion, but the company's fortress cash position and robust FCF generation provide ample cushion. While D/EBITDA of 7.3x is elevated, it reflects the low EBITDA base relative to the new debt; as EBITDA grows, this ratio should normalize. The lack of near-term refinancing risk is supported by the strong interest coverage and cash reserves.
Exceptional Liquidity Buffer Supports Expansion
Current ratio stands at 16.31 in Q2 2026, with quick ratio at 13.96, per quarterly data, indicating a fortress liquidity position that can absorb operational shocks and fund strategic initiatives.
The liquidity position is far superior to peers, reflecting a conservative balance sheet policy that prioritizes flexibility. Even under severe stress, the company could fund operations for years without external financing, given the minimal debt and high cash reserves. This buffer also provides strategic optionality for tuck-in acquisitions, though it may weigh on ROIC if cash remains underutilized.
ROIC Misleads on True Capital Efficiency
ROIC of 2.7% in Q2 2026, per reported figures, understates LMAT's earning power because it penalizes the company for holding $376M in cash and low-yielding assets, obscuring the high returns of its core operations.
A more appropriate metric would be ROIC excluding excess cash, which would likely exceed 20%, given the company's 29% operating margin and light asset base. Investors should adjust for the fortress balance sheet when comparing to leveraged peers, as the low ROIC is a function of capital structure, not operational performance. The market's focus on ROIC may misprice LMAT's true capital efficiency.