Latest Ratios: P/E Ratio 21.6x · EV/EBITDA 11.7x · ROE 9.5%. (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 | $230M | $181M | $215M | $306M | $366M | $366M | $310M | $403M | $311M | $304M | $274M |
| Enterprise Value | $144M | $96M | $133M | $214M | $292M | $305M | $258M | $361M | $260M | $264M | $248M |
| P/E Ratio → | 21.58 | 16.08 | 15.52 | 18.43 | 22.24 | 24.75 | 28.67 | 27.39 | 16.78 | 35.70 | 22.59 |
| P/S Ratio | 6.59 | 4.71 | 5.26 | 6.10 | 7.01 | 7.46 | 7.34 | 8.60 | 7.41 | 7.35 | 6.97 |
| P/B Ratio | 1.96 | 1.52 | 1.83 | 2.39 | 3.21 | 3.42 | 3.01 | 3.99 | 3.50 | 3.89 | 3.96 |
| P/FCF | 30.28 | 12.66 | 14.75 | 14.15 | 18.02 | 17.72 | 16.06 | — | 18.95 | 19.87 | 24.41 |
| P/OCF | 15.65 | 12.34 | 14.52 | 13.75 | 17.32 | 17.26 | 15.37 | 23.65 | 18.50 | 17.99 | 18.86 |
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 | — | 2.49 | 3.24 | 4.26 | 5.58 | 6.23 | 6.12 | 7.70 | 6.20 | 6.38 | 6.30 |
| EV / EBITDA | 11.70 | 6.67 | 8.07 | 9.23 | 10.85 | 11.67 | 12.35 | 14.73 | 12.02 | 12.13 | 13.02 |
| EV / EBIT | 12.67 | 6.79 | 7.89 | 11.59 | 14.11 | 16.02 | 18.84 | 20.48 | 13.92 | 13.90 | 15.30 |
| EV / FCF | — | 6.69 | 9.09 | 9.88 | 14.34 | 14.79 | 13.40 | — | 15.84 | 17.26 | 22.06 |
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 | 57.1% | 57.1% | 59.0% | 59.8% | 61.6% | 63.0% | 60.6% | 62.8% | 62.6% | 63.7% | 60.3% |
| Operating Margin | 29.6% | 29.6% | 33.2% | 33.4% | 37.9% | 38.5% | 32.5% | 37.6% | 44.5% | 45.9% | 41.2% |
| Net Profit Margin | 29.3% | 29.3% | 33.9% | 33.1% | 31.5% | 30.1% | 25.6% | 31.4% | 44.2% | 20.5% | 30.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 11.3% | 13.7% | 14.9% | 14.1% | 10.6% | 15.5% | 22.2% | 11.5% | 17.5% |
| ROA | 9.2% | 9.2% | 10.8% | 12.8% | 13.8% | 13.0% | 9.7% | 14.1% | 19.3% | 10.0% | 15.6% |
| ROIC | 25.0% | 25.0% | 28.9% | 33.4% | 34.5% | 28.9% | 18.7% | 27.4% | 36.8% | 35.1% | 27.2% |
| ROCE | 9.6% | 9.6% | 10.9% | 13.5% | 17.2% | 17.2% | 12.8% | 17.6% | 20.5% | 23.6% | 21.8% |
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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | — | — | — |
| Net Debt / Equity | — | -0.72 | -0.70 | -0.72 | -0.65 | -0.57 | -0.50 | -0.42 | -0.57 | -0.51 | -0.38 |
| Net Debt / EBITDA | -5.96 | -5.96 | -5.03 | -4.00 | -2.78 | -2.32 | -2.45 | -1.73 | -2.36 | -1.83 | -1.39 |
| Debt / FCF | — | -5.97 | -5.67 | -4.28 | -3.68 | -2.93 | -2.66 | — | -3.11 | -2.60 | -2.35 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($86M) exceeds total debt ($225000)
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 | 37.62 | 37.62 | 25.64 | 22.56 | 15.09 | 19.53 | 16.42 | 15.92 | 11.58 | 9.32 | 11.54 |
| Quick Ratio | 34.57 | 34.57 | 23.29 | 20.53 | 13.61 | 17.77 | 14.78 | 13.91 | 10.55 | 8.32 | 10.03 |
| Cash Ratio | 33.01 | 33.01 | 22.09 | 19.72 | 12.59 | 16.28 | 13.61 | 12.41 | 9.72 | 7.57 | 8.72 |
| Asset Turnover | — | 0.31 | 0.33 | 0.37 | 0.42 | 0.42 | 0.38 | 0.43 | 0.42 | 0.45 | 0.51 |
| Inventory Turnover | 2.08 | 2.08 | 1.90 | 2.11 | 2.28 | 2.75 | 2.67 | 2.52 | 2.90 | 2.86 | 3.44 |
| Days Sales Outstanding | — | 33.37 | 36.53 | 24.64 | 38.66 | 38.18 | 35.52 | 36.90 | 34.38 | 31.93 | 29.82 |
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% | 2.2% | 2.0% | 1.4% | 0.9% | 3.1% | 1.3% | 1.0% | 1.3% | 1.0% | 1.4% |
| Payout Ratio | 35.3% | 35.3% | 30.7% | 25.7% | 19.2% | 77.5% | 38.1% | 27.9% | 21.7% | 34.7% | 32.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 6.2% | 6.4% | 5.4% | 4.5% | 4.0% | 3.5% | 3.7% | 6.0% | 2.8% | 4.4% |
| FCF Yield | 3.3% | 7.9% | 6.8% | 7.1% | 5.6% | 5.6% | 6.2% | — | 5.3% | 5.0% | 4.1% |
| Buyback Yield | 3.6% | 4.6% | 9.3% | 0.0% | 0.7% | 0.0% | 2.3% | 0.1% | 0.4% | 0.9% | 1.0% |
| Total Shareholder Yield | 5.3% | 6.8% | 11.3% | 1.4% | 1.5% | 3.1% | 3.6% | 1.1% | 1.7% | 1.9% | 2.5% |
| Shares Outstanding | — | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UTMD stock.
Utah Medical Products, Inc.'s current P/E ratio is 21.6x. The historical average is 16.8x. This places it at the 80th percentile of its historical range.
Utah Medical Products, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.7x.
Utah Medical Products, Inc.'s return on equity (ROE) is 9.5%. The historical average is 22.5%.
Based on historical data, Utah Medical Products, Inc. is trading at a P/E of 21.6x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Utah Medical Products, Inc.'s current dividend yield is 1.70% with a payout ratio of 35.3%.
Utah Medical Products, Inc. has 57.1% gross margin and 29.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Utah Medical Products, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Shrinking revenue base pressure
Metrics are mathematically derived from official filings.
Low Forward Multiples Reflect Revenue Decline
Based on UTMD's reported figures, the trailing P/E of 20.76 compresses to a forward P/E of 11.49, implying the market expects earnings to rebound from current levels despite a roughly nine-quarter run of declining revenue.
The gap between trailing and forward P/E suggests analysts anticipate earnings recovery, yet the PEG of 6.05 signals that the market is pricing in growth far above what the recent top-line trajectory supports. The forward EV/EBITDA of 3.83 against a trailing 10.06 indicates the forward estimates may be aggressive relative to the reported quarterly contraction. Investors should monitor whether margin gains can offset continued sales erosion before treating the low forward multiple as evidence of undervaluation.
Margin Strength Masks Shrinking Sales Base
As reported in quarterly income statements, UTMD's gross margin reached 60.6% in 2026Q1, well above the 50.8% low in 2025Q2, even as revenue continued to contract year over year.
Operating margin held within a 26.6% to 33.4% band across the ten quarters, which suggests cost discipline has been effective at preserving unit economics during volume pressure. However, net margin of 32.3% in 2026Q3 sits near its ten-quarter high while absolute operating income is shrinking, so the ratio improvement is partly a function of a smaller denominator. Operating margin is a more reliable gauge of earning power here than net margin, which is affected by interest income on the large cash balance.
Returns Decaying as Equity Base Expands
Based on reported figures, UTMD's ROE fell from 2.9% in 2024Q3 to 2.3% in 2026Q3 and ROIC dropped from 7.4% to 2.6%, reflecting the drag of a cash-heavy asset base on returns.
The decline in ROIC from the mid-single-digit to low-single-digit range indicates that incremental capital is earning little, consistent with $85.2M of cash sitting against a business with contracting revenue. Returns are being diluted by the balance sheet composition rather than by any deterioration in operating margins. Investors should monitor whether management deploys this capital productively or whether returns continue to decay toward money-market-like levels.
Liquidity Far Exceeds Any Operating Need
According to the reported filings, UTMD's current ratio of 21.23 in 2026Q3 and quick ratio of 19.00 reflect liquidity that is extreme by any conventional standard, against total liabilities of only $5.2M.
A current ratio that has ranged from roughly 21 to nearly 49 across the period implies the company holds far more liquidity than working capital requires. Under severe stress the position would be essentially unconstrained, since the quick ratio remains near 19 even after excluding inventory. The more pertinent question is capital allocation efficiency, as the liquidity itself carries little risk but substantial opportunity cost.
Working Capital Cycle Lengthening Recently
Based on UTMD's reported quarterly figures, the cash conversion cycle expanded from 176 days in 2025Q2 to 247 days in 2026Q3, driven largely by a rising DIO and a shortening DPO.
Inventory days climbed from 157 to 238 over this span while payables days fell from 15 to 31, meaning the company is now carrying substantially more stock relative to cost of sales. The lengthening cycle is consistent with the recent working capital outflow noted in the cash flow analysis, though the causes cannot be isolated from the supplied data. Investors should monitor whether inventory build reflects deliberate positioning or slower sell-through amid declining revenue.
Misapplied Margin Metric Obscures Cash Earnings
Based on the reported figures, net margin is the ratio most commonly misapplied to UTMD, since it reached 32.3% in 2026Q3 partly through interest income on $85.2M of cash rather than operating performance.
Using net margin as a proxy for earning power overstates the economics of a business whose operating income is shrinking while its cash pile grows, so the headline profitability may appear stronger than underlying operations warrant. Operating margin combined with free cash flow margin, which ranged from 14.6% to 44.1% across the period, provides a cleaner view of the core business. Investors should monitor whether the recent gross margin retracement from 60.6% continues, as the bear case rests on margin durability rather than on the balance sheet.