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Maker of surgical devices and equipment for orthopedic and general surgery, including arthroscopy and powered surgical instruments.
Maker of surgical devices and equipment for orthopedic and general surgery, including arthroscopy and powered surgical instruments.
Sells equipment such as arthroscopy towers and power consoles to hospitals and surgery centres, then earns again on the single-use blades, scopes and accessories used in every case, so procedure volumes drive results more than equipment sales. Surgeon preference for familiar instruments helps hold the base.
Moat: narrow (brand, installed base, switching costs). Established surgical brand with installed capital equipment base creating recurring disposables revenue.
Headquarters: Largo, Florida · Founded: 1970 · Employees: 3,900
Size CONMED (CNMD) is a United States Health Care company (Medical Specialties) with a market value of $1.53B, the 1977th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.50 on 6 Nov 2026.
Performance Over six months the shares gained 40.1%, against +2.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +8.8%); the operating margin is 1.6% (peer median 12.6%).
Valuation It trades at 11.1× forward earnings against a peer median of 22.7× (2nd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.1 points below its cost of capital (8.0% WACC).
Credit CONMED has 1 bond outstanding ($155M).
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.37B | $1.37B | $1.30B | $1.24B | $1.03B |
| Revenue growth | — | +6% | +5% | +20% | — |
| Gross profit | $615M | $725M | $695M | $643M | $528M |
| EBITDA | $76.0M | $193M | $216M | $182M | $133M |
| Net income | $73.4M | $47.1M | $132M | $64.5M | -$80.6M |
| Free cash flow | $133M | $151M | $154M | $106M | $11.6M |
| Capital expenditure | $13.6M | $19.8M | $13.1M | $19.0M | $21.8M |
| Total debt | $816M | $887M | $947M | $991M | $1.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CONMED CNMD | $1.53B | +40% | +2% | 2% | 11.1× | 32.4% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Zimmer Biomet ZBH | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CNMD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +2.8% | 6th highest of 21 |
| 6-month return | +40.1% | +2.4% | 3rd highest of 20 |
| Distance from 52-week high | -6.0% | -21.2% | highest of 21 |
| Revenue growth (TTM) | +1.9% | +8.8% | 5th lowest of 21 |
| Operating margin | 1.6% | 12.6% | 5th lowest of 21 |
| Forward P/E | 11.1× | 22.7× | 2nd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 32.4% | 12.5% | most demanding of 14 |
| Growth delivered (Del g) | +9.8% | +16.5% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +22.6 pp | -0.5 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -7.1 pp | +1.5 pp | 4th lowest of 21 |
| EV / EBITDA | 30.3× | 11.8× | 3rd most expensive of 10 |
| Net debt / EBITDA | 10.1× | 0.8× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CONMED CNMD | United States | $1.53B | +40% | +2% | 2% | 11.1× | 32.4% | +9.8% |
| NovoCure NVCR | United States | $1.55B | -26% | +13% | -17% | n/a | n/a | n/a |
| NIPRO 8086.T | Japan | $1.55B | -9% | +3% | 6% | 14.9× | n/a | n/a |
| Enovis ENOV | United States | $1.57B | +2% | +5% | 3% | 7.7× | 22.3% | -6.0% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| Beijing Balance Medical Technology 688198.SS | China | $1.47B | -26% | +10% | 28% | 46.6× | 22.6% | +27.6% |
| Suzhou Sepax Technologies 688758.SS | China | $1.45B | +19% | +28% | 40% | 50.8× | 24.7% | +23.6% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| El.En ELN.MI | Italy | $1.44B | +11% | +3% | 15% | 21.8× | 9.8% | +7.7% |
| Ovctek China 300595.SZ | China | $1.42B | -26% | 0% | 28% | 20.8× | 9.9% | +16.5% |
| Nakanishi 7716.T | Japan | $1.42B | +8% | +15% | 19% | 16.3× | 2.2% | +19.7% |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| Sonoscape Medical 300633.SZ | China | $1.42B | -8% | +18% | 4% | 36.8× | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Sansure Biotech 688289.SS | China | $1.36B | -8% | -1% | 1% | 39.0× | n/a | n/a |
CONMED has 1 bond outstanding with $155M face value.