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Maker of niche devices for peripheral vascular surgery, including grafts, catheters, valvulotomes and shunts.
Maker of niche devices for peripheral vascular surgery, including grafts, catheters, valvulotomes and shunts.
Sells mostly through its own direct sales force to vascular surgeons rather than through distributors, which keeps the relationship and the price. Revenue is spread across many small product lines, and buying small product lines from other companies to push through its salespeople is a regular part of the model.
Moat: narrow (brand, distribution, installed base). Long-standing niche brand across many small vascular-surgery product lines with limited direct competition per product.
Headquarters: Burlington, Massachusetts · Founded: 1983 · Employees: 655
Size LeMaitre Vascular (LMAT) is a United States Health Care company (Medical Specialties) with a market value of $1.85B, the 1851st largest of 3,117 United States companies the cockpit tracks. Shares closed at $80.89 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 11.8% over the last twelve months (peer median +10.6%); the operating margin is 29.5% (peer median 10.9%).
Valuation It trades at 26.2× forward earnings against a peer median of 38.8× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.6 points above its cost of capital (7.2% WACC).
Credit LeMaitre Vascular has 1 bond outstanding ($172M).
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $262M | $250M | $220M | $193M | $162M |
| Revenue growth | — | +14% | +14% | +20% | — |
| Gross profit | $187M | $173M | $145M | $121M | $98.7M |
| EBITDA | $87.8M | $78.3M | $62.0M | $46.6M | $39.2M |
| Net income | $65.7M | $57.7M | $44.0M | $30.1M | $20.6M |
| Free cash flow | $73.8M | $74.5M | $37.2M | $29.5M | $22.1M |
| Capital expenditure | $9.15M | $6.78M | $6.96M | $7.26M | $3.23M |
| Total debt | $190M | $186M | $186M | $19.1M | $16.6M |
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 |
|---|---|---|---|---|---|---|
| LeMaitre Vascular LMAT | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Getinge GETI-B.ST | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% |
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 | LMAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | -0.5% | 9th highest of 21 |
| 6-month return | -25.1% | -4.2% | 3rd lowest of 21 |
| Distance from 52-week high | -31.4% | -28.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +11.8% | +10.6% | 10th highest of 21 |
| Operating margin | 29.5% | 10.9% | 2nd highest of 21 |
| Forward P/E | 26.2× | 38.8× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 13.2% | 5th least demanding of 15 |
| Growth delivered (Del g) | +14.0% | +10.9% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -11.2 pp | -4.9 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +20.6 pp | -1.3 pp | 3rd highest of 21 |
| EV / EBITDA | 18.8× | 13.7× | 6th most expensive of 12 |
| Net debt / EBITDA | -2.1× | -0.9× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
LeMaitre Vascular has 1 bond outstanding with $172M face value.