Lemaitre Vascular (LMAT) AI Stock Analysis

• Market Cap: $2.56B
• Dividend Yield: 0.95%
• Average Volume (3M): 223.15K
• Price to Earnings (P/E): 31.8
• Beta (1Y): 0.70
• Revenue Growth: 13.07%
• EPS Growth: 27.98%
• Country: US
• Employees: 651
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.68
• Shares Outstanding: 22,778,362
• 10 Day Avg. Volume: 219,979
• 30 Day Avg. Volume: 223,149
• PEG Ratio: 1.06
• Price to Book (P/B): 4.67
• Price to Sales (P/S): 7.36
• P/FCF Ratio: 24.65
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 10.77
• Enterprise Value/Gross Profit: 15.06
• Enterprise Value/Ebitda: 29.61
• 1Y Price Target: $111.86
• Price Target Upside: -0.33% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 2.58
• Revenue Forecast (FY): $278.99M

• Rating: 78 Outperform
• Price Target: $123.00 ▲(9.60% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven primarily by strong financial performance (high margins and cash generation) and constructive earnings-call guidance with shareholder-return actions. Technicals also support the rating with strong trend and momentum, though the stock appears extended. The main offset is valuation, with a high P/E and a modest dividend yield increasing the bar for continued growth execution.

Positive Factors

High margins & cash generation

LeMaitre’s strong cash generation and close FCF-to-earnings conversion in 2025 indicate durable earnings quality and internally fundable growth. High free cash flow supports reinvestment, sustained dividend increases and buybacks, and buffers the business versus cyclical surgical volumes.

Successful product launches (Artegraft)

Artegraft’s rapid uptake and expanded TAM materially increase addressable market and diversify revenue beyond legacy grafts. Broad approvals and international traction create a multi-year growth runway, supporting durable unit demand and higher ASPs as the product scales across geographies.

Disciplined capital allocation

Consistent dividend increases plus a sizable buyback reflect strong free cash flow convertibility and shareholder-focused allocation. This discipline signals management confidence, limits equity dilution, and can sustainably enhance per-share earnings if cash flows remain resilient.

Negative Factors

Rising leverage

A meaningful step-up in debt materially reduces balance-sheet flexibility versus prior years. Higher leverage increases interest and refinancing risk, constrains capacity for opportunistic M&A or unexpected cash needs, and magnifies downside if operating cash flow weakens.

Price-dependent growth; modest unit gains

A sizable portion of recent revenue expansion came from pricing rather than unit volume, which is less durable. Hospitals and payors can push back on price increases, and sustained market share gains require stronger unit adoption across procedures and geographies.

Execution & regulatory timing risks

Manufacturing consolidation and facility transfers create execution risk, near-term margin pressure and elevated CapEx needs. Combined with regulatory timing delays cited elsewhere, these operational initiatives could delay expected synergies and temporarily strain cash flow and margins.

Lemaitre Vascular Business Overview & Revenue Model

Company Description

LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries or veins; occlusion catheters that temporarily occlude the blood flow; perfusion catheters to perfuse the blood and other fluids into the vasculature; and thrombectomy catheters, which features a silicone balloon for removing thrombi in the venous system. The company also provides carotid shunts that temporarily shunt the blood to the brain during the removal of plaque from the carotid artery in a carotid endarterectomy surgery; and radiopaque tape, a medical-grade tape applied to the skin that enables interventionists to cross-refer between the inside and the outside of a patient's body, and allows them to locate tributaries or lesions beneath the skin. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc. was incorporated in 1983 and is headquartered in Burlington, Massachusetts.

How the Company Makes Money

LeMaitre Vascular generates revenue through the sale of its medical devices and surgical products, which are essential for vascular surgeries. The company has multiple key revenue streams, including sales of its proprietary vascular grafts, which are used in bypass surgeries, and various specialty products that assist in surgical procedures. The company also earns income from licensing agreements and collaborations with other healthcare providers and organizations. Significant partnerships with hospitals and surgical centers further enhance its market reach, while ongoing investments in research and development help introduce innovative products that drive sales growth.

Lemaitre Vascular Financial Statement Overview

Summary

Strong profitability and cash generation (high gross/net margins and robust free cash flow) support a high score, but the sharp increase in debt in 2024–2025 reduces balance-sheet flexibility and keeps the score below top-tier.

Income Statement

Revenue has grown steadily over the last several years (from $129M in 2020 to $250M in 2025), with 2025 showing mid-single-digit growth. Profitability is a standout: 2025 gross margin (~71.5%) and net margin (~23.1%) are strong and have improved versus prior years, alongside expanding operating profitability. The main weakness is that growth has been uneven year-to-year (notably softer in 2024 and 2025 versus 2023), which adds some uncertainty to the forward trajectory.

Balance Sheet

The company has built equity consistently (to ~$394M in 2025) and generates a solid return on equity (~14.7% in 2025). However, leverage increased meaningfully: total debt rose sharply from ~19M in 2023 to ~186M in 2024–2025, lifting debt relative to equity (debt-to-equity ~0.47 in 2025). While the balance sheet is not over-levered, the step-up in debt reduces financial flexibility compared with earlier years.

Cash Flow

Cash generation is strong and improving: 2025 operating cash flow was ~$81M and free cash flow ~$74M, with healthy free-cash-flow growth (~12.4% in 2025). Free cash flow closely tracks reported earnings (free cash flow is ~0.92x net income in 2025), supporting earnings quality. A watch item is that cash flow coverage of earnings has fluctuated over time (though 2025 is very strong), indicating some variability in cash conversion year-to-year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	249.60M	219.86M	193.48M	161.65M	154.42M
Gross Profit	178.54M	150.90M	127.05M	104.90M	101.38M
EBITDA	90.79M	66.75M	48.99M	36.92M	45.98M
Net Income	57.73M	44.04M	30.11M	20.64M	26.91M
Balance Sheet
Total Assets	615.69M	551.82M	346.78M	310.48M	292.80M
Cash, Cash Equivalents and Short-Term Investments	359.12M	299.72M	105.07M	82.69M	69.96M
Total Debt	185.59M	185.69M	19.09M	16.60M	15.94M
Total Liabilities	222.17M	214.53M	48.88M	42.27M	38.65M
Stockholders Equity	393.52M	337.29M	297.90M	268.20M	254.15M
Cash Flow
Free Cash Flow	74.47M	37.16M	29.49M	22.15M	30.22M
Operating Cash Flow	81.25M	44.12M	36.75M	25.38M	35.10M
Investing Cash Flow	-64.94M	-200.12M	-24.71M	-10.37M	-61.08M
Financing Cash Flow	-14.54M	158.10M	-7.13M	-9.23M	13.70M

Lemaitre Vascular Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 112.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMAT, the sentiment is Positive. The current price of 112.23 is above the 20-day moving average (MA) of 103.37, above the 50-day MA of 92.72, and above the 200-day MA of 88.06, indicating a bullish trend. The MACD of 5.48 indicates Negative momentum. The RSI at 71.35 is Negative, neither overbought nor oversold. The STOCH value of 76.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMAT.

Lemaitre Vascular Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LMAT	78 Outperform	$2.56B	31.80	15.58%	0.95%	13.07%	27.98%
BLFS	64 Neutral	$937.02M	-95.19	-3.40%	―	-18.82%	92.56%
ATRC	60 Neutral	$1.47B	-165.01	-2.43%	―	15.80%	26.94%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANGO	51 Neutral	$441.44M	-21.14	-15.31%	―	2.73%	87.03%
OSUR	51 Neutral	$206.00M	-2.59	-18.58%	―	-43.95%	-620.21%
STAA	46 Neutral	$883.80M	-14.54	-23.24%	―	-32.42%	-540.37%