Lemaitre Vascular (LMAT)
NASDAQ:LMAT
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Lemaitre Vascular
(NASDAQ:LMAT)
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Rating:78Outperform
Price Target:
$123.00
▲(10.17% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Lemaitre Vascular (LMAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.62B
Dividend Yield0.95%
Average Volume (3M)233.21K
Price to Earnings (P/E)31.8
Beta (1Y)0.72
Revenue Growth13.07%
EPS Growth27.98%
CountryUS
Employees651
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.68
Shares Outstanding22,778,362
10 Day Avg. Volume163,912
30 Day Avg. Volume233,212
Financial Highlights & Ratios
PEG Ratio1.06
Price to Book (P/B)4.67
Price to Sales (P/S)7.36
P/FCF Ratio24.65
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue10.82
Enterprise Value/Gross Profit15.13
Enterprise Value/Ebitda29.75
Forecast
1Y Price Target
$111.86Price Target Upside0.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.89
Revenue Forecast (FY)$278.99M
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 vess...
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 ...
Lemaitre Vascular Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, substantial margin expansion, robust cash generation and confident 2026 guidance while highlighting a successful product launch (Artegraft) and continued geographic expansion. The principal negatives were manageable: a January cyber incident (contained), short-term costs from manufacturing consolidation and a few regulatory timing delays. Overall, the positive operational results, healthy cash position, shareholder returns (buyback and increased dividend), and constructive guidance outweigh the listed challenges.Positive Updates
Strong Q4 and FY2025 Revenue Growth
Q4 sales grew 16% year-over-year; Q4 organic revenue growth was 15% (9% price, 6% units). Full-year 2025 organic revenue growth was 14% (9% price, 5% units). Geographic strength: EMEA +29% in Q4, APAC +20%, Americas +10%.
Negative Updates
January 2026 Cyber Incident
A cyber incident in January 2026 affected certain systems and data. Management reported secure restoration of critical systems, minimal disruption to sales and manufacturing, belief of adequate insurance coverage, and that estimated impact is reflected in 2026 guidance; review remains ongoing.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 and FY2025 Revenue Growth
Q4 sales grew 16% year-over-year; Q4 organic revenue growth was 15% (9% price, 6% units). Full-year 2025 organic revenue growth was 14% (9% price, 5% units). Geographic strength: EMEA +29% in Q4, APAC +20%, Americas +10%.
Read all positive updates
Company Guidance
LeMaitre guided full‑year 2026 revenue of $280.0 million (organic growth ~12%), gross margin of 72.1% (≈170 bps improvement vs. 2025), operating income of $77.8 million (adjusted op income growth +21%), and EPS of $2.91 (adjusted EPS growth +22%); they expect to sell about $10 million of Artegraft internationally in 2026 (contributing roughly $6 million of incremental sales), to finish 2026 with ~170–180 sales reps (up from 160 at year‑end 2025), to incur CapEx of approximately $11 million for the RestoreFlow transfer and a new 34,000 sq ft warehouse, and to assume a constant EUR/USD of $1.18 and a 4% yield on invested cash — guidance already reflects the estimated impact of the January cyber incident and is accompanied by a new $100 million share‑repurchase program and a Q1 2026 dividend of $0.25 per share (a 25% increase).Lemaitre Vascular Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
63
Positive
Cash Flow
83
Very Positive
| 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
Positive
111.65
Price Trends
103.52
Positive
93.84
Positive
91.06
Positive
Market Momentum
2.83
Positive
55.00
Neutral
69.59
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 111.65 is above the 20-day moving average (MA) of 110.64, above the 50-day MA of 103.52, and above the 200-day MA of 91.06, indicating a bullish trend. The MACD of 2.83 indicates Positive momentum. The RSI at 55.00 is Neutral, neither overbought nor oversold. The STOCH value of 69.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMAT.
Lemaitre Vascular Risk Analysis
Lemaitre Vascular disclosed 35 risk factors in its most recent earnings report. Lemaitre Vascular reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lemaitre Vascular Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.62B | 31.80 | 15.58% | 0.95% | 13.07% | 27.98% | |
64 Neutral | $1.02B | -95.19 | -3.40% | ― | -18.82% | 92.56% | |
60 Neutral | $1.46B | -165.01 | -2.43% | ― | 15.80% | 26.94% | |
58 Neutral | $427.24M | -14.72 | -17.65% | ― | 2.73% | 87.03% | |
52 Neutral | $1.22B | -14.54 | -23.24% | ― | -32.42% | -540.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $223.97M | -2.59 | -18.58% | ― | -43.95% | -620.21% |
* Healthcare Sector Average
LMAT
Lemaitre Vascular
111.65
26.15
30.59%
ANGO
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STAA
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24.62
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BLFS
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20.85
-1.06
-4.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.