LMAT
LeMaitre Vascular, Inc.
LMAT's fundamentals are strong and it looks cheap: trading at 28x earnings, below its usual 43x. Analysts expect earnings growth.
LMAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
LMAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
LMAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $77.65 | — |
| Current | 28x | $77.65 | — |
| Cheap | 35x | $97.74 | +26% |
| Fair | 43x | $118 | +52% |
| Expensive | 52x | $143 | +85% |
Historical ranges are pointers, not guarantees.
LMAT's PE is in its cheap range at 28x. If earnings grow as analysts expect, today's price would be 25x next year's earnings.
LMAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for LMAT, with profitability holding steady.
LMAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.08 | +12% |
| Q3 2026 | $2.76 | +19% |
| Q2 2026 | $2.86 | +40% |
| Q1 2026 | $2.72 | +38% |
| Q4 2025 | $2.52 | +31% |
| Q3 2025 | $2.31 | +26% |
| Q2 2025 | $2.05 | +23% |
| Q1 2025 | $1.97 | +30% |
| Q4 2024 | $1.93 | +44% |
LMAT's earnings per share have climbed steadily: $2.76 over the past year, up 19% from the year before, and higher year over year for 14 quarters in a row.
LMAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $68M | +11% |
| Q2 2026 | $70.4M | +9.6% |
| Q1 2026 | $66.6M | +11% |
| Q4 2025 | $64.5M | +16% |
| Q3 2025 | $61M | +11% |
| Q2 2025 | $64.2M | +15% |
| Q1 2025 | $59.9M | +12% |
| Q4 2024 | $55.7M | +14% |
LMAT's revenue has grown year over year every quarter since late 2020: $68M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -7.2 points |
| Q2 2026 | 29% | +3.9 points |
| Q1 2026 | 27% | +5.6 points |
| Q4 2025 | 29% | +6.1 points |
| Q3 2025 | 33% | +9.3 points |
| Q2 2025 | 25% | -0.6 points |
| Q1 2025 | 21% | -1.1 points |
| Q4 2024 | 23% | +2.2 points |
LMAT's operating margin was 26% last quarter, down 7.2 points from the same quarter a year ago.
LMAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $19.7M | -26% |
| Q2 2026 | $13.7M | -28% |
| Q1 2026 | $12.3M | +61% |
| Q4 2025 | $21.4M | +63% |
| Q3 2025 | $26.5M | +111% |
| Q2 2025 | $18.9M | +145% |
| Q1 2025 | $7.7M | +107% |
| Q4 2024 | $13.1M | +39% |
LMAT's free cash flow has been positive every quarter for seven years: $67M over the past year, up 1.2% from the year before.
LMAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -6% | -1.5M shares |
| 1 year | -5.4% | -1.3M shares |
| 3 years | +2.6% | +590K shares |
| 5 years | +5.2% | +1.1M shares |
| Available history | +14% | +2.7M shares |
LMAT has 23M diluted shares, down 5.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $17,000 |
| Q1 2026 | $460,000 |
| Q4 2025 | $1.2M |
| Q3 2025 | — |
| Q2 2025 | $4,000 |
| Q1 2025 | $601,000 |
| Q4 2024 | $1.4M |
LMAT has spent almost nothing on buybacks in the past year.
LMAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.4x | Net Cash |
| Q3 2025 | -0.4x | Net Cash |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
LMAT has more cash than debt.
LMAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 7.0 | Oversold |
LMAT's weekly RSI is 37 (neutral) and its Stochastic is 7 (oversold).
LMAT PE vs Healthcare Sector
| Metric | LMAT | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 26x | 8.8% above |
| PE % | 3 | 29 | 26 pts below |
LMAT is trading at 28x earnings, in line with the Healthcare sector's median of 26x.
LMAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.7 | 3.8% below |
| 20 week MA | $85.8 | 9.5% below |
| 50 week MA | $92.4 | 16% below |
| 100 week MA | $90.2 | 14% below |
| 200 week MA | $79.0 | 1.7% below |
LMAT is in a downtrend: it's below all five of its weekly moving averages, and 1.7% below its 200-week average.
LMAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.2 | $38.4 | +6.1% |
| 2021 | $38.4 | $51.5 | +34% |
| 2022 | $51.5 | $45.8 | -11% |
| 2023 | $45.8 | $56.8 | +24% |
| 2024 | $56.8 | $92.8 | +64% |
| 2025 | $92.8 | $83.8 | -9.8% |
| 2026 YTD | $83.8 | $77.7 | -7.3% |
LMAT has finished higher in four of the last six years. It's down 7.3% so far in 2026.