LMAT
LeMaitre Vascular, Inc.
LMAT has the edge over NVO overall, supported by stronger valuation and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
LMAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
LMAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over LMAT in the historical PE scenario, which offers more potential upside but is not a forecast.
LMAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
LMAT has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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 has the edge over NVO on earnings, with stronger typical year-over-year growth.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over LMAT on profitability, with a higher operating margin.
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 has the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 the edge over NVO on shareholder dilution, with a more favorable share count trend.
| 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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
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 the edge over NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over LMAT on valuation relative to its sector.
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.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over LMAT on trend strength, trading above more of its moving averages.
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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.