CONMED Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CONMED Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	764	796	860	955	862	1,011	1,045	1,245	1,307	1,375
Cost of revenue	355	365	391	430	402	443	474	568	574	624
Gross profit	408	431	469	525	460	568	571	676	733	750
Research and development	32.3	32.3	42.2	45.5	40.5	43.6	47.2	52.6	54.4	55.9
Selling, general and administrative	338	352	356	400	374	415	454	503	478	592
General and administrative							96.1	111	117	132
Operating expenses	371	384	398	446	414	458	501	556	533	648
Operating income	37.7	46.9	71.3	79.1	46	110	70.1	121	200	103
Interest expense	15.4	18.2	20.7	42.7	44.1	35.5	28.9	39.8	37.3	31.1
Pre-tax income	19.4	28.7	50.7	31.2	1.6	73.1	-70.9	80.8	163	71.1
Income tax	4.71	-26.8	9.8	2.61	-7.91	10.6	9.72	16.4	30.6	24.1
Net income	14.7	55.5	40.9	28.6	9.52	62.5	-80.6	64.5	132	47.1
EBITDA	58.2	67	89.8	97.8	64.1	126	86.1	137	217	120
EPS, basic	0.53	1.99	1.45	1.01	0.33	2.14	-2.68	2.10	4.29	1.52
EPS, diluted	0.52	1.97	1.41	0.97	0.32	1.94	-2.68	2.04	4.25	1.51
Shares, basic (weighted)	27.8	27.9	28.1	28.3	28.6	29.2	30	30.7	30.8	31
Shares, diluted (weighted)	28	28.2	28.9	29.5	29.5	32.2	30	31.5	31.2	31.1
Dividend per share	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.4	32.6	17.5	25.9	27.4	20.8	28.9	24.3	24.5	40.8
Receivables	148	167	182	189	177	184	191	242	238	248
Inventory	136	141	155	165	195	232	332	318	347	356
Other current assets	19	15.7	20.7	17.8	17.3	23.8	28.6	30.8	31.1	28.7
Total current assets	331	357	374	397	417	460	581	616	640	673
Property, plant and equipment	122	116	113	119	111	109	116	121	116	113
Lease right-of-use assets				23.1	21.7	19.4	17.7	16.6	39.8	49
Goodwill	398	402	400	618	618	618	815	807	805	807
Intangible assets	420	415	413	533	502	471	682	649	618	582
Other non-current assets		68.1	67.9	108	104	98.8	93.9	96.1	116	150
Total assets	1,329	1,358	1,369	1,775	1,752	1,766	2,298	2,300	2,306	2,326
Accounts payable	41.6	42	53.5	56	53.3	58.2	73.4	88.2	102	93.6
Accrued liabilities	32	34.3	42.9	53.7	50.2	60.5	54.7	70.1	65.4	82.1
Short-term debt	10.2	14.7	18.3	13.6	18.4	12.2	69.7	0.71	0.72	0.71
Total current liabilities	114	150	161	188	190	197	297	311	278	315
Long-term debt	488	472	439	755	735	672	985	973	905	834
Lease liabilities				17.1	14.8	12.7	11.8	9.9	33.3	43.9
Other non-current liabilities	27	27.1	26.3	46.8	59.3	43	204	121	86.3	63.9
Total liabilities	748	727	707	1,065	1,043	981	1,552	1,466	1,344	1,293
Total debt	498	486	457	769	754	685	1,055	974	906	835
Paid-in capital	329	334	342	379	383	397	413	447	477	503
Retained earnings	407	440	465	471	457	497	413	453	560	589
Treasury stock	-97.4	-93.7	-88.9	-80.7	-67.6	-54.1	-22.8	-15	-15.6	-12.9
Other comprehensive income	-58.5	-49.1	-55.7	-59.3	-63.7	-54.2	-57.9	-50.2	-58.9	-46.3
Shareholders' equity	581	631	662	710	709	785	746	834	963	1,033
Total equity	581	631	662	710	709	785	746	834	963	1,033
Total liabilities and equity	1,329	1,358	1,369	1,775	1,752	1,766	2,298	2,300	2,306	2,326

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.7	55.5	40.9	28.6	9.52	62.5	-80.6	64.5	132	47.1
Depreciation and amortization	20.5	20.1	18.5	18.7	18	16.5	16.1	16.2	16.6	17.1
Stock-based compensation	8.38	8.47	10	11.8	13.1	16.3	21.7	24.3	25.6	28.3
Deferred income tax	-2.87	-40	2.06	-6.31	-14.2	3.01	-6.04	0.7	12.2	3.52
Change in receivables	-6.38	-13.6	-17.5	-13.9	13.9	-9.16	-5.2	-47.1	-1.62	-2.36
Change in inventory	3.1	-3.93	-15	-0.12	-30.4	-37.8	-78.6	14.1	-31.6	-6.73
Change in payables	2.09	-0.29	12.1	0.04	-2.98	4.89	13.3	14.8	14.7	-9.75
Cash from operations	39.9	65.6	74.7	95.1	64.5	112	33.4	125	167	171
Capital expenditures	-14.8	-12.8	-16.5	-20.1	-13	-14.9	-21.8	-19	-13.1	-19.8
Acquisitions						0	-228	0	0
Cash from investing	-266	-29.1	-16.5	-388	-13.6	-14.9	-250	-20	-13.1	-21
Debt issued	175	0	0	265	0	52.4	0	0	0	25.2
Debt repaid	-8.75	-8.75	-13.1	-154	-13.3	-66.7	-93	-20	0	-99.8
Stock issued	0	1	3.5	7.7	13.7	19.6	8.9	16.2	3.4	0.2
Share buybacks	0
Dividends paid	-22.2	-22.3	-22.4	-22.6	-22.8	-23.3	-24	-24.5	-24.7	-24.7
Cash from financing	183	-34.9	-72.3	301	-52.1	-102	225	-110	-151	-136
Exchange rate effect	-1.48	3.56	-1.04	-0.01	2.67	-1.87	-0.74	0.47	-2.72	2.45
Net change in cash	-45.1	5.19	-15.1	8.35	1.5	-6.51	8.1	-4.65	0.16	16.4
Free cash flow	25.1	52.7	58.2	75.1	51.5	96.9	11.6	106	154	151
Interest paid	13.8	16.2	19.7	27.3	30.4	21.8	26.1	33.7	32.7	25.4
Income taxes paid	9.59	8.87	11	10.6	9.12	8.56	9.07	19.5	16.6	21

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $45.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.6%	Gross profit / revenue.
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	8.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.2%	Pre-tax income / revenue.
Net margin	3.4%	Net income / revenue.
FCF margin	11.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	33.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	3.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.1%	Research and development expense / revenue.
SG&A / revenue	43.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-48.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-44.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-64.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	37.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-64.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	36.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	72.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	135.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-9.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-5.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	0.92x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.81x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.9%	Total debt / total assets.
Liabilities / assets	55.6%	Total liabilities / total assets.
Net debt	$794.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.30x	Operating income / interest expense.
Working capital	$357.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	59.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$356.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	12.0x	Revenue / average property, plant and equipment.
Inventory turnover	1.78x	Cost of revenue / average inventory.
Days inventory	205 days	365 x average inventory / cost of revenue.
Receivables turnover	5.66x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	212 days	Days inventory + days sales outstanding - days payables.
FCF conversion	320.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.52	Net income per basic share, as reported (split-adjusted).
Revenue per share	$44.13	Revenue / diluted weighted shares.
FCF per share	$4.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.48	Cash from operations / diluted weighted shares.
Book value per share	$33.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$11.43	Tangible book value / shares outstanding.
Cash per share	$1.31	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.60	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	52.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.36B	Share price x shares outstanding.
Enterprise value	$2.15B	Market cap + total debt - cash - short-term investments.
P/E	28.9x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	1.32x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.01x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.96x	Market cap / cash from operations, when positive.
EV/Sales	1.57x	Enterprise value / revenue.
EV/EBIT	21.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.1%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was CONMED Corp's revenue in fiscal 2025?

CONMED Corp reported revenue of $1.37B for fiscal 2025, 5.2% higher than the year before.

Was CONMED Corp profitable in fiscal 2025?

Yes. Net income was $47.1M, a net margin of 3.4%.

How much free cash flow did CONMED Corp generate in fiscal 2025?

Cash from operations of $170.7M minus capital expenditures of $19.8M left free cash flow of $150.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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