LEMAITRE VASCULAR INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LEMAITRE VASCULAR INC 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	89.2	101	106	117	129	154	162	193	220	250
Cost of revenue	26.2	30.2	31.6	37.4	44.7	53	56.8	66.4	69	71.1
Gross profit	62.9	70.7	73.9	79.9	84.6	101	105	127	151	179
Research and development	6.14	6.64	8.2	9.28	10.1	11.8	13.3	17	15.7	14.1
Selling and marketing	26.1	25.9	27.3	30.3	23.7	27.7	32.9	41.1	46.7	54.5
General and administrative	14.4	17	17.7	19.1	22.5	25.5	28.7	31.8	36.3	42
Operating expenses	46.6	49.6	45.7	58.7	55.8	65	78.1	90.3	98.6	111
Operating income	16.3	21.1	28.2	21.2	28.8	36.4	26.8	36.7	52.3	67.9
Interest expense	0.01	0.02	0	0	1.31	2.22	0	0	0.21	5.18
Interest income	0.08	0.18	0.63	0.7	0.21	0.2	0.99	3.08	4.95	13.1
Other non-operating income					-0.33	-0.12	-0.33	-0.31	-0.13	-0.64
Pre-tax income	16.2	21.1	28.4	21.7	27.4	34.3	27.5	39.5	56.9	75.2
Income tax	5.65	3.93	5.5	3.75	6.14	7.38	6.85	9.37	12.8	17.5
Net income	10.6	17.2	22.9	17.9	21.2	26.9	20.6	30.1	44	57.7
EBITDA	19.9	25.2	32.5	26.6	37.2	47.5	36.3	46.2	61.9	78.3
EPS, basic	0.57	0.91	1.18	0.91	1.05	1.27	0.94	1.36	1.96	2.55
EPS, diluted	0.55	0.86	1.13	0.88	1.04	1.25	0.93	1.34	1.93	2.52
Shares, basic (weighted)	18.5	19	19.4	19.8	20.2	21.2	22	22.2	22.5	22.6
Shares, diluted (weighted)	19.2	20	20.2	20.3	20.5	21.5	22.2	22.4	22.8	22.9
Dividend per share	0.18	0.22	0.28	0.34	0.38	0.44	0.50	0.56	0.64	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.3	19.1	26.3	11.8	26.8	13.9	19.1	24.3	25.6	28.2
Short-term investments					0.21	56.1	63.6	80.8	274	331
Receivables	13.2	15	15.7	16.6	19.6	19.6	22	25.1	30.1	33.6
Inventory	19.6
Other current assets	1.97	2.61	2.92	3.31	2.62	4.19	6.73	6.38	7.48	5.08
Total current assets	59	80.3	94	92.1	94.3	140	162	195	402	468
Property, plant and equipment	8.01	12.4	14.1	14.9	15	17.1	17.9	21.8	24.8	27
Lease right-of-use assets				15.2	16.1	15.1	15.6	18	16.8	15.8
Goodwill	23.4	23.8	29.9	40	65.9	65.9	65.9	65.9	65.9	65.9
Intangible assets	9.9	8.23	13.7	24.9	58.9	52.7	46.5	41.7	35.8	33.1
Other non-current assets	0.16	0.18	0.19	0.26	0.91	0.57	0.99	3.74	4.87	4.91
Total assets	102	126	153	188	253	293	310	347	552	616
Accounts payable	1.22	1.54	1.73	2.6	2.39	2.34	2.9	3.73	1.76	3.65
Accrued liabilities	8.8	9.77	15.8	14	17.5	16.3	20	23.7	24.7	29.4
Deferred revenue			0.55
Total current liabilities	10.5	13.2	19.8	20.9	25.1	21.8	25.3	29.9	30.6	36.3
Lease liabilities				14	14.8	14.1	14.7	16.6	15.2	14
Other non-current liabilities	2	1.19	2.61	4.22	4.64	2.7	2.17	2.27	0.83	1.47
Total liabilities	14.4	16.6	22.9	40.2	80.2	38.7	42.3	48.9	215	222
Paid-in capital	85.4	93.1	98.4	106	115	182	189	201	214	228
Retained earnings	15.3	28.3	45.8	57	70.6	88.1	97.8	115	145	185
Treasury stock	-8.83	-9.61	-10.3	-11	-11.6	-12.4	-13	-13.9	-15.6	-17.4
Other comprehensive income	-4.58	-2.29	-3.9	-4.01	-1.53	-3.44	-6.03	-4.63	-6.18	-2.41
Shareholders' equity	87.5	110	130	148	173	254	268	298	337	394
Total equity	87.5	110	130	148	173	254	268	298	337	394
Total liabilities and equity	102	126	153	188	253	293	310	347	552	616
Shares outstanding									22.5	22.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.6	17.2	22.9	17.9	21.2	26.9	20.6	30.1	44	57.7
Depreciation and amortization	3.59	4.06	4.32	5.42	8.4	11.1	9.43	9.52	9.61	10.4
Stock-based compensation	1.68	2.26	2.35	2.64	3.02	3.48	4.17	5.32	6.57	7.83
Deferred income tax	0.14	0.3	-2.15	0.82	-0.33	0.08	-0.18	0.78	-0.45	2.31
Change in receivables	-0.92	-1.51	-1.28	-1.3	-0.94	-0.82	-3.53	-3.14	-6.42	-2.95
Cash from operations	16.9	22.9	19.5	14.2	34.8	35.1	25.4	36.8	44.1	81.3
Capital expenditures	-2.84	-6.42	-3.05	-3.76	-2.98	-4.88	-3.23	-7.27	-6.96	-6.78
Acquisitions	-14.4		-12.3	-21.2	-72.6	0	0	-0.9	0	-1.9
Purchases of investments		-22.5	-19.6	-22.7	-2.21	-59.2	-8	-16.6	-278	-641
Sales and maturities of investments			20.5	23.6	22.9	3	0	0	84.8	585
Cash from investing	-17.2	-29	-7.06	-24.1	-52.9	-61.1	-10.4	-24.7	-200	-64.9
Stock issued	1.44	5.5	2.97	4.86	5.97	63.2	3.47	6.17	6.44	6.82
Share buybacks	-0.31	-0.78	-0.74	-0.68	-0.57	-0.8	-0.64	-0.85	-1.72	-1.82
Dividends paid	-3.32	-4.18	-5.45	-6.74	-7.7	-9.34	-11	-12.4	-14.4	-18.1
Cash from financing	-2.58	0.08	-4.42	-4.62	32.2	13.7	-9.23	-7.13	158	-14.5
Exchange rate effect	-0.27	0.82	-0.81	0.01
Net change in cash	-3.16	-5.19	7.22	-14.5	15	-12.9	5.28	5.14	1.34	2.63
Free cash flow	14.1	16.5	16.5	10.4	31.8	30.2	22.1	29.5	37.2	74.5
Income taxes paid	4.23	3.15	5.52	4.82	4.47	10.1	8.34	7.55	12.8	13.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $81.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.9%	Gross profit / revenue.
Operating margin	29.5%	Operating income / revenue.
EBITDA margin	33.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	32.3%	Pre-tax income / revenue.
Net margin	25.0%	Net income / revenue.
FCF margin	28.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.6%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.3%	Net income / average total assets.
Return on invested capital (ROIC)	15.2%	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	5.9%	Research and development expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.4%	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	16.1%	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	30.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	36.3%	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	18.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	26.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	29.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	31.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	40.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	30.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	39.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.4%	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	84.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	47.4%	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	18.5%	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	100.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	49.8%	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	18.5%	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	17.0%	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	16.1%	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	16.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	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	17.9%	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	11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.6%	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	19.5%	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	0.7%	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	1.1%	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	2.3%	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	16.3x	Current assets / current liabilities.
Quick ratio	13.8x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	12.6x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.4%	Total liabilities / total assets.
Interest coverage	14.9x	Operating income / interest expense.
Working capital	$458.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$323.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	8.87x	Revenue / average property, plant and equipment.
Receivables turnover	7.35x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
FCF conversion	112.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.68	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.
Revenue per share	$10.70	Revenue / diluted weighted shares.
FCF per share	$3.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.38	Cash from operations / diluted weighted shares.
Book value per share	$18.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.16	Tangible book value / shares outstanding.
Cash per share	$16.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	27.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.86B	Share price x shares outstanding.
Enterprise value	$1.49B	Market cap + total debt - cash - short-term investments.
P/E	28.4x	Market cap / net income. Only when net income is positive.
P/S	7.10x	Market cap / revenue.
P/B	4.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.76x	Market cap / tangible book value, when positive.
P/FCF	25.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.5x	Market cap / cash from operations, when positive.
EV/Sales	5.67x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LEMAITRE VASCULAR INC's revenue in fiscal 2025?

LEMAITRE VASCULAR INC reported revenue of $249.6M for fiscal 2025, 13.5% higher than the year before.

Was LEMAITRE VASCULAR INC profitable in fiscal 2025?

Yes. Net income was $57.7M, a net margin of 23.1%.

How much free cash flow did LEMAITRE VASCULAR INC generate in fiscal 2025?

Cash from operations of $81.3M minus capital expenditures of $6.8M left free cash flow of $74.5M.

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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