Lemaitre Vascular Inc. (LMAT) intrinsic value & 10-year financials
Lemaitre Vascular Inc. (LMAT) has a Graham intrinsic value of $83.70 per share. At $80.82 on Oct 17, 2026, the stock trades 3% below that value. Over the last 10 fiscal years revenue grew 12.1% a year to $249.6M, with an average return on invested capital of 13.4%.
- Graham intrinsic value
- $83.70
- Share price (Oct 17, 2026)
- $80.82
- Price vs Graham value
- 3% below
- Market cap
- $1.9B
- Revenue (FY2025)
- $249.6M
- Revenue growth (10-yr CAGR)
- 12.1%
- ROIC (10-yr avg)
- 13.4%
- Free cash flow (FY2025)
- $74.5M
LMAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $249.6M | $57.7M | $2.52 | $74.5M | 27.2% | 14.8% |
| FY2024 | $219.9M | $44.0M | $1.93 | $37.2M | 23.8% | 13.1% |
| FY2023 | $193.5M | $30.1M | $1.34 | $29.5M | 19.0% | 10.1% |
| FY2022 | $161.7M | $20.6M | $0.93 | $22.1M | 16.6% | 7.8% |
| FY2021 | $154.4M | $26.9M | $1.25 | $30.2M | 23.6% | 13.8% |
| FY2020 | $129.4M | $21.2M | $1.04 | $31.8M | 22.3% | 14.4% |
| FY2019 | $117.2M | $17.9M | $0.88 | $10.4M | 18.1% | 11.7% |
| FY2018 | $105.6M | $22.9M | $1.13 | $16.5M | 26.7% | 19.0% |
| FY2017 | $100.9M | $17.2M | $0.86 | $16.5M | 20.9% | 17.4% |
| FY2016 | $89.2M | $10.6M | $0.55 | $14.1M | 18.3% | 12.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LEMAITRE VASCULAR INC is a consistent compounder, expanding top-line revenue at 12.1% annually over the past decade.
LEMAITRE VASCULAR INC returns on capital have been average, hovering around 13.4% ROIC over the decade.
LEMAITRE VASCULAR INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LEMAITRE VASCULAR INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $83.70 per share.