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LeMaitre Vascular, Inc. (LMAT) designs and manufactures specialized medical devices and implants for the treatment of peripheral vascular disease, primarily serving vascular surgeons.
Investment Thesis
LeMaitre is a 'hidden champion' in the medical device sector. They specialize in niche, high-margin surgical tools (like valvulotomes and vascular grafts) that are essential for vascular procedures but are too small for giants like Medtronic to care about. This allows LeMaitre to hold a #1 or #2 market share in almost all of its product lines. The company has built a powerful 'direct sales' moat, with its reps deeply embedded in operating rooms worldwide. With a pristine balance sheet, high gross margins (~65%), and a long history of annual dividend increases, LMAT is an elite medical tech compounder.
Key Growth Drivers
Niche Market Monopolies
By dominating specialized niches in vascular surgery, LMAT enjoys immense pricing power and protection from generic competition.
Aging Population Tailwinds
The structural growth in the global senior population is driving a steady increase in the number of peripheral vascular procedures performed annually.
High-Margin Recurring Demand
Vascular surgeons are creatures of habit; once they are trained on LeMaitre's specialized tools, they provide a reliable, recurring revenue stream for the firm.
Valuation & Financial Modeling
LMAT trades at a premium multiple, which is entirely justified by its superior profitability and defensive growth profile. Any temporary dip in the stock due to clinical trial noise should be viewed as a buying opportunity for a best-in-class med-tech leader.
Risk Factors & Bear Case
Changes in hospital reimbursement rates for surgical procedures are the primary risk. Additionally, the company is sensitive to changes in medical regulations (MDR) in Europe, which can increase the cost of compliance.
Conclusion
LeMaitre Vascular is one of the highest-quality small-cap stocks in the healthcare sector. It offers safety, niche dominance, and consistent compounding. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Healthcare sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
13.5%
Sector: -43.5%
Dividend Analysis audit
GROWTH
0.87%
Trailing Yield
$0.87
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
41%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, LEMAITRE VASCULAR INC (LMAT) receives a "Hold" rating with a composite score of 49.1/100, ranked #665 out of 4446 stocks. Key factor scores: Quality 50/100, Value 51/100, Momentum 62/100. This is quantitative analysis only — not investment advice.
LEMAITRE VASCULAR INC (LMAT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does LEMAITRE VASCULAR INC Do?
LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries or veins; occlusion catheters that temporarily occlude the blood flow; perfusion catheters to perfuse the blood and other fluids into the vasculature; and thrombectomy catheters, which features a silicone balloon for removing thrombi in the venous system. The company also provides carotid shunts that temporarily shunt the blood to the brain during the removal of plaque from the carotid artery in a carotid endarterectomy surgery; and radiopaque tape, a medical-grade tape applied to the skin that enables interventionists to cross-refer between the inside and the outside of a patient's body, and allows them to locate tributaries or lesions beneath the skin. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors. The company was formerly known as Vascutech, Inc. and changed its name to LeMaitre Vascular, Inc. in April 2001. LeMaitre Vascular, Inc. was incorporated in 1983 and is headquartered in Burlington, Massachusetts. LEMAITRE VASCULAR INC (LMAT) is classified as a mid-cap stock in the Healthcare sector, specifically within the Medical Equipment industry. The company is led by CEO George W. LeMaitre and employs approximately 490 people, headquartered in Burlington, Massachusetts. With a market capitalization of $2.5B, LMAT is one of the notable companies in the Healthcare sector.
LEMAITRE VASCULAR INC (LMAT) Stock Rating — Hold (April 2026)
As of April 2026, LEMAITRE VASCULAR INC receives a Hold rating with a composite score of 49.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.LMAT ranks #665 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, LEMAITRE VASCULAR INC ranks #40 of 838 stocks, placing it in the top 10% of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
LMAT Stock Price and 52-Week Range
LEMAITRE VASCULAR INC (LMAT) currently trades at $114.62. The stock gained $1.91 (1.7%) in the most recent trading session. The 52-week high for LMAT is $115.33, which means the stock is currently trading -0.6% from its annual peak. The 52-week low is $71.42, putting the stock 60.5% above its annual trough. Recent trading volume was 171K shares, suggesting relatively thin trading activity.
Is LMAT Overvalued or Undervalued? — Valuation Analysis
LEMAITRE VASCULAR INC (LMAT) carries a value factor score of 51/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 47.16x, compared to the Healthcare sector average of 23.63x — a premium of 100%. The price-to-book ratio stands at 6.39x, versus the sector average of 2.75x. The price-to-sales ratio is 10.47x, compared to 1.66x for the average Healthcare stock. On an enterprise value basis, LMAT trades at 40.39x EV/EBITDA, versus 6.34x for the sector.
Overall, LMAT's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
LEMAITRE VASCULAR INC Profitability — ROE, Margins, and Quality Score
LEMAITRE VASCULAR INC (LMAT) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 13.5%, compared to the Healthcare sector average of -43.5%, which is within a healthy range. Return on assets (ROA) comes in at 8.7% versus the sector average of -33.1%.
On a margin basis, LEMAITRE VASCULAR INC reports gross margins of 70.6%, compared to 71.5% for the sector. The operating margin is 25.9% (sector: -66.1%). Net profit margin stands at 22.1%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 9.3% on a trailing basis, compared to 10.6% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
LMAT Debt, Balance Sheet, and Financial Health
LEMAITRE VASCULAR INC has a debt-to-equity ratio of 56.0%, compared to the Healthcare sector average of 32.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 12.89x, indicating strong short-term liquidity. Total debt on the balance sheet is $168M. Cash and equivalents stand at $25M.
LMAT has a beta of 0.66, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for LEMAITRE VASCULAR INC is 73/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
LEMAITRE VASCULAR INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, LEMAITRE VASCULAR INC reported revenue of $240M and earnings per share (EPS) of $2.55. Net income for the quarter was $53M. Gross margin was 70.6%. Operating income came in at $62M.
In FY 2025, LEMAITRE VASCULAR INC reported revenue of $250M and earnings per share (EPS) of $2.55. Net income for the quarter was $58M. Gross margin was 71.5%. Revenue grew 13.5% year-over-year compared to FY 2024. Operating income came in at $68M.
In Q3 2025, LEMAITRE VASCULAR INC reported revenue of $61M and earnings per share (EPS) of $0.77. Net income for the quarter was $17M. Gross margin was 75.3%. Revenue grew 11.4% year-over-year compared to Q3 2024. Operating income came in at $20M.
In Q2 2025, LEMAITRE VASCULAR INC reported revenue of $64M and earnings per share (EPS) of $0.61. Net income for the quarter was $14M. Gross margin was 70.0%. Revenue grew 15.0% year-over-year compared to Q2 2024. Operating income came in at $16M.
Over the past 8 quarters, LEMAITRE VASCULAR INC has demonstrated a growth trajectory, with revenue expanding from $56M to $240M. Investors analyzing LMAT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
LMAT Dividend Yield and Income Analysis
LEMAITRE VASCULAR INC (LMAT) currently pays a dividend yield of 0.9%. At this yield, a $10,000 investment in LMAT stock would generate approximately $$87.00 in annual dividend income. With a net margin of 22.1%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
LMAT Momentum and Technical Analysis Profile
LEMAITRE VASCULAR INC (LMAT) has a momentum factor score of 62/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 9/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
LMAT vs Competitors — Healthcare Sector Ranking and Peer Comparison
Comparing LMAT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full LMAT vs S&P 500 (SPY) comparison to assess how LEMAITRE VASCULAR INC stacks up against the broader market across all factor dimensions.
LMAT Next Earnings Date
No upcoming earnings date has been announced for LEMAITRE VASCULAR INC (LMAT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy LMAT? — Investment Thesis Summary
LEMAITRE VASCULAR INC presents a balanced picture with arguments on both sides. Price momentum is positive at 62/100, suggesting the trend favors buyers. Low volatility (stability score 73/100) reduces downside risk.
In summary, LEMAITRE VASCULAR INC (LMAT) earns a Hold rating with a composite score of 49.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on LMAT stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
9.3%
Sector: 10.6%
-13% VS SCTR
Gross Margin
Core pricing power
70.6%
Sector: 71.5%
IN LINE
Operating Margin
Operating efficiency
25.9%
Sector: -66.1%
-139% VS SCTR
Net Margin
Bottom-line conversion
22.1%
Sector: -58.7%
-138% VS SCTR
Return on Equity
Equity capital efficiency
13.5%
Sector: -43.5%
-131% VS SCTR
Return on Assets
Asset base utilization
8.7%
Sector: -33.1%
-126% VS SCTR
Debt/Equity
Financial leverage load
56.0%
Sector: 32.0%
-75% VS SCTR
Dividend Yield
Direct cash return
0.9%
Sector: 0.0%
+Infinity% VS SCTR
+132%
Price / Sales
10.5x
+531%
LEMAITRE VASCULAR INC exhibits a 325% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
8.7%
Sector: -33.1%
Gross Margin
Pricing power and cost efficiency
70.6%
Sector: 71.5%
Operating Margin
Core business profitability
25.9%
Sector: -66.1%
Net Margin
Bottom-line profitability
22.1%
Sector: -58.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $87 annually in dividends at the current trailing rate.