MeritValue

LEMAITRE VASCULAR INC

LMATdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

LEMAITRE VASCULAR INC earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 7% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $13.61 and $37.92 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$154.4M1$161.7M2$193.5M3$219.9M3$249.6M3
Net income$26.9M4$20.6M5$30.1M6$44M6$57.7M6
Operating cash flow$35.1M7$25.4M8$36.8M9$44.1M9$81.3M9
Capital expenditure$4.88M10$3.23M11$7.27M12$6.96M12$6.78M12
Free cash flow (derived)$30.2M7$22.1M8$29.5M9$37.2M9$74.5M9
Total debt—————
Cash & equivalents$13.9M13$19.1M14$24.3M15$25.6M16$28.2M16
Diluted shares21.5M22.2M22.4M22.8M22.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$171.62
your share of equity
Profit it earned you last year
$25.18
Free cash flow it threw off
$32.48
Debt you’d be carrying
—

10 shares is a claim on $171.62 of net worth that earned you $25.18 and generated $32.48 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 12%FY22 8%FY23 11%FY24 14%FY25 17%

It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $13.61 and $37.92 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$37.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.1%
  • fcfBase$37.2M
DCF · Growth Exit 5Y
$32.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.1%
  • fcfBase$37.2M
Earnings Power Value
$13.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$30.1M
  • growthAssumed0.0%
Graham Number
$31.19
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years7.1%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $32.71
The three cases
Bear0.0%$24.39
Base7.1%$32.71
Bull12.1%$39.94

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 7.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-006037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005637 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-073360 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-006037 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005637 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-073360 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-006037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005637 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-073360 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-006037 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005637 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-073360 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-005056 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-006037 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-005637 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-073360 (CashAndCashEquivalentsAtCarryingValue)