2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.0B to $1.4B, increasing; diluted EPS 1.94 to 1.51, decreasing.
92
Median gross margin 54.6% over 10y, very stable.
0
Median ROIC 4.7%, above the 12% hurdle in 0% of years.
3
Net debt/EBITDA 5.1x, interest coverage 3x.
45
Owner earnings changed +7.8%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
35% above value if growth stopped today
$96.8M
$34.89
$56.53
$47.14
35% above value if growth stopped today
What today’s price assumes: owner earnings growing ~6%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
CONMED CORPORATION booked $1.4B of revenue in FY2025 in the Healthcare sector and kept 54.6% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $695M (FY2009) to $1.4B (FY2025) — about 4.4% a year compounded over 16 years.
It earned 3.7% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 4.8%. Over the v3 recent window (10 measurable filed years), median ROIC was 4.7%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $835M of total debt in FY2025 against $79.6M of owner earnings — roughly 10.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 3/100.
Put together: Pricing Power is the strongest of the five filters (92/100) and Returns on Capital the weakest (0/100), which is how CNMD lands at 39/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2008–FY2025 · 18 fiscal years, normalized from CNMD’s SEC filings
Sales, as filed$1.4B FY2025Revenue kept after cost of goods54.6% FY2025Standard ROIC or separately labeled Operating ROICStandard ROIC 3.7% FY2025
Exact FY and FY-1 financing invested-capital inputs are required.
Cash an owner could take out$79.6M FY2025
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How CONMED CORPORATION makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding CONMED CORPORATION
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 not retrieved
Named manager positions and quarter-over-quarter changes
Manager
Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
Not retrieved
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Akre Capital
Not retrieved
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Baupost Group
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Berkshire Hathaway
Not retrieved
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Brave Warrior Advisors
Not retrieved
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Dodge & Cox
Not retrieved
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First Eagle
Not retrieved
Comparison not retrieved
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Fundsmith
Not retrieved
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Filing not retrieved
Gardner Russo & Quinn
Not retrieved
Comparison not retrieved
Filing not retrieved
Gates Foundation Trust
Not retrieved
Comparison not retrieved
Filing not retrieved
Mairs & Power
Not retrieved
Comparison not retrieved
Filing not retrieved
Markel / Markel-Gayner
Not retrieved
Comparison not retrieved
Filing not retrieved
Oakmark / Harris Associates
Not retrieved
Comparison not retrieved
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Pershing Square
Not retrieved
Comparison not retrieved
Filing not retrieved
Polen Capital
Not retrieved
Comparison not retrieved
Filing not retrieved
Sequoia / Ruane Cunniff
Not retrieved
Comparison not retrieved
Filing not retrieved
Southeastern Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
Tweedy, Browne
Not retrieved
Comparison not retrieved
Filing not retrieved
Yacktman Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026
Flagship explainer
What CONMED CORPORATION insiders reported
Records still being gathered — partial as of retrieval Oct 16, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
29 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale39.2 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 16, 2026.
174 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (2 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
Scroll sideways to see all columns
Insider
Shares owned after
Date
Filing detail
Kelderman KimDirector
Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event
500
—Exercise or conversion of derivative security (M)
—
500
Sep 8, 2026
1 filed lot
Table I · Common Stock: 500 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 500 · Paired event: 500 RSUs (Restricted Stock Units) → 500 Common Stock ·
Based on its FY2025 SEC filings, the Moat Index scores CONMED CORPORATION (CNMD) 39.2 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 56, pricing power 92, returns on capital 0, balance-sheet safety 3, capital allocation 45.
Is CNMD trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $34.89 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $47.14, that is 35% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CNMD's Moat Score changed over time?
The record logs 29 readings since Jul 17, 2026; the latest reads 39.2 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CNMD. See the disclaimer.