LEMAITRE VASCULAR, INC.

LMAT · Healthcare · $2.3B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power99

Median gross margin 68.4% over 10y, very stable.

Returns on capital69

Median ROIC 13.6%, above the 9% hurdle in 90% of years.

Balance-sheet safety55

Net debt/EBITDA n/ax, interest coverage 13x.

Capital discipline78

Owner earnings +20.6%/yr, share count flat.

Margin of safety

Above valueOn sale

285% above value

Owner earnings (normalized): $33.1M
Est. intrinsic value / share: $26.16
Recent price: $100.67
Discount to value: 285% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LMAT. See the disclaimer.