Value Investor
Start free

Artivion

AORT on NYSE. Artivion sells medical devices and human tissues to heart and blood vessel surgeons. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-0.9%low

For every $100 of what the whole company costs, it produced $-0.86 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
65.6×full

You pay 65.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
1.1%five-year median

Each dollar kept in the business earns 1 cents a year. Above 10 is good.

Quality score: 57 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$21.84 a share, 14% above its 1-year low

Over the past year the price has ranged from $19.16 to $48.25.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
0.0
0.0
0.0
-0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $9 million in the past 12 months, $839,000 in the year to December 2025.

Revenue
$299m$314m$354m$389m$441m
Operating margin
2.7%2.0%1.6%10.0%7.6%
Debt to equity
1.041.101.101.150.49
Shares outstanding
0.04bn0.04bn0.04bn0.05bn0.05bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.49× equity
  • Revenue growth, five yearsStrong, 11.8% a year
  • Buying back its own sharesNo, 21% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $126 million last quarter, up 11% on a year ago.
  • A loss of $14 million, after a profit of $1 million a year ago.
  • It keeps 4 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Over the past 12 months it spent $9 million more cash than it brought in. A year earlier it had $8 million spare.
  • 7% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $290 million more than cash, up from $166 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$96m
December 2024$97m
March 2025$99m
June 2025$113m
September 2025$113m
December 2025$116m
March 2026$116m
June 2026$126m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024-$16m
March 2025-$505,000
June 2025$1m
September 2025$7m
December 2025$2m
March 2026$1m
June 2026-$14m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 206 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    12.7%−1.2 pts
    Since 30 September 2025
  • at least 6.5%+1.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Perceptive Advisors LLC
    Passive investor
    at least 4.3%
    (filed with 2 related holders)
    Since 30 September 2025
  • FMR LLC
    Passive investor
    at least 4.0%−1.4 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 4.0%
    (filed with 8 related holders)
    Since 8 August 2025
    What they said

    Item 4 is hereby amended and supplemented by adding the following information. Between June 17, 2025, and August 11, 2025, Juniper Targeted Opportunities, L.P. sold 233,715 shares at an aggregate sale price of approximately $9,540,725, which includes brokerage commissions, in…

    Read the filing
  • Morgan Stanley
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Macquarie Group Limited
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $21m, $5m of it under preset trading plans.

  • GREEN ANDREW M
    SVP, Regulatory and Quality
    Sold
    Date
    10 September 2026
    Shares
    11,480
    Price
    $24.97
    Value
    $286,656
  • GREEN ANDREW M
    SVP, Regulatory and Quality
    Sold
    Date
    3 September 2026
    Shares
    1,493
    Price
    $26.02
    Value
    $38,842
  • GREEN ANDREW M
    SVP, Regulatory and Quality
    Sold
    Date
    2 September 2026
    Shares
    6,510
    Price
    $27.27
    Value
    $177,495
  • Mackin James P
    President & CEO
    Sold
    Date
    19 August 2026
    Shares
    70,000
    Price
    $28.95
    Value
    $2m
  • GREEN ANDREW M
    SVP, Regulatory and Quality
    Sold
    Date
    14 August 2026
    Shares
    616
    Price
    $28.55
    Value
    $17,586
  • Berry Lance A
    EVP, COO, CFO & Treasurer
    Sold
    Date
    14 August 2026
    Shares
    715
    Price
    $28.55
    Value
    $20,413
  • Holloway Jean F
    SVP, General Counsel
    Sold
    Date
    12 August 2026
    Shares
    977
    Price
    $28.49
    Value
    $27,835
  • GREEN ANDREW M
    SVP, Regulatory and Quality
    Sold
    under a preset trading plan
    Date
    11 June 2026
    Shares
    44,001
    Price
    $20.70
    Value
    $910,661
  • Holloway Jean F
    SVP, General Counsel
    Sold
    Date
    4 March 2026
    Shares
    8,962
    Price
    $38.00
    Value
    $340,556
  • Horton Amy
    VP, Chief Accounting Officer
    Sold
    Date
    3 March 2026
    Shares
    901
    Price
    $37.78
    Value
    $34,040

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 65.6× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.