LivaNova
LIVN on Nasdaq. LivaNova sells heart surgery equipment and nerve stimulation devices to hospitals. Market value $4.2bn.
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.
For every $100 of what the whole company costs, it produced $3.59 of spare cash in the past 12 months. A savings account pays about $4.
You pay 20.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 0 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.
$74.93 a share, 53% above its 1-year low
Over the past year the price has ranged from $48.82 to $85.76.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.0bn | $1.0bn | $1.2bn | $1.3bn | $1.4bn |
| Operating margin | |||||
| Operating margin | -0.1% | -7.5% | -5.9% | 10.3% | 14.4% |
| Debt to equity | |||||
| Debt to equity | 0.19 | 0.45 | 0.46 | 0.48 | 0.31 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.31× equity
- Revenue growth, five yearsSlow, 8.2% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $391 million last quarter, up 11% on a year ago.
- Profit: $109 million, up 300% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $148 million, down from $162 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- It has $223 million more cash than debt, up from $163 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $318m |
| December 2024 | $322m |
| March 2025 | $317m |
| June 2025 | $353m |
| September 2025 | $358m |
| December 2025 | $361m |
| March 2026 | $362m |
| June 2026 | $391m |
| Quarter to | Amount |
|---|---|
| September 2024 | $33m |
| December 2024 | $56m |
| March 2025 | -$327m |
| June 2025 | $27m |
| September 2025 | $27m |
| December 2025 | $31m |
| March 2026 | $22m |
| June 2026 | $109m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 303 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $46m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $56m | 0.1% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $46m | 0.1% | |
| Barrow HanleyBarrow Hanley team | $7,154 | <0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$622mAdded
- Primecap Management$343m
- FMR$259mAdded
- Hood River Capital Management$211mAdded
- AQR Capital Management$191mCut
- Invesco$184mAdded
- Artisan Partners Limited Partnership$183mAdded
- State Street$178mAdded
- American Century Companies$166mAdded
- Dimensional Fund Advisors LP$152m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor12.7%Since 30 June 2025
- PRIMECAP MANAGEMENT CO/CA/Passive investor7.7%−1.0 ptsSince 31 December 2025
- FMR LLCPassive investorat least 5.8%(filed with 1 related holder)Since 30 June 2026
- Millennium Management LLCPassive investorat least 4.4%−2.0 pts(filed with 3 related holders)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 12.7% | 30 June 2025 | |
PRIMECAP MANAGEMENT CO/CA/ Passive investor | 7.7%−1.0 pts | 31 December 2025 | |
FMR LLC Passive investor | at least 5.8% (filed with 1 related holder) | 30 June 2026 | |
Millennium Management LLC Passive investor | at least 4.4%−2.0 pts (filed with 3 related holders) | 31 March 2026 |
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. 3 sold $1m.
- Bianchi FrancescoDirectorSold
- Date
- 10 September 2026
- Shares
- 3,500
- Price
- $78.01
- Value
- $273,032
- Story BrookeDirectorSold
- Date
- 4 September 2026
- Shares
- 2,300
- Price
- $81.42
- Value
- $187,270
- Bianchi FrancescoDirectorSold
- Date
- 31 August 2026
- Shares
- 1,650
- Price
- $79.72
- Value
- $131,538
- Tezel AhmetChief Innovation OfficerSold
- Date
- 11 August 2026
- Shares
- 2,675
- Price
- $77.74
- Value
- $207,942
- Bianchi FrancescoDirectorSold
- Date
- 15 June 2026
- Shares
- 1,200
- Price
- $80.19
- Value
- $96,228
- Bianchi FrancescoDirectorSold
- Date
- 26 May 2026
- Shares
- 1,800
- Price
- $75.75
- Value
- $136,350
- Story BrookeDirectorSold
- Date
- 18 November 2025
- Shares
- 250
- Price
- $53.94
- Value
- $13,485
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Bianchi Francesco Director | Sold | 3,500 | $78.01 | $273,032 |
| 4 September 2026 | Story Brooke Director | Sold | 2,300 | $81.42 | $187,270 |
| 31 August 2026 | Bianchi Francesco Director | Sold | 1,650 | $79.72 | $131,538 |
| 11 August 2026 | Tezel Ahmet Chief Innovation Officer | Sold | 2,675 | $77.74 | $207,942 |
| 15 June 2026 | Bianchi Francesco Director | Sold | 1,200 | $80.19 | $96,228 |
| 26 May 2026 | Bianchi Francesco Director | Sold | 1,800 | $75.75 | $136,350 |
| 18 November 2025 | Story Brooke Director | Sold | 250 | $53.94 | $13,485 |
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 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 3 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
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.