Lemaitre Vascular
LMAT on Nasdaq. LeMaitre Vascular sells vascular surgery devices to hospitals and doctors. Market value $1.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.08 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 59 of 100. Our list needs 70 on quality and 60 on price.
$79.05 a share, at its 1-year low
Over the past year the price has ranged from $78.22 to $118.01.
Dividend: 1.0% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $154m | $162m | $193m | $220m | $250m |
| Operating margin | |||||
| Operating margin | 23.6% | 16.6% | 19.0% | 23.8% | 27.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 14.0% 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: $70 million last quarter, up 10% on a year ago.
- Profit: $17 million, up 24% on a year ago.
- It keeps 29 cents of each $1 of sales as operating profit, up from 23 cents a year earlier.
- Spare cash over the past 12 months: $74 million, up from $52 million.
- 7% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $55m |
| December 2024 | $56m |
| March 2025 | $60m |
| June 2025 | $64m |
| September 2025 | $61m |
| December 2025 | $64m |
| March 2026 | $67m |
| June 2026 | $70m |
| Quarter to | Amount |
|---|---|
| September 2024 | $11m |
| December 2024 | $11m |
| March 2025 | $11m |
| June 2025 | $14m |
| September 2025 | $17m |
| December 2025 | $16m |
| March 2026 | $16m |
| June 2026 | $17m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 326 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $17m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Added |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$314mAdded
- Conestoga Capital Advisors$131mCut
- First Trust Advisors LP$105mAdded
- Congress Asset Management$92mAdded
- Vanguard Capital Management$91mAdded
- State Street$87mAdded
- Copeland Capital Management$81mCut
- Geode Capital Management$76mAdded
- Price T Rowe Associates$72mAdded
- Vanguard Portfolio Management$58mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor13.8%−3.6 ptsSince 31 March 2025
- Conestoga Capital AdvisorsPassive investor8.1%0.0 ptsSince 31 December 2025
- George W. LeMaitrePassive investor6.4%−1.0 ptsSince 31 March 2026
- CONESTOGA FUNDSPassive investor5.4%Since 31 December 2024
- Copeland Capital ManagementPassive investor5.2%Since 31 December 2024
- First Trust Portfolios L.P.Passive investorat least 5.2%(filed with 2 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.8%−3.6 pts | 31 March 2025 | |
Conestoga Capital Advisors Passive investor | 8.1%0.0 pts | 31 December 2025 | |
George W. LeMaitre Passive investor | 6.4%−1.0 pts | 31 March 2026 | |
CONESTOGA FUNDS Passive investor | 5.4% | 31 December 2024 | |
Copeland Capital Management Passive investor | 5.2% | 31 December 2024 | |
First Trust Portfolios L.P. Passive investor | at least 5.2% (filed with 2 related holders) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 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. 5 sold $30m, $22m of it under preset trading plans.
- LeMaitre George WChairman and CEO, DirectorSold
- Date
- 8 May 2026
- Shares
- 27,881
- Price
- $108.69
- Value
- $3m
- Kamke Trent GSenior V. P., OperationsSold
- Date
- 8 May 2026
- Shares
- 2,928
- Price
- $107.00
- Value
- $313,296
- LeMaitre George WChairman and CEO, DirectorSold
- Date
- 7 May 2026
- Shares
- 18,600
- Price
- $107.64
- Value
- $2m
- Ross Bridget ADirectorSold
- Date
- 7 May 2026
- Shares
- 5,044
- Price
- $111.10
- Value
- $560,388
- Jasinski Lawrence JDirectorSold
- Date
- 7 May 2026
- Shares
- 3,943
- Price
- $110.00
- Value
- $433,730
- Kamke Trent GSenior V. P., OperationsSold
- Date
- 11 March 2026
- Shares
- 2,625
- Price
- $108.50
- Value
- $284,813
- Roberts David BPresident and Director, DirectorSold
- Date
- 11 March 2026
- Shares
- 3,312
- Price
- $107.68
- Value
- $356,602
- LeMaitre George WChairman and CEO, DirectorSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 55,930
- Price
- $107.81
- Value
- $6m
- Kamke Trent GSenior V. P., OperationsSold
- Date
- 27 February 2026
- Shares
- 1,044
- Price
- $110.29
- Value
- $115,143
- Roberts David BPresident and Director, DirectorSold
- Date
- 27 February 2026
- Shares
- 8,464
- Price
- $106.80
- Value
- $903,955
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 May 2026 | LeMaitre George W Chairman and CEO, Director | Sold | 27,881 | $108.69 | $3m |
| 8 May 2026 | Kamke Trent G Senior V. P., Operations | Sold | 2,928 | $107.00 | $313,296 |
| 7 May 2026 | LeMaitre George W Chairman and CEO, Director | Sold | 18,600 | $107.64 | $2m |
| 7 May 2026 | Ross Bridget A Director | Sold | 5,044 | $111.10 | $560,388 |
| 7 May 2026 | Jasinski Lawrence J Director | Sold | 3,943 | $110.00 | $433,730 |
| 11 March 2026 | Kamke Trent G Senior V. P., Operations | Sold | 2,625 | $108.50 | $284,813 |
| 11 March 2026 | Roberts David B President and Director, Director | Sold | 3,312 | $107.68 | $356,602 |
| 2 March 2026 | LeMaitre George W Chairman and CEO, Director | Sold under a preset trading plan | 55,930 | $107.81 | $6m |
| 27 February 2026 | Kamke Trent G Senior V. P., Operations | Sold | 1,044 | $110.29 | $115,143 |
| 27 February 2026 | Roberts David B President and Director, Director | Sold | 8,464 | $106.80 | $903,955 |
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 26 Feb 2026, plus the 10-Q filed 5 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
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.