At a glance
CONMED Corporation is worth $1.36B, about 30 times its fiscal 2025 earnings. Revenue grew 5.2% to $1.37B in fiscal 2025, with 3.4% kept as profit; over 5 years it has grown 9.8% a year. It pays a dividend, and returned $121.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.3% over the past year with dividends reinvested and −20.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.1% in the 2020 crash (S&P 500: 33.7%) and 50.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
CONMED is a medical technology company based in Largo, Florida. It designs and makes devices and equipment for surgery, used by surgeons and other healthcare professionals in orthopedics, general surgery, gynecology, thoracic surgery and gastroenterology. The company has about 3,900 employees and three main manufacturing sites. Net sales were $1.37 billion in the fiscal year ended December 31, 2025, up 5.2%.
General surgery brought in 58% of sales. Key products include AirSeal, an insufflation system that keeps the abdomen inflated with gas during minimally invasive and robotic operations; Buffalo Filter devices that remove surgical smoke; electrosurgical generators that cut and seal tissue; and tools for gastroenterology procedures. Orthopedic surgery supplied the other 42%. It covers sports medicine implants such as BioBrace and Y-Knot suture anchors for repairing knee, hip and shoulder injuries, plus equipment for arthroscopy (joint surgery through small incisions) and Hall powered bone tools.
Much of the orthopedic revenue recurs: about 78% of its 2025 sales came from single-use products, which are used once and replaced. Capital equipment made up about 14% of total 2025 revenue. The United States supplied 56% of 2025 sales; Europe, the Middle East and Africa 19%; Asia Pacific 15%; and the rest of the Americas 9%. Rivals include Stryker, Medtronic, Johnson & Johnson and Smith & Nephew.
Price history
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CNMD -3.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| General Surgery | $800.1M | 58.2% |
| Orthopedic Surgery | $574.6M | 41.8% |
By geography
| United States | $774.6M | 56.3% |
| EMEA | $264.7M | 19.3% |
| Asia Pacific | $208.7M | 15.2% |
| Americas (excluding the United States) | $126.8M | 9.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $335.6M, down 0.7% from a year earlier, and net income was $19.8M (+592.4%).
- For fiscal 2025, revenue was $1.37B (+5.2% year over year; +9.8% a year from FY2020 to FY2025) with a 3.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.8% good |
|---|---|
| Operating margin | 7.5% watch |
| Free cash flow margin | 11% good |
| Return on equity (FY2025) | 4.6% weak |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-767.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $862.5M | $9.5M | $51.5M |
| FY2021 | $1.01B | $62.5M | $96.9M |
| FY2022 | $1.05B | $-80.6M | $11.6M |
| FY2023 | $1.24B | $64.5M | $106.3M |
| FY2024 | $1.31B | $132.4M | $153.9M |
| FY2025 | $1.37B | $47.1M | $150.9M |
Valuation snapshot
| Market value | $1.36B |
|---|---|
| P/E ratio | 30.3 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
CONMED’s market value went from $1.23B at the end of 2016 to $1.36B on Oct 28, 2026, up 11%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.36B | +8.5% |
| 2025 | $1.26B | -40.5% |
| 2024 | $2.11B | -37.2% |
| 2023 | $3.37B | +24.6% |
| 2022 | $2.70B | -34.8% |
| 2021 | $4.15B | +29.4% |
| 2020 | $3.20B | +0.9% |
| 2019 | $3.17B | +75.7% |
| 2018 | $1.81B | +26.8% |
| 2017 | $1.42B | +15.9% |
| 2016 | $1.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNMD price data to Oct 28, 2026 | +12.7% | -3.3% | -21.0% | -20.1% | +2.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 2025 | -40.0% |
| 2024 | -36.8% |
| 2023 | +24.4% |
| 2022 | -37.0% |
| 2021 | +27.4% |
| 2020 | +1.1% |
| 2019 | +75.7% |
| 2018 | +27.4% |
| 2017 | +17.3% |
| 2016 | +2.2% |
| 2015 | -0.4% |
| 2014 | +7.8% |
| 2013 | +55.0% |
| 2012 | +11.3% |
| 2011 | -2.9% |
| 2010 | +15.9% |
| 2009 | -4.8% |
| 2008 | +3.6% |
| 2007 | -0.0% |
| 2006 | -2.3% |
| 2005 | -16.8% |
| 2004 | +19.4% |
| 2003 | +21.5% |
| 2002 | -1.9% |
| 2001 | +74.8% |
| 2000 | -33.8% |
| 1999 | -21.6% |
| 1998 | +25.7% |
| 1997 | +28.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.6% over that stretch · deepest drop along the way 64.6%, back to its old high 48.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.1% over that stretch · deepest drop along the way 62.1%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.1% over that stretch · deepest drop along the way 50.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($161K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 6, 2025 | Todd W Garner Executive Vice President & CFO | sell (plan) | $151K |
| Nov 21, 2025 | Richard Glaze Chief Information Officer | sell (plan) | $11K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.87% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 5.63% | Jun 30, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Capital Research Global Investors | 3.3% | Sep 30, 2025 |
ETFs with the most weight in CNMD
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.04% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.35% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.34% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.33% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.3% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.3% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.28% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.27% |
What could go wrong
- Dependence on ethylene oxide sterilization. About 31% of 2025 revenue came from products sterilized by outside firms using ethylene oxide, a gas under environmental scrutiny. Further plant closures or tighter rules could disrupt sales of those products.
- Reliance on partners for tissue and products. One outside company supplies its sports medicine donor tissue, and fewer donations or failed screening could cut supply. Some products it distributes are made by others under deals that may not last.
- Large debt load and interest rate exposure. Total debt was about $816 million, against $48 million in cash and investments, as of September 30, 2026. Some borrowing has variable rates, so higher rates raise interest costs, and loan terms restrict some actions.
- Hospital budgets and reimbursement pressure. Healthcare cost-cutting can squeeze prices, and insurers may cut what they pay hospitals for its products. About 14% of 2025 revenue came from capital equipment, which hospitals can delay when budgets tighten.
- Tough competition and fast-changing technology. It competes with Stryker, Medtronic, Johnson & Johnson, Smith & Nephew, Olympus and others. Competition can force price cuts, and falling behind on new technology could cost it business.
- Strict medical device rules and recalls. Breaking FDA or foreign regulations can lead to recalls, fines and lost sales. Device makers also face anti-bribery and false-claims laws covering payments and other dealings with doctors.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
CONMED offers little for income investors. It paid $0.80 a share each year from fiscal 2020 through 2024, with no increases, then $0.60 in fiscal 2025. The dividend yield was 0% as of October 28, 2026, and the 10-K warns the board may not approve future dividends. In fiscal 2025, dividends paid equaled about 53% of net income and 16% of free cash flow (cash left after running the business and paying for equipment). The company bought back no shares from fiscal 2021 to 2025, and its share count rose 1.3% from February 2022 to October 2026. Without a dependable payout, returns would depend on share price gains.
The shares have fallen hard in downturns: 65% around the 2008 financial crisis, recovering in about four years; 62% in the 2020 COVID crash, recovering in about eight months; and 51% in 2022, still unrecovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does CONMED make money?
CONMED makes money from the surgical devices and equipment it supplies to surgeons and hospitals. Net sales were $1.37 billion in fiscal 2025. General surgery supplied 58%. That line includes the AirSeal system, which inflates the abdomen during minimally invasive surgery, plus smoke evacuation and electrosurgery products. Orthopedic surgery, including sports medicine implants, arthroscopy equipment and powered bone tools, supplied 42%. Much of the orthopedic revenue recurs, since about 78% came from single-use products. The United States accounted for 56% of sales.
Does CONMED pay a dividend?
It has paid one, but the payout has shrunk. CONMED paid $0.80 per share each year from fiscal 2020 through 2024, then $0.60 in fiscal 2025. Its dividend yield was 0% as of October 28, 2026. The dividend was not raised at any point in that span, and the 10-K warns the board may not approve future payments. The company also bought back no shares from fiscal 2021 to 2025.
How has CONMED stock performed?
Poorly over the past several years. As of October 28, 2026, the share price was down 51% over three years and 67% over five years, including drops of 37% in 2024 and 40% in 2025. Over 10 years it gained 26% in total, about 2.3% a year. The shares were up 12.7% for 2026 to that date. Even so, they fell as much as 71% from peak to low over the past three years.
How much debt does CONMED have?
About $816 million in total debt as of September 30, 2026, against roughly $48 million in cash and investments, for net debt of about $768 million. That compares with shareholders' equity of $1.06 billion and a stock market value of about $1.36 billion as of October 28, 2026. The 10-K notes that some borrowing carries variable interest rates, so higher rates raise costs. It also says its 2.250% convertible notes (bonds that can be exchanged for shares) could strain its finances if their conversion features are triggered.
What is CONMED's P/E ratio?
About 30.3 as of October 28, 2026, based on fiscal 2025 earnings. The price-to-earnings (P/E) ratio compares the share price with a year's profit per share. A drop in profit pushed the ratio up. Net income fell 64.5% to $47.1 million in fiscal 2025, or $1.51 per diluted share, even as revenue rose 5.2%. Free cash flow held up better, at $150.9 million, close to the $153.9 million of fiscal 2024.