At a glance
Haemonetics Corporation is worth $5.38B, about 58 times its fiscal 2026 earnings. Revenue fell 2.0% to $1.33B in fiscal 2026, with 7.3% kept as profit; over 5 years it has grown 8.9% a year. It pays no dividend; it spent $475.0M buying back its shares over FY2022–FY2026. The stock returned +134.9% over the past year with dividends reinvested and +11.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.3% in the 2020 crash (S&P 500: 33.7%) and 22.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and within a month after the lows.
The business in plain English
Haemonetics makes medical devices used in plasma collection, blood donation and hospital procedures. It earns money by selling equipment, the single-use disposables that go with it, and software to plasma centers, blood centers and hospitals. In the fiscal year ended March 28, 2026, its Hospital segment produced 44.1% of its $1.33 billion in revenue, Plasma 39.3% and Blood Center 16.6%. The United States supplied 73.6% of sales.
Plasma sells to drugmakers that run their own donation centers and turn plasma into medicines. Companies such as Grifols, Octapharma, Takeda's BioLife and CSL lead this market. Its NexSys PCS system collects only plasma and returns the other blood components to the donor. NexLynk DMS software handles donor screening and the day-to-day work of each center. The company says its Persona technology, which tailors each collection to the donor's body, raises plasma per donation by 9% to 12% on average.
Hospital, the largest segment, sells vascular closure devices, which seal the blood vessel puncture left by catheter procedures. It also sells sensor-guided and esophageal protection products. Its blood management tools cover hemostasis (blood clotting), cell salvage and transfusion management. Blood Center sells MCS apheresis machines, which collect only chosen blood components, to collectors such as the American Red Cross. Management calls Blood Center's markets more challenging, and the company sold its Whole Blood line in fiscal 2025.
Price history
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HAE +134.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Hospital | $588.3M | 44.1% |
| Plasma | $524.5M | 39.3% |
| Blood Center | $221.3M | 16.6% |
By geography
| United States | $982.2M | 73.6% |
| Europe | $185.0M | 13.9% |
| Rest of Asia | $87.2M | 6.5% |
| Japan | $68.2M | 5.1% |
| Other | $11.4M | 0.9% |
Latest results
- In Q1 FY2027 (ended Jun 27, 2026), revenue was $339.4M, up 5.6% from a year earlier, and net income was $33.0M (-3.0%).
- For fiscal 2026, revenue was $1.33B (-2.0% year over year; +8.9% a year from FY2021 to FY2026) with a 7.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +8.9% good |
|---|---|
| Operating margin | 11.7% watch |
| Free cash flow margin | 19.5% good |
| Return on equity (FY2026) | 12.2% watch |
| Return on assets (FY2026) | 4.1% watch |
| Net cash (cash minus debt) | $-964.8M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $870.5M | $79.5M | $71.8M |
| FY2022 | $993.2M | $43.4M | $75.8M |
| FY2023 | $1.17B | $115.4M | $81.7M |
| FY2024 | $1.31B | $117.6M | $143.6M |
| FY2025 | $1.36B | $167.7M | $142.4M |
| FY2026 | $1.33B | $97.3M | $260.4M |
Valuation snapshot
| Market value | $5.38B |
|---|---|
| P/E ratio | 57.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Haemonetics’s market value went from $2.08B at the end of 2016 to $5.38B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.38B | +43.5% |
| 2025 | $3.75B | -4.3% |
| 2024 | $3.92B | -9.6% |
| 2023 | $4.34B | +9.0% |
| 2022 | $3.98B | +46.8% |
| 2021 | $2.71B | -55.0% |
| 2020 | $6.03B | +3.5% |
| 2019 | $5.82B | +12.6% |
| 2018 | $5.17B | +68.6% |
| 2017 | $3.07B | +47.7% |
| 2016 | $2.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HAE price data to Oct 28, 2026 | +47.6% | +134.9% | +11.9% | +11.9% | +13.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +47.6% |
| 2025 | +2.6% |
| 2024 | -8.7% |
| 2023 | +8.7% |
| 2022 | +48.3% |
| 2021 | -55.3% |
| 2020 | +3.4% |
| 2019 | +14.8% |
| 2018 | +72.3% |
| 2017 | +44.5% |
| 2016 | +24.7% |
| 2015 | -13.8% |
| 2014 | -11.2% |
| 2013 | +3.2% |
| 2012 | +33.4% |
| 2011 | -3.1% |
| 2010 | +14.6% |
| 2009 | -2.4% |
| 2008 | -10.3% |
| 2007 | +40.0% |
| 2006 | -7.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 4.2% over that stretch · deepest drop along the way 24.2%, back to its old high 29.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.2% over that stretch · deepest drop along the way 38.3%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 37.1% over that stretch · deepest drop along the way 22.8%, back to its old high 0.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (20 read): 1 open-market purchases ($99K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 10, 2025 | Mark W Kroll Director | buy | $99K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.59% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| AQR Capital Management, LLC | 4.99% | Jun 30, 2026 |
| Wellington Management Group LLP | 4.6% | Jun 30, 2025 |
| T. Rowe Price Investment Management, Inc. | 4.4% | Mar 31, 2025 |
| Capital Research Global Investors | 3.1% | Mar 31, 2025 |
ETFs with the most weight in HAE
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.29% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.81% |
| NIXT Research Affiliates Deletions ETF | 0.52% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.38% |
| PSC Principal U.S. Small-Cap ETF | 0.38% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.32% |
| IWO iShares Russell 2000 Growth ETF | 0.26% |
| SMIZ Zacks Small/Mid Cap ETF | 0.25% |
What could go wrong
- A handful of customers drive sales. The ten largest customers made up about 44% of revenue in fiscal 2026, and one Plasma customer alone about 13%. Losing one, or a price cut, could hurt results badly.
- New drugs could reduce demand for plasma. The Plasma segment, 39.3% of revenue, depends on demand for medicines made from plasma. Rival treatments, such as FcRn-targeted drugs for immune diseases, could replace some of them and reduce plasma donations.
- Strategy bets may not pay off. Management is putting resources into Plasma and Hospital and calls Blood Center's markets more challenging. If it guessed wrong about where growth lies, money could go to the wrong areas. Planned cost savings may fall short.
- Heavy debt and convertible notes. Total debt was $1.19 billion against $223 million of cash and investments as of June 27, 2026. Its 2029 convertible notes could turn into shares, which would dilute existing owners.
- Product defects could trigger costly recalls. Design or manufacturing flaws can injure patients and lead to recalls, FDA action or products pulled from the market, costing sales and customers. Breaking strict manufacturing rules could also restrict sales.
- Single suppliers and plastic costs. Some parts, raw materials and sterilization services come from a single supplier. A failure there, or higher prices for the plastics it buys, could disrupt production or squeeze profits.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Haemonetics does not pay a dividend and paid none from fiscal 2022 through fiscal 2026. An income investor would have to sell shares to draw cash from it. The company returns money through buybacks (buying its own shares) instead: $475 million over those five years, including $175 million in fiscal 2026. The share count fell 10.8% between August 2021 and July 31, 2026, to about 45.5 million. Free cash flow (cash left after running and investing in the business) was $260 million in fiscal 2026.
The stock has had sharp drops in past downturns. It fell 24% in the 2008 financial crisis and took about 29 months to recover. In the 2020 COVID crash it fell 38%, then recovered in about 10 months. In the 2022 bear market it dipped 23% but bounced back within weeks. Separately, it lost 55% in calendar 2021. A single stock like this carries more risk than a diversified fund.
Questions investors ask
Does Haemonetics pay a dividend?
No. Haemonetics paid no dividends from fiscal 2022 through fiscal 2026. It returned cash through share buybacks instead, spending $475 million over those five years, including $175 million in fiscal 2026. The share count fell 10.8% between August 2021 and July 31, 2026. For an income investor, that means any cash from this holding would have to come from selling shares, which can mean selling after a price drop.
How does Haemonetics make money?
Haemonetics sells medical equipment, the single-use disposables used with it, and software. In the fiscal year ended March 28, 2026, its $1.33 billion of revenue came from Hospital (44.1%), Plasma (39.3%) and Blood Center (16.6%). Plasma supplies the NexSys PCS collection system and NexLynk DMS software to drugmakers' donation centers. Hospital sells products such as vascular closure devices and blood clotting management tools. The United States provided 73.6% of revenue.
Who are Haemonetics' biggest customers?
A small group of customers, led by plasma collectors, brings in much of its revenue. In fiscal 2026, the ten largest customers made up about 44% of net revenue, and one Plasma customer alone about 13%. Source plasma, the plasma made into medicines, is mostly collected by drugmakers such as Grifols, Octapharma, Takeda's BioLife and CSL. Haemonetics has agreements with all its U.S. plasma customers to adopt NexSys PCS somewhere in their networks. Losing or repricing a major contract could hurt results.
How much debt does Haemonetics have?
As of June 27, 2026, Haemonetics had about $1.19 billion of total debt and $223 million of cash and investments, or net debt of roughly $965 million. Part of the debt is 2029 convertible notes, which can turn into shares if certain conditions are met. That could dilute existing owners. The company warns its debt may limit flexibility and raise borrowing costs. Free cash flow (cash left after running and investing in the business) was $260 million in fiscal 2026.
How has Haemonetics stock performed?
The stock has swung widely. As of October 28, 2026, the price was up 134.9% over one year and 47.6% since the start of 2026. Even so, it fell as much as 40.1% at one point during that year. Over 10 years the price rose an average of 13.6% a year, but it lost 55% in calendar 2021. On October 28, 2026, its price-to-earnings ratio was 57.7, based on fiscal 2026 earnings per share of $2.05, down from $3.31 the year before.