At a glance
LeMaitre Vascular Inc is worth $1.90B, about 33 times its fiscal 2025 earnings. Revenue grew 13.5% to $249.6M in fiscal 2025, with 23.1% kept as profit; over 5 years it has grown 14.0% a year. It pays a 1.15% dividend yield, raised every year for at least 9 years, and returned $71.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.5% over the past year with dividends reinvested and +9.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.4% in the 2020 crash (S&P 500: 33.7%) and 24.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
LeMaitre Vascular makes medical devices and processes human tissue for treating peripheral vascular disease (narrowed, blocked or weakened blood vessels outside the heart), kidney failure and heart disease. Devices and tissue used by vascular surgeons made up about 80% of fiscal 2025 sales. Products include Artegraft, a cow-artery graft for dialysis access and leg bypass; XenoSure patches that close vessels after surgery; and catheters that remove blood clots. Its RestoreFlow unit freezes donated human veins, arteries and heart valves for use in surgery.
Biologic products, made largely from animal or human tissue, were 53% of fiscal 2025 sales; no single product type topped 20%. The company estimates over 95% of sales came from devices used in open surgery rather than minimally invasive catheter procedures. It targets niche markets worth under $400 million a year worldwide, where bigger rivals pay less attention and prices can be higher. It has grown through 25 acquisitions since its 1983 founding and makes most products at its Burlington, Massachusetts headquarters.
About 95% of fiscal 2025 sales came through its own direct-to-hospital sales team, which had 160 people at year-end; no hospital topped 2% of sales. Revenue was $249.6 million in fiscal 2025, up 13.5%. By region, the US supplied 56.7%, Germany 7.2%, Canada 6.1%, the UK 5.3% and other countries 24.7%.
Price history
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LMAT -6.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $141.6M | 56.7% |
| Other Countries | $61.7M | 24.7% |
| DE | $17.9M | 7.2% |
| CA | $15.3M | 6.1% |
| GB | $13.2M | 5.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $70.4M, up 9.6% from a year earlier, and net income was $17.1M (+23.7%).
- For fiscal 2025, revenue was $249.6M (+13.5% year over year; +14.0% a year from FY2020 to FY2025) with a 23.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.0% good |
|---|---|
| Operating margin | 27.2% good |
| Free cash flow margin | 29.8% good |
| Return on equity (FY2025) | 14.7% watch |
| Return on assets (FY2025) | 9.4% good |
| Net cash (cash minus debt) | $207.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $129.4M | $21.2M | $31.8M |
| FY2021 | $154.4M | $26.9M | $30.2M |
| FY2022 | $161.7M | $20.6M | $22.1M |
| FY2023 | $193.5M | $30.1M | $29.5M |
| FY2024 | $219.9M | $44.0M | $37.2M |
| FY2025 | $249.6M | $57.7M | $74.5M |
Valuation snapshot
| Market value | $1.90B |
|---|---|
| P/E ratio | 32.9 |
| Dividend yield | 1.15% |
Rank among 1514 US companies
Market value at each year end
LeMaitre Vascular’s market value went from $470.9M at the end of 2016 to $1.90B on Oct 28, 2026, about 4.0 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.90B | +3.0% |
| 2025 | $1.84B | -11.2% |
| 2024 | $2.07B | +63.9% |
| 2023 | $1.26B | +24.8% |
| 2022 | $1.01B | -7.7% |
| 2021 | $1.10B | +33.1% |
| 2020 | $823.9M | +15.5% |
| 2019 | $713.5M | +54.1% |
| 2018 | $462.9M | -24.5% |
| 2017 | $613.4M | +30.3% |
| 2016 | $470.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LMAT price data to Oct 28, 2026 | +3.0% | -6.5% | +21.7% | +9.2% | +15.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.0% |
| 2025 | -10.9% |
| 2024 | +63.6% |
| 2023 | +24.6% |
| 2022 | -7.3% |
| 2021 | +25.1% |
| 2020 | +14.2% |
| 2019 | +53.9% |
| 2018 | -25.1% |
| 2017 | +26.7% |
| 2016 | +48.7% |
| 2015 | +128.8% |
| 2014 | -2.5% |
| 2013 | +42.0% |
| 2012 | -1.0% |
| 2011 | -11.5% |
| 2010 | +35.4% |
| 2009 | +116.6% |
| 2008 | -62.8% |
| 2007 | +3.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 73.1% over that stretch · deepest drop along the way 75.7%, back to its old high 58 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.2% over that stretch · deepest drop along the way 31.4%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5.3% over that stretch · deepest drop along the way 24%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($6.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | George W LeMaitre Chairman and CEO, Director | sell | $3.0M |
| May 7, 2026 | George W LeMaitre Chairman and CEO, Director | sell | $2.0M |
| May 7, 2026 | Bridget A Ross Director | sell | $560K |
| May 7, 2026 | Lawrence J Jasinski Director | sell | $434K |
| May 8, 2026 | Trent G Kamke Senior V. P., Operations | sell | $313K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | Mar 31, 2025 |
| LeMaitre George W | 8.5% | Dec 31, 2024 |
| Conestoga Capital Advisors | 8.12% | Dec 31, 2025 |
| George W. LeMaitre | 6.4% | Mar 31, 2026 |
| Copeland Capital Management | 5.21% | Dec 31, 2024 |
| First Trust Portfolios L.P. | 5.15% | Jun 30, 2026 |
ETFs with the most weight in LMAT
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.1% |
| XHE SPDR S&P Health Care Equipment ETF | 1.89% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.12% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.03% |
| OSCV Opus Small Cap Value ETF | 0.91% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.69% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.5% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.47% |
What could go wrong
- Reliance on donated tissue and sole suppliers. Biologic products, 53% of fiscal 2025 sales, rely on donated human tissue and animal materials, some from sole suppliers. Supply gaps, breaches of human-tissue rules or limits on animal-derived materials could cut sales.
- Rivals and less invasive alternatives. The company estimates over 95% of fiscal 2025 sales came from devices used in open surgery. Larger rivals and catheter-based procedures that treat vessels from inside could draw demand away.
- Profit growth leaned on price increases. Operating income grew 30% in 2025 and 42% in 2024, helped by price increases, a bigger sales force and cost control. Hospital cost-cutting, insurer payment changes or competition could curb price rises.
- Growth depends on finding acquisitions. LeMaitre built its range through 25 acquisitions and plans more. If it cannot find, close and integrate suitable deals, growth could slow, and a poorly handled deal could hurt results.
- Production concentrated in a few sites. Most devices are made at the Burlington, Massachusetts headquarters, human tissue is processed in Illinois and Artegraft is made in New Jersey. A disaster or equipment failure at one site could disrupt supply.
- Convertible notes could dilute shareholders. The company has 2.50% convertible notes, bonds that can be swapped for shares. They require cash interest, and conversion could dilute existing owners. Total debt was $169.1 million as of June 30, 2026.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change; Other company announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
LeMaitre pays a modest but growing dividend; the yield was 1.15% as of October 28, 2026. It has raised its dividend at least nine years in a row through fiscal 2025. Dividends per share climbed from $0.38 in fiscal 2020 to $0.80 in fiscal 2025, about 16% a year. Fiscal 2025 dividends used 31.4% of earnings and 24.3% of free cash flow (cash left after running and investing in the business), leaving a cushion. The company has set no minimum dividend. Share buybacks were minor: $5.8 million over fiscal 2021–2025 against $65.3 million of dividends, and the share count rose 4.7% from October 2021 to August 2026.
In past downturns, the shares fell 75.7% in the 2008 financial crisis and took 58 months to recover. They lost 31.4% in the 2020 COVID crash, recovering in about a month, and 24% in the 2022 bear market, recovering in under three months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does LeMaitre Vascular make money?
LeMaitre makes money by supplying devices and human tissue used in blood-vessel surgery, mostly through its own sales team calling directly on hospitals. Products include Artegraft cow-artery grafts, XenoSure patches, clot-removal catheters and RestoreFlow cryopreserved (frozen) human tissue. Biologic products made largely from animal or human tissue were 53% of fiscal 2025 revenue of $249.6 million. In fiscal 2025, it kept 71.5% of revenue after production costs (gross margin) and 27.2% after all operating costs (operating margin).
Does LeMaitre Vascular raise its dividend every year?
Yes, so far. LeMaitre has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.38 in fiscal 2020 to $0.80 in fiscal 2025, about 16% a year. The yield was 1.15% as of October 28, 2026. Its 10-K says it has set no minimum dividend and gives no assurance of future payments.
How has LeMaitre Vascular stock performed?
It has gained over the long run but fallen over the past year. As of October 28, 2026, its price return was about 15.6% a year over 10 years, 9.2% a year over five years and 21.7% a year over three years. It was down 6.5% over one year and 25.9% over six months, with a peak-to-low drop of 32.5% within the past year. The shares traded at 32.9 times fiscal 2025 earnings, meaning investors paid about $33 for each $1 of annual profit.
Does LeMaitre Vascular have a lot of debt?
Not relative to its cash. As of June 30, 2026, LeMaitre had $376.2 million in cash and investments and $169.1 million of total debt, leaving net cash of $207.1 million. Its annual report, filed February 26, 2026, describes 2.50% convertible senior notes, bonds that can be swapped for shares. They require cash interest payments, and conversion could dilute existing shareholders or, under certain conditions, strain cash.
Do LeMaitre Vascular insiders own a lot of stock?
The chairman and CEO holds a meaningful stake. George W. LeMaitre reported owning 6.4% of the shares as of March 31, 2026, down from 8.5% at December 31, 2024. The 10-K warns this voting power may not align with other shareholders' interests. Insider filings from October 29, 2025 to October 29, 2026 include five share sales worth about $6.3 million and no purchases, among them two by the CEO in May 2026 worth about $3.0 million and $2.0 million. None was under a prearranged trading plan.