A Business at a Glance
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CONMED Corp
CNMD
$1.3B
Mkt Cap
$42.68
+3.42%
CONMED Corp (CNMD) has a current P/E ratio of 28.3, compared to its historical median P/E of 41.8. The stock is currently considered Fair based on its historical valuation range.
CONMED Corp (CNMD) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
CONMED Corp (CNMD) has a market capitalization of $1.3B. It is classified as a small-cap stock.
Yes, CONMED Corp (CNMD) pays a dividend with a trailing twelve-month yield of 1.86%.
Based on historical P/E analysis, CONMED Corp (CNMD) appears fair. The current P/E of 28.3 is 32% below its historical median of 41.8. The estimated fair value CAGR (P/E method) is 23.5%.
CONMED Corp (CNMD) operates in the Electromedical & Electrotherapeutic Apparatus industry, within the Healthcare sector.
CONMED Corp (CNMD) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
CONMED CORPORATION Forward Looking Statements This Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”) contains certain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to CONMED Corporation (“CONMED”, the “Company”, “we” or “us” — references to “CONMED”, the “Company”, “we” or “us” shall be deemed to include our direct and indirect subsidiaries unless the context otherwise requires) which are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. When used in this Form 10-K, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect” and similar expressions are intended to identify forward-looking statements.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.3B | 1.2B | 1.0B | 1.0B |
| Net Income | 47M | 47M | 132M | 64M | -81M | 63M |
| EPS | $1.51 | $1.51 | $4.25 | $2.04 | $-2.68 | $1.94 |
| Free Cash Flow | 151M | 151M | 154M | 106M | 12M | 97M |
| ROIC | 3.6% | 3.6% | 8.9% | 5.4% | 4.3% | 6.5% |
| Gross Margin | 54.6% | 54.6% | 56.1% | 54.3% | 54.6% | 56.2% |
| Debt/Equity | 0.86 | 0.86 | 0.98 | 1.19 | 1.44 | 0.90 |
| Dividends/Share | $0.79 | $0.60 | $0.80 | $0.80 | $0.80 | $0.80 |
| Operating Income | 103M | 103M | 200M | 121M | 70M | 110M |
| Operating Margin | 7.5% | 7.5% | 15.3% | 9.7% | 6.7% | 10.9% |
| ROE | 4.6% | 4.7% | 14.7% | 8.2% | -10.5% | 8.4% |
| Shares Outstanding | 31M | 31M | 31M | 32M | 30M | 32M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 740M | 719M | 764M | 796M | 860M | 955M | 862M | 1.0B | 1.0B | 1.2B | 1.3B | 1.4B | 1.4B |
| Gross Margin | 54.6% | 53.1% | 53.5% | 54.1% | 54.6% | 54.9% | 53.4% | 56.2% | 54.6% | 54.3% | 56.1% | 54.6% | 54.6% |
| R&D | 28M | 27M | 32M | 32M | 42M | 45M | 40M | 44M | 47M | 53M | 54M | 56M | 56M |
| SG&A | 323M | 303M | 338M | 352M | 356M | 400M | 374M | 415M | 454M | 503M | 478M | 592M | 592M |
| EBIT | 53M | 51M | 38M | 47M | 71M | 79M | 46M | 110M | 70M | 121M | 200M | 103M | 103M |
| Op. Margin | 7.1% | 7.1% | 4.9% | 5.9% | 8.3% | 8.3% | 5.3% | 10.9% | 6.7% | 9.7% | 15.3% | 7.5% | 7.5% |
| Net Income | 32M | 30M | 15M | 55M | 41M | 29M | 9.5M | 63M | -81M | 64M | 132M | 47M | 47M |
| Net Margin | 4.3% | 4.2% | 1.9% | 7.0% | 4.8% | 3.0% | 1.1% | 6.2% | -7.7% | 5.2% | 10.1% | 3.4% | 3.4% |
| Non-Recurring | 22M | 22M | 9.7M | 4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.8% | 4.0% | 3.1% | 4.4% | 3.9% | 5.6% | 3.2% | 6.5% | 4.3% | 5.4% | 8.9% | 3.6% | 3.6% |
| ROE | 5.4% | 5.2% | 2.5% | 9.2% | 6.3% | 4.2% | 1.3% | 8.4% | -10.5% | 8.2% | 14.7% | 4.7% | 4.6% |
| ROA | 2.9% | 2.8% | 1.2% | 4.1% | 3.0% | 1.8% | 0.5% | 3.6% | -4.0% | 2.8% | 5.7% | 2.0% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 65M | 51M | 40M | 66M | 75M | 95M | 65M | 112M | 33M | 125M | 167M | 171M | 171M |
| Free Cash Flow | 50M | 36M | 25M | 53M | 58M | 75M | 52M | 97M | 12M | 106M | 154M | 151M | 151M |
| Owner Earnings | 23M | 12M | -9.0M | 16M | 23M | 32M | -824K | 46M | -38M | 50M | 90M | 90M | 90M |
| CapEx | 15M | 15M | 15M | 13M | 17M | 20M | 13M | 15M | 22M | 19M | 13M | 20M | 20M |
| Maint. CapEx | 33M | 31M | 40M | 41M | 42M | 51M | 52M | 50M | 50M | 51M | 51M | 52M | 52M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 33M | 31M | 40M | 41M | 42M | 51M | 52M | 50M | 50M | 51M | 51M | 52M | 52M |
| CapEx/OCF | 23.6% | 31.2% | 37.0% | 19.6% | 22.1% | 21.1% | 20.2% | 13.3% | 65.3% | 15.2% | 7.8% | 11.6% | 11.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 22M | 22M | 22M | 22M | 22M | 23M | 23M | 23M | 24M | 25M | 25M | 25M | 25M |
| Dividend Yield | 2.1% | 1.8% | 2.1% | 1.8% | 1.2% | 0.9% | 1.0% | 0.6% | 0.8% | 0.7% | 1.1% | 1.5% | 1.9% |
| Share Buybacks | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 1.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.3M | 7.5M | 8.4M | 8.5M | 10M | 12M | 13M | 16M | 22M | 24M | 26M | 28M | 28M |
| Debt Repayment | 0 | 0 | 8.8M | 8.8M | 13M | 154M | 3.2M | 2.0M | 275M | 0 | 70M | 2.9M | 2.9M |
| Balance Sheet | |||||||||||||
| Net Debt | 175M | 198M | 471M | 454M | 439M | 767M | 749M | 684M | 1.0B | 967M | 923M | 847M | 847M |
| Cash & Equiv. | 66M | 73M | 27M | 33M | 18M | 26M | 27M | 21M | 29M | 24M | 24M | 41M | 41M |
| Long-Term Debt | 240M | 269M | 488M | 472M | 439M | 755M | 735M | 672M | 985M | 973M | 905M | 834M | 834M |
| Debt/Equity | 0.42 | 0.46 | 0.86 | 0.77 | 0.69 | 1.12 | 1.09 | 0.90 | 1.44 | 1.19 | 0.98 | 0.86 | 0.86 |
| Interest Coverage | 8.6 | 8.5 | 2.5 | 2.6 | 3.5 | 1.9 | 1.0 | 3.1 | 2.4 | 3.0 | 5.4 | 3.3 | 3.3 |
| Equity | 581M | 585M | 581M | 631M | 662M | 710M | 709M | 785M | 746M | 834M | 963M | 1.0B | 1.0B |
| Total Assets | 1.1B | 1.1B | 1.3B | 1.4B | 1.4B | 1.8B | 1.8B | 1.8B | 2.3B | 2.3B | 2.3B | 2.3B | 2.3B |
| Total Liabilities | 517M | 517M | 748M | 727M | 707M | 1.1B | 1.0B | 981M | 1.6B | 1.5B | 1.3B | 1.3B | 1.3B |
| Intangibles | 316M | 308M | 420M | 415M | 413M | 533M | 502M | 471M | 682M | 649M | 618M | 582M | 582M |
| Retained Earnings | 406M | 415M | 407M | 440M | 465M | 471M | 457M | 497M | 413M | 453M | 560M | 589M | 589M |
| Working Capital | 265M | 240M | 217M | 207M | 213M | 209M | 226M | 263M | 285M | 305M | 362M | 358M | 358M |
| Current Assets | 381M | 360M | 331M | 357M | 374M | 397M | 417M | 460M | 581M | 616M | 640M | 673M | 673M |
| Current Liabilities | 116M | 120M | 114M | 150M | 161M | 188M | 190M | 197M | 297M | 311M | 278M | 315M | 315M |
| Per Share Data | |||||||||||||
| EPS | 1.16 | 1.09 | 0.52 | 1.97 | 1.41 | 0.97 | 0.32 | 1.94 | -2.68 | 2.04 | 4.25 | 1.51 | 1.51 |
| Owner EPS | 0.83 | 0.43 | -0.32 | 0.56 | 0.79 | 1.10 | -0.03 | 1.42 | -1.27 | 1.57 | 2.89 | 2.89 | 2.89 |
| Book Value | 20.95 | 20.91 | 20.59 | 22.42 | 22.86 | 24.08 | 23.84 | 24.36 | 24.80 | 26.40 | 30.90 | 33.15 | 33.15 |
| Cash Flow/Share | 2.35 | 1.82 | 1.41 | 2.33 | 2.58 | 3.22 | 2.17 | 3.47 | 1.11 | 3.97 | 5.36 | 5.48 | 3.19 |
| Dividends/Share | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.60 | 0.79 |
| Shares Out. | 27.8M | 28.0M | 28.2M | 28.2M | 29.0M | 29.5M | 29.7M | 32.2M | 30.1M | 31.6M | 31.2M | 31.2M | 31.2M |
| Valuation | |||||||||||||
| P/E Ratio | 34.4 | 36.1 | 77.3 | 24.3 | 41.8 | 108.0 | 335.7 | 71.2 | N/A | 53.6 | 16.4 | 27.0 | 28.3 |
| P/FCF | 22.2 | 30.7 | 45.1 | 25.6 | 29.4 | 41.2 | 62.0 | 46.0 | 215.8 | 32.5 | 14.1 | 8.4 | 8.8 |
| EV/EBIT | 23.0 | 24.0 | 42.1 | 38.0 | 30.1 | 48.6 | 85.6 | 46.8 | 51.3 | 36.5 | 15.3 | 20.1 | 21.2 |
| Price/Book | 1.9 | 1.9 | 2.0 | 2.1 | 2.6 | 4.4 | 4.5 | 5.7 | 3.4 | 4.1 | 2.3 | 1.2 | 1.3 |
| Price/Sales | 1.4 | 1.7 | 1.4 | 1.6 | 2.2 | 2.6 | 2.8 | 4.0 | 3.0 | 2.7 | 1.8 | 1.2 | 1.0 |
| FCF Yield | 4.5% | 3.3% | 2.2% | 3.9% | 3.4% | 2.4% | 1.6% | 2.2% | 0.5% | 3.1% | 7.1% | 11.9% | 11.3% |
| Market Cap | 1.1B | 1.1B | 1.1B | 1.3B | 1.7B | 3.1B | 3.2B | 4.5B | 2.5B | 3.5B | 2.2B | 1.3B | 1.3B |
| Avg. Price | 37.38 | 44.70 | 37.70 | 44.83 | 63.84 | 83.74 | 80.43 | 126.92 | 106.04 | 106.26 | 74.30 | 53.46 | 42.68 |
| Year-End Price | 39.87 | 39.39 | 40.20 | 47.85 | 58.97 | 104.79 | 107.44 | 138.17 | 83.09 | 109.41 | 69.86 | 40.80 | 42.68 |
CONMED Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
CONMED Corp trades at 28.3x trailing earnings, compared to its 15-year median P/E of 41.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.7x vs a median of 32.5x. The company's 5-year average ROIC is 5.7% with a gross margin of 55.2%. Total shareholder yield (dividends) is 1.9%. At current prices, the estimated annualized return to fair value is +8.1%.
CONMED Corp (CNMD) has a net profit margin of 3.4%. This is a modest margin.
CONMED Corp (CNMD) generated $151 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CONMED Corp (CNMD) has a debt-to-equity ratio of 0.86. This indicates moderate leverage.
CONMED Corp (CNMD) reported earnings per share (EPS) of $1.51 in its most recent fiscal year.
CONMED Corp (CNMD) has a return on equity (ROE) of 4.7%. This indicates moderate shareholder returns.
CONMED Corp (CNMD) has a 5-year average gross margin of 55.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for CONMED Corp (CNMD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CONMED Corp (CNMD) has a book value per share of $33.15, based on its most recent annual SEC filing.