Is the business good?
How good a business is CNMD?
CONMED Corporation earns 4.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.4%
Return on invested capital · cost of capital 9.0% · 4.6 points below what the capital costs: growth destroys value
- Operating margin
- 7.5%
Operating margin · Medical Devices median 11% · 12 months to Q4 2025
- Cash conversion
- 3.21×
Cash conversion · 1.16× a year ago · every dollar of reported profit arrived as cash, and more
- R&D as % of revenue
- 4.1%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 5.3% |
| FY2021 | 11% |
| FY2022 | 6.7% |
| FY2023 | 9.7% |
| FY2024 | 15% |
| FY2025 | 7.5% |
Details›
- Gross margin12 months to Q4 2025
- 55%
- Operating margin12 months to Q4 2025
- 7.5%
- Net margin12 months to Q4 2025
- 3.4%
- Free cash flow margin
- 11%
- R&D as % of revenue
- 4.1%
- Revenue, trailing twelve months
- $1.37B
- Free cash flow, trailing twelve months
- $151M
- Net income, trailing twelve months
- $47M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Devices
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