HAEHaemonetics Corporation
Is the business good?
The checks split: 7 of 9 health tests passed and earnings fully cash-backed (2.8×), but margins compressing.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
A balanced mix of margins, efficiency, and leverage. ROE 16% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HAE?
Haemonetics Corporation earns 7.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.9 points below what the capital costs: growth destroys value
- Operating margin
- 12%
Operating margin · Medical Devices median 2.1% · 12 months to Q1 2027
- Cash conversion
- 2.77×
Cash conversion · 1.24× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −5.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2021 | 10% |
| FY2022 | 8.1% |
| FY2023 | 13% |
| FY2024 | 13% |
| FY2025 | 16% |
| FY2026 | 12% |
Details›
- Gross margin12 months to Q1 2027
- 59%
- Operating margin12 months to Q1 2027
- 12%
- Net margin12 months to Q1 2027
- 7.1%
- Free cash flow margin
- 22%
- R&D as % of revenue
- 4.4%
- Revenue, trailing twelve months
- $1.35B
- Free cash flow, trailing twelve months
- $291M
- Net income, trailing twelve months
- $96M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.