LIVNLivaNova PLC
Is the business good?
A genuinely good business: earnings fully cash-backed (1.7×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is LIVN?
LivaNova PLC earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 4.5 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Medical Devices median 2.1% · 12 months to Q2 2026
- Cash conversion
- 1.68×
Cash conversion · 1.56× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +2.9%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −29% |
| FY2021 | −0.08% |
| FY2022 | −7.5% |
| FY2023 | −5.9% |
| FY2024 | 10% |
| FY2025 | 14% |
Details›
- Gross margin12 months to Q2 2026
- 68%
- Operating margin12 months to Q2 2026
- 13%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- 10%
- R&D as % of revenue
- 14%
- Revenue, trailing twelve months
- $1.47B
- Free cash flow, trailing twelve months
- $148M
- Net income, trailing twelve months
- $189M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.