Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 8, 2026
Lemaitre Vascular Inc (LMAT)
A forensic read on Lemaitre Vascular Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
15.1
Distress distance
Clean
Earnings quality
3
Forensic signals
29.1
P / E (ttm)
14.7%
ROE
$1.8B
Market cap
1.24%
Dividend yield
13.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Lemaitre Vascular Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 15.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.
+15.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +12% against revenue +14%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.
9.5%
FY2025
Return on invested capital.Return on invested capital is 9.5% in the latest fiscal year and rising from 8% — around its ~10% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$249.6M
Revenue Growth YoY+13.5%
Revenue CAGR (3yr)+15.6%
Net Margin23.1%
Free Cash Flow$74.5M
Return on Equity14.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Lemaitre Vascular Inc's actual 10-K/10-Q/8-K filings?