Forensic Analysis · Medical Devices · as of Nov 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
8.2
Distress distance
Clean
Earnings quality
2
Forensic signals
15.8%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 8.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 7% of net operating assets, against an accruals ratio of 15.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
10.0%
FY2025
Return on invested capital.Return on invested capital is 10.0% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.7-point range. After-tax operating profit was $28M in FY2023 and $52M in FY2025, with operating income at 19.0% of revenue in FY2023, 23.8% in FY2024 and 27.2% in FY2025. The capital base behind it grew +79% across FY2023–FY2025, from $293M to $523M, and the return did not fall doing it, so the dollars added over that window earned at least the 9.6% the older base was already earning. $302M of the $523M base at FY2025 is short-term investments (57.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$249.6M
Revenue Growth YoY+13.5%
Revenue CAGR (2yr)+13.6%
Net Margin23.1%
Free Cash Flow$74.5M
Return on Equity15.8%
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?