CONMED Corporation
CNMD Healthcare Medical Devices
CONMED Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 5.18% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 11.6%, free cash flow grew 46.0% and total debt fell 5.40%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three.
Follow CNMD
CONMED Corporation (CNMD) Altman Z-score
CONMED Corporation's Altman Z-score for fiscal 2025 is 1.86, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.86 | (0.46) |
| FY2024 | 2.32 | (0.20) |
| FY2023 | 2.52 | 0.54 |
| FY2022 | 1.99 | (1.89) |
| FY2021 | 3.88 | 0.94 |
| FY2020 | 2.94 | (0.04) |
| FY2019 | 2.98 | (0.01) |
| FY2018 | 2.99 | 0.48 |
| FY2017 | 2.51 | 0.24 |
| FY2016 | 2.28 | (0.73) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.25 | — | 0.35 | |
| EBIT / total assets | 0.04 | — | 0.15 | |
| Market value of equity / total liabilities | 0.97 | — | 0.58 | |
| Sales / total assets | 0.59 | — | 0.59 | |
| Altman Z-score | Grey zone | 1.86 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.97 | ||
Z and Z″ put CONMED Corporation in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IRMD iRadimed Corporation compare | 55.6× |
| AORT Artivion, Inc. compare | 3.7× |
| ESTA Establishment Labs Holdings Inc. compare | 2.7× |
| CNMD CONMED Corporation | 1.9× |
| BVS Bioventus Inc. compare | 1.3× |
| ATEC Alphatec Holdings, Inc. compare | 0.9× |
| NVCR NovoCure Limited compare | 0.4× |
| TNDM Tandem Diabetes Care, Inc. compare | 0.2× |
| ENOV Enovis Corporation compare | −0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets