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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.

46.72 0.42 −0.89%
Market cap
$1.4B
P/E
25.3×
Fwd P/E
8.8×
Dividend yield
0.00%
F-score
5/9
Altman Z
1.86
Beneish M
−2.70
Dividend safety
63/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.16
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — — — — — — — — — — —
Insider Ownership 0.76%

Capital & Financial Ratios $m

Market Cap 1,410.00
Revenue 1,371.66
Net Income 56.50
Free Cash Flow 134.46
Net Debt 796.92
Current Ratio 1.48
Debt/Equity 0.80
P/E ratio 25.25
Fwd P/E 8.83
P/S ratio 1.02
P/B ratio 1.35
Past 5Y EPS Growth 36.38% (at or above 15%: strong)
This Y EPS Growth (1.18%) (below 0%: weak)
Next Y EPS Growth 5.42%
Next Y revenue growth (0.56%) (below 0%: weak)
Next 5Y EPS Growth 5.53%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 2.8×; over the ten years it ranged from 1.3× in 2026 to 5.4× in 2021.
P/E against its own 10 years 21.77%
10-year low 10-year high
P/S against its own 10 years 7.59%
10-year low 10-year high
P/B against its own 10 years 7.11%
10-year low 10-year high
EV/Sales against its own 10 years 7.11%
10-year low 10-year high
EV/FCF against its own 10 years 11.17%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.00
Annual Dividend Yield 0.00%
total individual payouts
2027 Powerpack
2026 Powerpack
2025 0.60
0.20
0.20
0.20
2024 0.80
0.20
0.20
0.20
0.20
2023 0.80
0.20
0.20
0.20
0.20
2022 0.80
0.20
0.20
0.20
0.20
2021 0.80
0.20
0.20
0.20
0.20
2020 0.80
0.20
0.20
0.20
0.20
2019 0.80
0.20
0.20
0.20
0.20
2018 0.80
0.20
0.20
0.20
0.20
2017 0.80
0.20
0.20
0.20
0.20
2016 0.80
0.20
0.20
0.20
0.20
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 24 24 41 37
Receivables 242 238 248 240
Inventory 318 347 356 360
Other — — — —
616 640 673 676
2023 2024 2025 Q'26
Payables 88 102 94 101
ST’ Debt 1 1 1 177
Other 152 110 139 107
311 278 315 455

Compound Annual Growth %

10y 5y 3y
Sales 6.69% 9.77% 9.56%
Cash Flow 12.86% 21.48% 72.31%
Earnings 4.43% 37.66% 0.00%
Book Value 5.85% 7.82% 11.49%

Revenue $m

Mar Jun Sep Dec Year
’26 317 343 — — —
’25 321 342 338 373 1,375
’24 312 332 317 346 1,307
’23 295 318 305 327 1,245
’22 242 277 275 251 1,045
’21 233 255 249 274 1,011
’20 214 158 238 253 862
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 37 — — —
’25 42 29 54 46 171
’24 29 43 51 43 167
’23 (4) 27 46 56 125
’22 0 19 26 (12) 33
’21 22 34 21 34 112
’20 4 6 35 20 65
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 11 34 — — —
’25 38 23 48 41 151
’24 27 40 48 39 154
’23 (8) 22 41 52 106
’22 (3) 13 19 (17) 12
’21 19 31 16 31 97
’20 1 2 32 17 52
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.45 0.77 — — —
’25 0.19 0.69 0.09 0.54 1.51
’24 0.63 0.96 1.57 1.08 4.25
’23 0.06 0.43 0.50 1.05 2.04
’22 0.47 (5.65) 1.48 0.86 (2.68)
’21 0.31 0.41 0.47 0.75 1.94
’20 0.20 (0.96) 0.23 0.81 0.32
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 35.51 39.74 50.02 60.13 37.66 106.15 71.09 88.01 61.05 38.32

Analyst estimates 2026–2028

Powerpack
High 50.16 54.77 83.49 116.81 114.96 159.11 155.51 138.47 113.68 74.70
People
People Employees 3,300 3,100 3,100 3,300 3,400 3,800 4,100 4,000 3,900 3,900
Revenue/emp, $m 0.23 0.26 0.28 0.29 0.25 0.27 0.25 0.31 0.34 0.35
Income, $m
Income, $m Revenue 764 796 860 955 862 1,011 1,045 1,245 1,307 1,375
Gross margin, % 53.48 54.12 54.57 54.94 53.37 56.21 54.64 54.33 56.08 54.59
EBT 19 29 51 31 2 73 (71) 81 163 71
EBT margin, % 2.54 3.61 5.89 3.27 0.19 7.23 (6.78) 6.49 12.47 5.17
Net income 15 55 41 29 10 63 (81) 64 132 47
Depreciation 55 59 62 84 86 85 74 78 78 80
Per share, $
Per share, $ Revenue 27.46 28.50 30.57 33.72 30.18 34.66 34.80 40.59 42.37 44.29
Earnings 0.53 1.99 1.45 1.01 0.33 2.14 (2.68) 2.10 4.29 1.52
Cash flow 1.43 2.35 2.66 3.36 2.26 3.83 1.11 4.09 5.41 5.50
Capex (0.53) (0.46) (0.59) (0.71) (0.46) (0.51) (0.73) (0.62) (0.42) (0.64)
Free cash flow 0.90 1.89 2.07 2.65 1.80 3.32 0.39 3.47 4.99 4.86
Book value 20.88 22.60 23.55 25.08 24.81 26.93 24.82 27.20 31.21 33.29
Shares, m 28 28 28 28 29 29 30 31 31 31
Valuation, ×
Valuation, × P/E 84.98 25.43 43.97 109.64 339.39 66.24 0.00 52.19 15.95 26.89
P/S 1.61 1.78 2.10 3.32 3.71 4.09 2.58 2.71 1.62 0.92
P/B 2.12 2.24 2.73 4.46 4.51 5.26 3.62 4.05 2.19 1.22
EV/Sales 2.23 2.35 2.61 4.09 4.55 4.75 3.56 3.48 2.29 1.49
EV/FCF 67.64 35.43 38.57 52.09 76.23 49.51 321.41 40.70 19.45 13.61
Cash, $m
Cash, $m Operating cash flow 40 66 75 95 65 112 33 125 167 171
Capex (15) (13) (17) (20) (13) (15) (22) (19) (13) (20)
Free cash flow 25 53 58 75 52 97 12 106 154 151
Balance, $m
Balance, $m Working capital 217 207 213 209 226 263 285 305 362 358
Total debt 498 486 457 769 754 685 1,055 974 906 835
Net debt 471 454 439 743 726 664 1,026 950 881 794
Shareholders’ equity 581 631 662 710 709 785 746 834 963 1,033
Returns, %
Returns, % ROA 1.21 4.13 3.00 1.82 0.54 3.56 (3.97) 2.80 5.75 2.03
ROIC 2.24 2.70 4.05 3.40 2.00 4.73 2.47 4.23 6.79 3.51
ROE 2.52 9.16 6.32 4.17 1.34 8.37 (10.53) 8.16 14.74 4.72
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

CONMED Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESTA Establishment Labs Holdings Inc. $1.8B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ATEC Alphatec Holdings, Inc. $1.7B — (loss-making) — (loss-making) +15.07% (above 0%: growing) n/m −146.87% (below 0%: shrinking) 72.17% (0.89%) Compare
NVCR NovoCure Limited $1.7B — (loss-making) — (loss-making) +15.60% (above 0%: growing) n/m +105.68% (above 0%: growing) 77.61% (5.75%) Compare
CNMD CONMED Corporation $1.4B 25.3× 8.8× +0.33% (above 0%: growing) +11.59% (above 0%: growing) +45.96% (above 0%: growing) 57.49% 10.60%
BVS Bioventus Inc. $1.2B 16.4× 21.4× +3.76% (above 0%: growing) +345.45% (above 0%: growing) −25.11% (below 0%: shrinking) 68.97% 12.48% Compare
TNDM Tandem Diabetes Care, Inc. $1.2B — (loss-making) — (loss-making) +5.77% (above 0%: growing) n/m −146.34% (below 0%: shrinking) 56.87% (5.42%) Compare
IRMD iRadimed Corporation $1.1B 48.5× 48.7× +0.28% (above 0%: growing) −8.89% (below 0%: shrinking) +11.66% (above 0%: growing) 74.07% 31.23% Compare
ENOV Enovis Corporation $1.1B — (loss-making) 195× +3.23% (above 0%: growing) n/m +815.79% (above 0%: growing) 61.64% 2.99% Compare
AORT Artivion, Inc. $1.1B — (loss-making) 142× +11.32% (above 0%: growing) n/m −202.47% (below 0%: shrinking) 64.03% (6.65%) Compare
Median of peers $1.2B — 95.4× +8.55% — −11.18% 69.81% (3.15%)

All 149 Medical Devices stocks →

CONMED Corporation (CNMD) key facts

  • Concern: Net income was $47.1 million, or $1.52 per share (basic), a net margin of 3.42%.
  • Strength: CONMED Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 5.18% from fiscal 2024.
  • CONMED Corporation (CNMD) is a Medical Devices company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CNMD traded at $46.72, a market capitalization of $1.4 billion.
  • At that price the stock trades at 25.3× trailing-twelve-month earnings and 1.0× sales; its P/E is higher than 22% of its own readings over the past ten years.
  • Return on equity was 4.72% and debt-to-equity 0.80.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.86 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

CONMED Corporation (CNMD) Latest News

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stockrow.com/CNMD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com