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Data as of Q2 2026
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Ranked against 12 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MDT | $119.0B | 24.9× | 15.4× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 6.2% | 2.8× | 2,050 |
| ITGR | $4.3B | 43.8× | 15.6× | 2.3× | 8.0% | 27.0% | 5.5% | 5.9% | 3.5% | 3.3× | 309 |
| LIVN | $4.2B | — | 17.3× | 3.0× | 10.7% | 67.7% | -17.5% | -20.2% | -15.4% | -1.1× | 294 |
| TMDX | $2.7B | 16.3× | 16.7× | 4.5× | 37.1% | 59.9% | 31.4% | 40.2% | 39.4% | -3.5× | 371 |
| AXGN | $2.1B | — | — | 9.4× | 20.2% | 74.3% | -7.0% | -12.2% | -8.9% | — | 241 |
| BLFS | $1.9B | — | — | 19.6× | 28.9% | 64.6% | -4.8% | -1.2% | -1.2% | — | 207 |
| CNMD | $1.4B | 30.2× | 18.4× | 1.0× | 5.2% | 54.6% | 3.4% | 4.6% | 2.5% | 7.0× | 236 |
| CBLL | $1.0B | — | — | 11.3× | 36.1% | 87.9% | -60.0% | -34.4% | -34.4% | — | 123 |
| INMD | $823M | 10.0× | 6.0× | 2.2× | -6.2% | 78.5% | 25.3% | 13.7% | 13.7% | -3.5× | 185 |
| CV | $361M | — | — | 26.6× | 15.3% | 52.9% | -187% | -191% | -191% | — | 51 |
| ELMD | $229M | 21.3× | 14.2× | 3.1× | 15.3% | 78.5% | 15.3% | 20.9% | 20.9% | -1.4× | 128 |
| FOCL | $198M | — | — | 2.8× | 1.6% | 42.5% | -41.5% | -151% | -73.7% | — | — |
| STXS | $106M | — | — | 3.3× | 20.3% | 52.7% | -66.8% | -161% | -161% | — | 108 |
Peers = companies sharing ELMD's sector (Electromedical & Electrotherapeutic Apparatus) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3.9M buybacks = $3.9M returned on $8.4M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 21%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73.8M 100.0% | $64.0M 100.0% | $54.7M 100.0% | $48.1M 100.0% | $41.7M 100.0% | $35.8M 100.0% | $32.5M 100.0% | $31.3M 100.0% | $28.3M 100.0% | $25.9M 100.0% |
| Cost of Revenue | $15.8M 21.5% | $14.0M 21.9% | $13.0M 23.7% | $11.5M 24.0% | $10.2M 24.5% | $8.5M 23.6% | $7.3M 22.4% | $7.5M 23.8% | $6.5M 23.1% | $5.3M 20.5% |
| Gross Profit | $57.9M 78.5% | $50.0M 78.1% | $41.7M 76.3% | $36.5M 76.0% | $31.4M 75.5% | $27.3M 76.4% | $25.2M 77.6% | $23.8M 76.2% | $21.8M 76.9% | $20.6M 79.5% |
| Research & Development | $1.3M 1.8% | $996K 1.6% | $656K 1.2% | $916K 1.9% | $1.4M 3.3% | $1.7M 4.8% | $1.1M 3.2% | $583K 1.9% | $251K 0.9% | $597K 2.3% |
| Selling, General & Admin | $42.7M 57.9% | $39.3M 61.4% | $34.5M 63.0% | $31.6M 65.7% | $27.1M 65.1% | $22.4M 62.8% | $19.9M 61.4% | $20.4M 65.3% | $18.8M 66.4% | $16.4M 63.4% |
| Total Operating Expenses | $44.1M 59.7% | $40.3M 63.0% | $35.1M 64.2% | $32.5M 67.6% | $28.5M 68.3% | $24.2M 67.6% | $20.1M 61.8% | $21.0M 67.2% | $19.1M 67.3% | $17.0M 65.7% |
| Operating Income | $13.9M 18.8% | $9.7M 15.1% | $6.6M 12.0% | $4.0M 8.3% | $3.0M 7.1% | $3.1M 8.8% | $5.1M 15.8% | $2.8M 9.0% | $2.7M 9.6% | $3.6M 13.8% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $17K 0.1% |
| Pretax Income | $14.4M 19.5% | $10.3M 16.1% | $7.0M 12.9% | $4.1M 8.5% | $3.0M 7.2% | $3.2M 8.9% | $5.2M 16.1% | $2.9M 9.3% | $2.7M 9.7% | $3.5M 13.6% |
| Income Tax Expense | $3.1M 4.1% | $2.7M 4.3% | $1.9M 3.4% | $920K 1.9% | $692K 1.7% | $805K 2.3% | $1.1M 3.3% | $940K 3.0% | $901K 3.2% | $1.3M 5.0% |
| Net Income | $11.3M 15.3% | $7.5M 11.8% | $5.2M 9.4% | $3.2M 6.6% | $2.3M 5.5% | $2.4M 6.6% | $4.2M 12.8% | $2.0M 6.3% | $1.8M 6.5% | $2.2M 8.6% |
| Per Share | ||||||||||
| EPS (Basic) | $1.37 | $0.89 | $0.60 | $0.37 | $0.27 | $0.28 | $0.50 | $0.24 | $0.22 | $0.27 |
| EPS (Diluted) | $1.30 | $0.85 | $0.58 | $0.36 | $0.26 | $0.27 | $0.47 | $0.23 | $0.21 | $0.26 |
| Weighted Avg Shares (Basic) | 8.3M | 8.5M | 8.6M | 8.5M | 8.5M | 8.6M | 8.4M | 8.3M | 8.2M | 8.2M |
| Weighted Avg Shares (Diluted) | 8.7M | 8.9M | 8.9M | 8.7M | 8.8M | 8.9M | 8.8M | 8.6M | 8.6M | 8.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-14
Where each multiple sits in its own 15-yr range · 57th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 21% against ROIC 21% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 23.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 23.8 | 22.4 | 23.6 | 24.5 | 24.0 | 23.7 | 21.9 | 21.5 |
| Gross Profit | 76.2 | 77.6 | 76.4 | 75.5 | 76.0 | 76.3 | 78.1 | 78.5 |
| R&D | 1.9 | 3.2 | 4.8 | 3.3 | 1.9 | 1.2 | 1.6 | 1.8 |
| SG&A | 65.3 | 61.4 | 62.8 | 65.1 | 65.7 | 63.0 | 61.4 | 57.9 |
| Operating Income | 9.0 | 15.8 | 8.8 | 7.1 | 8.3 | 12.0 | 15.1 | 18.8 |
| Income Tax | 3.0 | 3.3 | 2.3 | 1.7 | 1.9 | 3.4 | 4.3 | 4.1 |
| Net Income | 6.3 | 12.8 | 6.6 | 5.5 | 6.6 | 9.4 | 11.8 | 15.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ELMD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $27.48 today, the market must believe free cash flow compounds 11.1%/yr for a decade (off $9.4M on the 3-yr avg basis).
On the basis ($7.0M) the requirement is 15.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 11.1% is more conservative than its 9-yr track record.
Default is 11.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt -$20.4M
mean 25.2% · volatility σ 137% · implied rate exceeded in 3/7 yrs
Central path = implied 11.1%/yr growth; shaded band = ±1σ (137%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Earns 20.8pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 18.8% | 11.1% (today's — no rate published for this year) | 7.6pts |
| FY2021 | 11.1% | 11.1% (today's — no rate published for this year) | -0.0pts |
| FY2022 | 8.3% | 8.4% | -0.1pts |
| FY2023 | 9.6% | 8.3% | 1.3pts |
| FY2024 | 16.7% | 8.6% | 8.2pts |
| FY2025 | 24.8% | 9.3% | 15.5pts |
| FY2026 | 29.8% | 9.9% | 19.9pts |
| Now | 20.9% | 11.1% | 9.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 79.5% | 13.8% | 8.6% |
| FY2018 | 76.9% | 9.6% | 6.5% |
| FY2019 | 76.2% | 9.0% | 6.3% |
| FY2020 | 77.6% | 15.8% | 12.8% |
| FY2021 | 76.4% | 8.8% | 6.6% |
| FY2022 | 75.5% | 7.1% | 5.5% |
| FY2023 | 76.0% | 8.3% | 6.6% |
| FY2024 | 76.3% | 12.0% | 9.4% |
| FY2025 | 78.1% | 15.1% | 11.8% |
| FY2026 | 78.5% | 18.8% | 15.3% |
Return on equity (21%) and return on invested capital (21%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread was positive in only 4 of the last 5 years.
Cash conversion of 0.58x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $8M; after share-based compensation it is $6M. The difference is a real cost that the cash flow statement adds back.
No debt, so there is no leverage path to distress.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
At $27.48, free cash flow must compound 11.14%/yr for 10 years. It has done 16.58%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −16.8% | 11.1% |
| FY2022 | −175.7% | 11.1% |
| FY2025 | 26.8% | 11.1% |
| FY2026 | −24.4% | 11.1% |
The implied rate has been matched or beaten in 1 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $11M | $11M |
| Share-based comp | $3M | $14M |
| Other non-cash & working capital | −$4M | $10M |
| Operating cash flow | $10M | $10M |
| Capex | −$1M | $8M |
| Free cash flow | $8M | $8M |
| FCF after SBC | $6M | $6M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 10.1% | 31.6% | 21.5 points |
| FY2022 | 16.5% | 23.6% | 7.1 points |
| FY2023 | 15.4% | 14.6% | -0.8 points |
| FY2024 | 13.8% | -3.3% | -17.1 points |
| FY2025 | 17.0% | 5.7% | -11.3 points |
| FY2026 | 15.3% | 20.9% | 5.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 145.5 days | 154.9 days | 27.9 days | 272.4 days |
| FY2021 | 173.9 days | 91.3 days | 29.6 days | 235.6 days |
| FY2022 | 184.4 days | 113.5 days | 45 days | 252.9 days |
| FY2023 | 183.2 days | 133.4 days | 43.4 days | 273.3 days |
| FY2024 | 155.6 days | 104.3 days | 28.4 days | 231.6 days |
| FY2025 | 140.6 days | 85.8 days | 69.4 days | 157.1 days |
| FY2026 | 147.5 days | 84.9 days | 60.9 days | 171.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -0.1 percent |
| FY2021 | -1.9 percent |
| FY2022 | 7.2 percent |
| FY2023 | 4.0 percent |
| FY2024 | -7.5 percent |
| FY2025 | -7.2 percent |
| FY2026 | 2.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.