undamentalytics Newsletter
Sign in

Conmed Corp key statistics and ratios

In fiscal 2025, Conmed Corp had return on equity of 4.7%, an operating margin of 7.5%, debt equal to 80.8% of equity and a current ratio of 2.14. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Gross margin48.6%51.2%51.7%52.9%54.1%54.6%53.1%53.5%54.1%54.6%54.9%53.4%56.2%54.6%54.3%56.1%54.6%
Operating margin4.1%8.0%1.1%8.5%7.4%7.1%7.1%4.9%5.9%8.3%8.3%5.3%10.9%6.7%9.7%15.3%7.5%
Net margin1.7%4.3%0.1%5.3%4.7%4.3%4.2%1.9%7.0%4.8%3.0%1.1%6.2%−7.7%5.2%10.1%3.4%
Free-cash-flow margin0.5%3.3%11.8%9.6%8.2%6.7%5.0%3.3%6.6%6.8%7.9%6.0%9.6%1.1%8.5%11.8%11.0%
Return on equity2.1%5.2%0.1%6.9%5.9%5.4%5.2%2.5%9.2%6.3%4.2%1.3%8.4%−10.5%8.2%14.7%4.7%
Return on assets—3.1%0.1%4.0%3.3%2.9%2.8%1.2%4.1%3.0%1.8%0.5%3.6%−4.0%2.8%5.7%2.0%
Asset turnover—0.720.750.760.700.680.650.630.590.630.610.490.570.510.540.570.59
Current ratio—1.952.722.793.343.293.012.902.382.332.112.192.341.961.982.302.14
Debt to equity0.0%33.3%25.0%26.7%35.6%41.5%46.3%85.9%77.0%69.0%108.2%106.3%87.2%141.5%116.7%94.1%80.8%
Interest cover (operating income ÷ interest)4.0x8.0x1.2x11.4x10.1x8.6x8.5x2.5x2.6x3.5x1.9x1.0x3.1x2.4x3.0x5.4x3.3x
Effective tax rate33.1%33.5%—31.9%29.0%31.0%32.4%24.3%—19.3%8.3%—14.4%—20.3%18.8%33.8%
R&D as % of revenue4.6%4.2%4.0%3.7%3.4%3.8%3.8%4.2%4.1%4.9%4.8%4.7%4.3%4.5%4.2%4.2%4.1%
SG&A as % of revenue38.3%38.7%38.1%39.4%43.3%43.7%42.1%44.3%44.2%41.4%41.9%43.3%41.0%43.4%40.4%36.6%43.1%
Capital spending as % of revenue3.1%2.1%2.4%2.8%2.4%2.1%2.1%1.9%1.6%1.9%2.1%1.5%1.5%2.1%1.5%1.0%1.4%
Free cash flow ÷ net income29.5%77.5%>999%182.0%173.9%154.6%117.7%171.4%95.0%142.4%262.3%541.3%154.9%—164.9%116.2%320.7%
Dividends ÷ net income—0.0%0.0%31.8%46.5%68.2%72.5%151.5%40.2%54.9%79.0%239.8%37.2%—38.0%18.6%52.6%
Dividends and buybacks ÷ free cash flow0.0%97.7%17.6%22.8%107.6%78.0%61.6%88.4%42.3%38.6%30.1%44.3%24.0%206.9%23.0%16.0%16.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $2.3bn
Short-term assets $682mLonger-term assets $1.6bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $459mLonger-term liabilities $786mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $682m of assets due within a year against $459m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $682m short-term assets against $786m of longer-dated liabilities.
  • More cash than debt $48m of cash against $636m of debt.
  • Debt below 40% of shareholders' equity Debt is 60% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 89% to 60% over five years.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Conmed Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

63 /100

Moderate moat

How hard Conmed's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.9% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 54.6%, moving by 0.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 7.9%; its worst year was 4.9%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.3% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.7% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CNMD vs HAECNMD vs STVNCNMD vs PEN

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from Conmed Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Conmed Corp.