LeMaitre Vascular Q1 2026 earnings snapshot

LeMaitre Vascular (LMAT) opened 2026 with Q1 revenue of US$66.6 million and basic EPS of US$0.69, while trailing twelve month EPS sat at US$2.75 on revenue of US$256.3 million. Earnings over the past year grew 31.1% and the trailing net margin reached 23.1%, up from 20%. The company has seen revenue move from US$219.9 million and EPS of US$1.96 on a trailing basis at the end of Q4 2024 to US$256.3 million and EPS of US$2.75 by Q1 2026. Revenue is projected to grow about 8.7% annually and earnings about 10.3% annually. Healthier margins are a key focus for investors assessing this latest report.

See our full analysis for LeMaitre Vascular.

With the headline numbers on the table, the next step is to see how this earnings profile lines up against the prevailing narratives around LeMaitre Vascular, and where those stories might need an update.

31.1% earnings growth reshapes profitability picture

• Over the last 12 months, net income reached US$62.4 million on US$256.3 million of revenue, which equates to a 23.1% net margin compared with 20% a year earlier, while basic EPS over the same trailing period was US$2.75.
• Analysts' consensus view links this 31.1% earnings growth to factors like new products and an expanding patient pool, yet the numbers also highlight concentration risks:
  • Revenue on a trailing basis moved from US$219.9 million to US$256.3 million, which fits with the idea of broader market demand, but commentary also points to temporary boosts such as catheter stocking orders that may not recur at the same level.
  • Margins at 23.1% are consistent with benefits from pricing and product mix, though reliance on niche products and selective international growth means a slowdown in any key product line could have an outsized effect on those margins.

Quarterly rhythm steadier than it looks

• Q1 2026 revenue of US$66.6 million and net income of US$15.7 million were close to Q4 2025 levels of US$64.5 million and US$15.6 million, while basic EPS was US$0.69 in Q1 2026 versus US$0.69 in Q4 2025 and US$0.77 in Q3 2025.
• Analysts' consensus narrative talks about accelerating international growth and sales force investment, and this pattern of quarterly results gives you a clearer check on that story:
  • From Q1 2025 to Q1 2026, revenue moved from US$59.9 million to US$66.6 million and net income from US$11.0 million to US$15.7 million, which lines up with the idea that expanded direct sales coverage and product approvals are adding to the top and bottom line.
  • At the same time, the quarterly EPS range between US$0.61 and US$0.77 over the past year shows that even with a growing revenue base, earnings per share can move around as product mix and operating expenses shift from one period to the next.

Valuation tension between P/E, DCF and targets

• With the stock at US$110.22, the cited P/E of 44.3x sits below the peer group average of 76.4x but above the US Medical Equipment industry average of 23.6x. A DCF fair value of US$64.02 and an analyst price target of US$118.11 frame a wide range around where shares might be seen as fully valued.
• What stands out for a cautious, more bearish take is how these reference points line up with the growth outlook:
  • Earnings are forecast to grow about 10.3% per year and revenue about 8.7% per year, which is below the referenced US market growth rates, so the current 44.3x P/E is being asked to rest on mid range growth rather than very rapid expansion.
  • The analyst target of US$118.11 is only modestly above the current price of US$110.22, and both sit well above the DCF fair value of US$64.02, which gives bears room to argue that even supportive earnings trends are already reflected to a large degree in the valuation.

On these numbers, some investors will focus on the growth in margins and earnings to support a more optimistic stance, while others will point to the gap between the current price, analyst target, and DCF fair value when weighing upside versus risk for LeMaitre Vascular.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for LeMaitre Vascular on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment in this article pulling in both cautious and optimistic directions, now is a good time to look at the full picture yourself. To weigh those concerns and potential upsides side by side, start with 2 key rewards and 1 important warning sign.

See What Else Is Out There

LeMaitre Vascular pairs mid range growth forecasts with a 44.3x P/E and a DCF fair value far below the current share price, which raises valuation questions.

If you are uneasy about paying up when growth expectations are not especially fast, you can quickly compare alternatives using the 47 high quality undervalued stocks to spot stocks priced more conservatively.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.