Viemed Healthcare, Inc. (VMD) stock analysis
Close on Nov 11, 2026Market cap $347.75MP/E 24.0Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid18 of 30 checks passed
Viemed Healthcare passes 18 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 5/6
- Past performance
- 3/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 21.2% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $9.13 is below our fair value estimate of $11.59.
Return on capital over 10%
Return on invested capital was 11.8%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 3.3% of shareholders' equity, under the 40% we consider low.
What to watch
Return on equity under 15%
Return on equity was 11.0% over the last twelve months and averaged 9.3% over five years; we look for 15% on both.
Earnings shrank over 5 years
Net income shrank 13.9% a year on average over the last five fiscal years.
P/E above the industry
Viemed Healthcare's P/E of 24.0 is above the Health Services median of 23.9.
Gross margin slipping
Gross margin was 57.4% over the last twelve months, against 57.9% a year earlier.
Valuation5/6
P/E below its 5-year median
Viemed Healthcare's P/E of 24.0 is below its own 5-year median of 28.4.
P/E above the industry
Viemed Healthcare's P/E of 24.0 is above the Health Services median of 23.9.
EV/EBITDA below its 5-year median
Viemed Healthcare's EV/EBITDA of 8.6 is below its 5-year median of 11.3.
P/B below the industry
Viemed Healthcare's price-to-book of 2.32 is below the Health Services median of 5.14.
Trading below fair value
The share price of $9.13 is below our fair value estimate of $11.59.
Margin of safety over 20%
The price is 21.2% below fair value, more than the 20% cushion we look for.
Growth5/6
Revenue growing 10%+ a year
Revenue grew 24.9% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 32.2% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 14.8% over the last twelve months, against a 5-year average of -13.9% a year.
Growing faster than the industry
Revenue grew 21.8% over the last twelve months; the Health Services median is 2.0%.
Guidance raised
Viemed Healthcare raised its full year ending December 31, 2026 Net revenue outlook on Aug 3, 2026.
Gross margin slipping
Gross margin was 57.4% over the last twelve months, against 57.9% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was 11.0% over the last twelve months and averaged 9.3% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 11.8%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Viemed Healthcare's return on equity of 11.0% is above the Health Services median of 3.6%.
Earnings shrank over 5 years
Net income shrank 13.9% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 5.0% over the last twelve months, against a 5-year average of 5.7%.
Net margin above the industry
Viemed Healthcare's net margin of 5.0% is above the Health Services median of -1.0%.
Financial health5/6
Low debt
Debt is 3.3% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 9.3% five years ago to 3.3%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 1074% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.25 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 6.46; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Viemed Healthcare has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$11.59
The share price is 21% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 26.2× | 28.4× | 23.9× | $9.94 | 40% |
| EV/EBITDA | 13.7× | 11.3× | 16.2× | $14.54 | 35% |
| P/B | 3.8× | 2.5× | 5.1× | $14.98 | 10% |
| Earnings power | 7.8% cost of equity | – | – | $6.81 | 15% |
| Fair value | $11.59 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 28.4
- Health Services median 23.9
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $2.14M
- Value traded per 1% price move
- $1.56M
Downside
Medium risk
- Typical loss in a bad month
- 24.6%
- Volatility (annualized)
- 41%
- Sharpe ratio, 1 year
- 0.94
- Beta to the S&P 500 (5Y)
- 0.58
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.5% | +24.9% | +15.5% | – | |
| Gross profit | +16.7% | +22.4% | +14.2% | – | |
| Operating income | +28.2% | +40.6% | -3.0% | – | |
| Net income | +32.6% | +33.9% | -13.9% | – | |
| EPS, diluted | +32.1% | +32.2% | -13.9% | – | |
| Free cash flow | +805.2% | +35.0% | -11.6% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 50.3% | 10.9% | |
| Return on assets | – | 32.3% | 7.9% | |
| Current ratio | – | 2.05 | 1.18 | |
| Debt to equity | – | 0.09 | 0.09 | |
| Net debt to EBITDA | – | – | -0.02× | |
| Inventory turnover | – | 27.9× | 24.5× | |
| Capex to revenue | – | 9.9% | 14.8% | |
| Diluted shares | – | 41M | 41M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Viemed Healthcare generated $186.46M from operations and spent $169.28M on capital expenditure, dividends and share buybacks. 87% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.5% | 1.44× | 1.38× | 10.9% |
| FY2024 | 5.0% | 1.35× | 1.35× | 9.2% |
| FY2023 | 5.6% | 1.35× | 1.29× | 9.7% |
| FY2022 | 4.5% | 1.18× | 1.22× | 6.5% |
| FY2021 | 7.8% | 1.02× | 1.31× | 10.3% |
| FY2020 | 24.0% | 1.35× | 1.56× | 50.3% |
| FY2019 | 10.6% | 1.18× | 1.79× | 22.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$14.93M
- Cash generatingOperating cash flow above zero$51.92M
- Return on assets improvedROA up on the prior year7.3% → 8.4%
- Earnings backed by cashOperating cash flow above net income$51.92M vs $14.93M
- Less leverageLong-term debt to assets fell2.0% → 5.7%
- Better liquidityCurrent ratio rose1.42 → 1.18
- No dilutionShare count did not rise41M → 41M
- Gross margin improvedGross margin up on the prior year59.40% → 57.52%
- More efficientAsset turnover rose1.45 → 1.53
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