HAEHAEMONETICS CORP
Surgical & Medical Instruments & Apparatus
- Revenue
- $1.3B
- 2.0% YoY
- Operating margin
- 11.7%
- 28% YoY
- EBITDA
- $268M
- 20% YoY
- Market cap
- $5.4B
- Employees
- —
- Net debt / EBITDA
- 3.6×
- $965M net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo3013× net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo60% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo28% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 27th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$99K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $993M | $1.2B | $1.3B | $1.4B | $1.3B | 2.0% |
| Operating income | $81M | $156M | $165M | $222M | $157M | 29% |
| Net income | $43M | $115M | $118M | $168K | $97K | 42% |
| Operating cash flow | $172M | $273M | $182M | $182M | $293M | 61% |
| Capex | $97M | $191M | $38M | $39M | $33M | 17% |
| Stock-based comp | $24M | $26M | $28M | $30M | $34M | 14% |
| Buybacks | $0 | $75M | $0 | $225M | $175M | 22% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $99K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $99K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $12M | $8M | 48 | 65 |
| FY2025 | $11M | $1M | 63 | 121 |
| FY2024 | $12M | $10M | 85 | 129 |
| FY2023 | $11M | $18M | 82 | 137 |
| FY2022 | $9M | −$2M | 63 | 167 |