Electromed Inc (ELMD)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
First, so there is no misunderstanding: this rating has nothing to do with the share price. The stock has run hard and at roughly 33 times earnings it is not cheap, but price is not a quality attribute. A great deal argues for the company itself — no financial debt, a 78.5 percent gross margin, three years of rising profit, an Altman Z-Score of 15.58 and a receivable burden that has improved from 183 to 144 days of sales. What stays open is a core operating question, and it comes straight from the filings: Electromed says it has one active product, whose home market price is set through a single reimbursement code, and approximately 96 percent of homecare revenue rests on capped installment arrangements whose amount is estimated. On top of that, 49.4 percent of third-quarter fiscal 2026 homecare revenue came from government programs — in a year in which the annual report itself warns about cuts. This is not an existential question; the balance sheet carries it easily. But it is more than housekeeping, and in doubt the more cautious grade applies. Hence yellow: documented quality, one open concentration. The decision is yours.
symbol.quality_note
Some companies check every box. Electromed has sold the same vest since 2000 — a device that shakes mucus loose from the lungs of chronically ill patients — at a gross margin of 78.5 percent for the nine months ended March 31, 2026, without a dollar of financial debt, while lifting revenue from $48.1 million to $64.0 million in two fiscal years. The quarterly report filed May 12, 2026, also carries the line no ratio displays: $28,251,000 of receivables, and a normal operating cycle of roughly thirteen months, because approximately 96 percent of homecare revenue comes from capped installment arrangements with health insurers. Not investment advice — just the question of how long a company can wait for its own money before the waiting becomes the business model.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at ELMD since then.
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Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 40.60 $ — 80% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralDie sechs ausgewerteten SEC-Berichte (vier 10-Q, zwei 10-K, eingereicht 27.08.2024 bis 12.05.2026) enthalten keinen einzigen Treffer zu künstlicher Intelligenz oder maschinellem Lernen — weder als Umsatzquelle noch als operatives Werkzeug noch als Risikofaktor; das einzige Vorkommen des Wortes „algorithm“ bezieht sich auf einen klinischen Behandlungspfad bei Bronchiektasen.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-12 · 10-Q 2026-02-10 · 10-Q 2025-11-12 · 10-Q 2025-05-13 · 10-K 2025-08-26 · 10-K 2024-08-27
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 0.7% below the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 3
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 1.48 | 1.41 – 1.52 | 84 | – | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.32 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.24 | 17.60 | 16 | 18.70 | 12.10 | 3 | 3 |
| 2025: Q1 | 0.23 | 26.70 | 16 | 13.10 | 12.10 | 2 | 2 |
| 2025: Q2 | 0.27 | 20.60 | 17 | 17.30 | 12.70 | 4 | 4 |
| 2025: Q3 | 0.26 | 44.90 | 17 | 15.10 | 12.60 | 0 | 0 |
| 2025: Q4 | 0.33 | 40.30 | 19 | 16.30 | 14.60 | 3 | 3 |
| 2026: Q1 | 0.36 | 58.80 | 19 | 18.40 | 16.20 | 4 | 3 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 23 | 3 | 2 | 0.27 | 2 | 16 | 21 |
| 2017 | 26 | 4 | 2 | 0.26 | 1 | 19 | 23 |
| 2018 | 28 | 3 | 2 | 0.21 | 2 | 22 | 27 |
| 2019 | 31 | 3 | 2 | 0.23 | 3 | 26 | 29 |
| 2020 | 32 | 5 | 4 | 0.47 | 4 | 30 | 33 |
| 2021 | 36 | 3 | 2 | 0.27 | 3 | 32 | 37 |
| 2022 | 42 | 3 | 2 | 0.26 | -1 | 34 | 41 |
| 2023 | 48 | 4 | 3 | 0.36 | 1 | 38 | 46 |
| 2024 | 55 | 7 | 5 | 0.58 | 9 | 45 | 52 |
| 2025 | 64 | 10 | 8 | 0.86 | 11 | 43 | 54 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose from $48.067 million in fiscal 2023 to $54.716 million in fiscal 2024 and $64.000 million in fiscal 2025, then added another 16.6 percent to $54.359 million over the nine months ended March 31, 2026. The driver is not acquisitions but more sales representatives and higher net revenue per approval — of the $2.630 million of additional third-quarter homecare revenue, $1.959 million came from higher volume.
As of March 31, 2026, total assets of $59.474 million faced only $10.307 million of liabilities, none of it interest-bearing. Cash stood at $16.985 million and shareholders' equity at $49.167 million. An Altman Z-Score of 15.58 and a Piotroski score of 7 out of 9 (data as of July 24, 2026) confirm the picture. The $10 million credit line was undrawn.
Margins have improved for years — gross margin from 76.0 to 78.5 percent, operating margin from 8.3 to 18.5 percent. Cash has not kept pace: over the nine months ended March 31, 2026, $7.900 million of net income produced only $6.671 million of operating cash, because receivables rose $3.591 million. In the prior-year period the relationship ran the other way ($5.333 million against $7.534 million).
The quarterly report as of March 31, 2026, states that Electromed has one active product and one business segment. In the U.S. home market the price of that product is effectively set through billing code E0483; the Medicare allowable was approximately $15,000 per device per the annual report. In the third quarter of fiscal 2026, 49.4 percent of homecare revenue rested on government programs, up from 47.3 percent in fiscal 2025.
Approximately 96 percent of homecare revenue comes from capped installment arrangements whose final amount is estimated — with homecare at 90.1 percent of revenue, that is roughly 86 percent of company revenue. The fiscal 2025 annual report notes that payment patterns held steady over five years and that prior-period estimate revisions were immaterial. That reduces the risk. It does not remove it.
As of July 24, 2026, market capitalization of roughly $333 million equaled about 4.6 times trailing twelve-month revenue and roughly 33 times earnings, with the stock 0.4 percent below its all-time high. Worth noting alongside it: the company's own buying history. Repurchases ran through January 2026 at an average of $25.79 and then stopped — $6.082 million of the authorization stayed undrawn.
Electromed has one of the cleanest small balance sheets on a U.S. exchange: no financial debt, a 78.5 percent gross margin, three years of rising profit, $16.985 million of cash and a product that demonstrably helps patients. The price of that model sits in the same balance sheet: $28.251 million of receivables, a normal operating cycle of roughly thirteen months and approximately 96 percent of homecare revenue from capped installment arrangements whose amount is estimated. Add one product, one reimbursement code and 49.4 percent of homecare revenue from government programs in a year when those programs are being cut. Buy this and you are buying quality with a very long wire between revenue and cash. Not investment advice.
- Electromed reached our research list through our in-house stock scanner: on July 26, 2026, the stock appeared in the U.S. selection of the "Fundamental Rank (A / A+)" screen (38 U.S. hits, 25 of them listed on the page) and on eleven screens in total, including "Quality Growth", "Professionals 80%", "Stan Weinstein: Stage 2" and "Near 52-Week High". These lists are recalculated daily.
- Timing note: Electromed's fiscal year ends June 30. "Fiscal 2025" means July 1, 2024, through June 30, 2025; the most recent interim report evaluated here is the third quarter of fiscal 2026, as of March 31, 2026, filed May 12, 2026. All filings through July 2, 2026, were reviewed; after the quarterly report there were only insider filings (Form 4), notices of proposed sale (Form 144) and the annual conflict minerals disclosure (Form SD dated May 29, 2026).
- Valuation anchors are dated and evergreen: the $42.30 reference is not a daily quote but the price documented in an insider filing (Form 4) dated June 30, 2026. For comparison, the CFO sold between $36.34 and $37.11 on June 4, 2026, and the CEO between $36.25 and $37.77 on June 8, 2026. The company itself last repurchased shares in January 2026 at $27.72. This analysis is evergreen; daily prices are not an investment case.
About the Company
Electromed, Inc. entwickelt, fertigt, vermarktet und verkauft Produkte zur Atemwegsreinigung und verwandte Produkte, die hochfrequente Brustwandoszillation (HFCWO) in der pneumologischen Versorgung von Patienten in den USA und international anwenden.
| Employees | 177 |
|---|---|
| Headquarters | New Prague, MN |
| Address | 500 Sixth Avenue NW, 56071 New Prague, United States |
| Phone | 952 758 9299 |
| Website | smartvest.com |
| IPO Date | 13. Aug 2010 |
| ISIN | US2854091087 |
Management
| Name | Title | Birth Year |
|---|---|---|
| James L. Cunniff | President, CEO & Director | 1966 |
| Bradley M. Nagel | CFO, Treasurer & Secretary | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.