Electromed Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business and growth
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.
Balance sheet
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.
Earnings quality and cash conversion
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).
Dependence on one product and one reimbursement code
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.
Revenue built on estimates
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ELMD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 23.20 $ to 46.30 $ · Last price: 26.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Electromed Inc ELMD | 0.2 | 24.8 | 13.3 | 78.5 | – | 17.0 | 9.0 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Median of companies shown | 50.8 | 27.3 | 13.7 | 65.3 | 20.3 | 11.2 | -15.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 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 |
| 2026 | 74 | 14 | 11 | 1.30 | 10 | 54 | 66 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.39 | 44.40 | 19 | 11.50 | 17.50 | 3 | 3 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 1.46 | 1.38 – 1.53 | 83 | – | 2 |
| 06/30/2028 | 1.69 | 1.60 – 1.78 | 92 | – | 2 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 10.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $9.3M |
|---|---|
| Market cap | $221.0M |
| Free cash flow in year ten | $24.3M |
| Terminal value as a share of market value | 57.9% |
For comparison: over the past five years free cash flow grew by 26.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die 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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 15.4%
- More than 10% revenue growth is expected for the coming year 13.6%
- Share count grows by less than 3% a year -0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 26.7%
- Gross margin at 40% or higher and without meaningful erosion 78.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 20 m net cash
- Operating cash flow covers the profits of the last three years 6 m
- Return on capital at 15% or higher, or up versus two years ago 25.7%
- Insiders hold at least 10% or are net buyers 21.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 12.4%
- Exp. sales growth 3Y > 5% 11.7%
- EBIT growth 10Y > 5% 16.3%
- Exp. EBIT growth 3Y > 5% 14.0%
- Net debt < 4x EBIT -1.5x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 42.0%
- Return on equity > 15% 21.1%
- ROCE > 15% 25.7%
- Expected return > 10% 18.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Nagel Bradley M. | Chief Financial Officer | Other | 1,102 | 27.10 | 29,864 |
| Sep 1, 2026 | Nagel Bradley M. | Chief Financial Officer | Other | 4,900 | 0.00 | – |
| Sep 1, 2026 | Cunniff James L. | CEO and President | Other | 2,671 | 27.10 | 72,384 |
The company
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
- 195
- Headquarters
- New Prague, MN
- Address
- 500 Sixth Avenue NW, 56071 New Prague, United States
- Phone
- 952 758 9299
- Website
- smartvest.com
- IPO Date
- 08/13/2010
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/25/2026 Electromed, Inc. (ELMD): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.