PDEX · Nasdaq · Surgical & Medical Instruments & Apparatus
$59.85 · $198.5M market value · fiscal year to 30 Jun 2026
Live from the latest filings
8 of 10
Buffett tests pass
Margin of safety 44%
Bear
$59.72
Base
$106.33
Bull
$171.89
Price $59.85
8 pass · 2 mixed · 0 fail · 0 can't tell
Normalised owner earnings are $13.2M, and free cash flow has averaged 26% of reported profit.
Why this testCapital spending has averaged 1.6× depreciation; estimated maintenance capex was $0.0 last year.
Why this testNo loss years across 15 years of filings, with operating margin varying by 3.2% around its average.
Why this testReturn on equity averaged 25%, reaching 15% in 8 of the years measured; the weakest year was 6.8%.
Why this testAfter-tax return on invested capital averaged 20% over 10 years and was 18% in the latest year.
Why this testTotal debt of $17.5M would take 1.3 yrs of normalised owner earnings to repay; operating income covers interest 16×. Both tests pass: payback within 4 years and interest cover of 8x or more.
Why this testEach dollar retained over the period has been matched by 3.2× of market value created ($54.5M retained in total).
Why this testThe diluted share count has changed by -2.3% a year. Shrinking means buybacks are returning value; growing means owners are being diluted.
Why this testAt $59.85, the price is 44% below the base-case value of $106.33 (the bear case is $59.72). The standard lens asks for a 25% margin.
Why this testThe owner-earnings yield is 6.7% against a 10-year Treasury yield of 5.2%.
Why this testDiscounted owner earnings
Bear
$59.72
Base
$106.33
Bull
$171.89
Price $59.85
| Scenario | Starting owner earnings | Growth (yrs 1–5) | Terminal | Discount | Value / share |
|---|---|---|---|---|---|
| bear | $13.2M | 5.6% | 1.5% | 9.7% | $59.72 |
| base | $13.2M | 9.6% | 2.5% | 8.2% | $106.33 |
| bull | $13.2M | 12.6% | 3.0% | 7.2% | $171.89 |
How sensitive is that?
| Discount ↓ / Growth → | 5.6% | 7.6% | 9.6% | 11.6% | 13.6% |
|---|---|---|---|---|---|
| 6.2% | $133 | $150 | $169 | $191 |
Fiscal year to 30 Jun 2026
Replicly is a research and education tool. It is not financial advice and does not recommend that you buy or sell any investment. Analyses apply Buffett-inspired principles to public data and can be wrong. Warren Buffett and Berkshire Hathaway are not affiliated with and do not endorse Replicly. Capital is at risk.
| $215 |
| 7.1% | $103 | $116 | $131 | $147 | $165 |
|---|
| 8.2% | $84 | $95 | $106 | $119 | $134 |
|---|
| 9.2% | $71 | $79 | $89 | $100 | $112 |
|---|
| 10.2% | $61 | $68 | $76 | $85 | $95 |
|---|
Green: at least 25% above the price. Amber: above it. Red: below it. n/a means the discount rate is at or below growth, where the model has no finite answer. The corners combine the most extreme assumptions, so treat them as bounds.
Discount rate: 10-year Treasury (5.2%) plus a 3% equity hurdle. Price $59.85 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.
Revenue
$77.5M
Revenue growth (CAGR)
15%
Operating margin (avg)
14%
Return on equity (avg)
25%
ROIC (avg)
20%
Normalised owner earnings
$13.2M
Cash conversion
26%
Net debt
$8.2M
Debt payback
1.3 yrs
Share count change (CAGR)
-2.3%
Price / earnings
15×
Owner earnings yield
6.7%