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ANGO, AngioDynamics Inc.

Medical Devices & Equipment consumer brand Unprofitable

AngioDynamics was founded in Queensbury, N.Y., U.S., in 1988 and began manufacturing and shipping product in the early 1990s.

AngioDynamics is a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by designing, manufacturing and selling products and technologies which aid clinicians in the treatment of patients with cardiovascular disease and cancer diagnoses.

Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance.

Latest annual: FY2026 10-K

ANGO · AngioDynamics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$320M

+9.5% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $320M 5-yr avg $314M

Gross margin 55% 5-yr avg 53%

Operating margin −12.5% 5-yr avg −22.7%

ROIC −18% 5-yr avg −37%

Owner-earnings margin 0% 5-yr avg −4%

Free cash flow margin 0% 5-yr avg −4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Med Device (57%) and Med Tech (43%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has run around −12% through the cycle on a 54% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −9%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 segments, the largest Med Device at 57%.

Revenue by reportable segment, FY2025

Med Device57%$166M
Med Tech43%$127M

By geographyUnited States86%International14%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMay 2026
											Income statement
$270M	$262M	$271M	$264M	$291M	$316M	$339M	$304M	$292M	$320M	$320M	RevenueRevenue
53%	55%	58%	57%	54%	52%	51%	51%	54%	55%	55%	Gross marginGross mgn
12%	12%	13%	14%	12%	12%	12%	14%	14%	14%	14%	SG&A / revenueSG&A/rev
9%	9%	10%	11%	13%	10%	9%	10%	9%	9%	9%	R&D / revenueR&D/rev
($11M)	($14M)	($9M)	($167M)	($35M)	($28M)	($51M)	($192M)	($40M)	($40M)	($40M)	Operating incomeOp. inc.
−4.1%	−5.4%	−3.5%	−63.3%	−12.1%	−9.0%	−15.1%	−63.3%	−13.7%	−12.5%	−12.5%	Operating marginOp. mgn
$5M	$16M	$61M	($167M)	($32M)	($27M)	($52M)	($184M)	($34M)	($37M)	($37M)	Net incomeNet inc.
											Cash flow & returns
$56M	$41M	$37M	($15M)	$24M	($7M)	$78K	($28M)	($10M)	$3M	$3M	Operating cash flowOp. cash
$25M	$23M	$26M	$24M	$26M	$29M	$31M	$28M	$26M	$23M	$23M	DepreciationDeprec.
$20M	($6M)	($59M)	$121M	$21M	($21M)	$10M	$118M	($12M)	$3M	$3M	Working capital & otherWC & other
$3M	$2M	$3M	$7M	$5M	$4M	$4M	$3M	$4M	$3M	$3M	CapexCapex
1.1%	0.9%	1.2%	2.7%	1.8%	1.4%	1.1%	0.8%	1.5%	0.8%	0.8%	Capex / revenueCapex/rev
$53M	$39M	$34M	($22M)	$19M	($11M)	($4M)	($31M)	($15M)	$508K	$508K	Owner earningsOwner earn.
19.6%	14.9%	12.7%	−8.2%	6.5%	−3.6%	−1.1%	−10.1%	−5.0%	0.2%	0.2%	Owner earnings marginOE mgn
$53M	$39M	$34M	($22M)	$19M	($11M)	($4M)	($31M)	($15M)	$508K	$508K	Free cash flowFCF
19.6%	14.9%	12.7%	−8.2%	6.5%	−3.6%	−1.1%	−10.1%	−5.0%	0.2%	0.2%	Free cash flow marginFCF mgn
$14M	$0	$0	—	—	—	$0	$0	$2M	$0	—	BuybacksBuybacks
-2%	-3%	-2%	-33%	-7%	-5%	-11%	-117%	-25%	-27%	-18%	ROICROIC
1%	3%	10%	-37%	-7%	-6%	-14%	-90%	-19%	-22%	-22%	Return on equityROE
1%	3%	10%	−37%	−7%	−6%	−14%	−90%	−19%	−22%	−22%	Retained to equityRetained/eq
											Balance sheet
$48M	$74M	$228M	$54M	$48M	$29M	$45M	$76M	$56M	$54M	$68M	Cash & investmentsCash+inv
$45M	$39M	$44M	$31M	$35M	$52M	$53M	$44M	$43M	$48M	$48M	ReceivablesReceiv.
$55M	$39M	$40M	$60M	$49M	$51M	$55M	$61M	$62M	$52M	$52M	InventoryInvent.
$18M	$16M	$23M	$19M	$20M	$28M	$40M	$38M	$33M	$32M	$32M	Accounts payablePayables
$81M	$63M	$61M	$72M	$64M	$76M	$68M	$66M	$72M	$69M	$69M	Operating working capitalOper. WC
$154M	$168M	$315M	$153M	$141M	$143M	$164M	$193M	$168M	$163M	$163M	Current assetsCur. assets
$72M	$57M	$73M	$51M	$58M	$74M	$84M	$91M	$76M	$75M	$75M	Current liabilitiesCur. liab.
2.2×	2.9×	4.3×	3.0×	2.4×	1.9×	2.0×	2.1×	2.2×	2.2×	2.2×	Current ratioCurr. ratio
$361M	$361M	$348M	$201M	$201M	$201M	$159M	$0	—	—	$0	GoodwillGoodwill
$708M	$705M	$836M	$594M	$561M	$553M	$533M	$318M	$280M	$267M	$267M	Total assetsAssets
$96M	$92M	$132M	$0	—	$25M	$50M	$0	—	—	$61M	Total debtDebt
$49M	$18M	($96M)	($54M)	—	($4M)	$5M	($76M)	—	—	($7M)	Net debt / (cash)Net debt
-3.9×	-4.6×	-1.8×	-184.2×	-41.0×	-41.4×	-18.9×	—	—	—	—	Interest coverageInt. cov.
$515M	$543M	$615M	$455M	$439M	$424M	$378M	$206M	$183M	$171M	$171M	Shareholders’ equityEquity
2.3%	3.0%	3.4%	2.9%	3.0%	3.4%	3.3%	3.5%	3.3%	4.4%	4.4%	Stock comp / revenueSBC/rev
—	—	—	$159M	—	—	$15M	$159M	—	—	—	Goodwill written downGW imp.
											Per share
36.6M	37.1M	37.5M	38.0M	38.3M	39.0M	39.5M	40.2M	40.9M	41.5M	41.5M	Shares out (diluted)Shares
$7.37	$7.06	$7.22	$6.96	$7.59	$8.11	$8.58	$7.56	$7.16	$7.71	$7.71	Revenue / shareRev/sh
$0.14	$0.44	$1.64	$-4.39	$-0.82	$-0.68	$-1.33	$-4.59	$-0.83	$-0.88	$-0.88	EPS (diluted)EPS
$1.44	$1.05	$0.92	$-0.57	$0.49	$-0.29	$-0.09	$-0.76	$-0.36	$0.01	$0.01	Owner earnings / shareOE/sh
$1.44	$1.05	$0.92	$-0.57	$0.49	$-0.29	$-0.09	$-0.76	$-0.36	$0.01	$0.01	Free cash flow / shareFCF/sh
$0.08	$0.06	$0.08	$0.19	$0.14	$0.11	$0.10	$0.06	$0.11	$0.06	$0.06	Cap. spending / shareCapex/sh
$14.07	$14.64	$16.40	$11.98	$11.46	$10.88	$9.58	$5.12	$4.48	$4.11	$4.11	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.5%/yr	+0.3%/yr
Owner earnings / share	−41.1%/yr	−52.3%/yr
Capital spending / share	−3.0%/yr	−14.4%/yr
Book value / share	−12.8%/yr	−18.5%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

42Mpeak FY2026

ROIC

−27%low FY2024

Gross margin

55%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$508Kowner earningsvs.($37M)net incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned a $37M loss into $508K of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	($37M)	($34M)	($184M)	($52M)	($27M)
Depreciation & amortizationnon-cash charge added back	+$23M	+$26M	+$28M	+$31M	+$29M
Stock-based compensationreal costnon-cash, but a real cost	+$14M	+$10M	+$11M	+$11M	+$11M
Working capital & othertiming of cash in and out, other non-cash items	+$3M	−$12M	+$118M	+$10M	−$21M
Cash from operations	$3M	($10M)	($28M)	$78K	($7M)
Capital expenditurecash put back in to keep running and to grow	−$3M	−$4M	−$3M	−$4M	−$4M
Owner earnings	$508K	($15M)	($31M)	($4M)	($11M)
Owner-earnings marginowner earnings ÷ revenue	0%	-5%	-10%	-1%	-4%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $14M), owner earnings is nearer ($13M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$68M

Net cash, debt-free

Cash $54M + ST investments $14M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $68M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 108d

Long (60+ days)

DSO 55 + DIO 132 − DPO 79 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -11%

Below average through the cycle

10-yr median, range -117%–-2%; -27% latest = NOPAT ($32M) ÷ invested capital $117M

Industry peers: median -8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -27% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 0%

Positive this year, negative across the cycle

latest $508K = operating cash $3M − maintenance capex $3M (positive this year), after an earlier loss stretch (10-yr median -1%)

Industry peers: median -24%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 0% of revenue this year, a -1% median across 10 years. Treating stock comp as the real expense it is (less $14M of SBC) leaves ($13M).
Are earnings backed by cash? $3M

Loss, but cash-generative

Net income ($37M) · cash from operations $3M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $508K

What this means
Of $508K Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.11×

Harvesting

Capex $3M ÷ depreciation $23M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $320M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.19×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $89M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −409%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-2.06/share (latest year $-0.89), the averaged base the calculator's gate runs on, and book value is $4.13/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −4% → −30% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −4% early to −30% lately, median −12% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2024 · −63.3% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count +1.4%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“We have developed policies governing the use of AI Systems to help reasonably ensure that such AI Systems are used in a trustworthy manner by our employees, contractors and authorized agents and that AngioDynamics' assets, including intellectual property, competitive information, personal information and customer infor…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, May 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$163M

Cash & short-term investments$68M
Receivables$48M
Inventory$52M

Current liabilities$75M

Accounts payable$32M
Other current liabilities$43M

Current ratio2.19×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.49×stricter: inventory excluded

Cash ratio0.91×strictest: cash alone against what's due

Working capital$89Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+8.9%the freshest read on whether the business is still growing

Current ratio, recent quarters2.3× → 2.2×

Deeper floors

Tangible book value$104Mequity stripped of goodwill & intangibles

Net current asset value$67MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$5M$5M of it operating leases

Deferred revenue$35Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $102M of operating cash; how management split it reads as a deleverager, a meaningful share of cash went to paying down debt.

Reinvested$39M · 38%
Buybacks$15M · 15%
Retained (debt / cash)$48M · 47%

Returned to owners$15M
24% of the owner earnings the business produced over the span, $0 as dividends and $15M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $35M and cash and short-term investments rose $20M.
Average price paid for buybacks—
Buybacks ran $15M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count13.4%
The diluted count rose from 37M to 42M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$67M25% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 10 years buying other businesses, against $39M of capital spent building

$333M written down across 3 years (2020, 2023, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Clemmer	$4.0M	$13.9M	$19M
2022	Mr. Clemmer	$5.7M	$5.0M	($11M)
2023	Mr. Clemmer	$4.0M	−$2.1M	($4M)
2024	Mr. Clemmer	$5.0M	$971k	($31M)
2025	Mr. Clemmer	$5.5M	$6.8M	($15M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership6%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$14M
The slice of the business handed to employees in shares this year, 4% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why AngioDynamics Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?−5.0% vs 15.7%
The owner-earnings margin averaged 15.7% early in the record and −5.0% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?13.4%
Diluted shares grew 13.4% over 2017–2026, even as the company spent $15M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?10 of 10 years
Management took an impairment or write-down in 10 of the last 10 years, $364M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GKOSGlaukos Corporation	$507M	76%	-25.2%	-8%	-3%
MDXGMiMedx Group Inc	$419M	84%	-0.3%	34%	8%
ANGOAngioDynamics Inc.	$320M	54%	-12.3%	-9%	-0%
PRCTPROCEPT BioRobotics Corporation	$308M	51%	-93.9%	-115%	-96%
LMATLeMaitre Vascular Inc.	$250M	68%	21.6%	12%	16%
KIDSOrthoPediatrics Corp.	$236M	74%	-16.9%	-7%	-24%
CERSCerus Corporation	$234M	58%	-40.9%	-43%	-31%
SIBNSI-BONE Inc.	$201M	88%	-36.2%	-21%	-38%
Group median	—	71%	-21.0%	-9%	-14%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what AngioDynamics Inc. has delivered.

Today’s price $

Base Normalize · through-cycle (($15M)) Net of stock comp (−$14M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $508K on 41M shares outstanding, per the 10-K cover, as of 2026-07-10; net cash $7M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ANGO against another business →

Cite: Owner Scorecard, "AngioDynamics Inc. (ANGO), the owner's record," https://ownerscorecard.com/c/ANGO, data as of 2026-07-09.

Manual order: ← ANF its page in the Manual ANGX →

Industry order: ← ALGN the Medical Devices & Equipment chapter AORT →