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OFIX, Orthofix Medical Inc. Common Stock (DE)

Medical Devices & Equipment consumer brand Unprofitable

Orthofix is a global medical technology company headquartered in Lewisville, Texas.

By providing medical technologies that heal musculoskeletal pathologies, we deliver exceptional experiences and life-changing solutions to patients around the world.

Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, specialized orthopedic solutions, biologics, and enabling technologies, including the 7D FLASH navigation system.

Latest annual: FY2025 10-K

OFIX · Orthofix Medical Inc. Common Stock (DE)

The business

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

Revenue · FY2025

$822M

+2.9% YoY · 15% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $825M 5-yr avg $659M

Gross margin 71% 5-yr avg 70%

Operating margin −5.7% 5-yr avg −8.8%

ROIC −7% 5-yr avg −9%

Owner-earnings margin −1% 5-yr avg −4%

Free cash flow margin −1% 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 Global Spine (83%) and Global Limb Reconstruction (16%).
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 −2.9% through the cycle on a 75% 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 19% 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 supplier & input dependence, 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 −3%, 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 →

Global Spine is 83% of revenue, with Global Limb Reconstruction the other meaningful segment at 16%.

Revenue by reportable segment, FY2025

Global Spine83%$688M
Global Limb Reconstruction16%$135M

By geographyUnited States83%Others9%Italy3%United Kingdom2%France1%Germany1%Brazil1%

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, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$410M	$434M	$453M	$460M	$407M	$464M	$461M	$747M	$799M	$822M	$825M	RevenueRevenue
79%	79%	79%	78%	75%	75%	73%	65%	68%	69%	71%	Gross marginGross mgn
19%	17%	18%	19%	17%	15%	67%	71%	67%	67%	67%	SG&A / revenueSG&A/rev
7%	7%	7%	8%	10%	11%	11%	11%	9%	8%	7%	R&D / revenueR&D/rev
$21M	$41M	$30M	($19M)	($6M)	($8M)	($13M)	($139M)	($85M)	($81M)	($47M)	Operating incomeOp. inc.
5.1%	9.4%	6.6%	−4.1%	−1.5%	−1.8%	−2.9%	−18.6%	−10.6%	−9.9%	−5.7%	Operating marginOp. mgn
$3M	$6M	$14M	($28M)	$3M	($38M)	($20M)	($151M)	($126M)	($92M)	($60M)	Net incomeNet inc.
											Cash flow & returns
$59M	$39M	$50M	$32M	$74M	$18M	($12M)	($46M)	$26M	$33M	$34M	Operating cash flowOp. cash
$21M	$20M	$19M	$25M	$31M	$30M	$29M	$53M	$60M	$77M	$56M	DepreciationDeprec.
$19M	$68K	($1M)	$14M	$25M	$12M	($39M)	$17M	$59M	$20M	$9M	Working capital & otherWC & other
$16M	$15M	$14M	$19M	$15M	$18M	$21M	$60M	$35M	$35M	$39M	CapexCapex
4.0%	3.4%	3.0%	4.1%	3.8%	3.8%	4.6%	8.1%	4.4%	4.2%	4.7%	Capex / revenueCapex/rev
$43M	$24M	$36M	$13M	$59M	$690K	($33M)	($106M)	($9M)	($1M)	($4M)	Owner earningsOwner earn.
10.4%	5.6%	8.0%	2.8%	14.5%	0.1%	−7.1%	−14.2%	−1.1%	−0.2%	−0.5%	Owner earnings marginOE mgn
$43M	$24M	$36M	$13M	$59M	$690K	($33M)	($106M)	($9M)	($1M)	($4M)	Free cash flowFCF
10.4%	5.6%	8.0%	2.8%	14.5%	0.1%	−7.1%	−14.2%	−1.1%	−0.2%	−0.5%	Free cash flow marginFCF mgn
—	—	$44M	—	$18M	—	—	—	—	—	$18M	AcquisitionsAcquis.
5%	9%	7%	-6%	-2%	-3%	-4%	-17%	-12%	-12%	-7%	ROICROIC
1%	2%	4%	-9%	1%	-11%	-6%	-25%	-25%	-20%	-14%	Return on equityROE
1%	2%	4%	−9%	1%	−11%	−6%	−25%	−25%	−20%	−14%	Retained to equityRetained/eq
											Balance sheet
$40M	$81M	$70M	$70M	$96M	$88M	$51M	$33M	$83M	$82M	$120M	Cash & investmentsCash+inv
$58M	$63M	$78M	$87M	$72M	$79M	$83M	$128M	$135M	$136M	$138M	ReceivablesReceiv.
$63M	$81M	$77M	$82M	$85M	$83M	$100M	$222M	$189M	$172M	$178M	InventoryInvent.
$14M	$18M	$18M	$20M	$23M	$26M	$28M	$58M	$49M	$58M	$55M	Accounts payablePayables
$107M	$127M	$137M	$149M	$134M	$135M	$155M	$292M	$275M	$250M	$261M	Operating working capitalOper. WC
$194M	$252M	$245M	$261M	$270M	$270M	$256M	$420M	$433M	$417M	$462M	Current assetsCur. assets
$83M	$79M	$86M	$85M	$104M	$106M	$84M	$165M	$169M	$170M	$161M	Current liabilitiesCur. liab.
2.3×	3.2×	2.8×	3.1×	2.6×	2.5×	3.1×	2.5×	2.6×	2.4×	2.9×	Current ratioCurr. ratio
$54M	$54M	$72M	$71M	$84M	$71M	$71M	$195M	$195M	$195M	$195M	GoodwillGoodwill
$372M	$405M	$467M	$496M	$526M	$477M	$459M	$925M	$893M	$851M	$887M	Total assetsAssets
—	—	—	—	—	—	—	$94M	$157M	$157M	$221M	Total debtDebt
—	—	—	—	—	—	—	$61M	$74M	$75M	$101M	Net debt / (cash)Net debt
$263M	$297M	$335M	$328M	$357M	$337M	$337M	$599M	$503M	$450M	$435M	Shareholders’ equityEquity
3.9%	2.9%	4.2%	4.7%	4.0%	3.3%	4.0%	4.8%	4.1%	3.5%	3.5%	Stock comp / revenueSBC/rev
											Per share
18.5M	18.5M	18.9M	18.9M	19.4M	19.7M	20.1M	36.7M	38.1M	39.6M	40.5M	Shares out (diluted)Shares
$22.19	$23.45	$23.96	$24.33	$20.97	$23.59	$22.97	$20.33	$20.97	$20.76	$20.40	Revenue / shareRev/sh
$0.17	$0.34	$0.73	$-1.51	$0.13	$-1.95	$-0.98	$-4.12	$-3.30	$-2.33	$-1.48	EPS (diluted)EPS
$2.31	$1.31	$1.92	$0.69	$3.03	$0.04	$-1.64	$-2.89	$-0.24	$-0.03	$-0.11	Owner earnings / shareOE/sh
$2.31	$1.31	$1.92	$0.69	$3.03	$0.04	$-1.64	$-2.89	$-0.24	$-0.03	$-0.11	Free cash flow / shareFCF/sh
$0.89	$0.79	$0.72	$1.00	$0.80	$0.90	$1.07	$1.64	$0.91	$0.87	$0.95	Cap. spending / shareCapex/sh
$14.27	$16.03	$17.73	$17.33	$18.40	$17.11	$16.80	$16.30	$13.19	$11.36	$10.76	Book value / shareBVPS

The diluted share count moved ×1.83 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

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

	9-yr	5-yr
Revenue / share	−0.7%/yr	−0.2%/yr
Capital spending / share	−0.2%/yr	+1.8%/yr
Book value / share	−2.5%/yr	−9.2%/yr

The record, charted

FY2016–2025

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

Share count

40Mpeak FY2025

ROIC

−12%low FY2023

Gross margin

69%low FY2023

Owner earnings vs. net income

Owner earningsNet income

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

($1M)owner earningsvs.($92M)net incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-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 2025 the business turned a $92M loss into ($1M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($92M)	($126M)	($151M)	($20M)	($38M)
Depreciation & amortizationnon-cash charge added back	+$77M	+$60M	+$53M	+$29M	+$30M
Stock-based compensationreal costnon-cash, but a real cost	+$29M	+$32M	+$36M	+$18M	+$15M
Working capital & othertiming of cash in and out, other non-cash items	+$20M	+$59M	+$17M	−$39M	+$12M
Cash from operations	$33M	$26M	($46M)	($12M)	$18M
Capital expenditurecash put back in to keep running and to grow	−$35M	−$35M	−$60M	−$21M	−$18M
Owner earnings	($1M)	($9M)	($106M)	($33M)	$690K
Owner-earnings marginowner earnings ÷ revenue	0%	-1%	-14%	-7%	0%

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 $29M), owner earnings is nearer ($30M).

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

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -45.6×

Does not cover its interest

Operating income ($81M) ÷ interest expense $2M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $75M

Net debt against an operating loss

Cash $82M − debt $157M

What this means
Netting $82M of cash and short-term investments against $157M of debt leaves $75M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. 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? 223d

Long (60+ days)

DSO 60 + DIO 245 − DPO 83 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 -4%

Below average through the cycle

10-yr median, range -17%–9%; -12% latest = NOPAT ($64M) ÷ invested capital $525M

Industry peers: median -19%

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 -12% 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%

Thin through the cycle

10-yr median margin, range -14%–14%; latest ($1M) = operating cash $33M − maintenance capex $35M

Industry peers: median -5%

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 0% median across 10 years. Treating stock comp as the real expense it is (less $29M of SBC) leaves ($30M).
Are earnings backed by cash? $33M

Loss, but cash-generative

Net income ($92M) · cash from operations $33M

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? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.45×

Harvesting

Capex $35M ÷ depreciation $77M

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 · $822M

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× · 2.45×

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 · $157M vs $246M 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) · 6 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 · −1701%

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 $-3.05/share (latest year $-2.28), the averaged base the calculator's gate runs on, and book value is $11.13/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, 2016–2025

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

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 3 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 7% → −13% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 7% early to −13% lately, median −3% — 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 2023 · −18.6% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.

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.

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 the latest quarter, Mar 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$462M

Cash & short-term investments$120M
Receivables$138M
Inventory$178M
Other current assets$26M

Current liabilities$161M

Accounts payable$55M
Other current liabilities$106M

Current ratio2.87×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.76×stricter: inventory excluded

Cash ratio0.75×strictest: cash alone against what's due

Working capital$300Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+1.6%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 2.9×

Deeper floors

Tangible book value$171Mequity stripped of goodwill & intangibles

Net current asset value$10MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$249M$28M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $275M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$248M · 90%
Buybacks$63M · 23%

Returned to owners$63M
239% of the owner earnings the business produced over the span, $0 as dividends and $63M as buybacks.
Source of funding−$37M
Reinvestment and shareholder returns ran $37M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks$41.06
Across the years where the filing reports a share count, 2M shares were bought for $63M, about $41.06 each.
Net change in share count119.1%
The diluted count rose from 18M to 40M: 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$268M31% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity43%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$62Mover 10 years buying other businesses, against $248M of capital spent building

$12M written down across 1 year (2021): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 19% of the cash it put into acquisitions over the span. 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

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$29M
The slice of the business handed to employees in shares this year, 3% 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 Orthofix Medical Inc. Common Stock (DE) 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 2016–2025.

3 of the 4 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?−5.2% vs 8.0%
The owner-earnings margin averaged 8.0% early in the record and −5.2% 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?119.1%
Diluted shares grew 119.1% over 2016–2025, even as the company spent $63M 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 hereDid receivables and inventory outpace sales?30% → 38% of sales
Receivables and inventory grew from $121M to $316M while revenue grew 101%: working capital is climbing faster than sales (30% of revenue then, 38% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Are "one-time" charges a yearly habit?

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
HAEHaemonetics	$1.3B	50%	10.4%	7%	11%
TNDMTandem Diabetes Care	$1.0B	52%	-15.0%	-24%	-1%
INSPInspire Medical Systems	$912M	84%	-28.7%	-19%	-23%
OFIXOrthofix Medical Inc. Common Stock (DE)	$822M	75%	-2.3%	-3%	1%
ATECAlphatec Holdings	$764M	68%	-30.2%	-47%	-31%
NVCRNovoCure	$655M	75%	-19.4%	-23%	-5%
BVSBioventus Inc.	$568M	68%	2.8%	-3%	7%
ATRCAtriCure	$535M	75%	-10.8%	-8%	-8%
Group median	—	72%	-12.9%	-14%	-3%

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 Orthofix Medical Inc. Common Stock (DE) has delivered.

Orthofix Medical Inc. Common Stock (DE)’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Orthofix Medical Inc. Common Stock (DE) earns about $12M on its 1.5% median owner-earnings margin. This year’s −0.2% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($12M) Net of stock comp (−$29M) Steady-state · maintenance capex (($498K))

—

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 ’23–’25)—

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.

Free cash flow ($4M) on 40M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $101M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($39M) runs well above depreciation ($56M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($498K), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh OFIX against another business →

Cite: Owner Scorecard, "Orthofix Medical Inc. Common Stock (DE) (OFIX), the owner's record," https://ownerscorecard.com/c/OFIX, data as of 2026-07-09.

Manual order: ← OFG its page in the Manual OGE →

Industry order: ← NVST the Medical Devices & Equipment chapter OMCL →