Viemed Healthcare (VMD) Stock Analysis & Winston Score

Viemed Healthcare, Inc., through its subsidiaries, provides in-home durable medical equipment (DME) and post-acute respiratory healthcare services to patients in the United States. It provides respiratory disease management solutions, including treatment of chronic obstructive pulmonary disease (COPD), which include non-invasive ventilation, percussion vests, and other therapies; and invasive and non-invasive ventilation and related equipment and supplies to patients suffering from COPD. The com

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-4.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

→ Flat (-2% vs prior year)

1.1% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

21.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Viemed Healthcare grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 40.7M (2021) → 40.8M (2025)

Score breakdown

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Quality

Gross Margin

56.3%

Premium pricing power — 56.3% gross margin

Operating Margin

6.3%

Modest — 6.3% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+23.1%

Fast-growing sales (23.1% YoY)

EPS YoY

+21.9%

Earnings growing fast (21.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

384%

Turns 384% of profit into real cash

FCF Margin

9.0%

Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

18.36x

Comfortably covers interest (18.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.4x

Pricey — P/E 31.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.4 → 26.4)

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Dividends

Not applicable for this business.

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