Portfolio / Cardinal MedDevices
Healthcare · Minneapolis, MN
Cardinal MedDevices
Contract manufacturer of Class II single-use surgical instruments; 3 FDA-registered facilities.
LTM Revenue
$234.8m
LTM EBITDA
$43.1m
Multiple
10.5x
Net debt
$165m
Enterprise value
$452.6m
Quarter-over-quarter trend
Quarterly Financials
Cardinal MedDevices · last 4 quarters
| Q1 2026 | Q2 2026 | Q3 2026 | Q4 Current mark · 2026 | ||
|---|---|---|---|---|---|
| Operating results | |||||
| LTM Revenue$m | 216.3 | 222.4 | 228 | 234.8 | |
| LTM EBITDA$m | 38.8 | 40 | 41.4 | 43.1 | |
| EBITDA margin | 17.9% | 18% | 18.2% | 18.4% | |
| Valuation build | |||||
| Multiple (EV / LTM EBITDA)x | 11.0x | 11.2x | 10.8x | 10.5x | |
| Enterprise value | $426.8 | $448 | $447.1 | $452.6 | |
| (−) Net debt$m | 180 | 175 | 170 | 165 | |
| Equity value (100%) | $246.8 | $273 | $277.1 | $287.6 | |
| Fund share (78%) | $192.5 | $212.9 | $216.1 | $224.3 | |
Trend view · click Explain on any row to get an AI-written commentary on the latest quarter-over-quarter move.
CURRENT QUARTER
Peer Compare
Ownership 78% · Cost $240m
| Cardinal MedDevices Current mark | WST Public comp | ICLR Public comp | SYK Public comp | ||
|---|---|---|---|---|---|
| Operating results | |||||
| LTM Revenue$m | |||||
| LTM EBITDA$m | |||||
| EBITDA margin | 18.4% | 20.3% | 16.8% | 18.9% | |
| Valuation build | |||||
| Multiple (EV / LTM EBITDA)x | |||||
| Enterprise value | $452.6 | $1263.6 | $419 | $795.7 | |
| (−) Net debt$m | |||||
| Equity value (100%) | $287.6 | $988.5 | $285.7 | $594.5 | |
| Fund share (78%) | $224.3 | $771 | $222.8 | $463.7 | |
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Valuation method