LMAT vs MDT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MDT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LMAT and MDT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LMAT and MDT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

LeMaitre Vascular, founded in 1983 by vascular surgeon George LeMaitre, sells the unglamorous hardware of open vascular surgery: biologic patches, bovine carotid artery grafts sold as Artegraft, human vascular and cardiac allografts, carotid shunts, valvulotomes, embolectomy catheters and synthetic grafts. Roughly 163 direct sales representatives call on vascular surgeons in hospitals, which is the whole point of the model. Individual products are small line items with low average selling prices, too minor for a Medtronic or a Boston Scientific to defend aggressively, so LeMaitre buys niche lines (Restore Flow allografts in 2016 for ~$14M, Artegraft in 2020 for ~$90M), pushes them through its own rep force, and raises prices steadily.

Full LMAT guide

Medtronic is one of the largest medical device companies in the world, designing, manufacturing, and selling therapies and devices across a broad range of chronic and acute conditions. Its business spans four main areas: Cardiovascular (pacemakers, defibrillators, heart valves, and cardiac ablation), Neuroscience (spine implants, neuromodulation for pain and movement disorders, and surgical navigation), Medical Surgical (surgical stapling, energy devices, and a growing robotic-surgery platform), and Diabetes (insulin pumps and continuous glucose monitoring). The company sells primarily to hospitals, surgeons, and health systems, generating durable, recurring demand tied to procedure volumes and chronic-disease management. Medtronic's scale gives it deep relationships with providers, a large installed base of devices, and the resources to fund extensive R&D and acquisitions. Growth depends on new product cycles, pipeline approvals, and global expansion, especially in emerging markets. Founded in 1949 and headquartered in Ireland for tax purposes (operationally rooted in Minnesota), Medtronic is a large-cap, dividend-growing medical-technology company tied to long-term healthcare demand and aging demographics.

Full MDT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LMAT drivers: Price, not volume, is the growth engine; Artegraft going international.
• MDT drivers: Diversified device portfolio; Innovation pipeline and new product cycles.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Cardiac allograft growth is limited by donor tissue supply, and management is prioritizing US supply before international expansion, so that line stays capacity-bound into the second half of 2026. For MDT, medtronic has at times delivered sluggish organic growth, raising concerns that its scale slows innovation relative to nimbler competitors like Boston Scientific and Edwards Lifesciences.

Pick LMAT if you believe its drivers more; MDT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LMAT and MDT guides.

LMAT. At roughly $82 a share and a ~$1.88B market value, LMAT carries about 7.2 times trailing sales and roughly 6.4 times sales net of its ~$204M net cash position. Those are software-adjacent multiples on a $262M revenue base, sustained by 72% gross margins and a two-decade record of annual price increases rather than by growth (organic growth is guided to ~11%). The de-rating from a ~$118 high to near the 52-week low of ~$78.65 happened on a ~$1.1M revenue miss and a one-point cut to the organic target, which is a measure of how tightly the valuation was tied to the pricing story holding.

MDT. Medtronic trades at a moderate valuation relative to faster-growing medtech peers, reflecting its scale, diversification, and reliable dividend but also a track record of slower organic growth. The multiple has expanded when new product cycles reaccelerated growth and compressed during periods of execution stumbles. The yield gives it a defensive, income-oriented profile within healthcare.

Headline figures (approximate, August 2026): LMAT shows revenue (ttm) ~$262M, up ~12% year over year, q2 2026 sales ~$70.4M, ~10% organic (~7% price, ~3% volume), gross / operating margin (q2 2026) ~72.1% / ~29%, operating income ~$20.4M, diluted eps (ttm) / p/e ~$2.86 / ~29x, forward ~27x; MDT shows revenue (ttm) ~$33 billion, operating margin ~20% (non-GAAP higher; GAAP affected by amortization), net income (ttm) ~$4.5 billion, eps (ttm) ~$3.50 GAAP; non-GAAP higher.

LMAT and MDT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LMAT and MDT exposure against your real portfolio. It is not an investment adviser.