Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price44.48 USD
Fair value49.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown44.69-0.5% to today ✓
2026-08-25Read Markup49.82-10.7% to today
2026-07-02Read Markdown34.77+27.9% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
CONMED Corporation holds its Markdown at $44.48. Elevated stress, defensive posture warranted, held for 14 days.
As held on the ledger · 2026-10-06
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 14 days
Price at the screen
$44.48
Valuation
24.04 trailing · 9.30 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.94
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
35.90%
Below 33%
Interest-bearing debt is 35.9% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
12.41%
Below 49%
Money owed to the company is 12.4% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
CONMED's business is in a permissible area, but its interest-bearing debt is about 36% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-07. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-06 screen. The gold marker is the market price at the same screen. A 10.2% margin of safety to the base estimate.
Third-party analyst targets: 6 covering, consensus None. The average target sits +1% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Hospital gear maker shows little spark for growth
Picture a surgeon reaching for a tool that barely moves the needle on outcomes or orders. CONMED sits in that spot, selling devices into operating rooms with revenue already slipping one percent and returns on equity stuck at five percent. The ethical screen clears it, yet the business shows no real competitive edge and margins of just four percent leave little room for error or investment.
Forward earnings sit at nine times but that multiple reflects a company treading water rather than a bargain. Analysts see it the same way, holding a consensus target right at our own fair value of forty dollars while the shares trade a touch higher. Opportunity rating sits at none for good reason.
Any recovery would still run into slow procedure volumes and pricing pressure that medical suppliers face every cycle. Low returns like these often signal a value trap, not a hidden winner. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CNMD trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$44.69-10.3%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (5 analysts) rates it hold, with a mean price target of $40.
2026-08-25Markup · changed$49.82+15.3%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 15.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (5 analysts) rates it hold, with a mean price target of $40.
2026-07-25Markdown$43.20+24.2%Entry 4
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 24.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (5 analysts) rates it hold, with a mean price target of $40.
2026-07-18Markdown$34.77+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (5 analysts) rates it hold, with a mean price target of $40.
2026-07-03Markdown$34.77+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Markdown$34.77Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
