Is CONMED Corp. overvalued or undervalued?

As of 30 April 2025, CONMED Corp. has moved from an attractive to a fair valuation grade. The company is currently fairly valued, with a P/E ratio of 21, an EV to EBITDA of 13.82, and a PEG ratio of 9.49. In comparison to peers, Haemonetics Corp. has a P/E of 21.73 and an EV to EBITDA of 12.83, while Merit Medical Systems, Inc. is considered expensive with a P/E of 41.42 and an EV to EBITDA of 19.90.
Despite the fair valuation, CONMED Corp. has underperformed relative to the S&P 500, with a year-to-date return of -24.50% compared to the index's 2.44%. This significant underperformance, coupled with a relatively high PEG ratio, suggests that while the company is not overvalued, it may face challenges in achieving growth expectations.