Is CONMED Corp. overvalued or undervalued?

As of 30 June 2025, CONMED Corp. has moved from a fair to attractive valuation grade. The company appears to be undervalued, with a P/E ratio of 21, an EV to EBITDA of 13.82, and a Price to Book Value of 1.92. In comparison to peers, Globus Medical, Inc. has a P/E of 18.37, while Sanmina Corp. shows a much higher P/E of 39.80, indicating that CONMED may offer better value relative to these competitors.
However, it's important to note that CONMED has underperformed against the S&P 500 across multiple time frames, with a year-to-date return of -24.87% compared to the S&P 500's 12.22%. This significant underperformance may raise concerns about the company's growth prospects despite its attractive valuation metrics.