ARTIVION, INC.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 2✗ 26▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 91.0x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value0.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.9%, ROC=3.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS91.0x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)22.9x

  ✗Dreman< 8x

  Price / Book Value per Share2.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=91.0x, OE Yield=-0.7%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=91.0x, FCF Yield=0.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=91.0x, P/B=2.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share1089.6x

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($19.10)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-1.89%; #3544/6340 (top 55.9%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4790; #2967/6449 (top 46.0%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS91.0x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share12.97x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+10.9%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.5171; #2585/5247 (top 49.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-4.76%; #2964/4519 (top 65.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-49.24%; #5124/6202 (top 82.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models0% pass✗ 7▾

  AORT overvalued: all 7 models price fair value below $19.10 (median $4.31)

  Graham fair value$6.65

  ✗Graham-187.2% margin vs $19.10

  Buffett fair value$0.24

  ✗Buffett-7858.3% margin vs $19.10

  Greenblatt fair value$4.31

  ✗Greenblatt-343.2% margin vs $19.10

  Munger fair value$0.34

  ✗Munger-5517.6% margin vs $19.10

  Pabrai fair value$5.23

  ✗Pabrai-265.2% margin vs $19.10

  Akre fair value$6.72

  ✗Akre-184.2% margin vs $19.10

  Ackman fair value$0.53

  ✗Ackman-3503.8% margin vs $19.10
• Profitability13% pass✓ 8✗ 27▾

  14 of 16 flag AORT's profitability — Graham, Buffett, Lynch +11 more

  Positive EPS (10 years)11/25 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)13/25 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-5.0%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)7.6% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$1.0M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)32.89

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 91.0x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-2.2%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-3.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value0.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.9%, ROC=3.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets1.10%

  ✓PiotroskiROA > 0

  ROA Change YoY-1.69% -> 1.10% (delta: +2.80%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.51%, ROA=1.10%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY64.0% -> 64.4%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-2.2%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-3.9%

  ✗Dreman> 12%

  Margin of SafetyP/E=91.0x, P/B=2.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-4.5% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency13/19 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue2.3%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-3.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend1.6% (2023) -> 7.6% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 64.7% -> 64.4%, operating margin 1.6% -> 7.6%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-1.89%; #3544/6340 (top 55.9%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+29.28%; #1475/3702 (top 39.8%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-3.94%; #3154/5226 (top 60.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0163; #1226/5884 (top 20.8%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-27.5% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years4/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts14% pass✓ 2✗ 12▾

  Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (0/7)✗GreenblattRank #1766•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #1804/2370 (Top 76.1%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency25% pass✓ 3✗ 8▾

  6 of 8 flag AORT's efficiency — Buffett, Greenblatt, Piotroski +3 more

  Current Ratio4.42

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)2.6%

  ✗Buffett> 10%

  ROIC - WACC-7.4%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)3.7%

  ✗Greenblatt> 25%

  Current Ratio Change YoY4.34 -> 3.53

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.49x -> 0.50x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities4.42

  ✓Dreman> 1.5

  Return on Invested Capital1.1%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=0.8%; FY2024: ROIC=5.2%; FY2025: ROIC=4.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC4.0% (RR=100% x ROIC=4.0%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 4.0%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag AORT's cash flow — Buffett, Lynch, Dreman +4 more

  Free Cash Flow Proxy$1.0M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-44.4M

  ✗LynchPositive and growing

  Operating Cash Flow$39.9M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.51%, ROA=1.10%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)22.9x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=91.0x, FCF Yield=0.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive15/17 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-4.9%

  ✗Ackman>= 4%

  Price / FCF per Share1089.6x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency15/17 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-44.4M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-4.76%; #2964/4519 (top 65.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage33% pass✓ 6✗ 9▾

  8 of 12 flag AORT's debt & leverage — Graham, Buffett, Lynch +5 more

  Total Debt / Shareholders' Equity0.81

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $363.8M vs NCA $262.2M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.81, IC: 0.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.81

  ✗Lynch< 0.33

  Cash - Long-term Debt$-315.4M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change39.81% -> 24.31%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities4.42

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.81

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.4x, D/EBITDA=9.8x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.81

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.8149; #3016/4210 (top 71.6%)

  ✗AsnessTop 30% of eligible cross-section
• Growth38% pass✓ 5✗ 8▾

  5 of 8 flag AORT's growth — Graham, Lynch, Dreman +2 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 91.0x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-2.2%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 18.2% vs Rev: 14.0%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$0.30 (2009) -> $0.21 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-2.2% CAGR over 16 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency13/19 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth12.8%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 64.7% -> 64.4%, operating margin 1.6% -> 7.6%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR11.8%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-27.5% over 5 years

  ✗Neff7%-20% annualized