Where does this end?, page-14

I consider myself as a value investor, I bought this stock 2 years ago, and I am still holding it.
My reasons are very simple, besides strong cash flow, good profit margin, good roe, product review, employee reviews, sustainable debt etc...

I searched the market. RMD has 5 major competitors: Fisher & Paykel, Philips Respironics, DeVilbiss sleepcube, Apex Medical Corporation, BMC Medical.

BMC and Apex Medical Corporation are stealing RMD's pattern, and got sued and RMD won, let's skip these 2.
DeVilbiss sleepcube: I couldn't find much information about this business.
Fisher & Paykel: It has very good ROE and Profit Margin, but it's research fund is only 34m, compare with RMD 118m, as long as RMD is not wasting money, it should have more and better products than FPH in long term. FPH has 3000 employees, made 533m revenue. RMD has 4100 employess, made 1.6b revenue, each RMD employee makes far more money than FPH.
Philips Respironics: It's research fund is 2.1b, but it has more product lines than RMD, it has a very low product margin, only around 5%, RMD is 20%-30%.

Overall, RMD is the true market leader. It's product is more expensive than it's competitors, it's profit margin and research fund is the highest compare to its competitors. As long as it remains industry leader, I will hold it.