Boston Scientific (BSX)
Health Care · $64.8B market cap · SEC CIK 0000885725
fundamentals score out of 100
Next reports on Oct 28, 2026, before the open, with analysts expecting $0.78 in earnings per share.
The case for BSX
- Generated $3.7B of free cash flow in FY2025, 18% of revenue.
- Revenue growing 13.5% year over year.
- Earnings per share up 46.8%.
- Reasonably priced at 17.6× earnings.
- A PEG of 0.38: a P/E of 17.6× is low for EPS growing 47%.
- Has compounded revenue at 15.2% a year over five years.
The case against
- Down 55.3% over the past year.
- Near the bottom of its 52-week range, 57% below the high. Falling prices usually have a reason; find it first.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 72 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 83 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 71 |
| Momentumhow the price has behaved lately | 16 |
| Stabilityhow violently it moves, what it owes and what it pays you | 50 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 17.6× |
|---|---|
| Price / book | 2.54× |
| Price / sales | 3.1× |
| Revenue growth (YoY) | +13.5% |
| EPS growth (YoY) | +46.8% |
| Gross margin | 70% |
| Operating margin | 20% |
| Net margin | 18% |
| Return on equity | 15% |
| Debt / equity | 0.51× |
| Current ratio | 1.24 |
| Dividend yield | none |
| Beta | 0.60 |
| 52-week range | $42.20 – $105.65 |
| Position in that range | 4% of the way up |
| 3-month return | -3.5% |
| 1-year return | -55.3% |
Five years of financials, as filed
Pulled from Boston Scientific's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $20.1B | $16.7B | $14.2B | $12.7B | $11.9B |
| Gross profit | $13.9B | $11.5B | $9.9B | $8.7B | $8.2B |
| Operating income | $3.6B | $2.6B | $2.3B | $1.6B | $1.2B |
| Operating cash flow | $4.5B | $3.4B | $2.5B | $1.5B | $1.9B |
| Capital expenditure | $876M | $790M | $711M | $588M | $554M |
| Total assets | $43.7B | $39.4B | $35.1B | $32.5B | $32.2B |
| Shareholder equity | $24.2B | $21.8B | $19.3B | $17.6B | $16.6B |
| Cash | $2.0B | $414M | $865M | $928M | $1.9B |
| Free cash flow | $3.7B | $2.6B | $1.8B | $938M | $1.3B |
| Gross margin | 69.0% | 68.6% | 69.5% | 68.8% | 68.8% |
| Operating margin | 18.0% | 15.5% | 16.5% | 13.0% | 10.1% |
| Diluted shares | 1.5B | 1.5B | 1.5B | 1.4B | 1.4B |
Share count is up 4.2% over 4 years. Mild issuance.
What Boston Scientific says it does
of this Annual Report. The considerations and risks that follow are organized within relevant headings but may be relevant to other headings as well. Additional risks not presently known to us or that we currently deem immaterial may also adversely affect our business, financial condition, cash flows or results of operations. Economic, Industry and Geopolitical Risks We face intense competition and may not be able to keep pace with the rapid technological changes in the medical devices industry or low-cost competitive offerings, which could have an adverse effect on our business, financial condition or results of operations. The medical device markets in which we participate are highly competitive. We encounter significant competition across our product lines and in each market in which our products are sold from various medical device companies. Some of our competitors may have greater financial and marketing resources than we do,…
Risk factors BSX lists in its 10-K
- Covenant Requirement as of December 31, 2025
- Note E – Contractual Obligations and Commitments
- Note I – Commitments and Contingencies
- Note B – Acquisitions and Strategic Investments
- Critical Accounting Policies and Estimates
- Note A – Significant Accounting Policies
- Note P – New Accounting Pronouncements
- Adjusted Net Income (loss), Adjusted Net Income (loss) Attributable to Common Stockholders and Adjusted Net Income (loss) per Share
- (in millions, except per share data)
- Net Income (Loss) Attributable to Noncontrolling Interests
- Net Income (Loss) Attributable to Boston Scientific Common Stockholders
- Net income (loss) per common share - diluted
- Net income attributable to Boston Scientific common stockholders
- Management’s Annual Report on Internal Control over Financial Reporting