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Boston Scientific Corporation

BSX Healthcare Medical Devices

Boston Scientific Corporation’s revenue for fiscal 2025 (year ended December 2025) was $20.1 billion, up 19.9% from fiscal 2024.

Revenue
+1.44%
EPS
−21.6%
Free cash flow
−25.3%
Total debt
+3.04%

Quarter to September 2026, against a year earlier

43.42 1.22 −2.73%
Market cap
$64.7B
P/E
18.7×
Fwd P/E
17.0×
Dividend yield
—
F-score
7/9
Altman Z
5.41
Beneish M
−2.49
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Cardiovascular
  • MedSurg

Every year since 2008 →

Insider Decisions last twelve months

Bought, $m 10.04
Sold, $m 15.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 3 — 1 4 — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 0.60%

Capital & Financial Ratios $m

Size
Market Cap 64,700.00
Revenue ttm 21,068.00
Net income ttm 3,493.00
Free cash flow ttm 3,331.00
Net debt Q 11,344.00
Valuation
P/E 18.72
Forward P/E 17.00
Price / sales 3.05
Forward P/S Powerpack
Price / FCF 19.29
Price / book 2.48
Financial health
Current ratio Q 1.36
Debt / equity Q 0.46 (at or below 0.5: strong)
Interest coverage Q 8.28
Growth
Revenue growth Q +1.44% (above 0%: growing)
Operating income growth Q −20.92% (below 0%: shrinking)
EPS, this year +3.36%
EPS, next year A −1.06% (below 0%: weak)
Revenue, next year A +4.44%
EPS, past 5 yrs —
EPS, next 5 yrs A +3.23%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 5.9×; over the ten years it ranged from 3.4× in 2026 to 9.7× in 2025.
P/E against its own 10 years 12.67%
10-year low 10-year high
P/S against its own 10 years 1.32%
10-year low 10-year high
P/B against its own 10 years 0.70%
10-year low 10-year high
EV/Sales against its own 10 years 0.81%
10-year low 10-year high
EV/FCF against its own 10 years 2.53%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 865 414 1,965 609
Receivables 2,228 2,558 2,926 3,113
Inventory 2,484 2,810 2,943 3,317
Other 621 831 660 745
6,514 6,920 8,794 8,164
2023 2024 2025 Q'26
Payables 942 960 1,144 1,250
ST’ Debt 531 1,778 299 1,044
Other 814 887 795 719
4,933 6,399 5,439 5,982

Compound Annual Growth %

10y 5y 3y
Sales 10.38% 15.16% 16.54%
Cash Flow 20.70% 24.63% 43.76%
Earnings 0.00% 0.00% 65.27%
Book Value 14.50% 9.81% 11.67%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.73 Actual 0.73

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.78 0.80 Beat by 0.02
Q1 FY26 0.80 0.80 Met by 0.00
Q2 FY26 0.83 0.86 Beat by 0.03
Q3 FY26 0.73 0.73 Met by 0.00
Q4 FY26 0.79 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.90 0.61 0.40 — —
’25 0.45 0.53 0.51 0.45 1.94
’24 0.33 0.22 0.32 0.38 1.25
’23 0.21 0.18 0.34 0.34 1.07
’22 0.07 0.17 0.12 0.09 0.45
’21 0.23 0.12 0.28 0.06 0.69
’20 0.01 (0.11) (0.12) 0.10 (0.12)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,203 5,442 5,138 — —
’25 4,663 5,061 5,065 5,285 20,074
’24 3,856 4,120 4,209 4,562 16,747
’23 3,389 3,599 3,527 3,725 14,240
’22 3,026 3,244 3,170 3,242 12,682
’21 2,752 3,077 2,932 3,127 11,888
’20 2,543 2,003 2,659 2,708 9,913
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 348 1,474 1,048 — —
’25 541 1,286 1,343 1,364 4,534
’24 164 813 1,002 1,456 3,435
’23 190 658 698 957 2,503
’22 (58) 307 470 807 1,526
’21 284 643 465 478 1,870
’20 (77) 269 643 673 1,508
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 171 1,279 868 — —
’25 354 1,129 1,162 1,013 3,658
’24 (15) 658 823 1,179 2,645
’23 82 515 509 686 1,792
’22 (171) 203 321 597 950
’21 213 540 361 216 1,330
’20 (174) 202 596 520 1,144
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.9% a year for ten years. It grew 20.7% a year over the last ten.

Implied
8.9%
10 years, reported
20.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,386 9,048 9,823 10,735 9,913 11,888 12,682 14,240 16,747 20,074 21,068 +10.2% 20,965 21,027 22,046 +3.2%
Gross margin, % 71.09 71.34 71.36 70.97 65.05 68.78 68.81 69.49 68.61 69.01 69.14 (2.1) pt
EBT 177 933 1,422 687 (79) 1,076 1,141 1,985 2,282 3,385 3,655 +38.8%
EBT margin, % 2.11 10.31 14.48 6.40 (0.80) 9.05 9.00 13.94 13.63 16.86 17.35 +14.8 pt
Net income 347 104 1,671 4,700 (82) 1,041 698 1,592 1,846 2,892 3,493 +26.6%
Per share, $
Per share, $ Revenue 6.18 6.60 7.11 7.71 7.00 8.36 8.87 9.80 11.38 13.56 14.54 +9.1%
Earnings 0.26 0.08 1.21 3.38 (0.12) 0.69 0.45 1.08 1.26 1.96 2.37 +25.2%
Cash flow 0.87 1.04 0.22 1.32 1.06 1.31 1.07 1.72 2.33 3.06 2.92 +15.0%
Capex (0.26) (0.23) (0.22) (0.33) (0.26) (0.38) (0.40) (0.49) (0.54) (0.59) (0.62) +9.8%
Free cash flow 0.62 0.81 0.01 0.99 0.81 0.94 0.66 1.23 1.80 2.47 2.30 +16.7%
Book value 4.96 5.12 6.32 9.97 10.82 11.69 12.28 13.44 14.95 16.53 17.86 +14.3%
Shares, m 1,358 1,370 1,381 1,392 1,417 1,422 1,431 1,453 1,472 1,480 1,471 +1.0%
Valuation, ×
Valuation, × P/E 84.15 316.00 29.21 13.38 0.00 61.57 102.24 54.06 70.89 48.65 18.72 78.0
P/S 3.54 3.83 4.97 5.86 5.14 5.08 5.19 5.90 7.85 7.03 3.05 5.4
P/B 4.41 4.94 5.59 4.53 3.32 3.63 3.75 4.30 5.97 5.77 2.48 4.6
EV/Sales 4.17 4.43 5.67 6.77 5.89 5.68 5.82 6.48 8.47 7.50 3.59 6.1
EV/FCF 41.91 36.19 6,964.32 52.62 51.00 50.80 77.71 51.49 53.60 41.18 22.70 742.1
Cash, $m
Cash, $m Operating cash flow 1,182 1,426 310 1,836 1,508 1,870 1,526 2,503 3,435 4,534 4,234 +16.1%
Capex (347) (319) (302) (454) (364) (540) (576) (711) (790) (876) (903) +10.8%
Free cash flow 835 1,107 8 1,382 1,144 1,330 950 1,792 2,645 3,658 3,331 +17.8%
Balance, $m
Balance, $m Working capital (348) (1,832) (1,257) (167) 3,013 2,043 1,957 1,581 521 3,355 2,182 n/m
Net debt 5,288 5,428 6,910 9,791 7,409 7,140 8,007 8,237 10,332 9,471 11,344 +6.7%
Shareholders’ equity 6,733 7,012 8,726 13,877 15,326 16,622 17,573 19,530 22,003 24,472 25,873 +15.4%
Returns, %
Returns, % ROA 1.92 0.56 8.35 18.23 (0.37) 3.13 1.98 4.64 4.97 6.98 7.94 +5.1 pt
ROIC 2.32 6.46 6.02 4.01 (0.22) 3.15 4.02 5.27 5.04 6.65 6.60 +4.3 pt
ROE 5.32 1.51 21.24 41.59 (0.79) 6.17 3.75 8.46 8.92 12.47 14.15 +7.2 pt
People
People Employees 27,000 29,000 32,000 36,000 38,000 41,000 45,000 48,000 53,000 59,000 — +9.1%
Revenue/emp, $m 0.31 0.31 0.31 0.30 0.26 0.29 0.28 0.30 0.32 0.34 — +1.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Boston Scientific develops, manufactures and markets medical devices used by physicians and other medical professionals. Its products help diagnose and treat conditions affecting the heart and blood vessels, digestive and urinary systems, and nervous system, as well as some cancers. Many are designed for procedures that are less invasive than conventional surgery.

The company has two reporting segments. MedSurg includes devices used in endoscopy, urology and neuromodulation. These range from clips used to stop bleeding during digestive procedures to instruments for treating kidney stones and implants for managing chronic pain. Cardiovascular includes devices for treating heart rhythm disorders, preventing certain strokes, opening or treating diseased blood vessels and treating some cancers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Cardiovascular 13,250 66.01%
MedSurg 6,824 33.99%
Gross margin 69.01%
Operating margin 17.99%
Pre-tax margin 16.86%

Revenue by segment since 2008

Boston Scientific Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ABT Abbott Laboratories $196.6B 42.3× 35.1× +14.46% (above 0%: growing) −43.62% (below 0%: shrinking) +28.87% (above 0%: growing) 56.75% 10.44% Compare
MDT Medtronic PLC $134.1B 25.6× 20.8× +13.73% (above 0%: growing) +41.98% (above 0%: growing) +120.89% (above 0%: growing) 64.99% 18.08% Compare
SYK Stryker Corporation $127.6B 35.3× 24.6× +7.64% (above 0%: growing) −12.44% (below 0%: shrinking) −19.37% (below 0%: shrinking) 65.15% 15.86% Compare
BSX Boston Scientific Corporation $64.7B 18.7× 17.0× +1.44% (above 0%: growing) −21.57% (below 0%: shrinking) −25.30% (below 0%: shrinking) 66.72% 16.12%
EW Edwards Lifesciences Corporation $58.1B 56.7× 36.5× +10.46% (above 0%: growing) +6.00% (above 0%: growing) −1.84% (below 0%: shrinking) 78.48% 17.44% Compare
GEHC GE HealthCare Technologies Inc. $37.9B 17.5× 15.5× +7.19% (above 0%: growing) +40.64% (above 0%: growing) +64.18% (above 0%: growing) 40.34% 14.58% Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34% Compare
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
Median of peers $48.0B 31.3× 24.9× +9.63% +3.00% +36.26% 60.52% 16.65%

All 149 Medical Devices stocks →

From the latest earnings call

Updated

  • CEO Mike Mahoney said the cybersecurity incident disrupted operations and accelerated electrophysiology market-share losses, while WATCHMAN faced a slowdown in its market.
  • CFO Jon Monson said Boston Scientific expects revenue and adjusted earnings growth to be challenging in 2027, excluding its pending Penumbra acquisition.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Needham Oct 29, 2026 Target cut Buy 57.00 → 48.00
JPMorgan Oct 29, 2026 Downgrade Outperform → Hold 56.00 → 46.00
Jefferies Oct 29, 2026 Downgrade Hold 60.00 → 46.00
Wells Fargo Sep 28, 2026 Reiterated Hold —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.69%
Held by the ten largest 40.17%
Holder Shares Stake Change
Vanguard 142.40m 9.83% +1.05m
BlackRock 129.68m 8.95% −2.14m
State Street 70.11m 4.84% +2.12m
PRIMECAP Management 50.52m 3.49% +17.99m
Fidelity (FMR) 45.70m 3.15% −28.52m
Geode Capital Management 33.44m 2.31% +154.35k
Capital Group 31.49m 2.17% +8.50m
UBS 29.44m 2.03% +1.11m
D. E. Shaw 25.46m 1.76% +1.15m
JPMorgan Chase 23.91m 1.65% −9.44m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.53m 32.97m 265.23
2024 21.42m 65.82m 248.46
2023 18.72m 38.60m 160.81
2022 16.94m 21.63m 128.71
2021 16.06m 20.44m 118.16

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 8.44%
BlackRock, Inc. 7.60%
FMR LLC/Abigail P. Johnson 7.42%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Boston Scientific Corporation (BSX) Latest News

5 Nov

Impact 3 · · medtechdive.com

4 Nov

Impact 4 · · Zacks
Impact 3 · · Trefis

3 Nov

Impact 3 · · Zacks
Impact 3 · · Barchart

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire
Impact 4 · · Simply Wall St.
Impact 4 · · medicaldevice-network.com
Impact 4 · · Trefis
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Stocktwits
Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool

28 Oct

Impact 4 · · The Motley Fool
Impact 4 · · TIKR
Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · medtechdive.com earnings
Impact 4 · · MT Newswires
Impact 4 · · Stocktwits
Impact 4 · · Proactive Investors
Impact 4 · · Bloomberg
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · Zacks

BSX metrics, ten years each

stockrow.com/BSX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com