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Friday 6 November 2026
Export GMED’s income statement to Excel — free account
Globus Medical, Inc.
GMED Healthcare Medical Devices
Globus Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 16.7% from fiscal 2024.
- Revenue
- −0.69%
- EPS
- +19.3%
- Free cash flow
- +10.1%
Quarter to September 2026, against a year earlier
71.82
9.62
−11.81%
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Target Price Range
Analyst price targets
Free accountTen 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 | 564 | 636 | 713 | 785 | 789 | 958 | 1,023 | 1,568 | 2,519 | 2,939 | 3,140 | +20.1% | 3,199 | 3,393 | 3,589 | +6.9% | |
| Gross margin, % | 76.12 | 76.34 | 77.64 | 77.08 | 72.44 | 75.03 | 74.22 | 65.05 | 58.90 | 67.41 | 69.12 | (8.7) pt | ||||||
| EBT | 157 | 170 | 189 | 190 | 126 | 180 | 243 | 165 | 121 | 605 | 699 | +16.1% | ||||||
| EBT margin, % | 27.89 | 26.72 | 26.45 | 24.19 | 15.96 | 18.83 | 23.76 | 10.54 | 4.79 | 20.59 | 22.28 | (7.3) pt | ||||||
| Net income | 104 | 107 | 156 | 155 | 102 | 149 | 190 | 123 | 103 | 538 | 558 | +20.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.90 | 6.61 | 7.28 | 7.92 | 8.00 | 9.51 | 10.18 | 13.87 | 18.56 | 21.74 | 23.40 | +15.6% | |||||
| Earnings | 1.09 | 1.12 | 1.60 | 1.57 | 1.04 | 1.48 | 1.89 | 1.09 | 0.76 | 3.98 | 4.14 | +15.5% | ||||||
| Cash flow | 1.55 | 1.65 | 1.86 | 1.73 | 2.02 | 2.74 | 1.78 | 2.15 | 3.84 | 5.57 | 6.90 | +15.3% | ||||||
| Capex | (0.43) | (0.53) | (0.56) | (0.71) | (0.65) | (0.56) | (0.74) | (0.69) | (0.85) | (1.29) | (1.19) | +13.1% | ||||||
| Free cash flow | 1.12 | 1.12 | 1.30 | 1.02 | 1.37 | 2.18 | 1.04 | 1.46 | 2.99 | 4.28 | 5.71 | +16.1% | ||||||
| Book value | 8.70 | 10.06 | 12.11 | 14.14 | 15.28 | 17.29 | 18.38 | 35.35 | 30.78 | 33.82 | 35.75 | +16.3% | ||||||
| Shares, m | 96 | 96 | 98 | 99 | 99 | 101 | 100 | 113 | 136 | 135 | 135 | +3.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 22.95 | 38.54 | 27.05 | 37.27 | 62.71 | 48.78 | 38.71 | 45.05 | 110.28 | 21.94 | 19.53 | 45.3 | |||||
| P/S | 4.20 | 6.53 | 5.94 | 7.43 | 8.15 | 7.59 | 7.19 | 3.83 | 4.46 | 4.02 | 3.46 | 5.9 | ||||||
| P/B | 2.85 | 4.29 | 3.57 | 4.16 | 4.27 | 4.18 | 3.98 | 1.50 | 2.69 | 2.58 | 2.26 | 3.4 | ||||||
| EV/Sales | 3.69 | 5.95 | 5.47 | 7.04 | 7.61 | 7.13 | 6.76 | 3.78 | 4.44 | 4.12 | 3.54 | 5.6 | ||||||
| EV/FCF | 19.46 | 35.09 | 30.70 | 54.62 | 44.46 | 31.15 | 66.17 | 35.86 | 27.63 | 21.28 | 14.88 | 36.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 148 | 159 | 182 | 172 | 199 | 276 | 178 | 243 | 521 | 753 | 926 | +19.8% | |||||
| Capex | (41) | (51) | (55) | (71) | (64) | (57) | (74) | (78) | (115) | (174) | (159) | +17.5% | ||||||
| Free cash flow | 107 | 108 | 127 | 101 | 135 | 219 | 104 | 165 | 405 | 579 | 767 | +20.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 434 | 527 | 535 | 576 | 701 | 724 | 824 | 1,523 | 1,321 | 1,627 | 1,674 | +15.8% | |||||
| Net debt | (291) | (374) | (340) | (309) | (422) | (438) | (446) | (100) | (447) | (557) | (595) | +7.5% | ||||||
| Shareholders’ equity | 832 | 968 | 1,186 | 1,402 | 1,506 | 1,741 | 1,846 | 3,998 | 4,177 | 4,573 | 4,796 | +20.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 11.85 | 10.70 | 13.15 | 10.96 | 6.37 | 8.20 | 9.43 | 3.43 | 1.99 | 10.19 | 10.50 | (1.7) pt | |||||
| ROIC | 17.80 | 17.03 | 12.51 | 9.84 | 6.42 | 8.25 | 10.17 | 2.14 | 2.78 | 7.47 | 8.86 | (10.3) pt | ||||||
| ROE | 13.49 | 11.93 | 14.53 | 11.99 | 7.03 | 9.19 | 10.60 | 4.20 | 2.52 | 12.29 | 12.13 | (1.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,400 | 1,500 | 1,800 | 2,000 | 2,200 | 2,400 | 2,600 | 5,000 | 5,300 | 6,000 | — | +17.6% | |||||
| Revenue/emp, $m | 0.40 | 0.42 | 0.40 | 0.39 | 0.36 | 0.40 | 0.39 | 0.31 | 0.48 | 0.49 | — | +2.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 2,939 | 100.00% |
|---|---|---|
| Gross margin | 67.41% | |
| Operating margin | 16.33% | |
| Pre-tax margin | 20.59% |
Globus Medical, Inc. 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 |
|---|---|---|---|---|---|---|---|---|---|
| SNN Smith & Nephew SNATS, Inc. | $13.4B | 38.9× | 18.9× | +7.99% (above 0%: growing) | −14.23% (below 0%: shrinking) | +293.94% (above 0%: growing) | 69.42% | 0.00% | Compare |
| GKOS Glaukos Corporation | $13.0B | — (loss-making) | — (loss-making) | +58.03% (above 0%: growing) | n/m | +411.22% (above 0%: growing) | 85.23% | 0.39% | Compare |
| PEN Penumbra, Inc. | $12.7B | 80.3× | 68.7× | +15.64% (above 0%: growing) | −8.29% (below 0%: shrinking) | −37.16% (below 0%: shrinking) | 68.34% | 12.37% | Compare |
| GMED Globus Medical, Inc. | $10.9B | 19.5× | 18.8× | −0.69% (below 0%: shrinking) | +19.32% (above 0%: growing) | +10.10% (above 0%: growing) | 69.50% | 23.25% | |
| PODD Insulet Corporation | $10.8B | 25.2× | 24.4× | +19.21% (above 0%: growing) | +64.06% (above 0%: growing) | −29.81% (below 0%: shrinking) | 75.07% | 22.54% | Compare |
| BIO.B Bio-Rad Laboratories, Inc. | $10.3B | 9.9× | — | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | Compare |
| BIO Bio-Rad Laboratories, Inc. | $9.9B | 9.7× | 44.7× | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | Compare |
| BRKR Bruker Corporation | $8.9B | — (loss-making) | — (loss-making) | +1.57% (above 0%: growing) | n/m | +278.74% (above 0%: growing) | 49.12% | (10.41%) | Compare |
| TXG 10x Genomics | $7.6B | — (loss-making) | — (loss-making) | −12.65% (below 0%: shrinking) | n/m | −4.61% (below 0%: shrinking) | 74.48% | (12.95%) | Compare |
| Median of peers | $10.6B | 25.2× | 34.6× | +4.78% | −8.29% | +8.07% | 68.88% | (3.78%) |
From the latest earnings call
- CEO Keith Pfeil attributed slower U.S. spine growth to delayed product launches and lower contributions from competitive recruiting, and expects new products to contribute in 2027.
- CFO Kyle Klin said Nevro’s recovery of lost sales volume had taken longer than expected, while the company was hiring and training sales employees.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
88.72%
Held by the ten largest
39.38%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 11.02m | 8.20% | +220.45k |
| BlackRock | 10.81m | 8.05% | +309.31k |
| Jupiter Topco | 8.20m | 6.11% | +8.20m |
| Invesco | 4.31m | 3.21% | −6.88k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | 4.28m | 3.19% | +4.28m |
| State Street | 3.71m | 2.77% | +123.66k |
| Sculptor Capital LP | 3.00m | 2.23% | −58.00k |
| JPMorgan Chase | 2.74m | 2.04% | +148.54k |
| BMO | 2.43m | 1.81% | +118.31k |
| AllianceBernstein | 2.38m | 1.77% | +629.51k |
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 24 April 2026
Ownership
Directors and executive officers, together
66.70% of the votes
David C. Paul
66.20% of the votes
BlackRock, Inc.
3.10% of the votes
Janus Henderson Group plc
2.10% of the votes
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
Globus Medical, Inc. (GMED) Latest News
6 Nov
5 Nov
4 Nov
29 Oct
15 Oct
14 Oct
8 Oct
30 Sep
29 Sep
18 Sep
GMED metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Globus Medical develops and sells medical devices and related services for treating musculoskeletal disorders. Founded in 2003 and headquartered in Audubon, Pennsylvania, it is led by President and Chief Executive Officer Keith W. Pfeil. Its customers include hospitals, ambulatory surgery centers and physicians.
Its Musculoskeletal Solutions business supplies implants, instruments, biologic materials and other products used in spine, orthopedic and neurosurgical procedures. Spine products include implants that stabilize or replace parts of the spine. Its orthopedic portfolio includes products for repairing fractures and replacing hips and knees. The company also provides nerve-monitoring services during surgery and implantable spinal cord stimulation therapy for chronic pain.