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ResMed Inc.

RMD Healthcare Medical Instruments & Supplies

ResMed Inc.’s revenue for fiscal 2026 (year ended June 2026) was $5.7 billion, up 9.85% from fiscal 2025.

Revenue
+5.93%
EPS
+23.1%
Free cash flow
−9.79%
Total debt
−38.9%

Quarter to September 2026, against a year earlier

238.80 1.71 −0.71%
Market cap
$33.7B
P/E
21.7×
Fwd P/E
19.6×
Dividend yield
1.03%
F-score
6/9
Altman Z
10.00
Beneish M
−2.59
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2026

  • Total Sleep and Breathing Health
  • Residential Care Software

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 18.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 4 4 3 3 1 1 1 2 2 2 —
Insider Ownership 2.56%

Capital & Financial Ratios $m

Size
Market Cap 33,660.00
Revenue ttm 5,732.68
Net income ttm 1,593.17
Free cash flow ttm 1,588.36
Net debt Q (761.11)
Valuation
P/E 21.69
Forward P/E 19.60
Price / sales 5.96
Forward P/S Powerpack
Price / FCF 21.50
Price / book 5.74
Financial health
Current ratio Q 2.65 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q 94.10
Growth
Revenue growth Q +5.93% (above 0%: growing)
Operating income growth Q +1.44% (above 0%: growing)
EPS, this year +8.66%
EPS, next year A +9.17%
Revenue, next year A +3.19%
EPS, past 5 yrs +26.34% (at or above 15%: strong)
EPS, next 5 yrs A +9.08%

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 5.8×, against a ten-year median of 6.9×; over the ten years it ranged from 4.3× in 2016 to 13.3× in 2021.
P/E against its own 10 years 4.69%
10-year low 10-year high
P/S against its own 10 years 31.17%
10-year low 10-year high
P/B against its own 10 years 24.39%
10-year low 10-year high
EV/Sales against its own 10 years 26.29%
10-year low 10-year high
EV/FCF against its own 10 years 18.74%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.03%
Annual rate
2.46
Payout ratio
22.4%
Growth, 2017–25
+6.55%/yr
  1. 1.36 ’17
  2. 1.44 ’18 +6
  3. 1.52 ’19 +6
  4. 1.56 ’20 +3
  5. 1.62 ’21 +4
  6. 1.72 ’22 +6
  7. 1.84 ’23 +7
  8. 2.02 ’24 +10
  9. 2.26 ’25 +12
  10. 2.43 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 238 1,209 1,469 1,011
Receivables 837 939 1,036 972
Inventory 822 928 946 1,021
Other — — 457 —
2,358 3,506 4,325 3,509
2024 2025 2026 Q'26
Payables 238 278 309 321
ST’ Debt — — — —
Other — — 41 —
911 1,019 1,395 1,324

Compound Annual Growth %

10y 5y 3y
Sales 11.89% 12.08% 10.21%
Cash Flow 12.67% 19.64% 37.59%
Earnings 15.76% 26.27% 19.28%
Book Value 14.54% 17.94% 16.83%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 2.67 Actual 2.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 2.69 2.81 Beat by 0.12
Q3 FY26 2.79 2.86 Beat by 0.07
Q4 FY26 2.90 2.95 Beat by 0.05
Q1 FY27 2.67 2.91 Beat by 0.24
Q2 FY27 3.02 — Reports 4 February 2027

EPS $

Sep Dec Mar Jun Year
’26 2.92 — — — —
’26 2.37 2.68 2.74 2.64 10.43
’25 2.11 2.34 2.48 2.58 9.51
’24 1.49 1.42 2.04 1.98 6.92
’23 1.43 1.53 1.58 1.56 6.09
’22 1.39 1.37 1.22 1.33 5.30
’21 1.22 1.23 (0.54) 1.33 3.24
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 1,415 — — — —
’26 1,336 1,423 1,431 1,464 5,653
’25 1,225 1,282 1,292 1,348 5,146
’24 1,102 1,163 1,197 1,223 4,685
’23 950 1,034 1,117 1,122 4,223
’22 904 895 865 915 3,578
’21 752 800 769 876 3,197
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 422 — — — —
’26 457 340 554 455 1,806
’25 326 309 579 539 1,752
’24 286 273 402 440 1,401
’23 45 129 283 237 693
’22 (66) 220 117 79 351
’21 144 170 196 227 737
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 371 — — — —
’26 412 305 515 397 1,629
’25 306 285 555 505 1,651
’24 245 248 379 414 1,286
’23 12 97 251 199 559
’22 (97) 180 65 47 195
’21 125 132 167 196 620
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.5% a year for ten years. It grew 17.4% a year over the last ten.

Implied
7.5%
10 years, reported
17.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 2,067 2,340 2,607 2,957 3,197 3,578 4,223 4,685 5,146 5,653 5,733 +11.8% 5,834 6,208 6,611 +5.4%
Gross margin, % 58.15 57.04 57.32 58.09 57.53 56.57 55.78 56.67 59.36 61.06 61.13 +2.9 pt
EBT 419 521 519 733 884 960 1,102 1,265 1,678 1,919 2,012 +18.4%
EBT margin, % 20.26 22.28 19.91 24.79 27.64 26.84 26.09 27.00 32.60 33.95 35.09 +13.7 pt
Net income 342 316 405 622 475 779 898 1,021 1,401 1,523 1,593 +18.0%
Per share, $
Per share, $ Revenue 14.62 16.39 18.21 20.49 22.00 24.50 28.77 31.87 35.08 38.85 40.09 +11.5%
Earnings 2.42 2.21 2.83 4.31 3.27 5.34 6.12 6.94 9.55 10.47 11.01 +17.7%
Cash flow 2.93 3.54 3.21 5.56 5.07 2.40 4.72 9.53 11.94 12.41 12.39 +17.4%
Capex (0.51) (0.50) (0.54) (0.73) (0.80) (1.07) (0.91) (0.78) (0.69) (1.22) (1.28) +10.3%
Free cash flow 2.42 3.04 2.67 4.82 4.27 1.34 3.81 8.75 11.25 11.19 11.11 +18.5%
Book value 13.87 14.42 14.48 17.30 19.86 23.01 28.14 33.08 40.68 45.25 41.60 +14.0%
Shares, m 141 143 143 144 145 146 147 147 147 146 145 +0.3%
Valuation, ×
Valuation, × P/E 32.18 46.75 43.73 44.55 75.39 39.33 35.76 26.94 27.02 18.63 21.69 39.0
P/S 5.33 6.33 6.79 9.37 11.21 8.56 7.59 5.87 7.36 5.02 5.96 7.3
P/B 5.62 7.20 8.55 11.10 12.41 9.11 7.76 5.65 6.34 4.31 5.74 7.8
EV/Sales 5.45 6.37 7.22 9.61 11.31 8.69 7.88 5.96 7.25 4.83 5.82 7.5
EV/FCF 32.88 34.36 49.31 40.81 58.35 159.46 59.49 21.72 22.59 16.76 21.02 49.6
Cash, $m
Cash, $m Operating cash flow 414 505 459 802 737 351 693 1,401 1,752 1,806 1,771 +17.8%
Capex (71) (71) (77) (106) (117) (156) (134) (115) (101) (177) (183) +10.6%
Free cash flow 343 434 382 696 620 195 559 1,286 1,651 1,629 1,588 +18.9%
Balance, $m
Balance, $m Working capital 1,284 554 589 921 663 1,242 1,609 1,447 2,486 2,930 2,185 +9.6%
Net debt 257 81 1,112 701 348 492 1,203 459 (551) (1,070) (761) n/m
Shareholders’ equity 1,960 2,059 2,072 2,497 2,886 3,361 4,130 4,864 5,968 6,585 5,948 +14.4%
Returns, %
Returns, % ROA 10.18 9.66 11.28 14.30 10.19 15.87 15.15 14.99 18.62 17.77 19.29 +7.6 pt
ROIC 12.00 15.82 11.37 15.82 17.47 16.23 13.26 15.50 19.45 21.38 22.81 +9.4 pt
ROE 18.73 15.70 19.59 27.21 17.63 24.96 23.96 22.70 25.86 24.27 26.40 +5.5 pt
People
People Employees 6,080 5,940 7,240 7,770 7,970 8,160 10,140 9,980 10,600 11,370 — +7.2%
Revenue/emp, $m 0.34 0.39 0.36 0.38 0.40 0.44 0.42 0.47 0.49 0.50 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

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

Business profile

Updated

ResMed makes medical devices, masks and software for people with sleep and breathing disorders. Founded in 1989 and headquartered in San Diego, the company is led by Chief Executive Officer Michael Farrell.

A central part of its business is treatment for obstructive sleep apnea, a condition in which the upper airway repeatedly narrows or closes during sleep. ResMed’s continuous positive airway pressure, or CPAP, devices deliver pressurized air through a mask to help keep the airway open. The company also sells other pressure and ventilation devices, diagnostic products, headgear, tubing and accessories. Its breathing products serve patients with chronic respiratory diseases, including people who need ventilatory support at home.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by products and services, and margins
Total Sleep and Breathing Health 4,978 88.05%
Residential Care Software 676 11.95%
Gross margin 61.06%
Operating margin 33.37%
Pre-tax margin 33.95%

Revenue by segment since 2009

ResMed Inc. vs peers in Medical Instruments & Supplies (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
BDX Becton, Dickinson and Company $58.2B 64.1× 39.2× −9.55% (below 0%: shrinking) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31% Compare
MDLN Medline Inc. $52.3B 58.4× — +14.09% (above 0%: growing) — +916.09% (above 0%: growing) 24.50% 6.36% Compare
ALC Alcon $36.9B 58.4× 44.5× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39% Compare
RMD ResMed Inc. $33.7B 21.7× 19.6× +5.93% (above 0%: growing) +23.11% (above 0%: growing) −9.79% (below 0%: shrinking) 61.53% 32.02%
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58% Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67% Compare
Median of peers $21.1B 58.4× 39.2× +3.45% +100.28% +39.14% 43.10% 10.44%

All 53 Medical Instruments & Supplies stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 68.80%
Held by the ten largest 39.22%
Holder Shares Stake Change
Vanguard 18.90m 13.10% +69.88k
BlackRock 12.32m 8.54% +223.17k
State Street 6.68m 4.63% +37.57k
Geode Capital Management 4.35m 3.02% −553.00
BNY 4.20m 2.91% −727.78k
First Trust 2.28m 1.58% +740.87k
UBS 2.15m 1.49% +571.55k
Invesco 2.06m 1.43% +106.96k
Morgan Stanley 1.93m 1.34% −757.89k
Northern Trust 1.70m 1.18% −29.02k
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 1 October 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 16.20m (6.80m) 79.05
2025 14.67m 29.63m 104.66
2024 14.12m 10.33m 77.65
2023 13.87m 16.87m 88.63
2022 11.66m 4.37m 85.04

Ownership

Directors and executive officers, together 0.58%
BlackRock, Inc.55 East 9.09%
Vanguard Capital Management LLC100 Vanguard Blvd.Malvern, PA 8.51%
AustralianSuper Pty LtdLevel 5.88%
Vanguard Portfolio Management LLC100 Vanguard Blvd.Malvern, PA 5.61%
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

ResMed Inc. (RMD) Latest News

2 Nov

Impact 3 · · The Motley Fool

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · Zacks

29 Oct

Impact 4 · · Associated Press
Impact 4 · · GlobeNewswire
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

28 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

19 Oct

Impact 4 · · GlobeNewswire

15 Oct

Impact 3 · · Barchart

5 Oct

Impact 3 · · StockStory

1 Oct

Impact 3 · · GlobeNewswire

28 Sep

Impact 3 · · Trefis

21 Sep

Impact 4 · · MarketBeat

19 Sep

Impact 3 ·

15 Sep

Impact 3 ·
Impact 3 · · Barchart
Impact 3 ·

1 Sep

Impact 3 ·

17 Aug

Impact 3 ·

14 Aug

Impact 4 · · The Motley Fool transcript

RMD metrics, ten years each

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