— Know what they know.
/
Not Investment Advice

BSX

NYSE · USD
Boston Scientific Corporation
Healthcare · Medical - Devices
CEO Michael F. Mahoney Employees 59,000 R&D / revenue 10.2%
Last price
$44.39+0.57%last session
Market cap
$64.3B
P/E (TTM)
17.9x
From 52w high
−58.0%
From 52w low
+7.2%
1-year return
−54.6%
RSI 14 · vs SMA200
52.5 · −24.9%
IS score
66.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BSX   SPY   XLV (sector ETF) · weekly closes
406080100120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116BSX 45

Score DNA

Each bar is a 0-100 score within the scored universe
67
Profitability
68
Growth
50
Value
93
Momentum
65
Risk (safety)
84
Quality
61
Balance sheet
81
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for BSX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Network EffectsPiotroski 8 / 9Altman Z 3.0Beta 0.573 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
10
$10.04M bought
Form 144 notices (12m): 6, $23.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
15
Last disclosed purchase 2026-08-18
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−190
151 new holders, 326 closed
1,490 filers hold 90.6% · 588 added, 622 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+153
1,212 funds adding shares
1,059 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
34.1%
20-day avg 43.1%, 50-day avg 45.0%
Latest 9.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$20.1B
Revenue growth YoY+19.9%
Gross margin69.0%
Operating income$4.0B
Operating margin19.8%
Net income$2.9B
Net margin14.4%
EPS (diluted)$1.94
Cash flow
Operating cash flow$4.5B
Capital expenditure$876.0M
Free cash flow$3.7B
FCF conversion (FCF / OCF)80.7%
Stock-based compensation$299.0M
FCF less SBC$3.4B
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.0B
Total debt$11.8B
Net debt$9.8B
Shareholders' equity$24.5B
Goodwill & intangibles$25.3B
Debt / equity0.51
ROE (TTM)14.9%
ROIC (TTM)10.6%
Operating margin by fiscal year
14.9%FY202114.5%FY202215.3%FY202315.8%FY202419.8%FY2025
Revenue $11.9B (FY2021) to $20.1B (FY2025), a 14.0% CAGR.

Valuation

P/E (TTM)17.9x
EV / EBITDA13.2x
Price / sales3.06x
Price / FCF17.7x
FCF yield5.63%
Buyback yield0.00%
SBC / revenue0.8%
Price / book2.63x
Forward P/E FY202613.7x
Forward P/E FY202713.1x
Forward P/E FY202811.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $60.11 across 19 analysts last quarter is theirs, not ours.

BSX vs industry median

318 companies in Medical - Devices
Gross margin 71.2% 57.3% Operating margin 21.5% -22.8% Net margin 17.5% -23.0% ROIC 10.6% -5.0%
BSX (TTM)Industry median Asset turnover 0.46 vs industry 0.55 · financial leverage 1.81

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.75
100%
beat rate, 12 of 12 quarters
+5.7%
median EPS surprise
12
longest beat streak
+4+8+9+6+7+7+11+3+5+2+2+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BSX Boston Scientific Corporatio $64.3B17.9x14.9%17.5%+19.9% −54.6%
EW Edwards Lifesciences Corpora $49.9B49.8x9.5%13.9%+14.6% +19.2%
SYK Stryker Corporation $113.0B30.3x16.5%19.4%+8.5% −20.2%
MDT Medtronic Plc $121.2B23.2x10.7%15.1%+9.8% +3.0%
DXCM DexCom, Inc. $32.5B33.2x38.5%19.0%+15.5% +29.7%
ABT Abbott Laboratories $181.5B33.7x10.7%7.4%+8.1% —
ZBH Zimmer Biomet Holdings, Inc. $18.1B23.0x6.4%9.1%+8.6% —
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-07Officer/Director Change; Other Events; Exhibits
2026-09-23Officer/Director Change
2026-09-08Other Events
2026-08-26Other Events
2026-07-29Earnings Release; Exhibits
2026-07-27Exit/Disposal Costs

Context

Shares outstanding1,449,230,000
Free float99.7%
Institutional ownership90.6%
Beta0.57
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$46.18 / $59.36
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BSX sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBSXIndustry medianIndustry percentileSector median
P/E (TTM) 17.5x 25.7x
19th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.30 1.33
7th		 1.28
Price / sales 3.1x 3.3x
45th		 3.7x
Price / book 2.6x 3.5x
41st		 3.6x
Price / tangible book —
Price / free cash flow 17.7x 26.8x
25th		 21.2x
Price / operating cash flow 14.2x 19.5x
26th		 17.1x
Enterprise value $76.4B $2.0B
95th		 $2.5B
EV / sales 3.6x 3.5x
55th		 3.8x
EV / EBITDA 13.2x 18.6x
39th		 16.2x
EV / EBIT 17.4x 24.7x
27th		 23.0x
EV / free cash flow 21.1x 27.6x
25th		 24.6x
Earnings yield 5.7% -0.7%
92nd		 -0.3%
FCF yield 5.6% 1.9%
85th		 1.7%
Operating cash flow yield 7.0% 3.4%
82nd		 2.9%
Graham number (per share) $30.54 $42.90
37th		 $26.70

Profitability (TTM)

MeasureBSXIndustry medianIndustry percentileSector median
Gross margin 71.2% 63.7%
73rd		 65.1%
EBITDA margin 27.6% 9.3%
92nd		 6.6%
Operating margin 21.5% 4.0%
92nd		 3.5%
EBIT margin 20.9% 1.4%
87th		 2.4%
Net margin 17.5% -1.7%
93rd		 0.3%
NOPAT margin 20.4% 0.1%
93rd		 2.7%
FCF margin 17.3% 3.0%
82nd		 4.3%
Operating cash flow margin 21.6% 8.5%
88th		 7.1%
R&D / revenue 10.3% 10.1%
53rd		 12.4%
SG&A / revenue 34.1% 46.6%
28th		 37.9%
Stock comp / revenue 0.8% 3.5%
13th		 4.5%
Effective tax rate 5.0% 21.0%
5th		 21.0%

Returns on capital

MeasureBSXIndustry medianIndustry percentileSector median
ROE (on average equity) 15.5% -1.7%
85th		 0.8%
ROA 8.5% -1.1%
82nd		 -0.3%
ROIC 11.6% 1.1%
71st		 5.5%
ROCE 11.3% 1.6%
78th		 2.3%
Return on tangible assets 10.1% 1.0%
82nd		 1.7%
Cash ROIC (OCF / invested capital) 12.2% 7.0%
66th		 9.7%
Gross profitability (GP / assets) 33.0% 36.4%
43rd		 29.9%
ROIC, 3-yr average 8.2% -1.0%
71st		 2.6%
ROIC, 5-yr average 6.4% -0.4%
63rd		 3.2%
ROE, 5-yr average 9.0% -4.8%
71st		 -4.9%
Incremental ROIC 61.2% 19.9%
71st		 17.2%

Growth

MeasureBSXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 13.5% 11.5%
55th		 10.5%
Revenue growth (QoQ) 4.6% 7.8%
30th		 7.2%
Revenue CAGR, 3 yr 16.1% 11.6%
66th		 10.7%
Revenue CAGR, 5 yr 13.4% 12.8%
54th		 12.1%
Gross profit CAGR, 3 yr 22.0% 12.8%
79th		 10.6%
Operating income CAGR, 3 yr 31.6% 12.0%
72nd		 11.7%
Net income growth (TTM YoY) 46.6% 8.7%
67th		 17.5%
Net income CAGR, 3 yr 59.0% 13.1%
85th		 11.3%
EPS growth (TTM YoY) 47.4% 7.8%
67th		 19.2%
EPS CAGR, 3 yr 58.0% 14.5%
85th		 14.0%
EPS CAGR, 5 yr 46.5% 9.1%
95th		 8.1%
FCF growth (TTM YoY) 9.5% 16.8%
40th		 18.6%
FCF CAGR, 3 yr 36.5% 32.2%
58th		 15.4%
Operating cash flow CAGR, 3 yr 28.7% 18.3%
65th		 11.9%
Book value CAGR, 3 yr 10.3% 5.2%
59th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 15.5% 10.9%
78th		 12.2%

Margin history & stability

MeasureBSXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 65.5% 64.5%
53rd		 62.6%
Operating margin, 3-yr average 18.0% 4.3%
91st		 1.0%
Net margin, 3-yr average 14.3% -5.8%
89th		 -2.6%
FCF margin, 3-yr average 15.6% 2.8%
85th		 3.2%
Revenue stability (0-1) 0.95 0.90
58th		 0.80
Earnings stability (0-1) 0.92 0.30
94th		 0.37
Margin stability (0-1) 0.93 0.96
21st		 0.93

Liquidity (latest quarter)

MeasureBSXIndustry medianIndustry percentileSector median
Cash & short-term investments $539.0M $184.9M
78th		 $330.9M
Net cash (− = net debt) −$12.1B −$37.3M
3rd		 $8.4M
Working capital $1.5B $318.0M
83rd		 $381.1M
Current ratio 1.24 3.35
7th		 3.02
Quick ratio 0.74 2.33
7th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.08 0.87
7th		 1.43
Defensive interval (days) 126 days 324 days
8th		 415 days

Leverage & solvency (latest quarter)

MeasureBSXIndustry medianIndustry percentileSector median
Total debt $12.6B $263.7M
95th		 $289.1M
Debt / equity 0.51 0.54
46th		 0.45
Net debt / equity 0.48 0.28
61st		 −0.13
Debt / assets 27.9% 27.9%
50th		 24.4%
Debt / capital 33.6% 35.1%
46th		 31.1%
Debt / EBITDA 2.18 2.56
42nd		 2.62
Net debt / EBITDA 2.08 2.08
50th		 1.42
Interest coverage (EBIT / interest) 12.1x 0.4x
83rd		 2.1x
Cash interest coverage 12.5x 3.2x
85th		 3.6x
Debt payback (years of OCF) 2.8 yrs 3.4 yrs
44th		 2.7 yrs
Liabilities / assets 44.3% 49.8%
40th		 49.8%
IS credit model rating A — —
Implied credit spread (bps) 150 225
30th		 225

Efficiency

MeasureBSXIndustry medianIndustry percentileSector median
Asset turnover 0.48 0.60
25th		 0.56
Fixed asset turnover 5.09 4.84
55th		 4.87
Inventory turnover 2.0 1.8
64th		 2.7
Receivables turnover 7.2 6.4
70th		 6.4
Days sales outstanding 51 days 57 days
30th		 57 days
Days inventory outstanding 184 days 207 days
36th		 136 days
Days payables outstanding 66 days 59 days
58th		 59 days
Cash conversion cycle (days) 169 days 214 days
40th		 70 days
Capex / revenue 4.3% 3.6%
62nd		 2.6%
Capex / depreciation 0.64 0.67
45th		 0.55
Operating expense ratio 49.1% 57.4%
34th		 56.5%

Cash flow & earnings quality

MeasureBSXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.24 1.65
30th		 1.61
FCF / net income 0.99 1.30
30th		 1.36
FCF / operating cash flow 80.0% 63.6%
67th		 81.2%
Capex / operating cash flow 20.0% 36.4%
33rd		 18.8%
Accruals ratio -2.0% -5.2%
85th		 -5.4%
Sloan accruals ratio -4.1% -1.3%
37th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
48th		 0.75

Dividends & buybacks

MeasureBSXIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) -100.0% 4.0%
0th		 4.5%
Buyback yield 3.1% 0.0%
90th		 0.0%
Shareholder yield (dividends + buybacks) 3.1% 0.0%
83rd		 0.0%
Share count change (YoY) -0.6% 1.4%
30th		 2.0%
Buybacks, last 5 years $2.0B $0
92nd		 $0

Scores & forensic checks

MeasureBSXIndustry medianIndustry percentileSector median
IS score 67 41
85th		 46
IS profitability 67 20
88th		 22
IS growth 68 60
68th		 60
IS value 50 39
73rd		 39
IS momentum 93 67
93rd		 67
IS risk (safety) 65 65
42nd		 80
IS quality 84 49
90th		 49
IS balance sheet 61 50
63rd		 55
IS earnings quality 81 56
97th		 56
IS cash flow 63 32
73rd		 41
Piotroski F-score (0-9) 8 6
83rd		 5
Altman Z-score 3.0 3.0
50th		 3.2
Beneish M-score −2.49 −2.67
73rd		 −2.62
Ohlson O-score −9.32 −7.26
20th		 −7.16
IS credit score 71 62
67th		 62

Per share

MeasureBSXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.47 −$0.07
70th		 −$0.03
Book value per share $16.79 $10.13
68th		 $7.10
Tangible book per share −$0.26 $2.24
30th		 $1.91
Revenue per share $14.14 $12.68
52nd		 $9.38
FCF per share $2.44 $0.62
68th		 $0.46
Operating cash flow per share $3.05 $1.25
63rd		 $0.93
Cash per share $0.36 $2.47
12th		 $3.51

Size (TTM)

MeasureBSXIndustry medianIndustry percentileSector median
Market cap $64.3B $1.6B
95th		 $2.4B
Revenue $21.0B $815.1M
95th		 $770.2M
EBITDA $5.8B $83.1M
95th		 $56.1M
Net income $3.7B −$7.2M
95th		 −$3.3M
Free cash flow $3.6B $38.8M
95th		 $41.2M
Total assets $45.2B $1.1B
95th		 $1.3B
Shareholders' equity $24.9B $496.6M
97th		 $568.4M
Employees 59,000 1,800
97th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-02O'Connor Padraig Andrew
EVP, Global Operations
 Option exercise 1,171——8,459
2026-09-02O'Connor Padraig Andrew
EVP, Global Operations
 Tax withholding 567$48.37$27,4267,892
2026-09-02O'Connor Padraig Andrew
EVP, Global Operations
 Option exercise 1,171——3,516
2026-08-25Morano Susan E
Director
 Open-market buy 2,040$49.22$100,40813,784
2026-08-11Woodworth Emily
SVP, Global Controller and CAO
 Discretionary 2,930$51.19$149,9872,930
2026-08-10Monson Jonathan
EVP and CFO
 Discretionary 9,908$50.46$499,9589,908
2026-08-05Habiger David C
Director
 Open-market buy 2,100$47.59$99,93717,160
2026-08-04Habiger David C
Director
 Open-market buy 140$48.59$6,80215,060
2026-08-03Habiger David C
Director
 Open-market buy 1,042$48.07$50,08414,920
2026-08-03Mahoney Michael F
Director, Chairman, President & CEO
 Open-market buy 186,240$48.33$9.0M1,590,024
2026-08-03Mahoney Michael F
Director, Chairman, President & CEO
 Discretionary 22,119$48.43$1.1M22,119
2026-07-31Ludwig Edward J
Director
 Open-market buy 5,000$45.48$227,40030,359

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1440,738—
DiscretionaryAcquired499,155$4.7M
GiftDisposed1386,755—
Open-market buyAcquired10206,362$10.0M
Option exerciseDisposed47,162—
Option exerciseAcquired47,162—
Tax withholdingDisposed43,456$177,080
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 244,006 shares · $23.4M
FiledFilerShares proposedEst. proceeds
2026-02-02Michael F Mahoney160,901$15.0M
2025-12-01Arthur C Butcher17,313$1.8M
2025-11-06Zane Ellen M2,901$284,171
2025-11-03Joseph M Fitzgerald50,000$5.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 54 trades (25 purchases) · Senate 5 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-09Kevin HernHouseSale$50,001 - $100,0002026-09-28
2026-09-09Kevin HernHouseSale$50,001 - $100,0002026-09-25
2026-09-09Kevin HernHouseSale (Full)$50,001 - $100,0002026-09-25
2026-06-04John BoozmanSenateSale$1,001 - $15,0002026-07-13
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2025-12-17John BoozmanSenateSale$1,001 - $15,0002026-01-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.129,680,916$5.5B8.95%
VANGUARD CAPITAL MANAGEMENT LLC97,087,553$4.1B6.70%
STATE STREET CORP70,111,196$3.0B4.84%
PRIMECAP MANAGEMENT CO/CA/50,520,914$2.2B3.49%
FMR LLC45,702,845$2.0B3.15%
GEODE CAPITAL MANAGEMENT, LLC33,440,102$1.4B2.31%
VANGUARD PORTFOLIO MANAGEMENT LLC29,792,794$1.3B2.06%
D. E. Shaw & Co., Inc.25,457,409$1.1B1.76%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/24,859,191$1.5B1.72%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP23,293,913$994.2M1.61%
JPMORGAN CHASE & CO21,962,632$954.9M1.52%
NORGES BANK21,170,029$903.5M1.46%
TWO SIGMA INVESTMENTS, LP19,359,023$826.2M1.34%
Jupiter Topco LLC18,822,853$803.4M1.30%
Bollard Group LLC18,420,720$786.2M1.27%

Institutional ownership by quarter

2023-092026-0690.6%
% of shares held by 13F filers
2023-092026-061,490
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,49090.6%151588622326
2026-03-311,68090.8%197675639281
2025-12-311,79592.4%238672689125
2025-09-301,71791.0%179770557133
2025-06-301,69991.7%15575755488
2025-03-311,65290.9%23266855775
2024-12-311,52490.8%22461949183
2024-09-301,40489.7%16456548178
2024-06-301,32989.9%17355442255
2024-03-311,23489.9%16044645266
2023-12-311,15590.4%18044038168
2023-09-301,06290.5%10044235391

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13G/AAbigail P. Johnson3.1%46,378,259
2026-05-06SCHEDULE 13G/AAbigail P. Johnson5.1%75,835,683
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%111,127,205
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.0B
VTSAX0.09%$2.0B
VSMPX0.09%$2.0B
VTI0.09%$2.0B
VFINX0.10%$1.7B
VOO0.10%$1.7B

Share structure

Shares outstanding1,449,230,000
Float1,444,983,283
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.9B$12.7B$14.2B$16.7B$20.1B
Cost of revenue$4.4B$5.0B$5.4B$6.5B$6.2B
Gross profit$7.5B$7.7B$8.8B$10.3B$13.9B
R&D$1.2B$1.3B$1.4B$1.6B$2.1B
SG&A$4.3B$4.5B$5.2B$6.0B$6.9B
Operating income$1.9B$1.8B$2.2B$2.6B$4.0B
EBITDA$2.5B$2.7B$3.5B$3.9B$3.7B
Pretax income$1.1B$1.1B$2.0B$2.3B$3.4B
Income tax$36.0M$443.0M$393.0M$436.0M$493.0M
Net income$1.0B$698.0M$1.6B$1.9B$2.9B
EPS, diluted$0.69$0.45$1.07$1.25$1.94
Diluted shares1.4B1.4B1.5B1.5B1.5B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.9B$928.0M$865.0M$414.0M$2.0B
Receivables$1.8B$2.0B$2.2B$2.6B$2.9B
Inventory$1.6B$1.9B$2.5B$2.8B$2.9B
Total current assets$6.3B$5.8B$6.5B$6.9B$8.8B
PP&E, net$2.7B$2.8B$3.3B$3.7B$4.5B
Goodwill & intangibles$18.1B$18.8B$20.4B$23.8B$25.3B
Total assets$32.2B$32.5B$35.1B$39.4B$43.7B
Accounts payable$794.0M$862.0M$942.0M$960.0M$1.1B
Total current liabilities$4.3B$3.8B$4.9B$6.4B$5.4B
Long-term debt$8.8B$8.9B$8.6B$8.8B$11.5B
Total liabilities$15.6B$14.9B$15.6B$17.4B$19.2B
Shareholders' equity$16.6B$17.6B$19.5B$22.0B$24.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.0B$698.0M$1.6B$1.8B$2.9B
Depreciation & amortization$1.1B$1.1B$1.2B$1.3B$1.4B
Stock-based compensation$194.0M$220.0M$233.0M$266.0M$299.0M
Change in working capital−$351.0M−$1.0B−$770.0M−$462.0M−$246.0M
Operating cash flow$1.9B$1.5B$2.5B$3.4B$4.5B
Capital expenditure−$554.0M−$612.0M−$800.0M−$790.0M−$876.0M
Free cash flow$1.3B$914.0M$1.7B$2.6B$3.7B
Investing cash flow−$1.6B−$2.0B−$2.6B−$5.7B−$2.6B
Net debt issued / repaid$0−$165.0M−$4.0M$1.8B−$491.0M
Buybacks$0$136.0M$0$0$0
Dividends paid−$55.0M−$55.0M−$28.0M$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin62.1%60.8%62.0%61.4%69.0%
Operating margin14.9%14.5%15.3%15.8%19.8%
Net margin8.7%5.5%11.2%11.1%14.4%
FCF margin11.1%7.2%12.0%14.6%18.1%
ROE6.5%4.1%8.6%9.0%12.6%
ROIC7.1%4.4%6.3%6.6%9.8%
ROA3.3%2.2%4.7%5.0%7.0%
Debt / equity0.570.530.490.510.51
Interest coverage4.1x3.3x8.3x7.1x11.0x
Current ratio1.481.511.321.081.62
Revenue growth+19.9%+6.7%+12.3%+17.6%+19.9%
EPS growth+850.5%−33.1%+122.4%+15.4%+55.4%
P/E at year end58.7x95.5x53.6x71.8x49.4x
EV / EBITDA at year end27.2x27.1x27.2x36.6x29.0x
FCF yield at year end2.16%1.38%1.99%1.83%2.54%
Dividend payout5.3%7.9%1.8%1.2%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Cardiovascular$4.9B$8.2B$8.8B$10.8B$13.3B
MedSurg$3.7B$5.1B$5.4B$6.0B$6.8B
Cardiac Rhythm Management$3.3B————

Revenue by region · FY2025

UNITED STATES$12.9B · 64%
Non-US$7.2B · 36%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.75 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$21.2B$20.9B – $21.7B$3.25$3.12 – $3.321513.7x
2027$22.2B$21.8B – $23.1B$3.39$3.22 – $3.601513.1x
2028$23.7B$22.9B – $24.8B$3.74$3.64 – $3.98511.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.83$0.86+3.0%$5.4B$5.4B+1.2%
2026-04-22$0.79$0.80+1.5%$5.2B$5.2B+0.6%
2026-02-04$0.78$0.80+2.4%$5.3B$5.3B+0.1%
2025-10-22$0.71$0.75+5.0%$5.0B$5.1B+1.9%
2025-07-23$0.72$0.75+3.4%$4.9B$5.1B+3.4%
2025-04-23$0.67$0.75+11.4%$4.6B$4.7B+2.0%
2025-02-05$0.66$0.70+6.5%$4.4B$4.6B+3.2%
2024-10-23$0.59$0.63+7.1%$4.0B$4.2B+4.2%
2024-07-24$0.58$0.62+6.3%$4.0B$4.1B+2.3%
2024-04-24$0.51$0.56+8.9%$3.7B$3.9B+4.7%
2024-01-31$0.51$0.55+7.8%$3.6B$3.7B+3.7%
2023-10-26$0.48$0.50+4.2%$3.5B$3.5B+1.5%
2023-07-27$0.49$0.53+8.2%$3.5B$3.6B+2.8%
2023-04-26$0.43$0.47+9.3%$3.2B$3.4B+7.4%
2023-02-01$0.47$0.45−4.3%$3.2B$3.2B−0.0%
2022-10-26$0.44$0.43−2.3%$3.1B$3.2B+1.0%
2022-07-27$0.42$0.44+4.8%$3.2B$3.2B+0.9%
2022-04-27$0.38$0.39+2.6%$3.0B$3.0B+2.4%
2022-02-02$0.44$0.45+2.3%$3.1B$3.1B+0.5%
2021-10-27$0.40$0.41+2.5%$3.0B$2.9B−2.4%
2021-07-27$0.37$0.40+8.1%$3.0B$3.1B+2.1%
2021-04-28$0.30$0.37+23.3%$2.6B$2.8B+5.1%
2021-02-03$0.31$0.23−25.8%—$2.7B—
2020-10-28$0.25$0.37+48.0%$2.3B$2.7B+16.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.006-221.706-290.807-060.907-130.707-201.907-271.108-031.208-101.108-171.208-240.908-31
Week ofNotionalSharesTrades
2026-08-31$893.1M18,613,325198,514
2026-08-24$1.2B25,137,862236,178
2026-08-17$1.1B20,819,490205,002
2026-08-10$1.2B23,466,210202,230
2026-08-03$1.1B23,526,753227,624
2026-07-27$1.9B40,523,384293,899

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1534.1%
DateShort shareShort volumeTotal volume
2026-10-1534.1%1,801,4165,287,997
2026-10-1444.5%2,330,7425,240,241
2026-10-1341.7%2,004,3754,801,647
2026-10-1241.2%2,305,7145,600,050
2026-10-0930.5%1,583,6125,195,233
2026-10-0841.0%2,848,1606,952,988
2026-10-0754.6%4,086,3417,478,780
2026-10-0645.6%2,367,8815,196,480
2026-10-0545.4%2,572,2775,661,580
2026-10-0260.3%4,642,0727,697,769
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+6.2Jan-1.9Feb+0.2Mar+3.4Apr+1.1May-0.5Jun+0.2Jul+1.2Aug-0.9Sep-1.4Oct-1.2Nov+3.3Dec
MonthAvg returnUp yearsYears
Jan+6.2%70%20
Feb−1.9%55%20
Mar+0.2%52%21
Apr+3.4%70%20
May+1.1%55%20
Jun−0.5%45%20
Jul+0.2%45%20
Aug+1.2%60%20
Sep−0.9%40%20
Oct−1.4%40%20
Nov−1.2%50%20
Dec+3.3%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.5
MFI42.0
ADX17.2
Stochastic %K / %D74.8 / 62.9
Williams %R-12.8
CCI88
TSI / signal-12.0 / -17.8
Chaikin money flow0.14
ATR$1.25
Bollinger width8.5%
Volume vs 20-day avg0.74x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$43.45 (+2.2%)
SMA 50$46.09 (−3.7%)
SMA 200$59.10 (−24.9%)
EMA 21$43.71 (+1.6%)
EMA 50$45.10 (−1.6%)
EMA 200$58.19 (−23.7%)
Bollinger upper$45.30 (−2.0%)
Bollinger lower$41.59 (+6.7%)
Parabolic SAR$41.82 (+6.1%)
Open the live chart, 110+ indicators

About Boston Scientific Corporation

Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialties across the globe. Its business is strategically organized into three principal segments: MedSurg, Rhythm and Neuro, and Cardiovascular. Within these divisions, the company provides a comprehensive portfolio of solutions addressing various gastrointestinal and pulmonary ailments, as well as urological and pelvic health concerns. This extends to advanced implantable devices for managing cardiac rhythm disorders, such as cardioverter-defibrillators, cardiac resynchronization therapy devices, and pacemakers, complemented by remote patient management systems. Furthermore, Boston Scientific offers sophisticated technologies for diagnosing and treating complex heart rate and rhythm irregularities. These encompass 3-D cardiac mapping and navigation tools, along with a suite of specialized catheters (including ablation, diagnostic, mapping, and intracardiac ultrasound types), delivery sheaths, and related accessories. Its offerings also extend to neurological conditions, providing spinal cord stimulator systems for chronic pain management, indirect decompression systems, and deep brain stimulation systems. In the realm of interventional cardiology, the company's innovations include drug-eluting coronary stent systems designed for treating coronary artery disease, products for percutaneous coronary interventions to combat atherosclerosis, and intravascular imaging catheters (such as ultrasound and fractional flow reserve devices) for assessing coronary arteries, heart chambers, and peripheral vessels. It also develops structural heart therapies. Beyond this, Boston Scientific supplies an array of stents, balloon catheters, wires, and atherectomy systems for the treatment of arterial diseases. For venous conditions, it provides thrombectomy and acoustic pulse thrombolysis systems, alongside wires and stents. Critically, the company also contributes to cancer treatment through peripheral embolization devices, radioactive microspheres, various ablation systems (including cryotherapy), and micro and drainage catheters. The organization was established in 1979 and maintains its corporate headquarters in Marlborough, Massachusetts.

https://www.bostonscientific.com

Key executives

NameTitlePayBorn
Michael F. MahoneyChairman, President & Chief Executive Officer$5.7M1965
Joseph FitzgeraldExecutive VP & Group President of Cardiovascular$2.4M1964
Arthur Crosswell ButcherExecutive Vice President and Group President of MedSurg & Asia Pacific$2.0M1971
Vance R. BrownEVP, General Counsel & Corporate Secretary$1.6M1970
Jonathan MonsonExecutive Vice President & Chief Financial Officer$1.5M1974
Brenda BeckerSenior Vice President of Global Government Affairs—1960
Emily WoodworthSenior Vice President, Global Controller & Chief Accounting Officer—1978
Miriam O'sullivanSenior Vice President & Chief Human Resources Officer—1981

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Michael F. Mahoney Chairman of the Board, President and Chief Executive Officer2025$1.4M$13.6M$4.0M$23.5M
Joseph M. Fitzgerald Executive Vice President and Group President, Cardiovascular2025$892,604$4.3M$1.5M$8.0M
Arthur C. Butcher Executive Vice President and Group President, MedSurg and Asia Pacific2025$744,822$3.4M$1.0M$6.5M
Daniel J. Brennan Former Executive Vice President and Chief Financial Officer2025$660,990$3.4M$1.1M$6.3M
Jonathan R. Monson Executive Vice President and Chief Financial Officer2025$591,848$1.6M$840,000$6.1M
Jeffrey B. Mirviss Executive Vice President and President, Peripheral Interventions2025$702,042$2.0M$793,126$4.2M

Employees

32k201836k201938k202041k202145k202248k202353k202459k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Network Effects · 2026-06-30
Cost advantage58
Intangibles65
Switching costs52
Network effect80
Efficient scale75
Our component scores (0-100) and overall 64.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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