Boston Scientific Corporation (BSX) 10-Year Financial Performance & Capital Metrics

BSX • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesCardiac Ablation & Electrophysiology

AboutBoston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems. It also provides medical technologies to diagnose and treat rate and rhythm disorders of the heart comprising 3-D cardiac mapping and navigation solutions, ablation catheters, diagnostic catheters, mapping catheters, intracardiac ultrasound catheters, delivery sheaths, and other accessories; spinal cord stimulator systems for the management of chronic pain; indirect decompression systems; and deep brain stimulation systems. In addition, the company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as various peripheral vessels; and structural heart therapies. Further, it provides stents, balloon catheters, wires, and atherectomy systems to treat arterial diseases; thrombectomy and acoustic pulse thrombolysis systems, wires, and stents to treat venous diseases; and peripheral embolization devices, radioactive microspheres, ablation systems, cryotherapy ablation systems, and micro and drainage catheters to treat cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.Show more

Revenue $16.75B +17.6%
EBITDA $3.9B +15.6%
Net Income $1.85B +16.4%
EPS (Diluted) 1.25 +16.5%
Gross Margin 61.31% -1.1%
EBITDA Margin 23.31% -1.7%
Operating Margin 15.73% +2.7%
Net Margin 11.07% -1.0%
ROE 8.93% +4.0%
ROIC 6.49% +7.3%
Debt/Equity 0.51 +4.2%
Interest Coverage 6.81 -15.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 15.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Profits declining 17.0% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.54%

5Y9.3%

3Y12.1%

TTM21.45%

Profit (Net Income) CAGR

10Y-

5Y-16.98%

3Y21.25%

TTM37.02%

EPS CAGR

10Y-

5Y-17.81%

3Y22.08%

TTM35.63%

ROCE

10Y Avg7.6%

5Y Avg6.29%

3Y Avg7.4%

Latest8.34%

Peer Comparison

Cardiac Ablation & Electrophysiology

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BSXBoston Scientific Corporation	139.56B	94.14	75.31	17.61%	13.53%	11.04%	1.9%	0.51
MDTMedtronic plc	123.61B	96.42	26.71	3.62%	13.71%	9.75%	4.19%	0.59
ITGRInteger Holdings Corporation	2.9B	82.74	24.34	10.35%	4.75%	4.98%	3.44%	0.68
ADGMAdagio Medical Holdings, Inc.	18.68M	0.88	-0.25	-10.33%	-199.86%	-270%		0.82
VTAKCatheter Precision, Inc.	3.42M	2.05	-0.31	-4.98%	-23.81%	-269.53%		0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.48B	8.39B	9.05B	9.82B	10.73B	9.91B	11.89B	12.68B	14.24B	16.75B
Revenue Growth %	0.01%	0.12%	0.08%	0.09%	0.09%	-0.08%	0.2%	0.07%	0.12%	0.18%
Cost of Goods Sold+	2.83B	3.04B	3.18B	3.35B	3.86B	4.34B	4.43B	4.97B	5.41B	6.48B
COGS % of Revenue	0.38%	0.36%	0.35%	0.34%	0.36%	0.44%	0.37%	0.39%	0.38%	0.39%
Gross Profit+	4.56B	5.34B	5.87B	6.48B	6.88B	5.58B	7.46B	7.71B	8.83B	10.27B
Gross Margin %	0.61%	0.64%	0.65%	0.66%	0.64%	0.56%	0.63%	0.61%	0.62%	0.61%
Gross Profit Growth %	-0.01%	0.17%	0.1%	0.1%	0.06%	-0.19%	0.34%	0.03%	0.14%	0.16%
Operating Expenses+	3.77B	4.11B	4.35B	4.74B	5.17B	4.97B	5.54B	5.89B	6.65B	7.63B
OpEx % of Revenue	0.5%	0.49%	0.48%	0.48%	0.48%	0.5%	0.47%	0.46%	0.47%	0.46%
Selling, General & Admin	2.85B	3.08B	3.28B	3.56B	3.93B	3.79B	4.29B	4.52B	5.19B	5.98B
SG&A % of Revenue	0.38%	0.37%	0.36%	0.36%	0.37%	0.38%	0.36%	0.36%	0.36%	0.36%
Research & Development	876M	920M	997M	1.11B	1.17B	1.14B	1.2B	1.32B	1.41B	1.61B
R&D % of Revenue	0.12%	0.11%	0.11%	0.11%	0.11%	0.12%	0.1%	0.1%	0.1%	0.1%
Other Operating Expenses	51M	104M	68M	70M	65M	45M	49M	47M	46M	33M
Operating Income+	790M	1.24B	1.52B	1.74B	1.71B	601M	1.92B	1.82B	2.18B	2.63B
Operating Margin %	0.11%	0.15%	0.17%	0.18%	0.16%	0.06%	0.16%	0.14%	0.15%	0.16%
Operating Income Growth %	-0.07%	0.56%	0.23%	0.14%	-0.01%	-0.65%	2.2%	-0.05%	0.2%	0.21%
EBITDA+	1.56B	2.05B	2.37B	2.63B	2.72B	1.72B	3.02B	2.96B	3.38B	3.9B
EBITDA Margin %	0.21%	0.24%	0.26%	0.27%	0.25%	0.17%	0.25%	0.23%	0.24%	0.23%
EBITDA Growth %	-0.01%	0.32%	0.16%	0.11%	0.03%	-0.37%	0.75%	-0.02%	0.14%	0.16%
D&A (Non-Cash Add-back)	769M	815M	844M	894M	1.01B	1.12B	1.09B	1.14B	1.2B	1.27B
EBIT	-409M	411M	1.16B	1.69B	1.2B	389M	1.43B	1.6B	2.26B	2.67B
Net Interest Income+	-236M	-229M	-225M	-266M	-483M	-465M	-345M	-454M	-250M	-280M
Interest Income	5M	5M	5M	3M	30M	3M	4M	10M	22M	107M
Interest Expense	241M	234M	230M	269M	513M	468M	349M	464M	272M	387M
Other Income/Expense	-1.44B	-1.06B	-592M	-315M	-1.02B	-680M	-846M	-683M	-196M	-353M
Pretax Income+	-650M	177M	933M	1.42B	687M	-79M	1.08B	1.14B	1.99B	2.28B
Pretax Margin %	-0.09%	0.02%	0.1%	0.14%	0.06%	-0.01%	0.09%	0.09%	0.14%	0.14%
Income Tax+	-411M	-170M	828M	-249M	-4.01B	2M	36M	443M	393M	436M
Effective Tax Rate %	0.37%	1.96%	0.11%	1.18%	6.84%	1.04%	0.97%	0.61%	0.8%	0.81%
Net Income+	-239M	347M	104M	1.67B	4.7B	-82M	1.04B	698M	1.59B	1.85B
Net Margin %	-0.03%	0.04%	0.01%	0.17%	0.44%	-0.01%	0.09%	0.06%	0.11%	0.11%
Net Income Growth %	-1.01%	2.45%	-0.7%	15.07%	1.81%	-1.02%	13.68%	-0.33%	1.28%	0.16%
Net Income (Continuing)	-239M	347M	104M	1.67B	4.7B	-81M	1.04B	698M	1.59B	1.85B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	248M	233M
EPS (Diluted)+	-0.18	0.25	0.07	1.19	3.33	-0.08	0.69	0.45	1.07	1.25
EPS Growth %	-1%	2.39%	-0.7%	14.93%	1.8%	-1.02%	9.46%	-0.35%	1.41%	0.17%
EPS (Basic)	-0.18	0.26	0.08	1.21	3.38	-0.08	0.69	0.45	1.08	1.26
Diluted Shares Outstanding	1.34B	1.38B	1.39B	1.4B	1.41B	1.42B	1.43B	1.44B	1.46B	1.49B
Basic Shares Outstanding	1.33B	1.36B	1.37B	1.38B	1.39B	1.42B	1.42B	1.43B	1.45B	1.47B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.47B	3.24B	3.82B	4B	4.7B	6.69B	6.32B	5.76B	6.51B	6.92B
Cash & Short-Term Investments	319M	196M	188M	146M	217M	1.73B	1.93B	928M	865M	414M
Cash Only	319M	196M	188M	146M	217M	1.73B	1.93B	928M	865M	414M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.27B	1.47B	1.55B	1.61B	1.83B	1.53B	1.78B	1.97B	2.23B	2.56B
Days Sales Outstanding	62.24	64.07	62.45	59.75	62.15	56.37	54.59	56.7	57.11	55.75
Inventory	1.02B	955M	1.08B	1.17B	1.58B	1.35B	1.61B	1.87B	2.48B	2.81B
Days Inventory Outstanding	130.81	114.55	123.85	127.19	149.46	113.7	132.74	137.17	167.62	158.28
Other Current Assets	861M	541M	942M	922M	880M	1.88B	799M	731M	622M	831M
Total Non-Current Assets+	14.66B	14.86B	15.22B	17B	25.87B	24.08B	25.91B	26.71B	28.62B	32.48B
Property, Plant & Equipment	1.49B	1.63B	1.7B	1.78B	2.42B	2.54B	2.69B	2.83B	3.3B	3.74B
Fixed Asset Turnover	5.02x	5.14x	5.33x	5.51x	4.45x	3.90x	4.43x	4.48x	4.32x	4.47x
Goodwill	6.47B	6.68B	7B	7.91B	10.18B	9.95B	11.99B	12.92B	14.39B	17.09B
Intangible Assets	6.19B	5.88B	5.84B	6.37B	7.89B	5.92B	6.12B	5.9B	6B	6.68B
Long-Term Investments	-496M	-75M	-191M	-328M	458M	918M	412M	407M	413M	555M
Other Non-Current Assets	505M	666M	688M	932M	735M	545M	563M	707M	680M	749M
Total Assets+	18.13B	18.1B	19.04B	21B	30.57B	30.78B	32.23B	32.47B	35.14B	39.4B
Asset Turnover	0.41x	0.46x	0.48x	0.47x	0.35x	0.32x	0.37x	0.39x	0.41x	0.43x
Asset Growth %	0.08%	-0%	0.05%	0.1%	0.46%	0.01%	0.05%	0.01%	0.08%	0.12%
Total Current Liabilities+	2.43B	3.59B	5.65B	5.26B	4.87B	3.68B	4.27B	3.8B	4.93B	6.4B
Accounts Payable	209M	447M	530M	349M	542M	513M	794M	862M	942M	960M
Days Payables Outstanding	26.91	53.62	60.89	38.07	51.3	43.17	65.46	63.33	63.57	54.07
Short-Term Debt	3M	64M	1.8B	2.25B	1.42B	13M	261M	20M	531M	1.78B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.71B	2.5B	2.73B	2.03B	861M	1.17B	629M	1.64B	1.92B	491M
Current Ratio	1.43x	0.90x	0.68x	0.76x	0.97x	1.82x	1.48x	1.51x	1.32x	1.08x
Quick Ratio	1.01x	0.64x	0.49x	0.54x	0.64x	1.45x	1.10x	1.02x	0.82x	0.64x
Cash Conversion Cycle	166.14	125	125.41	148.87	160.31	126.9	121.87	130.54	161.16	159.96
Total Non-Current Liabilities+	9.38B	7.78B	6.38B	7.01B	11.82B	11.77B	11.33B	11.09B	10.67B	10.99B
Long-Term Debt	5.67B	5.42B	3.81B	4.8B	8.59B	9.12B	8.8B	8.91B	8.57B	8.84B
Capital Lease Obligations	0	1M	1M	0	282M	408M	395M	352M	395M	527M
Deferred Tax Liabilities	735M	18M	191M	328M	595M	330M	310M	144M	134M	155M
Other Non-Current Liabilities	2.97B	2.34B	2.37B	1.88B	2.36B	1.66B	1.55B	1.4B	1.27B	1.14B
Total Liabilities	11.81B	11.36B	12.03B	12.27B	16.69B	15.45B	15.61B	14.9B	15.61B	17.39B
Total Debt+	5.68B	5.48B	5.58B	7.03B	10.28B	9.54B	9.45B	9.28B	9.49B	11.15B
Net Debt	5.36B	5.29B	5.39B	6.88B	10.06B	7.8B	7.53B	8.35B	8.63B	10.73B
Debt / Equity	0.90x	0.81x	0.80x	0.81x	0.74x	0.62x	0.57x	0.53x	0.49x	0.51x
Debt / EBITDA	3.64x	2.67x	2.35x	2.67x	3.78x	5.54x	3.13x	3.14x	2.81x	2.86x
Net Debt / EBITDA	3.44x	2.58x	2.28x	2.62x	3.70x	4.53x	2.50x	2.82x	2.55x	2.75x
Interest Coverage	3.28x	5.28x	6.63x	6.46x	3.34x	1.28x	5.51x	3.93x	8.02x	6.81x
Total Equity+	6.32B	6.73B	7.01B	8.72B	13.88B	15.33B	16.62B	17.57B	19.53B	22B
Equity Growth %	-0.08%	0.07%	0.04%	0.24%	0.59%	0.1%	0.08%	0.06%	0.11%	0.13%
Book Value per Share	4.71	4.89	5.03	6.23	9.84	10.82	11.59	12.21	13.34	14.81
Total Shareholders' Equity	6.32B	6.73B	7.01B	8.72B	13.88B	15.33B	16.62B	17.57B	19.28B	21.77B
Common Stock	16M	19M	16M	16M	16M	17M	17M	17M	17M	17M
Retained Earnings	-8.93B	-8.58B	-8.39B	-6.95B	-2.25B	-2.38B	-1.39B	-750M	819M	2.67B
Treasury Stock	-1.72B	-1.72B	-1.72B	-1.72B	-1.72B	-2.25B	-2.25B	-2.25B	-2.25B	-2.25B
Accumulated OCI	88M	1M	-59M	33M	270M	207M	263M	269M	49M	275M
Minority Interest	0	0	0	0	0	0	0	0	248M	233M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	600M	972M	1.43B	310M	1.84B	1.51B	1.87B	1.53B	2.5B	3.44B
Operating CF Margin %	0.08%	0.12%	0.16%	0.03%	0.17%	0.15%	0.16%	0.12%	0.18%	0.21%
Operating CF Growth %	-0.53%	0.62%	0.47%	-0.78%	4.92%	-0.18%	0.24%	-0.18%	0.64%	0.37%
Net Income	-239M	347M	104M	1.67B	4.7B	-82M	1.04B	698M	1.59B	1.85B
Depreciation & Amortization	769M	815M	844M	894M	1.01B	1.12B	1.09B	1.14B	1.2B	1.27B
Stock-Based Compensation	107M	116M	127M	140M	157M	170M	194M	220M	233M	266M
Deferred Taxes	-532M	-305M	245M	-87M	-4.3B	-82M	-124M	-63M	-1M	0
Other Non-Cash Items	215M	3M	40M	-148M	551M	337M	18M	540M	253M	516M
Working Capital Changes	280M	-4M	66M	-2.16B	-282M	42M	-351M	-1B	-770M	-462M
Change in Receivables	-17M	-216M	-30M	-110M	-130M	335M	-279M	-220M	-238M	-351M
Change in Inventory	3M	40M	-107M	-83M	-290M	-65M	-346M	-321M	-660M	-228M
Change in Payables	-20M	553M	195M	-710M	111M	88M	408M	-255M	118M	243M
Cash from Investing+	-2.19B	-887M	-1.01B	-1.92B	-5.04B	-411M	-1.6B	-2.01B	-2.57B	-5.69B
Capital Expenditures	-247M	-376M	-319M	-316M	-461M	-376M	-554M	-612M	-711M	-790M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.04%	0.04%	0.05%	0.05%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	29M	-131M	1M	1M	87M	-1M	106M	-52M	-257M
Cash from Financing+	1.32B	-206M	110M	1.43B	2.97B	293M	-95M	-548M	5M	1.81B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-28M	-55M	-55M	-28M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-177M	-127M	-98M	-74M	56M	-95M	-150M	-464M	-145M	-243M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	353M	596M	1.11B	-6M	1.38B	1.13B	1.32B	914M	1.7B	2.65B
FCF Margin %	0.05%	0.07%	0.12%	-0%	0.13%	0.11%	0.11%	0.07%	0.12%	0.16%
FCF Growth %	-0.65%	0.69%	0.86%	-1.01%	230.17%	-0.18%	0.16%	-0.31%	0.86%	0.55%
FCF per Share	0.26	0.43	0.79	-0.00	0.97	0.80	0.92	0.63	1.16	1.78
FCF Conversion (FCF/Net Income)	-2.51x	2.80x	13.71x	0.19x	0.39x	-18.39x	1.80x	2.19x	1.57x	1.85x
Interest Paid	283M	233M	0	262M	449M	359M	338M	450M	259M	250M
Taxes Paid	80M	94M	0	1.04B	242M	207M	302M	662M	512M	656M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.63%	5.32%	1.51%	21.24%	41.59%	-0.56%	6.51%	4.08%	8.59%	8.93%
Return on Invested Capital (ROIC)	5.34%	7.82%	9.37%	9.3%	6.49%	1.92%	6.1%	5.46%	6.05%	6.49%
Gross Margin	61.04%	63.71%	64.89%	65.94%	64.08%	56.25%	62.76%	60.83%	62.02%	61.31%
Net Margin	-3.2%	4.14%	1.15%	17.01%	43.78%	-0.83%	8.75%	5.5%	11.19%	11.07%
Debt / Equity	0.90x	0.81x	0.80x	0.81x	0.74x	0.62x	0.57x	0.53x	0.49x	0.51x
Interest Coverage	3.28x	5.28x	6.63x	6.46x	3.34x	1.28x	5.51x	3.93x	8.02x	6.81x
FCF Conversion	-2.51x	2.80x	13.71x	0.19x	0.39x	-18.39x	1.80x	2.19x	1.57x	1.85x
Revenue Growth	1.31%	12.16%	7.89%	8.57%	9.28%	-7.66%	19.92%	6.68%	12.29%	17.61%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cardiovascular	3.22B	3.62B	3.5B	3.78B	4.21B	3.88B	4.86B	8.16B	8.82B	10.76B
Cardiovascular Growth	-	12.43%	-3.23%	7.91%	11.41%	-7.89%	25.34%	67.99%	8.06%	21.95%
MedSurg	2.67B	3.2B	3.38B	3.01B	3.31B	3.07B	3.72B	5.06B	5.42B	5.99B
MedSurg Growth	-	20.04%	5.40%	-10.96%	9.98%	-7.29%	21.46%	35.79%	7.22%	10.53%
Cardiac Rhythm Management	-	-	-	-	-	-	3.29B	-	-	-
Cardiac Rhythm Management Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	5.54B	6.17B	5.7B	6.91B	7.63B	8.43B	10.21B
UNITED STATES Growth	-	-	-	-	11.36%	-7.56%	21.22%	10.43%	10.39%	21.19%
Non-US	-	-	-	4.29B	4.57B	4.21B	4.98B	5.11B	5.82B	6.54B
Non-US Growth	-	-	-	-	6.60%	-7.81%	18.19%	2.67%	13.79%	12.41%

Frequently Asked Questions

Valuation & Price

Boston Scientific Corporation (BSX) has a price-to-earnings (P/E) ratio of 75.3x. This suggests investors expect higher future growth.

Growth & Financials

Boston Scientific Corporation (BSX) reported $18.49B in revenue for fiscal year 2024. This represents a 143% increase from $7.62B in 2011.

Boston Scientific Corporation (BSX) grew revenue by 17.6% over the past year. This is strong growth.

Yes, Boston Scientific Corporation (BSX) is profitable, generating $2.50B in net income for fiscal year 2024 (11.1% net margin).

Dividend & Returns

Boston Scientific Corporation (BSX) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Boston Scientific Corporation (BSX) generated $3.31B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Boston Scientific Corporation (BSX) 10-Year Financial Performance & Capital Metrics

BSX • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesCardiac Ablation & Electrophysiology

Revenue $16.75B +17.6%
EBITDA $3.9B +15.6%
Net Income $1.85B +16.4%
EPS (Diluted) 1.25 +16.5%
Gross Margin 61.31% -1.1%
EBITDA Margin 23.31% -1.7%
Operating Margin 15.73% +2.7%
Net Margin 11.07% -1.0%
ROE 8.93% +4.0%
ROIC 6.49% +7.3%
Debt/Equity 0.51 +4.2%
Interest Coverage 6.81 -15.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 15.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Profits declining 17.0% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y8.54%

5Y9.3%

3Y12.1%

TTM21.45%

Profit (Net Income) CAGR

10Y-

5Y-16.98%

3Y21.25%

TTM37.02%

EPS CAGR

10Y-

5Y-17.81%

3Y22.08%

TTM35.63%

ROCE

10Y Avg7.6%

5Y Avg6.29%

3Y Avg7.4%

Latest8.34%

Peer Comparison

Cardiac Ablation & Electrophysiology

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BSXBoston Scientific Corporation	139.56B	94.14	75.31	17.61%	13.53%	11.04%	1.9%	0.51
MDTMedtronic plc	123.61B	96.42	26.71	3.62%	13.71%	9.75%	4.19%	0.59
ITGRInteger Holdings Corporation	2.9B	82.74	24.34	10.35%	4.75%	4.98%	3.44%	0.68
ADGMAdagio Medical Holdings, Inc.	18.68M	0.88	-0.25	-10.33%	-199.86%	-270%		0.82
VTAKCatheter Precision, Inc.	3.42M	2.05	-0.31	-4.98%	-23.81%	-269.53%		0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.48B	8.39B	9.05B	9.82B	10.73B	9.91B	11.89B	12.68B	14.24B	16.75B
Revenue Growth %	0.01%	0.12%	0.08%	0.09%	0.09%	-0.08%	0.2%	0.07%	0.12%	0.18%
Cost of Goods Sold+	2.83B	3.04B	3.18B	3.35B	3.86B	4.34B	4.43B	4.97B	5.41B	6.48B
COGS % of Revenue	0.38%	0.36%	0.35%	0.34%	0.36%	0.44%	0.37%	0.39%	0.38%	0.39%
Gross Profit+	4.56B	5.34B	5.87B	6.48B	6.88B	5.58B	7.46B	7.71B	8.83B	10.27B
Gross Margin %	0.61%	0.64%	0.65%	0.66%	0.64%	0.56%	0.63%	0.61%	0.62%	0.61%
Gross Profit Growth %	-0.01%	0.17%	0.1%	0.1%	0.06%	-0.19%	0.34%	0.03%	0.14%	0.16%
Operating Expenses+	3.77B	4.11B	4.35B	4.74B	5.17B	4.97B	5.54B	5.89B	6.65B	7.63B
OpEx % of Revenue	0.5%	0.49%	0.48%	0.48%	0.48%	0.5%	0.47%	0.46%	0.47%	0.46%
Selling, General & Admin	2.85B	3.08B	3.28B	3.56B	3.93B	3.79B	4.29B	4.52B	5.19B	5.98B
SG&A % of Revenue	0.38%	0.37%	0.36%	0.36%	0.37%	0.38%	0.36%	0.36%	0.36%	0.36%
Research & Development	876M	920M	997M	1.11B	1.17B	1.14B	1.2B	1.32B	1.41B	1.61B
R&D % of Revenue	0.12%	0.11%	0.11%	0.11%	0.11%	0.12%	0.1%	0.1%	0.1%	0.1%
Other Operating Expenses	51M	104M	68M	70M	65M	45M	49M	47M	46M	33M
Operating Income+	790M	1.24B	1.52B	1.74B	1.71B	601M	1.92B	1.82B	2.18B	2.63B
Operating Margin %	0.11%	0.15%	0.17%	0.18%	0.16%	0.06%	0.16%	0.14%	0.15%	0.16%
Operating Income Growth %	-0.07%	0.56%	0.23%	0.14%	-0.01%	-0.65%	2.2%	-0.05%	0.2%	0.21%
EBITDA+	1.56B	2.05B	2.37B	2.63B	2.72B	1.72B	3.02B	2.96B	3.38B	3.9B
EBITDA Margin %	0.21%	0.24%	0.26%	0.27%	0.25%	0.17%	0.25%	0.23%	0.24%	0.23%
EBITDA Growth %	-0.01%	0.32%	0.16%	0.11%	0.03%	-0.37%	0.75%	-0.02%	0.14%	0.16%
D&A (Non-Cash Add-back)	769M	815M	844M	894M	1.01B	1.12B	1.09B	1.14B	1.2B	1.27B
EBIT	-409M	411M	1.16B	1.69B	1.2B	389M	1.43B	1.6B	2.26B	2.67B
Net Interest Income+	-236M	-229M	-225M	-266M	-483M	-465M	-345M	-454M	-250M	-280M
Interest Income	5M	5M	5M	3M	30M	3M	4M	10M	22M	107M
Interest Expense	241M	234M	230M	269M	513M	468M	349M	464M	272M	387M
Other Income/Expense	-1.44B	-1.06B	-592M	-315M	-1.02B	-680M	-846M	-683M	-196M	-353M
Pretax Income+	-650M	177M	933M	1.42B	687M	-79M	1.08B	1.14B	1.99B	2.28B
Pretax Margin %	-0.09%	0.02%	0.1%	0.14%	0.06%	-0.01%	0.09%	0.09%	0.14%	0.14%
Income Tax+	-411M	-170M	828M	-249M	-4.01B	2M	36M	443M	393M	436M
Effective Tax Rate %	0.37%	1.96%	0.11%	1.18%	6.84%	1.04%	0.97%	0.61%	0.8%	0.81%
Net Income+	-239M	347M	104M	1.67B	4.7B	-82M	1.04B	698M	1.59B	1.85B
Net Margin %	-0.03%	0.04%	0.01%	0.17%	0.44%	-0.01%	0.09%	0.06%	0.11%	0.11%
Net Income Growth %	-1.01%	2.45%	-0.7%	15.07%	1.81%	-1.02%	13.68%	-0.33%	1.28%	0.16%
Net Income (Continuing)	-239M	347M	104M	1.67B	4.7B	-81M	1.04B	698M	1.59B	1.85B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	248M	233M
EPS (Diluted)+	-0.18	0.25	0.07	1.19	3.33	-0.08	0.69	0.45	1.07	1.25
EPS Growth %	-1%	2.39%	-0.7%	14.93%	1.8%	-1.02%	9.46%	-0.35%	1.41%	0.17%
EPS (Basic)	-0.18	0.26	0.08	1.21	3.38	-0.08	0.69	0.45	1.08	1.26
Diluted Shares Outstanding	1.34B	1.38B	1.39B	1.4B	1.41B	1.42B	1.43B	1.44B	1.46B	1.49B
Basic Shares Outstanding	1.33B	1.36B	1.37B	1.38B	1.39B	1.42B	1.42B	1.43B	1.45B	1.47B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.47B	3.24B	3.82B	4B	4.7B	6.69B	6.32B	5.76B	6.51B	6.92B
Cash & Short-Term Investments	319M	196M	188M	146M	217M	1.73B	1.93B	928M	865M	414M
Cash Only	319M	196M	188M	146M	217M	1.73B	1.93B	928M	865M	414M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.27B	1.47B	1.55B	1.61B	1.83B	1.53B	1.78B	1.97B	2.23B	2.56B
Days Sales Outstanding	62.24	64.07	62.45	59.75	62.15	56.37	54.59	56.7	57.11	55.75
Inventory	1.02B	955M	1.08B	1.17B	1.58B	1.35B	1.61B	1.87B	2.48B	2.81B
Days Inventory Outstanding	130.81	114.55	123.85	127.19	149.46	113.7	132.74	137.17	167.62	158.28
Other Current Assets	861M	541M	942M	922M	880M	1.88B	799M	731M	622M	831M
Total Non-Current Assets+	14.66B	14.86B	15.22B	17B	25.87B	24.08B	25.91B	26.71B	28.62B	32.48B
Property, Plant & Equipment	1.49B	1.63B	1.7B	1.78B	2.42B	2.54B	2.69B	2.83B	3.3B	3.74B
Fixed Asset Turnover	5.02x	5.14x	5.33x	5.51x	4.45x	3.90x	4.43x	4.48x	4.32x	4.47x
Goodwill	6.47B	6.68B	7B	7.91B	10.18B	9.95B	11.99B	12.92B	14.39B	17.09B
Intangible Assets	6.19B	5.88B	5.84B	6.37B	7.89B	5.92B	6.12B	5.9B	6B	6.68B
Long-Term Investments	-496M	-75M	-191M	-328M	458M	918M	412M	407M	413M	555M
Other Non-Current Assets	505M	666M	688M	932M	735M	545M	563M	707M	680M	749M
Total Assets+	18.13B	18.1B	19.04B	21B	30.57B	30.78B	32.23B	32.47B	35.14B	39.4B
Asset Turnover	0.41x	0.46x	0.48x	0.47x	0.35x	0.32x	0.37x	0.39x	0.41x	0.43x
Asset Growth %	0.08%	-0%	0.05%	0.1%	0.46%	0.01%	0.05%	0.01%	0.08%	0.12%
Total Current Liabilities+	2.43B	3.59B	5.65B	5.26B	4.87B	3.68B	4.27B	3.8B	4.93B	6.4B
Accounts Payable	209M	447M	530M	349M	542M	513M	794M	862M	942M	960M
Days Payables Outstanding	26.91	53.62	60.89	38.07	51.3	43.17	65.46	63.33	63.57	54.07
Short-Term Debt	3M	64M	1.8B	2.25B	1.42B	13M	261M	20M	531M	1.78B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.71B	2.5B	2.73B	2.03B	861M	1.17B	629M	1.64B	1.92B	491M
Current Ratio	1.43x	0.90x	0.68x	0.76x	0.97x	1.82x	1.48x	1.51x	1.32x	1.08x
Quick Ratio	1.01x	0.64x	0.49x	0.54x	0.64x	1.45x	1.10x	1.02x	0.82x	0.64x
Cash Conversion Cycle	166.14	125	125.41	148.87	160.31	126.9	121.87	130.54	161.16	159.96
Total Non-Current Liabilities+	9.38B	7.78B	6.38B	7.01B	11.82B	11.77B	11.33B	11.09B	10.67B	10.99B
Long-Term Debt	5.67B	5.42B	3.81B	4.8B	8.59B	9.12B	8.8B	8.91B	8.57B	8.84B
Capital Lease Obligations	0	1M	1M	0	282M	408M	395M	352M	395M	527M
Deferred Tax Liabilities	735M	18M	191M	328M	595M	330M	310M	144M	134M	155M
Other Non-Current Liabilities	2.97B	2.34B	2.37B	1.88B	2.36B	1.66B	1.55B	1.4B	1.27B	1.14B
Total Liabilities	11.81B	11.36B	12.03B	12.27B	16.69B	15.45B	15.61B	14.9B	15.61B	17.39B
Total Debt+	5.68B	5.48B	5.58B	7.03B	10.28B	9.54B	9.45B	9.28B	9.49B	11.15B
Net Debt	5.36B	5.29B	5.39B	6.88B	10.06B	7.8B	7.53B	8.35B	8.63B	10.73B
Debt / Equity	0.90x	0.81x	0.80x	0.81x	0.74x	0.62x	0.57x	0.53x	0.49x	0.51x
Debt / EBITDA	3.64x	2.67x	2.35x	2.67x	3.78x	5.54x	3.13x	3.14x	2.81x	2.86x
Net Debt / EBITDA	3.44x	2.58x	2.28x	2.62x	3.70x	4.53x	2.50x	2.82x	2.55x	2.75x
Interest Coverage	3.28x	5.28x	6.63x	6.46x	3.34x	1.28x	5.51x	3.93x	8.02x	6.81x
Total Equity+	6.32B	6.73B	7.01B	8.72B	13.88B	15.33B	16.62B	17.57B	19.53B	22B
Equity Growth %	-0.08%	0.07%	0.04%	0.24%	0.59%	0.1%	0.08%	0.06%	0.11%	0.13%
Book Value per Share	4.71	4.89	5.03	6.23	9.84	10.82	11.59	12.21	13.34	14.81
Total Shareholders' Equity	6.32B	6.73B	7.01B	8.72B	13.88B	15.33B	16.62B	17.57B	19.28B	21.77B
Common Stock	16M	19M	16M	16M	16M	17M	17M	17M	17M	17M
Retained Earnings	-8.93B	-8.58B	-8.39B	-6.95B	-2.25B	-2.38B	-1.39B	-750M	819M	2.67B
Treasury Stock	-1.72B	-1.72B	-1.72B	-1.72B	-1.72B	-2.25B	-2.25B	-2.25B	-2.25B	-2.25B
Accumulated OCI	88M	1M	-59M	33M	270M	207M	263M	269M	49M	275M
Minority Interest	0	0	0	0	0	0	0	0	248M	233M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	600M	972M	1.43B	310M	1.84B	1.51B	1.87B	1.53B	2.5B	3.44B
Operating CF Margin %	0.08%	0.12%	0.16%	0.03%	0.17%	0.15%	0.16%	0.12%	0.18%	0.21%
Operating CF Growth %	-0.53%	0.62%	0.47%	-0.78%	4.92%	-0.18%	0.24%	-0.18%	0.64%	0.37%
Net Income	-239M	347M	104M	1.67B	4.7B	-82M	1.04B	698M	1.59B	1.85B
Depreciation & Amortization	769M	815M	844M	894M	1.01B	1.12B	1.09B	1.14B	1.2B	1.27B
Stock-Based Compensation	107M	116M	127M	140M	157M	170M	194M	220M	233M	266M
Deferred Taxes	-532M	-305M	245M	-87M	-4.3B	-82M	-124M	-63M	-1M	0
Other Non-Cash Items	215M	3M	40M	-148M	551M	337M	18M	540M	253M	516M
Working Capital Changes	280M	-4M	66M	-2.16B	-282M	42M	-351M	-1B	-770M	-462M
Change in Receivables	-17M	-216M	-30M	-110M	-130M	335M	-279M	-220M	-238M	-351M
Change in Inventory	3M	40M	-107M	-83M	-290M	-65M	-346M	-321M	-660M	-228M
Change in Payables	-20M	553M	195M	-710M	111M	88M	408M	-255M	118M	243M
Cash from Investing+	-2.19B	-887M	-1.01B	-1.92B	-5.04B	-411M	-1.6B	-2.01B	-2.57B	-5.69B
Capital Expenditures	-247M	-376M	-319M	-316M	-461M	-376M	-554M	-612M	-711M	-790M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.04%	0.04%	0.05%	0.05%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	29M	-131M	1M	1M	87M	-1M	106M	-52M	-257M
Cash from Financing+	1.32B	-206M	110M	1.43B	2.97B	293M	-95M	-548M	5M	1.81B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-28M	-55M	-55M	-28M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-177M	-127M	-98M	-74M	56M	-95M	-150M	-464M	-145M	-243M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	353M	596M	1.11B	-6M	1.38B	1.13B	1.32B	914M	1.7B	2.65B
FCF Margin %	0.05%	0.07%	0.12%	-0%	0.13%	0.11%	0.11%	0.07%	0.12%	0.16%
FCF Growth %	-0.65%	0.69%	0.86%	-1.01%	230.17%	-0.18%	0.16%	-0.31%	0.86%	0.55%
FCF per Share	0.26	0.43	0.79	-0.00	0.97	0.80	0.92	0.63	1.16	1.78
FCF Conversion (FCF/Net Income)	-2.51x	2.80x	13.71x	0.19x	0.39x	-18.39x	1.80x	2.19x	1.57x	1.85x
Interest Paid	283M	233M	0	262M	449M	359M	338M	450M	259M	250M
Taxes Paid	80M	94M	0	1.04B	242M	207M	302M	662M	512M	656M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.63%	5.32%	1.51%	21.24%	41.59%	-0.56%	6.51%	4.08%	8.59%	8.93%
Return on Invested Capital (ROIC)	5.34%	7.82%	9.37%	9.3%	6.49%	1.92%	6.1%	5.46%	6.05%	6.49%
Gross Margin	61.04%	63.71%	64.89%	65.94%	64.08%	56.25%	62.76%	60.83%	62.02%	61.31%
Net Margin	-3.2%	4.14%	1.15%	17.01%	43.78%	-0.83%	8.75%	5.5%	11.19%	11.07%
Debt / Equity	0.90x	0.81x	0.80x	0.81x	0.74x	0.62x	0.57x	0.53x	0.49x	0.51x
Interest Coverage	3.28x	5.28x	6.63x	6.46x	3.34x	1.28x	5.51x	3.93x	8.02x	6.81x
FCF Conversion	-2.51x	2.80x	13.71x	0.19x	0.39x	-18.39x	1.80x	2.19x	1.57x	1.85x
Revenue Growth	1.31%	12.16%	7.89%	8.57%	9.28%	-7.66%	19.92%	6.68%	12.29%	17.61%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cardiovascular	3.22B	3.62B	3.5B	3.78B	4.21B	3.88B	4.86B	8.16B	8.82B	10.76B
Cardiovascular Growth	-	12.43%	-3.23%	7.91%	11.41%	-7.89%	25.34%	67.99%	8.06%	21.95%
MedSurg	2.67B	3.2B	3.38B	3.01B	3.31B	3.07B	3.72B	5.06B	5.42B	5.99B
MedSurg Growth	-	20.04%	5.40%	-10.96%	9.98%	-7.29%	21.46%	35.79%	7.22%	10.53%
Cardiac Rhythm Management	-	-	-	-	-	-	3.29B	-	-	-
Cardiac Rhythm Management Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	5.54B	6.17B	5.7B	6.91B	7.63B	8.43B	10.21B
UNITED STATES Growth	-	-	-	-	11.36%	-7.56%	21.22%	10.43%	10.39%	21.19%
Non-US	-	-	-	4.29B	4.57B	4.21B	4.98B	5.11B	5.82B	6.54B
Non-US Growth	-	-	-	-	6.60%	-7.81%	18.19%	2.67%	13.79%	12.41%

Frequently Asked Questions

Valuation & Price

Boston Scientific Corporation (BSX) has a price-to-earnings (P/E) ratio of 75.3x. This suggests investors expect higher future growth.

Growth & Financials

Boston Scientific Corporation (BSX) reported $18.49B in revenue for fiscal year 2024. This represents a 143% increase from $7.62B in 2011.

Boston Scientific Corporation (BSX) grew revenue by 17.6% over the past year. This is strong growth.

Yes, Boston Scientific Corporation (BSX) is profitable, generating $2.50B in net income for fiscal year 2024 (11.1% net margin).

Dividend & Returns

Boston Scientific Corporation (BSX) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Boston Scientific Corporation (BSX) generated $3.31B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.