Globus Medical, Inc. (GMED) 10-Year Financial Performance & Capital Metrics

GMED • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesSpinal Implants & Fusion Systems

AboutGlobus Medical, Inc., a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives. The company also offers products for the treatment of orthopedic trauma, including fracture plates, compression screws, intramedullary nails, and external fixation systems; and hip and knee joint solutions, including modular hip stems and acetabular cups, as well as posterior stabilizing and cruciate retaining knee arthroplasty implants. In addition, it distributes human cell, tissue, and cellular and tissue-based products. Globus Medical, Inc. was incorporated in 2003 and is headquartered in Audubon, Pennsylvania.Show more

Revenue $2.52B +60.6%
EBITDA $420M +51.2%
Net Income $103M -16.2%
EPS (Diluted) 0.75 -29.9%
Gross Margin 58.9% -9.5%
EBITDA Margin 16.67% -5.9%
Operating Margin 6.59% -22.4%
Net Margin 4.09% -47.8%
ROE 2.52% -40.1%
ROIC 3.12% -10.1%
Debt/Equity 0.13 -1.2%
Interest Coverage 39.63

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.1% free cash flow margin
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 26.3%
✓Healthy 5Y average net margin of 11.8%

✗Weaknesses

✗Shares diluted 20.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.17%

5Y26.25%

3Y38.03%

TTM11.75%

Profit (Net Income) CAGR

10Y1.08%

5Y-7.88%

3Y-11.62%

TTM363.08%

EPS CAGR

10Y-2.54%

5Y-13.18%

3Y-19.54%

TTM364.49%

ROCE

10Y Avg12.83%

5Y Avg7.51%

3Y Avg6.63%

Latest3.65%

Peer Comparison

Spinal Implants & Fusion Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GMEDGlobus Medical, Inc.	10.46B	93.89	125.19	60.62%	15.3%	9.63%	3.87%	0.13
TNONTenon Medical, Inc.	10.6M	0.95	-0.08	11.92%	-396.26%	-267.01%		0.07
BBLGBone Biologics Corporation	3M	1.67	-0.35			-65.59%
OFIXOrthofix Medical Inc.	570.24M	14.40	-4.36	7.08%	-14.56%	-26.92%		0.36
XTNTXtant Medical Holdings, Inc.	91M	0.65	-5.42	28.44%	1.32%	3.48%		0.82
ATECAlphatec Holdings, Inc.	2.59B	17.46	-15.45	26.81%	-21.29%	-13.47%		64.65
SIBNSI-BONE, Inc.	762.82M	17.58	-23.44	20.37%	-11.24%	-12.64%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	544.75M	563.99M	635.98M	712.97M	785.37M	789.04M	958.1M	1.02B	1.57B	2.52B
Revenue Growth %	0.15%	0.04%	0.13%	0.12%	0.1%	0%	0.21%	0.07%	0.53%	0.61%
Cost of Goods Sold+	132.33M	134.71M	150.45M	159.41M	179.97M	217.46M	239.22M	263.73M	548.17M	1.04B
COGS % of Revenue	0.24%	0.24%	0.24%	0.22%	0.23%	0.28%	0.25%	0.26%	0.35%	0.41%
Gross Profit+	412.42M	429.29M	485.52M	553.56M	605.39M	571.58M	718.88M	759.12M	1.02B	1.48B
Gross Margin %	0.76%	0.76%	0.76%	0.78%	0.77%	0.72%	0.75%	0.74%	0.65%	0.59%
Gross Profit Growth %	0.13%	0.04%	0.13%	0.14%	0.09%	-0.06%	0.26%	0.06%	0.34%	0.45%
Operating Expenses+	240.2M	275.15M	323.68M	384.23M	433.4M	460.15M	546.93M	531.17M	887.16M	1.32B
OpEx % of Revenue	0.44%	0.49%	0.51%	0.54%	0.55%	0.58%	0.57%	0.52%	0.57%	0.52%
Selling, General & Admin	214.01M	222.16M	267.82M	311.59M	354.76M	354.76M	408.15M	432.12M	643.41M	981.05M
SG&A % of Revenue	0.39%	0.39%	0.42%	0.44%	0.45%	0.45%	0.43%	0.42%	0.41%	0.39%
Research & Development	36.31M	44.53M	43.68M	55.5M	60.07M	84.52M	97.35M	73.02M	124.01M	163.75M
R&D % of Revenue	0.07%	0.08%	0.07%	0.08%	0.08%	0.11%	0.1%	0.07%	0.08%	0.06%
Other Operating Expenses	-6.36M	8.46M	12.19M	17.15M	18.57M	20.87M	41.43M	26.04M	119.74M	173.08M
Operating Income+	172.22M	154.14M	161.84M	169.32M	171.99M	111.43M	171.95M	227.95M	133.14M	165.99M
Operating Margin %	0.32%	0.27%	0.25%	0.24%	0.22%	0.14%	0.18%	0.22%	0.08%	0.07%
Operating Income Growth %	0.24%	-0.1%	0.05%	0.05%	0.02%	-0.35%	0.54%	0.33%	-0.42%	0.25%
EBITDA+	196.31M	192.91M	203.91M	210.96M	224.72M	174.31M	241.82M	296.2M	277.88M	420.01M
EBITDA Margin %	0.36%	0.34%	0.32%	0.3%	0.29%	0.22%	0.25%	0.29%	0.18%	0.17%
EBITDA Growth %	0.23%	-0.02%	0.06%	0.03%	0.07%	-0.22%	0.39%	0.22%	-0.06%	0.51%
D&A (Non-Cash Add-back)	24.08M	38.77M	42.07M	41.63M	52.73M	62.87M	69.87M	68.25M	144.73M	254.02M
EBIT	171.5M	154.22M	163.32M	176.88M	176.75M	115.47M	194.86M	236.25M	201.85M	219.7M
Net Interest Income+	1.3M	3.06M	6.61M	13.28M	17.41M	13.95M	9.3M	14.23M	20.13M	-4.19M
Interest Income	1.3M	3.06M	6.61M	13.28M	17.41M	13.95M	9.3M	14.23M	20.13M	0
Interest Expense	0	0	0	0	0	0	0	0	0	4.19M
Other Income/Expense	583K	3.14M	8.09M	19.28M	17.96M	14.47M	8.45M	15.07M	32.25M	-45.27M
Pretax Income+	172.81M	157.28M	169.93M	188.6M	189.95M	125.9M	180.41M	243.02M	165.39M	120.72M
Pretax Margin %	0.32%	0.28%	0.27%	0.26%	0.24%	0.16%	0.19%	0.24%	0.11%	0.05%
Income Tax+	60.02M	52.94M	62.58M	32.13M	34.74M	23.61M	31.22M	52.85M	42.52M	17.74M
Effective Tax Rate %	0.65%	0.66%	0.63%	0.83%	0.82%	0.81%	0.83%	0.78%	0.74%	0.85%
Net Income+	112.78M	104.34M	107.35M	156.47M	155.21M	102.28M	149.19M	190.17M	122.87M	102.98M
Net Margin %	0.21%	0.19%	0.17%	0.22%	0.2%	0.13%	0.16%	0.19%	0.08%	0.04%
Net Income Growth %	0.22%	-0.07%	0.03%	0.46%	-0.01%	-0.34%	0.46%	0.27%	-0.35%	-0.16%
Net Income (Continuing)	112.78M	104.34M	107.35M	156.47M	155.21M	102.28M	149.19M	190.17M	122.87M	102.98M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.17	1.08	1.10	1.54	1.52	1.01	1.44	1.85	1.07	0.75
EPS Growth %	0.21%	-0.08%	0.02%	0.4%	-0.01%	-0.34%	0.43%	0.28%	-0.42%	-0.3%
EPS (Basic)	1.19	1.09	1.12	1.60	1.57	1.04	1.48	1.89	1.09	0.76
Diluted Shares Outstanding	96.07M	96.43M	97.89M	101.32M	102M	100.97M	103.62M	102.64M	114.63M	137.86M
Basic Shares Outstanding	95.05M	95.65M	96.24M	97.88M	99.15M	98.58M	100.73M	100.47M	113.09M	135.73M
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+	544.8M	513.77M	620.34M	630.68M	687.47M	821.76M	864.52M	983.34M	1.92B	2.18B
Cash & Short-Term Investments	281.03M	290.31M	373.71M	339.68M	311.49M	426.74M	443.45M	446.06M	517.79M	890.06M
Cash Only	60.15M	66.95M	118.82M	139.75M	195.72M	239.4M	193.07M	150.47M	467.29M	784.44M
Short-Term Investments	220.88M	223.36M	254.89M	199.94M	115.76M	187.34M	250.38M	295.59M	50.5M	105.62M
Accounts Receivable	86.35M	95.78M	127.06M	144.36M	162.42M	148.1M	165.65M	217.31M	504.87M	578.33M
Days Sales Outstanding	57.86	61.99	72.92	73.9	75.49	68.51	63.11	77.55	117.49	83.79
Inventory	105.26M	112.69M	108.41M	131.25M	196.31M	229.15M	237M	298.98M	848.13M	659.23M
Days Inventory Outstanding	290.33	305.35	263	300.53	398.14	384.62	361.61	413.79	564.73	232.38
Other Current Assets	64.81M	477K	0	100K	0	0	0	21M	44.58M	49.64M
Total Non-Current Assets+	289.3M	413.87M	458.16M	669.99M	844.61M	857.72M	1.09B	1.09B	3.17B	3.07B
Property, Plant & Equipment	114.74M	124.23M	143.17M	171.87M	199.84M	216.88M	221.08M	243.73M	646.86M	611.56M
Fixed Asset Turnover	4.75x	4.54x	4.44x	4.15x	3.93x	3.64x	4.33x	4.20x	2.42x	4.12x
Goodwill	91.96M	105.93M	123.89M	123.73M	128.78M	156.72M	179.71M	197.47M	1.43B	1.43B
Intangible Assets	33.24M	61.71M	78.66M	87.32M	78.81M	86.95M	68.66M	63.57M	924.6M	795.12M
Long-Term Investments	48.76M	60.44M	56.13M	263.12M	409.51M	358.52M	562.48M	495.85M	75.43M	66.13M
Other Non-Current Assets	-38.1M	30.93M	36.28M	10.36M	21.74M	32.04M	36.33M	43.31M	78.59M	75.1M
Total Assets+	834.1M	927.64M	1.08B	1.3B	1.53B	1.68B	1.96B	2.08B	5.09B	5.25B
Asset Turnover	0.65x	0.61x	0.59x	0.55x	0.51x	0.47x	0.49x	0.49x	0.31x	0.48x
Asset Growth %	0.19%	0.11%	0.16%	0.21%	0.18%	0.1%	0.17%	0.06%	1.45%	0.03%
Total Current Liabilities+	82.69M	79.89M	93.07M	96.12M	111.4M	120.79M	140.16M	159.2M	392.35M	855.91M
Accounts Payable	15.97M	17.47M	25.04M	25.89M	24.61M	18.2M	21.95M	36.1M	56.67M	75.12M
Days Payables Outstanding	44.05	47.34	60.74	59.29	49.92	30.56	33.5	49.96	37.73	26.48
Short-Term Debt	0	0	0	0	0	0	0	0	0	443.35M
Deferred Revenue (Current)	0	0	755K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	33.34M	37.32M	40.42M	39.3M	43.91M	50.73M	64.18M	66.66M	201.85M	185.56M
Current Ratio	6.59x	6.43x	6.67x	6.56x	6.17x	6.80x	6.17x	6.18x	4.88x	2.54x
Quick Ratio	5.32x	5.02x	5.50x	5.20x	4.41x	4.91x	4.48x	4.30x	2.72x	1.77x
Cash Conversion Cycle	304.14	320	275.18	315.14	423.7	422.57	391.22	441.38	644.48	289.68
Total Non-Current Liabilities+	36.09M	15.67M	17.65M	19.04M	18.22M	52.4M	75.71M	70.55M	695.78M	218.5M
Long-Term Debt	0	0	0	0	0	0	0	0	417.4M	0
Capital Lease Obligations	0	0	0	0	0	0	0	3.48M	91.04M	83.59M
Deferred Tax Liabilities	13.26M	7.88M	10.67M	8.11M	6.02M	6.2M	4.31M	1.78M	84.42M	23.89M
Other Non-Current Liabilities	22.82M	7.79M	6.98M	10.92M	12.2M	46.19M	71.4M	65.3M	102.92M	111.03M
Total Liabilities	118.78M	95.56M	110.72M	115.15M	129.63M	173.19M	215.88M	229.75M	1.09B	1.07B
Total Debt+	0	0	0	0	0	0	0	6.01M	520.4M	537.19M
Net Debt	-60.15M	-66.95M	-118.82M	-139.65M	-195.72M	-239.4M	-193.07M	-144.46M	53.11M	-247.25M
Debt / Equity	-	-	-	-	-	-	-	0.00x	0.13x	0.13x
Debt / EBITDA	-	-	-	-	-	-	-	0.02x	1.87x	1.28x
Net Debt / EBITDA	-0.31x	-0.35x	-0.58x	-0.66x	-0.87x	-1.37x	-0.80x	-0.49x	0.19x	-0.59x
Interest Coverage	-	-	-	-	-	-	-	-	-	39.63x
Total Equity+	715.32M	832.08M	967.78M	1.19B	1.4B	1.51B	1.74B	1.85B	4B	4.18B
Equity Growth %	0.22%	0.16%	0.16%	0.22%	0.18%	0.07%	0.16%	0.06%	1.17%	0.04%
Book Value per Share	7.45	8.63	9.89	11.70	13.75	14.92	16.81	17.99	34.88	30.30
Total Shareholders' Equity	715.32M	832.08M	967.78M	1.19B	1.4B	1.51B	1.74B	1.85B	4B	4.18B
Common Stock	95K	96K	97K	98K	99K	99K	101K	100K	136K	137K
Retained Earnings	524.56M	628.9M	736.25M	892.72M	1.05B	1.05B	1.19B	1.24B	1.14B	1.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.96M	-8.64M	-6.91M	-7.17M	-2.9M	3.96M	-6.77M	-24.63M	-10.19M	-6.86M
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	121.96M	171.89M	159.53M	181.64M	171.97M	198.79M	276.27M	178.47M	243.5M	520.64M
Operating CF Margin %	0.22%	0.3%	0.25%	0.25%	0.22%	0.25%	0.29%	0.17%	0.16%	0.21%
Operating CF Growth %	0.54%	0.41%	-0.07%	0.14%	-0.05%	0.16%	0.39%	-0.35%	0.36%	1.14%
Net Income	112.78M	104.34M	107.35M	156.47M	155.21M	102.28M	149.19M	190.17M	122.87M	102.98M
Depreciation & Amortization	24.08M	38.77M	42.07M	41.63M	52.73M	62.87M	69.87M	68.25M	144.73M	254.02M
Stock-Based Compensation	9.64M	11.38M	14.69M	21.9M	26.09M	27.07M	30.59M	32.81M	52.74M	54.19M
Deferred Taxes	6.24M	-3.81M	8.29M	971K	4.3M	-4.34M	-17.61M	-22.22M	-57.79M	-125.9M
Other Non-Cash Items	12.69M	17.72M	17.66M	10.54M	7.09M	48.49M	61.5M	14.72M	97.54M	332.89M
Working Capital Changes	-43.48M	3.48M	-30.52M	-49.87M	-73.44M	-37.59M	-17.25M	-105.26M	-116.6M	-97.55M
Change in Receivables	-4.19M	-4.67M	-24.95M	-21.79M	-18.31M	10.7M	-25.89M	-50.84M	-49.91M	-78.06M
Change in Inventory	-19.33M	-10.5M	-5.28M	-31.38M	-50.02M	-50.11M	-11.97M	-61.74M	-70.33M	-29.86M
Change in Payables	-9.18M	-23K	9.84M	-3.01M	773K	-6.35M	3.68M	14.42M	-14.22M	17.66M
Cash from Investing+	-150.55M	-99.55M	-111.28M	-193.03M	-140.28M	-117.32M	-375.94M	-110.36M	302.97M	-176.05M
Capital Expenditures	-50.76M	-40.91M	-51.3M	-59.7M	-70.75M	-63.66M	-56.9M	-74.05M	-78.27M	-115.43M
CapEx % of Revenue	0.09%	0.07%	0.08%	0.08%	0.09%	0.08%	0.06%	0.07%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-30M	0	35M	0	0	0	0	0	0
Cash from Financing+	6.33M	2.04M	1.63M	32.57M	24.44M	-38.66M	54.15M	-109.96M	-231.82M	-27.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	850K	-5.4M	-10.11M	-6.74M	-6.6M	66.01M	54.15M	34.53M	-6.26M	58.09M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	71.2M	130.98M	108.23M	121.95M	101.22M	135.13M	219.38M	104.42M	165.22M	405.21M
FCF Margin %	0.13%	0.23%	0.17%	0.17%	0.13%	0.17%	0.23%	0.1%	0.11%	0.16%
FCF Growth %	0.31%	0.84%	-0.17%	0.13%	-0.17%	0.33%	0.62%	-0.52%	0.58%	1.45%
FCF per Share	0.74	1.36	1.11	1.20	0.99	1.34	2.12	1.02	1.44	2.94
FCF Conversion (FCF/Net Income)	1.08x	1.65x	1.49x	1.16x	1.11x	1.94x	1.85x	0.94x	1.98x	5.06x
Interest Paid	9K	35K	3K	6K	79K	0	0	0	0	0
Taxes Paid	57.1M	50.09M	59.11M	30.55M	34.14M	25.44M	45.03M	77.82M	100.59M	158.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.34%	13.49%	11.93%	14.53%	11.99%	7.03%	9.19%	10.6%	4.2%	2.52%
Return on Invested Capital (ROIC)	22.3%	16.28%	15.04%	13.4%	11.45%	6.76%	9.16%	10.52%	3.47%	3.12%
Gross Margin	75.71%	76.12%	76.34%	77.64%	77.08%	72.44%	75.03%	74.22%	65.05%	58.9%
Net Margin	20.7%	18.5%	16.88%	21.95%	19.76%	12.96%	15.57%	18.59%	7.83%	4.09%
Debt / Equity	-	-	-	-	-	-	-	0.00x	0.13x	0.13x
Interest Coverage	-	-	-	-	-	-	-	-	-	39.63x
FCF Conversion	1.08x	1.65x	1.49x	1.16x	1.11x	1.94x	1.85x	0.94x	1.98x	5.06x
Revenue Growth	14.84%	3.53%	12.76%	12.11%	10.15%	0.47%	21.43%	6.76%	53.34%	60.62%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Spine	-	-	-	-	738.38M	748.45M	876.78M	926.7M	1.45B	2.37B
Spine Growth	-	-	-	-	-	1.36%	17.15%	5.69%	56.28%	63.32%
Emerging Technology	-	-	-	-	46.99M	40.6M	81.32M	96.14M	120.22M	154M
Emerging Technology Growth	-	-	-	-	-	-13.61%	100.32%	18.22%	25.04%	28.11%
Innovative Fusion	288.06M	287.59M	327.39M	-	-	-	-	-	-	-
Innovative Fusion Growth	-	-0.16%	13.84%	-	-	-	-	-	-	-
Disruptive Technology	256.69M	276.4M	308.59M	-	-	-	-	-	-	-
Disruptive Technology Growth	-	7.68%	11.64%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	498.19M	500.23M	529.88M	593.88M	-	-	-	-	1.28B	2B
UNITED STATES Growth	-	0.41%	5.93%	12.08%	-	-	-	-	-	56.28%
Non Us	-	63.77M	106.09M	119.09M	137.69M	124.59M	138.53M	150.9M	288.71M	519.29M
Non Us Growth	-	-	66.38%	12.25%	15.61%	-9.51%	11.19%	8.93%	91.32%	79.86%
U	-	-	-	-	647.68M	664.45M	819.57M	871.94M	-	-
U Growth	-	-	-	-	-	2.59%	23.35%	6.39%	-	-
International	46.56M	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Globus Medical, Inc. (GMED) has a price-to-earnings (P/E) ratio of 125.2x. This suggests investors expect higher future growth.

Growth & Financials

Globus Medical, Inc. (GMED) reported $2.77B in revenue for fiscal year 2024. This represents a 736% increase from $331.5M in 2011.

Globus Medical, Inc. (GMED) grew revenue by 60.6% over the past year. This is strong growth.

Yes, Globus Medical, Inc. (GMED) is profitable, generating $423.8M in net income for fiscal year 2024 (4.1% net margin).

Dividend & Returns

Globus Medical, Inc. (GMED) has a return on equity (ROE) of 2.5%. This is below average, suggesting room for improvement.

Globus Medical, Inc. (GMED) generated $579.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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